E-commerce surge drives sharp growth in Korea's delivery industry

SEOUL, October 16 (AJP) - South Korea's parcel delivery industry has seen a 52.9 percent increase in volume over the past three years, with the average person receiving more than 100 packages annually in 2023, according to a report released Wednesday by the Korea Chamber of Commerce and Industry. The report attributes this growth to "4C" factors: China-commerce, Competition, Consumer benefit and Cost down. The influx of ultra-low-priced products from Chines

October 16, 2024

LG CNS unveils AI-based marketing platform for U.S. market

SEOUL, October 16 (AJP) - Korea's IT solutions provider LG CNS has introduced its artificial intelligence (AI)-powered marketing platform, LG Optapex, to the U.S. advertising market. The company said Wednesday it showcased the platform at Amazon's unBoxed 2024 event in Austin, Texas, Monday. LG Optapex, an enhanced global version of LG CNS's marketing optimization platform (MOP), uses AI and mathematical optimization to streamline digital marketing efforts. The pl

October 16, 2024

Hyundai Mobis to build electric vehicle parts plant in Slovakia

SEOUL, October 16 (AJP) - South Korean auto parts maker Hyundai Mobis Co. said on Wednesday it will invest about 350 billion won (US$256 million) to construct a new electric vehicle (EV) components factory in Slovakia. The plant, to be built in Novaky, will produce power electric (PE) systems, which integrate electric motors, inverters and gear heads. It marks the company's first PE system production base in Europe, with construction scheduled to be finished in the second half o

October 16, 2024

Hyosung chairman pledges massive investment in Viet Nam

SEOUL, October 15 (AJP) - Cho Hyun-joon, the chairman of South Korean conglomerate Hyosung Group, has pledged massive investment in Viet Nam during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi, the group said on Tuesday. Cho visited Prime Minister Pham the previous day to discuss future business cooperation. "I agree with Prime Minister Pham Minh Chinh's statement during his visit to Korea that for the next 30 years, cooperation between Korea and Vie

October 15, 2024

LG Energy Solution wins deals to supply electric vehicle batteries to Ford

SEOUL, October 15 (AJP) - LG Energy Solution has signed supply contracts for electric vehicle batteries with Ford Motor, the Korean battery maker said Tuesday. Under the deals, LG will supply the U.S. automaker with a total of 109 gigawatt-hours of electric commercial vehicle battery cells and modules. The Korean firm plans to deliver 75 gigawatt-hours over six years starting in 2027, along with 34 gigawatt-hours over five years beginning in 2026. All products are scheduled to be

October 15, 2024

Visang showcases AI-based language learning platform

SEOUL, October 15 (AJP) - Visang Education, a Korean educational company, on Tuesday unveiled its artificial intelligence-based language learning platform, AllviA Connect Learning (ACL). The system, designed for remote education, could help foreign workers learn Korean before entering the country, according to Paul Rho, Visang Education's global business division head. "Using ACL, companies can efficiently provide tailored Korean language education to their employees,&qu

October 15, 2024

Weight-loss drug Wegovy launches in Korea

SEOUL, October 15 (AJP) - Danish drugmaker Novo Nordisk launched its popular obesity treatment, Wegovy, in South Korea on Tuesday, industry sources said. Its local distributor, Zuellig Pharma Korea, has begun accepting orders for the blockbuster drug, which is delivered via a pre-filled pen injector. Wegovy was approved by the Ministry of Food and Drug Safety in April 2023 for adults with a body mass index (BMI) of 30 or greater, or 27 to 30 with at least one weight-related comor

October 15, 2024

Young Poong, MBK secure additional 5% stake in Korea Zinc via tender offer

SEOUL, October 14 (AJP) - Young Poong Corp. and MBK Partners have acquired an additional 5.34 percent stake in Korea Zinc through a month-long public tender offer, potentially securing the upper hand in the battle for control of the world's largest zinc smelter, financial sources said Monday. While the consortium concluded the tender offer that day, they fell short of their target of acquiring between 6.98 percent and 14.61 percent. However, they moved closer to a majority votin

October 14, 2024

Korea Zinc takeover battle reaches crucial deadline

SEOUL, October 14 (AJP) - A monthlong battle for control of Korea Zinc, the world's largest zinc smelter, reaches a critical juncture on Monday as a tender offer from a consortium led by its largest shareholder expires. Young Poong Corp. and private equity firm MBK Partners have offered 830,000 won ($612.30) per share for up to 14.61 percent of Korea Zinc's stock. The offer, which has been raised twice, concludes at 3:30 p.m. local time. In response, Korea Zinc Chairman C

October 14, 2024

Swedish minister observes Hyodol's AI-based elderly care robot

SEOUL, October 14 (AJP) – Sweden's Minister for Older People and Social Security Anna Tenje recently visited a community welfare center in Seoul to observe an artificial intelligence-based care robot developed by Hyodol. Her visit aimed to understand Korea's approach to AI technology in elderly care as the country prepares for an aging society, the company said. During the event at the Gungdong Community Welfare Center on Sept. 30, Hyodol's CEO, Kim Ji-hee, expl

October 14, 2024