Hanwha Aerospace builds first overseas defense production plant in Australia

SEOUL, August 23 (AJU PRESS) - Hanwha Aerospace has built a manufacturing plant in Australia to produce self-propelled howitzers and armored vehicles, the Korean defense firm announced on Friday. The facility, named the Hanwha Armoured Vehicle Centre of Excellence (H-ACE), is the first overseas production base created by a Korean defense company. Located in Geelong, Victoria, the plant is scheduled to begin mass production of Australian versions of Hanwha's K9 Self-Propelled

August 23, 2024

Korea, Paraguay sign trade, investment framework agreement

SEOUL, August 23 (AJU PRESS) - Korea and Paraguay signed a Trade and Investment Promotion Framework (TIPF) in Seoul on Friday, paving the way for expanded economic cooperation. Paraguay is the second country in Mercosur, the South American trade bloc, with which Korea has signed a TIPF, following Brazil. The agreement was signed by Korea's Minister for Trade Cheong In-kyo (right) and Paraguay's Minister of Industry and Commerce Javier Giménez. Paraguay, which re

August 23, 2024

Survey reveals widespread AI adoption among Korean firms

SEOUL, August 22 (AJU PRESS) - Three out of four South Korean companies have either implemented or are piloting artificial intelligence (AI) technologies, according to a study released Thursday. The survey, conducted in March by data storage company Pure Storage and pollster Embrain, involved IT professionals from 200 domestic firms with over 500 employees. The findings indicate that 34.5 percent of businesses have already integrated AI into specific departments, while 39 percent

August 22, 2024

Korea's scientific output lags behind heavy investments: Nature

SEOUL, August 22 (AJU PRESS) - South Korea's research output is not keeping pace with its substantial investments in science and technology, as gender gaps, a shrinking population and cultural barriers hinder the country's innovation ecosystem, a new report from Nature said. The prominent science magazine released a special edition of Nature Index focusing on South Korea's research landscape on Wednesday. According to the report, South Korea leads major countries in

August 22, 2024

Korean banks log record interest income in first half

SEOUL, August 22 (AJU PRESS) - Korean banks posted a record-high interest income of 29.8 trillion won ($22.3 billion) in the first half of 2024, up 1.4 percent year-on-year, the Financial Supervisory Service (FSS) reported on Thursday. However, net profit for the period declined by 11 percent to 12.6 trillion won, primarily due to a decrease in non-interest income and operating losses from provisions for equity-linked securities (ELS). The FSS noted that banks' interest incom

August 22, 2024

Bank of Korea holds key rate amid property market concerns

SEOUL, August 22 (AJU PRESS) - Korea's central bank kept its benchmark interest rate unchanged at 3.5 percent on Thursday amid concerns over rising housing prices and household debt. The Bank of Korea's (BOK) Monetary Policy Board decided to freeze its seven-day repurchase rate for the 13th consecutive time since February 2023, marking the longest-ever streak of rate holds. The decision was widely expected. Despite BOK Governor Rhee Chang-yong's recent hints in July o

August 22, 2024

CJ to launch Bibigo dumplings at New Zealand supermarkets

SEOUL, August 21 (AJU PRESS) - CJ CheilJedang will launch its Bibigo brand dumplings at New Zealand’s two major supermarket chains, the Korean food company said Wednesday. Its Bibigo Homestyle Mandu Pork Dumplings and Pork & Kimchi Flavored Dumplings will be available in New World and Pak'nSave stores, starting with Auckland in early September. These two products, already available in ethnic markets across Australia and New Zealand, will gradually expand to stores n

August 21, 2024

Robot makes pizza, coffee at high-tech convenience store

SEOUL, August 21 (AJU PRESS) - A new high-tech convenience store operated by G25 is pushing the boundaries of retail automation with robots that make pizza, coffee and ice cream. The 220-square-meter store, called "GroundBlue49," recently opened in Insa-dong, Seoul’s center of traditional culture and arts, the leading convenience store chain said Wednesday. The company plans to use the location as a testbed for commercializing new retail technologies. The store

August 21, 2024

Samsung showcases glasses-free 3D monitor at German gaming fair

SEOUL, August 21 (AJU PRESS) - Samsung Electronics is showcasing its latest gaming monitors, including a glasses-free 3D display model, at gamescom 2024 in Germany. The world's biggest gaming exhibition opened in Cologne on Wednesday (local time) for a five-day run with about 1,400 companies participating. The Korean tech giant has set up its largest-ever exhibition space, spanning 800 square meters. At the forefront of its offerings is the Odyssey 3D, which won the Best o

August 21, 2024

Korea to provide 1.6 trillion won in financial support to vendors hit by e-commerce payment delays

SEOUL, August 21 (AJU PRESS) - The Korean government on Wednesday announced a 1.6 trillion won ($1.2 billion) financial support package to assist vendors affected by payment delays from e-commerce platforms Tmon and WeMakePrice. The decision was unveiled during an economic ministers' meeting held to discuss measures to address the ongoing crisis. The government estimates the total amount of overdue payments at 818.8 billion won. The support measures include low-interest lo

August 21, 2024