Dongwon F&B, Konkuk University join hands to develop safe pet food

SEOUL, April 29 (AJU PRESS) - Dongwon F&B has signed an agreement with the veterinary medicine department of Konkuk University for the development of safe and reliable pet food, the Korean food company said Monday. Under the deal, the two sides will jointly research and develop food for dogs and cats and work together to ensure safety. "Amid growing consumer concerns about some pet foods, establishing this strategic partnership with Konkuk University's veterinary med

April 29, 2024

Korea Western Power secures electricity supply deal in UAE

SEOUL, April 29 (AJU PRESS) - Korea Western Power (KOWEPO) has signed a power sales agreement with the United Arab Emirates' state-run water and electricity supplier, KOWEPO said on Sunday. KOWEPO is involved in constructing the Al Ajban Solar Photovoltaic (PV) Park, a solar power facility slated to break ground in the second half of 2024. Upon its launch in 2026, the Korean company will supply the electricity generated at the Al Ajban Solar PV Park to Emirates Water and Electr

April 29, 2024

Korean e-commerce firms vying to lure customers quitting Coupang over fee hike

SEOUL, April 26 (AJU PRESS) - Following Coupang's recent announcement of a 58 percent increase in its monthly premium membership fee, Korean e-commerce firms are in a race to attract former Coupang customers. On April 12, Coupang disclosed a plan to raise its monthly premium subscription fee from 4,990 won ($3.6) to 7,890 won. The premium membership offers benefits like free delivery, unlimited video streaming, and complimentary food delivery. The price hike has already been a

April 26, 2024

HD Hyundai establishes new headquarters for marine energy businesses

SEOUL, April 24 (AJU PRESS) - HD Hyundai Heavy Industries, the world's largest shipbuilder, plans to launch a new headquarters specializing in marine energy harvesting businesses next month, industry sources said. The company notified staff on Wednesday that the current shipbuilding and marine business division will be split into two segments and the new headquarters for the fast-growing marine energy industry will be established on May 1. The new entity will focus on the c

April 24, 2024

Video streaming services in Korea sharply raise subscription fees

Netflix, TVING and other popular over-the-top (OTT) video streaming services in Korea have increased subscription fees by an average of about 40 percent over the past six months, as the companies are striving to improve the bottom line despite consumer complaints of financial burdens. According to the state-run Korea Creative Content Agency (KOCCA), 55.2 percent of the country’s 52 million population subscribed to paid video streaming services as of December 2023. With the m

April 24, 2024

Pinkfong creates Baby Shark-themed musicals to captivate global fans

SEOUL, April 24 (AJU PRESS) - Pinkfong, the creator of a catchy cartoon song "Baby Shark," will go on a world tour with its musicals, the Korean educational entertainment company said Wednesday. The musical titled "Baby Shark's Big Broadwave Tour" will be showcased in 34 regions in the United States including Iowa, Ohio, Minnesota, and Louisiana. The show is an extension of the animated children's television series "Baby Shark's Big Show!"

April 24, 2024

Analysts predict poor earnings for major Korean game publishers in first quarter

SEOUL, April 23 (AJU PRESS) – Analysts predict lackluster earnings for Korea’s major game publishers in the first quarter of the year amid an economic slowdown and a dearth of hit games, according to data released on Tuesday. According to FnGuide, a securities information service, securities firms predicted that KRAFTON, the publisher of the popular online and mobile game "PlayerUnknown's Battlegrounds" (PUBG), is likely to report an operating profit of 2

April 23, 2024

Hyundai Motor, Matrix Renewables sign solar energy deal for EV plant in US

SEOUL, April 22 (AJU PRESS) - Hyundai Motor Group will use solar energy to power its electric vehicle plant currently under construction in Georgia, the Korean conglomerate said Monday. Hyundai has recently signed a 147-megawatt power purchase agreement (PPA) with Matrix Renewables, under which the carmaker will receive electricity generated from the Spanish firm’s 210-megawatt solar power project in Texas, slated to begin operations in October 2025. In the largest renew

April 22, 2024

Korean oil refiners harness pyrolysis technology to recycle plastics

SEOUL, April 22 (AJU PRESS) - Major Korean oil refiners are ramping up projects to utilize pyrolysis technology for recycling plastic products as part of efforts to reduce carbon emissions. In the thermal decomposition process, extreme heat and pressure are used to break down plastics into crude oil or raw polymer material. GS Caltex said on Monday it utilizes crude oil extracted through a pyrolysis recycling process to produce petroleum products at its plant located in the sou

April 22, 2024