LG Innotek invests in Taiwanese lens producer to beef up autonomous vehicle business

SEOUL -- LG Innotek, the electronic component unit of South Korea's LG Group, will work with AOE Optronics, an automotive lens manufacturer based in Taiwan, to upgrade optical component solutions for autonomous vehicle cameras. The Taiwanese company will share its know-how in precision lens manufacturing technologies and provide lenses used for camera modules. Camera modules are essential for the collection of front traffic information and driving assistance. Demands for camer

January 19, 2024

S. Korea's web cartoon industry scores highest operating profit in 2022: report

SEOUL -- South Korea's web cartoon industry achieved a record high of 1.8 trillion won ($1.3 billion) in 2022, data released by the country's culture ministry showed. The ministry plans to nurture webcomic as South Korea's leading content industry to attract more global fans. Web cartoons, also known as webtoons or webcomics, are digital comic books created to fit into web or mobile platforms. South Korea is the birthplace of webtoons. Popular webtoons are recreated in

January 18, 2024

Samsung Electronics records semiconductor revenue of $39.9 bln in 2023, down 37.5% percent year-on-year: market data

SEOUL -- Due to the sluggish global semiconductor market, Samsung Electronics faced a significant revenue decline in 2023. Data released by market research firm Gartner showed that the technology giant's global semiconductor revenue was $39.9 billion in 2023, down 37.5 percent from a year ago. The global market research firm reported on January 16 that worldwide semiconductor revenue dropped 11.1 percent year-on-year to $533 billion last year. Samsung secured the second posit

January 17, 2024

SK Group units partner with US clean energy company for ESS projects

SEOUL -- SK gas, a natural gas provider affiliated with South Korea's SK Group, will work with Apex Clean Energy, a Virginia-based renewable energy company, to establish energy storage systems infrastructure in the United States. Through a joint venture, the South Korean company will build energy storage facilities in Texas with a capacity of 200 megawatts. The amount of generated electricity is enough to provide power to about 330,000 households annually. An energy storage sy

January 17, 2024

S. Korean socks brand Banana Sisters opens first store in Philippines

SEOUL -- South Korea's socks brand Banana Sisters has opened its first store in the Philippines. The store located in Manila provides more than 300 types of socks including premium fashion socks, sports socks, and products designed for adults and children. According to data released by global market research firm Statista, the socks market in the Philippines which stood at $39.8 million in 2024 is projected to reach $44.5 million in 2027. Banana Sisters CEO Jung Yong-ju said he

January 16, 2024

S. Korean ecommerce operators join cutthroat race to check Chinese giant Alibaba and Pinduoduo

SEOUL -- South Korean ecommerce operators including Tmon and Wemakeprice have joined a dangerous cutthroat race to check against Chinese online shopping giants Aliexpress, the business-to-customer wing of Alibaba Group, and Temu, the counterpart of Chinese online retail giant Pinduoduo. Aliexpress became the ecommerce app that gained the largest number of new users in South Korea in 2023, according to data released by Wiseapp, a smartphone app market research firm. Aliexpress garn

January 16, 2024

Harvard Business School highlights S. Korean food maker's overseas marketing achievements

SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, was highlighted in the Harvard Business School's textbook for its successful expansion of the Korean cuisine brand "Bibigo" overseas. Through a case study, the global research institute featured the South Korean company's strategies and achievements through the iconic Korean food brand. CJ Cheiljedang is the first South Korean company to exceed 10 trillion

January 15, 2024

S. Korea's state oil company KNOC joins carbon capture and storage project in Indonesia

SEOUL -- South Korea's state-run oil and gas company will work with Indonesia's national energy firm Pertamina to seek carbon capture and storage business opportunities in oil and gas fields on Indonesia's Java Island. Depending on the feasibility study's result, the two sides will convert oil and gas fields into facilities for storing carbon dioxide. The carbon capture and storage (CCS) technique uses special equipment to collect carbon dioxide created after burni

January 11, 2024

[CES2024] Pulmuone showcases robot chef for refrigerated dishes at CES 2024

LAS VEGAS -- South Korean food product maker Pulmuone has presented a vending machine that can cook refrigerated dishes in about 90 seconds at the Consumer Electronics Show, the world's largest annual electronics exhibition held in Las Vegas. At the global electronics exhibition, the robot chef provided instant dishes including noodle soup with beef and broth and Tteokguk, a traditional Korean soup made of rounded rice cakes. Pulmuone said on January 10 that the instant food

January 10, 2024

[CES2024] Hyundai Mobis showcases crab-walking EV 'MOBION'

LAS VEGAS -- Hyundai Mobis, the car parts-making wing of Hyundai auto group, has unveiled its demonstration electric vehicle, "MOBION," at the Consumer Electronics Show (CES), the world's largest annual electronics exhibition in Las Vegas. This marks the first global introduction of MOBION by the car parts maker, featuring an innovative "e-Corner System." This system allows for unique motion techniques, such as crab-walking for sideways movement and executi

January 10, 2024