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Private equity firm to acquire controlling stake in Chorokbaem Media
SEOUL, August 13 (AJU PRESS) - Q Capital Partners, a private equity firm, has signed a deal to acquire a controlling stake in Chorokbaem Media, a drama and animation production company. Chorokbaem, known for popular dramas such as "My Mister," "All In" and "The Slave Hunters," said in a regulatory filing Tuesday that Q Capital agreed to purchase about 9.617 million shares for 180 billion won ($137 million). Upon completion of the transaction, expecte
August 13, 2024
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Carmakers disclose EV battery suppliers amid growing safety concerns
SEOUL, August 13 (AJU PRESS) - Hyundai Motor Co., Kia Corp., BMW Korea, and Mercedes-Benz Korea have disclosed the battery suppliers for their electric vehicles (EVs) amid growing safety concerns following a recent EV explosion and fire incident. Hyundai Motor, Korea's No. 1 carmaker, became the first company in the nation to disclose such information on Friday. The company revealed the battery suppliers for 13 EV models on its website, stating that all models use batteries from
August 13, 2024
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Samsung Electronics ranks 14th globally in AI research
SEOUL, August 12 (AJU PRESS) - Samsung Electronics ranked 14th worldwide in producing high-quality research papers on artificial intelligence (AI), according to a U.S. study. The analysis of AI publications from the past decade, conducted by Georgetown University's Center for Security and Emerging Technology (CSET), found Google's parent company Alphabet leading with 3,374 highly cited papers, followed by Microsoft, Meta and IBM. Samsung contributed 293 papers, becoming t
August 12, 2024
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Shinsegae Department Store to launch Korea's first Prada Beauty store
SEOUL, August 12 (AJU PRESS) - Shinsegae Department Store said Monday that it will open Korea's first Prada Beauty store at its Gangnam branch in southern Seoul on Aug. 20. The luxury brand, established in 1913, is known for its refined aesthetics and creativity in fashion. Before the official launch, a pop-up store will operate from Aug. 9 to 25. Visitors can explore makeup, skincare and fragrance lines, receive touch-up services, and participate in membership benefits and
August 12, 2024
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Korea offers financial support for foreign-founded startups
SEOUL, August 12 (AJU PRESS) - The Ministry of SMEs and Startups is seeking applications for a program to support foreign-founded startups in the country. Applications will be accepted Aug. 12-Sept. 6 and eligible startups include those in planning or early stages. Selected companies can receive up to 60 million won ($43,956) to support business model innovation and product development, the ministry said. The Global Startup Center will manage the process. GSC serves as a compreh
August 12, 2024
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Qoo10 CEO seeks to merge Tmon, WeMakePrice amid payment scandal
SEOUL, August 9 (AJU PRESS) - Singapore-based Qoo10, at the center of a payment crisis involving e-commerce platforms Tmon and WeMakePrice, announced Friday that it has initiated the process to merge the two Korean subsidiaries. Qoo10 applied on Thursday for the establishment of a new corporation, named KCCW (K-Commerce Center for World), with a paid-in capital of 999,999,900 won ($732,493) to push for the merger of the two companies. Tmon and WeMakePrice are facing a financial c
August 9, 2024
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Naver reports record Q2 operating profit with strong growth across most segments
SEOUL, August 9 (AJU PRESS) - Korean tech giant Naver reported a record-high operating profit for the second quarter on Friday, fueled by strong growth across most business segments, including search services, commerce and financial technology. Naver said in a regulatory filing that its operating profit increased by 26.8 percent year-on-year to 472.7 billion won ($343.6 million) for the April-June period. Revenue surged 8.4 percent to 2.6 trillion won. Its adjusted EBITDA (Earnin
August 9, 2024
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Kakao founder indicted for stock price rigging
SEOUL, August 8 (AJU PRESS) - The prosecution indicted Kim Beom-su, the founder of Kakao Corp., on Thursday on charges of stock manipulation related to the tech giant's 2023 takeover of SM Entertainment. Kim had been arrested on July 23 for violating the Financial Investment Services and Capital Markets Act. The Seoul Southern District Prosecutors' Office also sent former Kakao Corp. CEO Hong Eun-taek and former Kakao Entertainment CEO Kim Sung-soo to trial on the same ch
August 8, 2024
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S&P upgrades SK Hynix rating, citing strong HBM performance
SEOUL, August 08 (AJU PRESS) - S&P Global Ratings has upgraded SK hynix's credit rating to 'BBB' from 'BBB-', the company's highest-ever rating from the agency. The outlook remains stable. The upgrade reflects SK hynix's strong market position in high bandwidth memory (HBM) and expectations of improved financial performance. S&P projects the company's annual earnings before interest, taxes, depreciation, and amortization (EBITDA) to reach 34
August 8, 2024
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Kakao reports record Q2 revenue, profit surge, driven by platform businesses
SEOUL, August 8 (AJU PRESS) - Kakao Corp., Korea's leading tech company, reported record revenue and double-digit profit growth for the second quarter on Thursday, driven by its advertisement, e-commerce and other platform-based businesses. The company, which operates Korea’s largest mobile messaging app, KakaoTalk, said in a regulatory filing that revenue increased by 4 percent year-on-year to a record 2 trillion won ($1.4 billion) for the April-June period. Net incom
August 8, 2024
