Korea's exports to China hit 40-year low amid trade structure shifts

SEOUL, July 1 (AJU PRESS) - Korea's exports to China fell by 19.9 percent in 2023, marking the steepest decline in four decades, according to a report released by the Korea International Trade Association (KITA) on Monday. The trade balance with China also shifted to a deficit for the first time since 1992, reaching a record of 25 trillion won ($18.1 billion). The report attributes this significant shift to changes in both China's trade structure and Korean companies

July 1, 2024

Apple's new OLED iPads boost display makers' prospects

SEOUL, July 1 (AJU PRESS) - The launch of Apple's first iPad Pro models equipped with organic light-emitting diode (OLED) displays is set to boost the display market and the fortunes of key suppliers. Market research firm DSCC projects a 202 percent increase in OLED tablet unit sales and a 632 percent surge in revenue for 2024, driven by the new 11-inch and 13-inch iPad Pro devices. LG Display and Samsung Display are key providers of these advanced panels, each supplying 50

July 1, 2024

Korean regulator moves to sanction AliExpress for e-commerce law violations

SEOUL, July 1 (AJU PRESS) – The Korea Fair Trade Commission (KFTC) has launched formal proceedings to punish AliExpress, a subsidiary of the Chinese e-commerce giant Alibaba Group, for alleged violations of e-commerce laws. The regulator has recently sent a sanctions deliberation report to AliExpress Korea regarding its failure to properly register as an online shopping mall operator, according to industry sources on Monday. The KFTC says that while AliExpress Korea registe

July 1, 2024

SK Group convenes strategy meeting amid restructuring plans

SEOUL, June 28 (AJU PRESS) - SK Group, South Korea's second-largest conglomerate, began a two-day top management meeting Friday to discuss growth strategies and subsidiary restructuring. About 30 executives, including CEOs from major subsidiaries including SK Corp., SK Innovation, SK Telecom and SK hynix, gathered at the SKMS Research Institute in Icheon. Chairman Chey Tae-won is participating via video conference from the U.S. The meeting aims to maximize investment in futur

June 28, 2024

LG Energy Solution halts construction of U.S. battery plant

SEOUL, June 28 (AJU PRESS) - LG Energy Solution has temporarily suspended construction of its energy storage system (ESS) battery plant in Arizona, U.S., just two months after breaking ground, according to market insiders on Friday. The decision comes amid a slowdown in electric vehicle (EV) battery demand, prompting the company to adjust its investment pace. The Korean battery maker originally planned to invest 7.2 trillion won ($5.5 billion) to build facilities capable of prod

June 28, 2024

SK hynix develops high-performance SSD for AI PCs

SEOUL, June 28 (AJU PRESS) - SK hynix has unveiled 'PCB01', a high-performance solid-state drive (SSD) designed for on-device AI PCs. The new product features an 8-channel PCIe 5th generation specification, offering industry-leading performance among PC SSDs. The PCB01 boasts sequential read and write speeds of 14GB/s and 12GB/s respectively, capable of running large language models within a second. It also improves power efficiency by over 30 percent compared to previous ge

June 28, 2024

Samsung Electronics to unveil AI strategy at foundry forum

SEOUL, June 28 (AJU PRESS) - Samsung Electronics is expected to unveil key strategies to enhance its artificial intelligence chip business during its annual forums next month. The Korean tech giant said Friday it will hold the Samsung Foundry Forum and the SAFE (Samsung Advanced Foundry Ecosystem) Forum at COEX in southern Seoul on July 9. Choi Si-young, president of Samsung's foundry business, will deliver the keynote speech at the Foundry Forum. The world’s large

June 28, 2024

Naver-backed Webtoon Entertainment surges 9.5% on Nasdaq debut

SEOUL, June 28 (AJU PRESS) - Shares of Webtoon Entertainment surged 9.5 percent in a powerful debut on the Nasdaq on Thursday, giving the digital comics platform a market value of about $2.92 billion. The Los Angeles, California-based company, backed by Korean internet giant Naver, raised $315 million in its initial public offering by selling 15 million shares at $21 per share, the top end of its proposed range of $18 to $21. The price rose as much as 14 percent in early trading

June 28, 2024

Vietnamese PM to visit Seoul to boost economic ties

SEOUL, June 27 (AJU PRESS) - Vietnamese Prime Minister Pham Minh Chinh will arrive in Seoul on Sunday for a four-day visit aimed at strengthening economic cooperation between the two countries, a Seoul official said. Chinh is scheduled to hold a meeting with his Korean counterpart, Han Duck-soo, at the government complex in Seoul on Tuesday and attend a welcome dinner hosted by Han at the prime minister's official residence, according to the Korean Prime Minister's Office.

June 27, 2024

Surging Korean cosmetics exports on track for record yearly volume

SEOUL, June 27 (AJU PRESS) - South Korean cosmetics exports surged 21 percent year-on-year in the first five months of 2024, on track to reach a record high annual volume, data showed Thursday. The Korea Customs Service said cosmetics exports during the period reached $4.04 billion, compared to $3.34 billion in the same period of 2023. While exports to China decreased by 11.6 percent, shipments to the U.S. soared 67.8 percent. Japan and Vietnam also saw significant increases of

June 27, 2024