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LG CNS expands into Japanese educational technology market SEOUL, July 25 (AJU PRESS) – LG CNS, a South Korean IT services provider, is entering Japan's educational technology market in partnership with the local educational company AEON. LG CNS said Thursday that the two companies have signed a memorandum of understanding to implement digital transformation across AEON’s network, which operates over 300 language schools. The projects include developing an AI-powered English conversation app for Japanese public schools an July 25, 2024
Korea's economy contracts 0.2% in second quarter SEOUL, July 25 (AJU PRESS) – South Korea's economy contracted 0.2 percent in the second quarter from the previous quarter, the Bank of Korea reported Thursday. The central bank attributes the decline to the effect of the first quarter's strong growth, slowing domestic consumption, and a sharp increase in imports. The fall in real gross domestic product (GDP) for the April-June period came after 1.3 percent growth in the first quarter, which set a high benchmark for July 25, 2024
Trump victory could dampen US EV market, impact Korean battery makers, analyst says SEOUL, July 25 (AJU PRESS) - A potential victory for Donald Trump in the upcoming U.S. presidential election could further dampen the electric vehicle (EV) market in the United States, potentially affecting Korean battery manufacturers, according to a report from Eugene Investment & Securities Co. released on Wednesday. The analysis suggests that Trump's potential policies, including the repeal of fuel efficiency regulations and changes to EV subsidies and import tariffs, co July 25, 2024
Convenience store chain CU opens 400th branch in Mongolia SEOUL, July 25 (AJU PRESS) - CU, a leading convenience store chain in Korea, has opened its 400th store in Mongolia, six years after entering the country in 2018. Among Korean convenience stores, CU has also become the first to achieve profitability in its overseas business. BGF Retail, the operator of CU, announced Thursday that its Mongolian partner, Premium Nexus, reported sales of 286.1 billion Tugrik ($84.7 million) and an operating profit of 9.6 billion Tugrik ($2.8 million) f July 25, 2024
Korean cable maker Taihan secures $137 million US contract SEOUL, July 25 (AJU PRESS) - Taihan Cable & Solution has secured a 190 billion won ($137 million) deal to supply high-voltage power cable systems for a major grid modernization project in the eastern United States, the Korean company said Thursday. The contract, which marks Taihan’s largest-ever in the U.S., involves providing 138kV and 345kV cables and connectors to replace aging power infrastructure. The deal, awarded to Taihan's U.S. subsidiary T.E.USA, brings Ta July 25, 2024
E-commerce platforms Tmon, WeMakePrice face escalating crisis amid payment delays SEOUL, July 24 (AJU PRESS) - Korean e-commerce platforms WeMakePrice and Tmon are facing a mounting crisis due to prolonged payment delays to sellers, stemming from a liquidity crunch involving their Singapore-based parent company, Qoo10. The two sites have delayed settlements with sellers since early July, prompting some businesses to cancel products and withdraw from the platforms. Damages are estimated to exceed 100 billion won ($72.23 million). Major retailers, including Lott July 24, 2024
Korean firms face setback at US beauty expo after container theft SEOUL, July 24 (AJU PRESS) - Dozens of Korean beauty companies faced a major setback at Cosmoprof North America, a prominent industry fair in Las Vegas, after a container carrying their exhibition items was stolen en route to the event. The Korea International Trade Association (KITA) said Wednesday a container holding products from 70 Korean firms was taken while being transported from the Port of Long Beach in Los Angeles to the exhibition venue in Las Vegas. The theft occurr July 24, 2024
Samsung Electronics partners with Krafton for mobile gaming excellence SEOUL, July 23 (AJU PRESS) - Samsung Electronics has teamed up with game developer Krafton to enhance mobile gaming experiences on Galaxy smartphones. The collaboration focuses on optimizing Krafton's new game, "Dark and Darket Mobile," for Samsung's latest devices, including the Galaxy Z Fold6 and Z Flip6. The partnership incorporates advanced graphics technologies such as Vulkan and Ray Tracing to deliver realistic visuals. Ray Tracing will be available on high-e July 23, 2024
Bath & Body Works doubles sales target after Korean debut: Shinsegae SEOUL, July 23 (AJU PRESS) – U.S. fragrance and body care brand Bath & Body Works has made a successful debut in South Korea, partnering exclusively with Shinsegae Department Store. Its first Korean store, which opened on May 24 at Shinsegae's Gangnam location, has already surpassed expectations, doubling its sales target in less than two months, the department store said Tuesday. The brand's arrival addresses a longstanding demand from Korean consumers, who previ July 23, 2024
CMG exports skincare products to Viet Nam SEOUL, July 23 (AJU PRESS) - Korea's CMG Pharmaceutical announced Tuesday that its cosmetic products will be exported to An Thinh Phat, a Vietnamese distributor of healthcare products. CMG Pharmaceutical held a launch event for its "Dr. Bargo" brand in Hanoi on Sunday along with An Thinh Phat and Seoul-based distribution company Home & Mall Shopping. Dr. Bargo is a skincare brand jointly developed by CMG Pharmaceutical and Home & Mall Shopping, targeting the Vi July 23, 2024