Industry

  • Online lender K-Bank delays IPO, citing weak demand
    Online lender K-Bank delays IPO, citing weak demand SEOUL, October 18 (AJP) - K-Bank, a Korean internet-only bank, on Friday postponed its initial public offering (IPO) to next year due to insufficient demand from institutional investors. The bank announced that it had submitted a withdrawal notice to the Financial Services Commission regarding its KOSPI listing, originally scheduled for late this month. The bank cited insufficient demand during the recent institutional investor book-building process. "With a total of 82 m October 18, 2024
  • Korea to require e-commerce businesses to pay sellers within 20 days
    Korea to require e-commerce businesses to pay sellers within 20 days SEOUL, October 18 (AJP) - The Korean government plans to require e-commerce businesses to pay sales proceeds to sellers within 20 days after a consumer confirms a purchase, the Korea Fair Trade Commission announced Friday. The FTC also plans to require them to deposit at least half of the sales proceeds in financial institutions to ensure that sellers can recover some of their money if a platform goes bankrupt. The FTC announced these law revisions as part of efforts to prevent e October 18, 2024
  • Samsung unveils fastest graphics memory chip to power AI systems
    Samsung unveils fastest graphics memory chip to power AI systems SEOUL, October 17 (AJP) - Samsung Electronics announced on Thursday that it has developed the industry's first 24-gigabit GDDR7 (graphics double data rate 7) memory chip, designed to power next-generation artificial intelligence systems. The new chip offers the highest capacity and fastest speed in the graphics memory market, capable of processing data at over 40 gigabits per second. The new DRAM is expected to be used in various applications, including PCs, game consoles, AI October 17, 2024
  • Korea unveils 8.8 trillion won package to support chip industry
    Korea unveils 8.8 trillion won package to support chip industry SEOUL, October 16 (AJP) – The South Korean government announced on Wednesday that about 8.8 trillion won (US$6.4 billion) will be injected into the semiconductor ecosystem by 2025. The comprehensive support package, unveiled by the Ministry of Economy and Finance, includes low-interest loans, fund investments and support for infrastructure and manpower development. Of the total investment, 4.7 trillion won will be provided through financial support programs, including 4.25 October 16, 2024
  • E-commerce surge drives sharp growth in Koreas delivery industry
    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
    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
    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
    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
    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
    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