Industry

  • Nature Republic to launch at 200 Costco stores in US
    Nature Republic to launch at 200 Costco stores in US SEOUL, July 29 (AJU PRESS) – Nature Republic, a South Korean cosmetics company, is set to expand to 200 Costco locations in the United States as part of its efforts to ramp up its presence in overseas markets. The company is introducing three key products to Costco: the Ginseng Gold Silk Watery Cream, Black Bean Anti-Hair Loss Symptom Improvement Shampoo and Argan Essential Deep Care Shampoo. The premium anti-aging Ginseng Gold Silk line, which contains 99.9 percent pure go July 29, 2024
  • Samsung broadcasts Olympic opening ceremony with Galaxy smartphones
    Samsung broadcasts Olympic opening ceremony with Galaxy smartphones SEOUL, July 29 (AJU PRESS) – Samsung Electronics broadcast the opening ceremony of the 2024 Paris Olympics on Friday using its Galaxy S24 Ultra smartphones. In a historic first, the ceremony took place outdoors, with the athletes' parade held on boats along the Seine River. The Korean tech giant equipped over 200 Galaxy S24 Ultra devices on 85 parade boats to capture and broadcast the event live. The company collaborated with the International Olympic Committee (IOC) an July 29, 2024
  • HD Hyundai Electric builds transformer storage facility at US plant
    HD Hyundai Electric builds transformer storage facility at US plant SEOUL, July 29 (AJU PRESS) - Korea's HD Hyundai Electric has constructed a transformer storage facility at its plant in Alabama, U.S. The firm, affiliated with HD Hyundai Heavy Industries, held a ceremony on Friday (local time) to mark the completion of the facility, which covers an area of 12,690 square meters and can store up to 60 power transformers. "We have enhanced the storage environment and quality levels of our products while maximizing productivity through the July 29, 2024
  • From lovebugs to nutrias: Korea grapples with growing threat of alien species
    From lovebugs to nutrias: Korea grapples with growing threat of alien species SEOUL, July 26 (AJU PRESS) – On a sweltering summer afternoon, residents of Seoul’s Eupyeong district sought refuge in the shade of a tree. Unbeknownst to them, their respite was shared by an unwanted nuisance: tiny, buzzing critters called lovebugs. The 12-legged insects fly around in pairs while mating. Known to prefer white over black, they latch onto brightly colored clothing. Attracted to exhaust fumes, they often dive into vehicles, causing car corrosion. &ldquo July 26, 2024
  • Amid e-commerce settlement dispute, Tmon begins refunds after customers occupy office
    Amid e-commerce settlement dispute, Tmon begins refunds after customers occupy office SEOUL, July 26 (AJU PRESS) - Tmon, an e-commerce platform caught in a settlement delay controversy, began processing refunds early Friday morning, following protests by hundreds of disgruntled customers who had occupied its headquarters in southern Seoul. Tmon and sister company WeMakePrice have been delaying payments to sellers since early July, prompting businesses to withdraw from the sites. Customers are requesting cash refunds since payment gateway agencies began to suspend July 26, 2024
  • Korea Eximbank, IDB sign $300 million co-financing deal for Latin America infrastructure projects
    Korea Eximbank, IDB sign $300 million co-financing deal for Latin America infrastructure projects SEOUL, July 26 (AJU PRESS) - The Export-Import Bank of Korea (Eximbank) has signed a memorandum of understanding (MOU) with the Inter-American Development Bank (IDB) to provide co-financing for infrastructure projects in Latin America, the bank announced on Friday. Under the agreement, Eximbank will extend up to some 414.5 billion won ($300 million) in co-financing over the next three years through its Economic Development Promotion Facility (EDPF). The bank aims to identify and joi July 26, 2024
  • E-commerce payment crisis spreads rapidly across multiple sectors
    E-commerce payment crisis spreads rapidly across multiple sectors SEOUL, July 25 (AJU PRESS) - The payment delay crisis at South Korean e-commerce platforms Tmon and WeMakePrice is intensifying, impacting the travel, accommodation, electronics, food, gaming, and entertainment industries as of Thursday. Vendors are facing financial strain, while consumers are worried about cancellations and refunds due to prolonged payment delays to sellers, stemming from a liquidity crunch involving their Singapore-based parent company, Qoo10. The two platforms July 25, 2024
  • LG Electronics posts record sales, operating profit in second quarter
    LG Electronics posts record sales, operating profit in second quarter SEOUL, July 25 (AJU PRESS) - LG Electronics reported record-high sales and operating profit for the second quarter on Thursday, driven by strong performance in its core home appliance and automotive electronics businesses. Consolidated revenue increased 8.5 percent year-on-year to 21.69 trillion won ($16.8 billion), and operating profit soared 61.2 percent to 1.20 trillion won, setting new records for both metrics in a second quarter. Net profit jumped 222.3 percent to hit 629.5 bil July 25, 2024
  • Hyundai Steel files anti-dumping petition against Chinese steel plate manufacturers
    Hyundai Steel files anti-dumping petition against Chinese steel plate manufacturers SEOUL, July 25 (AJU PRESS) - Korea’s Hyundai Steel has filed an anti-dumping petition against Chinese thick steel plate manufacturers, claiming damage from lower-priced Chinese exports, industry sources said Thursday. The Korean steelmaker recently submitted a complaint to the Ministry of Trade, Industry and Energy. The ministry is expected to review the case for about two months before deciding whether to launch a formal investigation. Thick plates, typically 6 millimeters July 25, 2024
  • SK hynix posts record revenue driven by AI chips
    SK hynix posts record revenue driven by AI chips SEOUL, July 25 (AJU PRESS) – SK hynix said Thursday its revenue soared 124.8 percent year-on-year to a record 16.42 trillion won ($12.7 billion) in the second quarter, driven by strong demand for artificial intelligence and other high-capacity chips. Sales surpassed the previous record of 13.81 trillion won set in the second quarter of 2022. The Korean chipmaker also turned a profit in the April-June period, with an operating profit of 5.47 trillion won and a net profit of 4.1 July 25, 2024