Industry

  • Buldak maker Samyang establishes Dutch subsidiary for European expansion
    'Buldak' maker Samyang establishes Dutch subsidiary for European expansion SEOUL, August 8 (AJU PRESS) - Samyang Food Co., known for its "Buldak" spicy chicken-flavored instant noodles, has established a subsidiary in the Netherlands to spearhead its business expansion in European markets, industry sources said Thursday. The Korean food maker chose the Netherlands for its well-developed infrastructure for trade, investment, information and services, which will help enhance logistics efficiency across Europe, they said. It is Samyang's fift August 8, 2024
  • Asiana Airlines cargo operations to be sold to Air Incheon for 470 billion won
    Asiana Airlines' cargo operations to be sold to Air Incheon for 470 billion won SEOUL, August 7 (AJU PRESS) — Korean Air, which is in the process of acquiring Asiana Airlines, said Wednesday that it has signed a master agreement with Air Incheon, a domestic cargo airline, to sell Asiana’s cargo operations for 470 billion won ($341.9 million). In June, Korean Air named Air Incheon as the preferred bidder for the deal. The European Union's competition regulators required the sale as a precondition for approving the Korean Air-Asiana merger. In August 7, 2024
  • HYBE reports sharp decline in profits despite record revenue
    HYBE reports sharp decline in profits despite record revenue SEOUL, August 7 (AJU PRESS) — HYBE, the entertainment powerhouse behind global K-pop sensation BTS, on Wednesday reported a sharp decrease in profits despite achieving record revenue in the second quarter, due to higher costs associated with new ventures and artists. The company posted a record 640.5 billion won ($465.26 million) in sales during the April-June period, a 3.1 percent increase year-on-year. The figure surpasses the previous high of 621 billion won set in the s August 7, 2024
  • AI patent registrations by major Korean companies more than triple this year
    AI patent registrations by major Korean companies more than triple this year SEOUL, August 7 (AJU PRESS) - The number of artificial intelligence (AI)-related patents registered by South Korea’s large companies with local authorities more than tripled this year, data showed Wednesday. According to a survey by CEO Score, a local research institution focused on business corporations, 111 major companies have registered 1,503 AI patents with the Korean Intellectual Property Office as of last month, up 273 percent from 403 last year. Samsung Electroni August 7, 2024
  • Coupang posts first operating loss in eight quarters despite record revenue
    Coupang posts first operating loss in eight quarters despite record revenue SEOUL, August 07 (AJU PRESS) - South Korea's e-commerce giant Coupang reported its first operating loss in eight quarters, despite surpassing 10 trillion won ($7.2 billion) in quarterly revenue for the first time. In its second-quarter earnings report filed with the U.S. Securities and Exchange Commission on Wednesday, Coupang's revenue was 10.03 trillion won, up 30 percent from the same period in 2023. The company, listed on the New York Stock Exchange, reported an opera August 7, 2024
  • SK hynix to receive up to $450m of US grants for Indiana chip facility
    SK hynix to receive up to $450m of US grants for Indiana chip facility SEOUL, August 06 (AJU PRESS) -- SK hynix will receive up to $450 million in subsidies from the U.S. government for its investment in a semiconductor packaging facility in Indiana, the U.S. Department of Commerce announced Tuesday. The U.S. Department of Commerce has signed a preliminary memorandum of terms with the Korean chipmaker to provide the federal grants needed to establish a high-bandwidth memory (HBM) advanced packaging fabrication and research and development facility. August 6, 2024
  • Seoul shares rebound after major drops
    Seoul shares rebound after major drops SEOUL, August 6 (AJU PRESS) - Korea's benchmark KOSPI index rebounded by over 3 percent and recovered the 2,500 level on Tuesday, reversing a sharp decline triggered by fears of an economic downturn in the U.S. The KOSPI closed at 2,522.15, up 80.60 points or 3.3 percent from the previous trading day. The index began the session at 2,533.34, marking an increase of 91.79 points or 3.76 percent from the prior close. At one point, it surged by as much as 5.62 percent. On Mond August 6, 2024
  • Korean vegan beauty brand FULLY sees success in US market
    Korean vegan beauty brand FULLY sees success in US market SEOUL, August 6 (AJU PRESS) - FULLY, a premium vegan beauty brand, has reported significant success with its Green Tomato Clay Pack Cleanser during Amazon Prime Day in the United States. The product achieved sales 36 times higher than its average daily revenue in June. The cleanser, containing 49 percent green tomato extract, is known for its effectiveness in improving blackheads. It gained popularity after a U.S. beauty influencer's review video garnered 6.69 million views. W August 6, 2024
  • Seoul shares rebound sharply, triggering sidecar orders
    Seoul shares rebound sharply, triggering sidecar orders SEOUL, August 6 (AJU PRESS) - Korean stocks rebounded sharply on Tuesday morning, triggering sidecar orders that temporarily halted program buying. The KOSPI opened at 2,533.34 on Tuesday, up 91.97 points, or 3.76 percent, from the previous trading day, and continued to rise by over 4 percent in early trading. On Monday, the KOSPI fell 8.77 percent, the largest single-day drop in 16 years, as fears of a U.S. economic recession hit global markets. The KOSDAQ index opened at 7 August 6, 2024
  • Korean beauty brand Amuse aims to triple US revenue after Shinsegae acquisition
    Korean beauty brand Amuse aims to triple US revenue after Shinsegae acquisition SEOUL, August 05 (AJU PRESS) - Amuse, a Korean beauty brand known for its official model Jang Won-young of the K-pop girl band IVE, aims to boost its U.S. revenue by 200 percent by 2025 by leveraging the marketing network and expertise of Shinsegae International, which is set to become its parent company. Shinsegae International said Friday that it will acquire 100 percent of the shares in Amuse for 71.3 billion won ($51.9 million). Currently, Amuse's largest shareholder is Snow August 5, 2024