Shinsegae to launch off-price retail store in Laos

SEOUL, July 31 (AJU PRESS) - Shinsegae Department Store said Wednesday it has signed a franchise agreement with a Laotian company to launch its off-price retail concept, Factory Store, in the Southeast Asian country next year. In partnership with Grandview Property, a subsidiary of Laos' largest private enterprise, Kolao Group, the first overseas Factory Store is scheduled to open in Vientiane's Kokkok Mega Mall in the first half of 2025. The Korean retail giant aims to l

July 31, 2024

Samsung to begin mass production of advanced AI chips in third quarter

SEOUL, July 31 (AJU PRESS) — Samsung Electronics announced Wednesday that it will begin mass production of advanced high-bandwidth memory (HBM) chips in the third quarter of 2024 to meet the growing demand for high-performance chips used in artificial intelligence processors. During its second-quarter 2024 earnings call, Kim Jae-jun, vice president of memory strategic marketing, said Samsung plans to produce and supply 8-layer HBM3E products in the third quarter, with 12-lay

July 31, 2024

S. Korea adds more medals at Paris Olympics

SEOUL, July 31 (AJU PRESS) - With four days into the Summer Olympics in Paris, South Korea added more medals in its tally on Tuesday. Table tennis duo Lim Jong-hoon and Shin Yu-bin won bronze in the mixed doubles, defeating their opponents from Hong Kong in the third-place match. Their bronze medal ended a 12-year drought since the country won silver in the men's team event in 2012. Tuesday's victory is even more special for Lim, who was due to begin his mandatory militar

July 31, 2024

'Qoo10 diverted Tmon funds bypassing internal approval'

SEOUL, July 31 (AJU PRESS) - Singapore-based e-commerce company Qoo10 reportedly diverted funds from its Korean subsidiary Tmon bypassing due internal approval procedures. Tmon and sister company WeMakePrice are facing a financial crisis after failing to pay settlements to merchants on their platforms since early July. Qoo10 borrowed 20 billion won ($14.5 million) from Tmon in April to finance its $1.73 billion acquisition of Wish, a U.S.-based global shopping platform, according

July 31, 2024

Elon Musk praises Korean shooting ace at Paris Olympics

SEOUL, July 31 (AJU PRESS) - Tesla CEO Elon Musk Tuesday lauded Korean shooter Kim Ye-ji who won silver in the women’s 10-meter air pistol at the Paris Olympics in France early this week. The tech billionaire wrote on X, "She should be cast in an action movie. No acting required!" Along with a video clip of the Korean silver medalist calmly shooting at a target he also tweeted on X, "Would be cool to have a shooting world champion in an action movie."

July 31, 2024

Samsung's net profit soars nearly sixfold as AI boom boosts chip prices

SEOUL, July 31 (AJU PRESS) - Samsung Electronics reported Wednesday that its net profit surged nearly sixfold year-on-year in the second quarter, largely driven by a rebound in chip prices amid the artificial intelligence boom. Net income surged 471 percent to 9.84 trillion won ($7.13 billion) during the April-June period, a 470 percent increase from a year earlier. Operating profit jumped 1,462 percent to 10.44 trillion won during the same period, while revenue grew 23.44 perce

July 31, 2024

Lee Jin-sook appointed as chief of broadcasting watchdog amid controversies

SEOUL, July 31 (AJU PRESS) - Lee Jin-sook, the nominee for a position overseeing Korea's broadcasting watchdog, was appointed by President Yoon Suk Yeol on Wednesday, amid controversies over her alleged misuse of corporate funds in the past. Following a grueling three-day confirmation hearing, Yoon pushed for her appointment as the chief of the Korea Communications Commission (KCC), despite allegations of inappropriate use of corporate credit cards while she was president of t

July 31, 2024

PHOTOS: Particle Museum offers outdoor sculpture exhibitions

SEOUL, July 31 (AJU PRESS) – The "Particle Museum" project, running from July 15 to Nov. 15, showcases high-quality sculptures at five major locations in Seoul's city center. Each location features a work by a different artist, with each sculpture displayed in a space of about 3.3 square meters. Organized by the city government, the exhibition takes place at the Sejong Center for the Performing Arts, Seoul Hall of Urbanism and Architecture, the garden in front of Seoul

July 31, 2024

First Korean appointed World Bank vice president

SEOUL, July 31 (AJU PRESS) - Kim Sang-bu, a former Google executive, has been appointed the World Bank's vice president for digital transformation, according to the Ministry of Economy and Finance. Kim, who previously served as Google's Asia-Pacific director of government affairs and public policy for consumer products, will begin his new role on Sept. 3. The position focuses on promoting economic development in developing countries through digital infrastructure, cyber

July 31, 2024

LG Chem rises to 4th place in global chemical company ranking: US magazine

SEOUL, July 31 (AJU PRESS) - LG Chem has climbed to fourth place in the global chemical company ranking by revenue, compiled by a prominent U.S. industry magazine. Chemical & Engineering News (C&EN) reported in its July 19 edition LG Chem’s sales increased by 6.5 percent to $42.3 billion (59 trillion won) in 2023, defying the industry-wide trend of declining revenues. LG Chem jumped to fourth from last year's eighth, becoming the first Korean firm to enter the top

July 31, 2024