Samsung's leader Jay Y. Lee acquitted of 2015 merger case

SEOUL -- The leader of South Korea’s top conglomerate, Samsung, was acquitted in a merger case of Samsung C&T, a Samsung Group unit involved in trade, and Cheil Industries, the apparel and resort unit. The prosecution has claimed that the group's chairman conducted the 2015 merger for a stable succession of management rights. The Seoul Central District Court ruled on February 5 that there is no evidence to prove Samsung Chairman Jay Y. Lee's charges. The prosecut

February 5, 2024

LS Electric's subsidiary completes construction of EV parts plant in Mexico

SEOUL -- LS e-Mobility Solutions, an electric vehicle component producer affiliated with South Korea's power solution provider LS Electric, has completed the construction of a plant in Mexico. Through the new plant that can produce up to five million electric vehicle relays and four million battery disconnect units annually, LS e-Mobility Solutions aims to strengthen its presence in the North American electric vehicle market. LS Electric said on February 5 that LS e-Mobility S

February 5, 2024

S. Korea partners with Saudi Arabia for mid-to-long-term defense cooperation

SEOUL -- Through a joint committee, South Korea's arms procurement agency will collaborate with Saudi Arabia on mid-to-long-term defense development plans. The task force will consistently carry out research and development projects to advance technology and industry in the defense sector for both nations. During South Korean President Yoon Suk-yeol's state visit to the Middle Eastern country in October 2023, Yoon reached a consensus with Saudi Arabia's Crown Prince Mo

February 5, 2024

HD Hyundai to make foray into floating offshore nuclear power market

SEOUL -- South Korea's HD Hyundai will make a foray into the floating offshore nuclear power market. Compared to conventional land-based plants, offshore nuclear power plants are recognized for their enhanced safety during natural disasters such as earthquakes and tsunamis, as well as a reduced probability of local conflicts during the site acquisition process. The company will work with global nuclear power firms, focusing on small modular reactors such as TerraPower, an America

February 5, 2024

YouTube becomes S. Korea's favorite smartphone app for first time: market data

SEOUL -- YouTube, the video content-based social media platform operated by Google, became South Korea's favorite smartphone app, surpassing messenger app KakaoTalk, the former king of South Korea's smartphone app ecosystem, for the first time in December 2023, according to data released by mobile big data company IGA Works. KakaoTalk, with more than 45.5 million monthly active users (MAUs), has maintained its status as South Korea's favorite smartphone app since the e

February 5, 2024

Viet Nam continues to stand as S. Korea's 3rd-largest trade partner in 2023

SEOUL -- Viet Nam maintained its position as South Korea's third-largest trade partner in 2023. The main product category that was shipped to Viet Nam was semiconductors, followed by flat-screen displays and petroleum-based products. South Korea forged a diplomatic relationship with the Republic of Vietnam in 1956 but it was severed in 1975 due to the fall of Saigon during the Viet Nam War (1955~1975). South Korea established diplomatic ties with the Socialist Republic of Viet

February 5, 2024

Shinsegae's convenience store chain to make foray into Cambodia

SEOUL -- Riding Hallyu (Korean cultural wave), Emart24, a convenience store chain operated by South Korea's retail giant Shinsegae, is set to make a foray into Cambodia. The 24-hour supermarket store franchise will offer South Korean products including food and everyday necessities. Convenience stores in South Korea are shops full of surprises that also play the role of a cultural center. While the stores offer daily necessities such as socks, and tee-shirts, they also sell Hall

February 2, 2024

S. Koreans spent $171.1 bln through ecommerce platforms in 2023: market data

SEOUL -- South Koreans spent a total of more than 227 trillion won ($171.1 billion) through ecommerce platforms in 2023, earmarking the biggest-ever recorded amount since the total online transaction exceeded 200 trillion won in 2022. According to a survey of 1,001 South Korean adults randomly contacted through their mobile phone numbers, conducted by South Korean pollster Gallup Korea in July 2023, 97 percent of adults used smartphones. People aged 60 years and more showed a dist

February 2, 2024

POSCO adopts AI-based carbon emission monitoring solution 'OceanWise'

SEOUL -- South Korea's leading steel group POSCO has adopted "OceanWise," an artificial intelligence-based carbon emission monitoring solution created by HD Hyundai. The solution will be used to check the energy efficiency of POSCO's bulk carriers designed to deliver raw materials such as iron ore and coal to foreign countries. OceanWise also integrates big data and digital twin technology. A digital twin, which is a virtual clone of an object or an infrastructur

February 1, 2024

[OPINION] 'NATO – The Enduring Alliance'

KENOSHA -- On January 25, Turkey at last approved membership for Sweden in NATO (North Atlantic Treaty Organization). This is an historic step, in several important respects.

February 1, 2024