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Korean e-commerce giants expand beauty business SEOUL, January 10 (AJP) - South Korea's major e-commerce platforms are intensifying their beauty sector investments, with companies launching private labels and luxury verticals while expanding their brand portfolios. The industry's shift toward beauty reflects the growing demand for K-beauty products. Coupang, the country's largest e-commerce platform, recently introduced its private brand skincare line "Elle Paris" through its subsidiary CPLB, offering 18 January 10, 2025
Lotte Group chairman warns of survival risk, calls for radical reform SEOUL, January 10 (AJP) - Lotte Group Chairman Shin Dong-bin has issued a stark warning to top executives , declaring the conglomerate faces an "existential threat" and must undergo "strong reform and innovation" to survive. The urgent message came during a meeting at Lotte World Tower on Thursday, attended by key executives including Lotte Department Store CEO Chung Joon-ho and Hotel Lotte Co. CEO Jung Ho-seok. The atmosphere was described as serious as the grou January 10, 2025
Korea achieves $1 trillion in cumulative overseas construction contracts SEOUL, January 10 (AJP) - South Korea has achieved a historic milestone in the global construction industry, with its companies securing a cumulative $1 trillion in overseas construction contracts. According to the Ministry of Land, Infrastructure, and Transport, Friday, South Korean firms won $37.11 billion in international contracts in 2024, pushing the total to $1.009 trillion since the country first ventured into overseas construction nearly six decades ago with Hyundai Engine January 10, 2025
[CES 2025] Silicon Valley, Korean startups connect at Las Vegas networking event LAS VEGAS, January 7 (AJP) - Over 50 startup representatives from Silicon Valley and Korea gathered at a grand Las Vegas mansion on Jan. 7, exchanging ideas and forging connections at the "Silicon Valley Leaders Networking Event." Hosted by the Innobiz Association under the South Korean Ministry of SMEs and Startups, the event provided a platform for Korean innovators to connect with Silicon Valley leaders and explore global market expansion opportunities. "CES i January 9, 2025
[CES 2025] Soosan Group eyes AI integration for global growth LAS VEGAS, January 9 (AJP) - Chung Suk-hyun, chairman of Soosan Group, a South Korean nuclear power equipment manufacturer, has vowed to strengthen the company's global market presence through the adoption of artificial intelligence (AI) and innovative approaches. Speaking to Aju Business Daily at the CES 2025 in Las Vegas, Chung, a recipient of the inaugural Aju Innovation Leader Grand Awards, emphasized the need for pioneering technologies to compete on the global stage. &q January 9, 2025
Korean food firms see surge in revenue thanks to strong overseas sales SEOUL, January 9 (AJP) - More than 10 South Korean food manufacturers surpassed 3 trillion won ($2.05 billion) in annual revenue in 2024, driven by strong overseas demand for Korean beverages, snacks, and tofu products. According to data from financial analysis firm FnGuide released Thursday, Lotte Chilsung Beverage is projected to lead the pack with 4.07 trillion won in revenue, a 26.4 percent increase from the previous year. Other major players exceeding 4 trillion won include CJ January 9, 2025
[CES 2025] SK hynix's memory development outpacing Nvidia's demands, Chey says LAS VEGAS, January 8 (AJP) - SK hynix's development of high-bandwidth memory (HBM) chips is now advancing faster than Nvidia's requirements, SK Group Chairman Chey Tae-won said. He made the remark on Wednesday after meeting with Nvidia CEO Jensen Huang during CES in Las Vegas. "Previously, SK hynix's development pace lagged slightly behind Nvidia's, and they were asking us to speed up our development. But recently, it could be said that our development spee January 9, 2025
South Korea, Pakistan begin economic partnership talks SEOUL, January 9 (AJP) - South Korea and Pakistan officially launched negotiations for an Economic Partnership Agreement (EPA) on Thursday, marking a significant step in Seoul's efforts to expand its trade footprint in Southwest Asia. The EPA, a broader agreement than a traditional free trade deal, aims to deepen economic ties between the two nations. Pakistan, with its strategic location bordering China and India, is seen as a crucial market in the evolving Asian economic lands January 9, 2025
Toyota Motor charts bold path toward sustainability amid fierce competition Editor's Note: This article is the second installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, January 7 (AJP) - Japan's Toyota Motor Corp., the world’s largest automaker, is doubling down on its commitment to sustainable mobility as it faces mounting pressure from rivals and rapid shifts in the global auto industry. The Japanese automotive gian January 9, 2025
[CES 2025] South Korean business leaders explore AI innovation, global partnership LAS VEGAS, January 7 (AJP) - South Korean business leaders converged at CES 2025 on Tuesday to explore cutting-edge AI technologies and strengthen partnerships with global tech giants. SK Group Chairman Chey Tae-won, Lotte Corp. Vice President Shin Yoo-yeol, SK Telecom CEO Yoo Young-sang and LG Innotek CEO Moon Hyuk-soo are attending the world's largest electronics show in Las Vegas from Tuesday to Friday. Chey is expected to meet Nvidia CEO Jensen Huang on Wednesday to discu January 8, 2025