Business
-
From niche market to game changer: Sugar-free craze sweeps Korean food industry
SEOUL, May 09 (AJU PRESS) – From fried chickens to rice cakes and even hangover cures, Korean food and beverage makers are jumping on the sugar-free bandwagon, transforming once a niche market into the industry’s game changer. Catering to a growing number of health-conscious consumers, the market witnessed an explosive growth in recent years. Experts predict further expansion as technological advancements enable a wider variety of low and no-sugar options while maintaini
May 10, 2024 -
SK E&S constructs world's largest liquified hydrogen plant
SEOUL, May 09 (AJU PRESS) - SK E&S, the green energy arm of Korea's SK Group, has constructed the world's largest hydrogen liquefaction plant in the western port city of Incheon. The company held the dedication ceremony Wednesday for the plant with an annual capacity of 30,000 tons of liquid hydrogen, enough to fuel 5,000 hydrogen buses for a year. SK E&S said it has invested about 700 billion won ($511.7 million) in the construction between 2021 and 2023. Liquefi
May 9, 2024 -
LIG Nex1 displays guided missiles at defense exhibition in Kuala Lumpur
SEOUL, May 08 (AJU PRESS) - LIG Nex1 is displaying its mid-range surface-to-air missile defense system "Cheongung-II" at the Defence Services Asia (DSA), which kicked off on Monday for a four-day run in Kuala Lumpur, Malaysia. More than 1,200 companies from some 60 countries are participating in the defense exhibition hosted by the Malaysian government. The Cheongung-II, also known as KM-SAM, features the function of intercepting ballistic missiles at an altitude of a
May 8, 2024 -
Coupang swings to net loss in first quarter amid growing competition from Chinese rivals
SEOUL, May 08 (AJU PRESS) - Korea's e-commerce giant, Coupang, turned to a net loss in the first quarter in the face of growing competition from Chinese rivals, namely Aliexpress and Temu, the company announced Wednesday. Coupang reported a net loss of $24 million (31.9 billion won) for the first three months of 2024, snapping its six-quarter run of profitability. Sales increased 28 percent year-on-year to $7.11 billion. But operating profit plummeted 61 percent to $40 million
May 8, 2024 -
Hanwha Q Cells begins operation of second solar module factory in US
SEOUL, May 08 (AJU PRESS) - Hanwha Q Cells, the solar power unit of Korea's Hanwha Group, has begun operation of its second solar module factory in the United States. The company said Tuesday it completed the construction of its new plant in Cartersville, Georgia, last month, capable of generating 3.3 gigawatts of solar modules annually. Together with its plant in Dalton, Georgia, Hanwha now has a total annual capacity of 8.4 gigawatts in the U.S., sufficient to power about 1
May 8, 2024 -
Korean oil refiners ramp up car wash business amid declining profit margins
SEOUL, May 07 (AJU PRESS) – Major Korean oil refiners are expanding their presence in the market of automatic no-brush tunnel car washes as part of efforts to improve their bottom line as higher oil prices and operating costs are squeezing their profit margins. HD Hyundai Oil Bank signed a cooperation agreement with domestic unmanned no-brush car wash service operator Come In Wash last week to accelerate the distribution of an automated no-brush tunnel car wash system to its
May 7, 2024 -
Harmful substances found in toys sold on Chinese e-commerce platforms
SEOUL, May 02 (AJU PRESS) - Seoul City has discovered excessive levels of harmful substances, including lead and banned chemicals, in children’s toys and stationery items sold on Chinese e-commerce platforms including Aliexpress, officials said Thursday. Korean law requires sellers and importers of children's products to obtain safety certification, imposing penalties for violating the rule. However, the law does not apply to products purchased directly from overseas onl
May 2, 2024 -
LG Chem to share water purification technology with Saudi Arabia
SEOUL, May 01 (AJU PRESS) - Korean chemical company LG Chem will transfer its water purification technology, known as reverse osmosis, to Saudi Arabian conglomerate Alkhorayef Group, LG Chem said Wednesday. Reverse osmosis (RO) uses a semi-permeable membrane to extract salt and other impurities from water. Unlike traditional methods reliant on heat-induced evaporation, RO membranes filter water molecules without heat. LG Chem's RO membrane boasts a 99.89 percent salt removal rat
May 1, 2024 -
Korea's Ramyeon exports hit record high in first quarter
SEOUL, April 30 (AJU PRESS) - Korea experienced a remarkable 30 percent increase in Ramyeon exports during the first quarter of 2024, reaching a record high for the period, according to data released on Tuesday. Demand for Korean noodle products was especially strong in the United States, followed by China, the Netherlands and Japan. This surge in popularity has been fueled over the past decade by Ramyeon's frequent exposure through K-pop songs, K-dramas, and K-films. This has
April 30, 2024 -
Price of Korean seaweed skyrockets amid growing demand overseas
SEOUL, April 29 (AJU PRESS) – The wholesale price of processed laver sheets jumped nearly 60 percent on year this month, as demand has grown overseas driven by the popularity of gimbap, or seaweed-wrapped rice, and other Korean foods. According to the state-run Korea Agro-Fisheries & Food Trade Corp., the wholesale price of 100 sheets of dried laver was 10,440 won ($7.5) on Friday, up 58 percent from 6,628 won a year ago. The average retail price for a sheet of seaweed a
April 29, 2024
-
VISUALS: COEX hosting Seoul fisheries fair
-
Hyundai Elevator developing vertical airport for urban air mobility
-
Korean parents with infant have only 2.7 hours of daily free time, survey finds
-
PHOTOS: Seoul Forest offers respite from urban bustle
-
Visang Education showcases AI-based Korean learning platforms in Tokyo
-
New transit cards offer better transport access for foreign nationals in Korea
-
More halal restaurants, prayer rooms will be set up in Seoul for Muslim tourists
-
PHOTOS: Rose festival to begin in Seoul, Saturday
-
Korea toughens stance against Japanese pressure on Naver
-
PHOTOS: Medical care stalled in doctor-government dispute