Bulgarian minster visits Hyundai E&C over nuclear power project

SEOUL, Sept. 3 (AJP) – Bulgarian Energy Minister Vladimir Malinov visited Hyundai Engineering and Construction in Seoul to discuss cooperation on the nation’s nuclear power plant project, the company announced Tuesday. The leading Korean construction company was selected in February as the preferred bidder for a project to build two additional nuclear reactors at the Kozloduy nuclear power complex. During his visit on Monday, the minister met with Hyundai E&C CEO

September 3, 2024

Gyeonggi bus drivers, companies in last-minute talks to avert strike

SEOUL, Sept. 3 (AJP) - Unionized bus drivers in Gyeonggi Province and their employers engaged in eleventh-hour talks Tuesday, the eve of a threatened strike that could disrupt nearly 90 percent of bus operations in the nation’s most populous province. The federation of bus labor unions in the province surrounding Seoul plans to launch a walkout at 4 a.m. Wednesday if it fails to reach an agreement with the bus management association. The two sides began negotiations over wa

September 3, 2024

Mid-sized business lobby calls for labor market flexibility

SEOUL, Sept. 3 (AJP) - The head of Korea’s mid-sized companies' association on Tuesday called for greater labor market flexibility during a meeting with the new chief of the presidential council on labor policies. Choi Jin-shik, chair of the Federation of Middle Market Enterprises of Korea (FOMEK), visited Kwon Gi-seob, the newly appointed chairman of the Economic, Social and Labor Council (ESLC), the tripartite panel representing the government, businesses, and labor unio

September 3, 2024

LG Electronics establishes heat pump research consortium in China

SEOUL, Sept. 2 (AJP) - LG Electronics has established a heat pump research consortium in Harbin, China, as part of its efforts to expand its presence in the heating, ventilation, and air conditioning (HVAC) market, which is crucial for AI and high-capacity data centers. The launch of the Chinese Consortium for Advanced Heat Pump Research (CCAHR) marks the completion of LG's global research and development triangle for HVAC, following similar initiatives in Alaska, U.S., and Oslo

September 2, 2024

Samsung Medison acquires French AI startup Sonio

SEOUL, Sept. 2 (AJP) - Samsung Medison, a Korean manufacturer of diagnostic ultrasound systems, said Monday that it has finalized the acquisition of Sonio, a French startup specializing in ultrasound diagnostic reporting and AI-assisted diagnosis. With this acquisition, the company aims to accelerate innovation in ultrasound imaging and reduce global healthcare disparities by expanding its AI solution portfolio. Sonio's FDA 510(k)-approved AI solution, "Detect," eva

September 2, 2024

Korea's kimchi imports hit record high amid cabbage price surge

SEOUL, Sept. 2 (AJP) - Korea's kimchi imports have reached a record high in the first seven months of this year, rising nearly 7 percent compared to the same period last year, customs data showed on Monday. From January to July, kimchi imports totaled around 130 billion won ($98.47 million), up 6.9 percent year-on-year, according to the Korea Customs Service. The import volume increased by 6 percent to 173,329 tons during the same period, breaking the previous record of 172,

September 2, 2024

Korean defense firms participate in major industry show in Poland

SEOUL, Sept. 2 (AJP) - Korea's leading defense companies are set to showcase their products at an industry fair in Poland this week, aiming to expand their footprint in the European market. The 32nd International Defence Industry Exhibition (MSPO), one of Europe's largest defense exhibitions, will be held in central Poland from Tuesday to Friday. About 800 companies from 35 countries are expected to participate in the event in Targi Kielce, an exhibition and congress center.

September 2, 2024

Korea's exports extend rising streak for 11th consecutive month

SEOUL, September 01 (AJP) - Korea extended its export growth streak for the 11th consecutive month in August, driven by strong demand for semiconductors, according to data released by the Ministry of Trade, Industry and Energy on Sunday. Exports grew 11.4 percent on-year, reaching $57.9 billion last month, while imports rose by 6 percent to $54 billion. This resulted in a trade surplus of $3.83 billion, marking the country's 15th straight month in the black since June of last ye

September 1, 2024

Hanwha Ocean wins U.S. Navy vessel maintenance contract

SEOUL, August 30 (AJP) - Hanwha Ocean has become the first Korean shipyard to win a contract for the U.S. Navy's vessel maintenance business. The Korean shipbuilder said Thursday that it has secured a deal for overhauling a 40,000-ton U.S. Navy logistics support ship. This contract involves the regular overhaul of large naval vessels and can only be carried out by companies certified under a Master Ship Repair Agreement (MSRA). The MSRA is a prerequisite agreement required by

August 30, 2024

SK hynix develops world's first 10nm-class 6th generation DRAM

SEOUL, August 29 (AJP) - SK hynix said Thursday it has successfully developed the world's first 16Gb DDR5 DRAM using 10nm-class 6th generation (1c) process technology. This breakthrough pushes the boundaries of memory process technology into the early 10nm range. The company expanded on its industry-leading 5th generation (1b) platform to create the 1c DDR5, minimizing potential errors and efficiently transferring performance advantages. By applying new materials to specific EUV

August 29, 2024