Samsung, LG showcase AI-powered home appliances at IFA

SEOUL, Sept. 6 (AJP) – Korean tech giants Samsung Electronics and LG Electronics are showcasing their cutting-edge, AI-powered appliances at IFA, Europe's largest consumer electronics trade show, in Berlin. The exhibition, celebrating its 100th anniversary, opened Friday for a five-day run. Over 2,000 companies are participating in the event, which highlights AI and connectivity as the driving forces behind the next generation of home appliances. Under the theme “

September 6, 2024

Korea posts current account surplus for third consecutive month

SEOUL, Sept. 6 (AJP) - South Korea posted a current account surplus in July for the third consecutive month, driven by strong exports of semiconductors and other goods. The current account surplus for the month was $9.13 billion, the largest for a July since 2015, according to provisional statistics released by the Bank of Korea on Friday. Following a deficit of $290 million in April, the nation recorded surpluses of $8.92 billion in May and $12.56 billion in June. The current

September 6, 2024

Cushman & Wakefield bullish on Korea's tech property market

SEOUL, Sept. 5 (AJP) – Cushman & Wakefield, a global real estate firm, is expanding its presence in the fast-growing property services sector for Korea's technology and life sciences industries. The Korean office of the Chicago-based company sees robust potential in these sectors as industrial giants make significant investments in semiconductors and biotechnologies in cities near Seoul. "We are working with a number of Korean chaebols," John Pritchard, he

September 5, 2024

LS Cable aims for 10 trillion won in revenue by 2030

SEOUL, Sept. 5 (AJP) - LS Cable & System announced Thursday its goal to reach 10 trillion won ($7.4 billion) in revenue by 2030, focusing on expanding its global market presence. During a press event, the Korean power cable maker unveiled its growth strategies for subsea cables and internet data centers (IDCs), emphasizing reductions in power consumption and operating costs. Despite growing global demand for high-voltage direct-current (HVDC) cables driven by long-distance po

September 5, 2024

Korea seeks to cut renewable energy budget, increase nuclear funding

SEOUL, Sept. 5 (AJP) - Korea's government plans to reduce its budget for renewable energy support by about 7.7 percent next year while increasing funding for nuclear power, according to budget proposals submitted to the National Assembly on Thursday. The Ministry of Trade, Industry and Energy's 2025 budget allocates 571.7 billion won ($428 million) for renewable energy support, down from 619.6 billion won in 2024. The budget for nuclear industry programs, including the d

September 5, 2024

Samsung unveils new laptop with advanced AI capabilities

SEOUL, Sept. 4 (AJP) - Samsung Electronics has introduced its latest laptop, the Galaxy Book5 Pro 360, featuring Intel's next-generation AI chipset. The device is equipped with the Intel Core Ultra Processor Series 2, supporting up to 47 tera operations per second (TOPS) neural processing unit (NPU) and enhancing AI application compatibility and graphics performance. The laptop integrates with Galaxy smartphones, allowing users to access Galaxy AI features on the PC's la

September 4, 2024

Amid declining sales, Audi closes several service centers in Korea

SEOUL, Sept. 4 (AJP) - German luxury automaker Audi is grappling with declining sales in Korea, leading to the closure of several local service centers. Audi's new vehicle registrations in Korea from January to July this year totaled 4,524 units, marking a 59.4 percent decrease compared to the same period last year, according to data from the Korea Automobile Importers & Distributors Association (KAIDA). In July, Audi registered 921 vehicles, placing seventh among importe

September 4, 2024

KAI showcases latest fighters, helicopters at Egypt air show

SEOUL, Sept. 4 (AJP) - Korea Aerospace Industries (KAI), one of the country's largest aerospace and defense companies, said on Wednesday it is showcasing aircraft at the Egypt International Air Show (EIAS) in El Alamein, aiming to expand its presence in African and Middle Eastern markets. The three-day event, which opened Tuesday, features about 200 companies from 80 countries displaying approximately 50 military and commercial aircraft. KAI is presenting its FA-50 multi-purpose

September 4, 2024

POSCO secures stake in world's second-largest graphite reserve in Tanzania

SEOUL, Sept. 4 (AJP) - POSCO International, the trading arm of Korea's steel group POSCO, has agreed to invest $40 million in a graphite mine project in Tanzania. The Ministry of Trade, Industry, and Energy announced Tuesday the company signed a deal to increase the POSCO group’s stake in Black Rock Mining (BRM), which owns the Mahenge graphite mine, to 19.9 percent. POSCO Holdings had previously invested $7.5 million in the Australian company. The Mahenge mine is es

September 4, 2024

Bus drivers in Gyeonggi withdraw strike plan after reaching last-minute deal

SEOUL, Sept. 4 (AJP) - Unionized bus drivers in Gyeonggi Province withdrew their strike plan on Wednesday after reaching a last-minute settlement with their employers. The two sides agreed to a 7 percent wage increase, lower than the unions’ original demands of 12.32 percent and 21.86 percent, following a 12-hour negotiation that concluded at 3 a.m. The federation of unions, which represents 16,000 drivers from 45 companies in the province surrounding Seoul, had planned t

September 4, 2024