Young Poong, MBK secure additional 5% stake in Korea Zinc via tender offer

SEOUL, October 14 (AJP) - Young Poong Corp. and MBK Partners have acquired an additional 5.34 percent stake in Korea Zinc through a month-long public tender offer, potentially securing the upper hand in the battle for control of the world's largest zinc smelter, financial sources said Monday. While the consortium concluded the tender offer that day, they fell short of their target of acquiring between 6.98 percent and 14.61 percent. However, they moved closer to a majority votin

October 14, 2024

PHOTOS: Nongshim opens K-Ramyun Supermarket in Seoul

SEOUL, October 14 (AJP) - Nongshim Co. has partnered with Korea Mart in Seoul's Myeong-dong district to operate K-Ramyun Supermarket. The store, which opened on Oct. 7, combines a supermarket and snack bar, allowing visitors to shop for ramyeon and dine at the same time. Customers can purchase their preferred ramyeon and cook it on-site. They can enjoy their meals at tables shaped like large cup noodles, explore brand stories, and use character photo zones.

October 14, 2024

Han Kang's books sell like hotcakes after Nobel Prize win

SEOUL, October 14 (AJP) - Koreans are snapping up Han Kang's books following her Nobel Prize win last week. A throng of people lined up in front of Kyobo Book Centre, the country's largest bookstore chain in Gwanghwamun, central Seoul, even before it opened early Monday morning, rushing to get their hands on her books. Best known for her surreal novel "The Vegetarian," which won the International Booker Prize in 2016, Han won this year's Nobel Prize in Liter

October 14, 2024

Korea's largest robot expo to showcase latest innovations

SEOUL, October 14 (AJP) - About 300 robotics companies will showcase their latest products at RobotWorld 2024, South Korea's largest robot exhibition, to be held from Oct. 23 to 26, organizers said. Hosted by the Ministry of Trade, Industry and Energy, the 19th annual event will take place at KINTEX exhibition center in Goyang, northwest of Seoul. About 250 Korean companies and 50 international firms, specializing in areas such as smart factory automation, autonomous logistic

October 14, 2024

Yoon names former chief of staff as new ambassador to China

SEOUL, October 14 (AJP) - President Yoon Suk Yeol named his former chief of staff Kim Dae-ki as the new ambassador to China, the presidential office said Monday. Kim's "deep understanding of Chinese society, history, and culture, along with his fluency in Chinese," makes him well-suited for the role, the office explained in a statement. Kim's extensive experience is expected to "not only enhance diplomatic relations between the two countries but also bring

October 14, 2024

Unification Ministry snubs North Korea's warnings over alleged South Korean drones

SEOUL, October 14 (AJP) - The Ministry of Unification here on Monday strongly condemned North Korea's recent threats of "catastrophic consequences" over South Korean drones allegedly flying over Pyongyang. Kim Yo-jong, the sister of North Korean leader Kim Jong-un, issued a warning over the weekend, threatening that Seoul would face "terrible consequences" if drones from South Korea were detected in North Korea's airspace again. The latest threats came

October 14, 2024

Korea Zinc takeover battle reaches crucial deadline

SEOUL, October 14 (AJP) - A monthlong battle for control of Korea Zinc, the world's largest zinc smelter, reaches a critical juncture on Monday as a tender offer from a consortium led by its largest shareholder expires. Young Poong Corp. and private equity firm MBK Partners have offered 830,000 won ($612.30) per share for up to 14.61 percent of Korea Zinc's stock. The offer, which has been raised twice, concludes at 3:30 p.m. local time. In response, Korea Zinc Chairman C

October 14, 2024

Korean researchers develop ultra-cold gas storage technology

SEOUL, October 14 (AJP) - Korean scientists have developed a cryogenic turbo expander capable of cooling gases below minus 183 degrees Celsius, potentially revolutionizing alternative energy storage. Researchers at the government-backed Korea Institute of Machinery & Materials (KIMM) created the technology, which could reduce dependence on foreign imports in the global cryogenic cooling system market. The new expander uses a zero global warming potential refrigerant and an oi

October 14, 2024

Swedish minister observes Hyodol's AI-based elderly care robot

SEOUL, October 14 (AJP) – Sweden's Minister for Older People and Social Security Anna Tenje recently visited a community welfare center in Seoul to observe an artificial intelligence-based care robot developed by Hyodol. Her visit aimed to understand Korea's approach to AI technology in elderly care as the country prepares for an aging society, the company said. During the event at the Gungdong Community Welfare Center on Sept. 30, Hyodol's CEO, Kim Ji-hee, expl

October 14, 2024

Hyundai Mobis, Zeiss to develop holographic windshield display for vehicles

SEOUL, October 14 (AJP) – South Korean auto parts maker Hyundai Mobis Co. has signed a partnership with German optics firm Carl Zeiss A.G. to develop holographic windshield display technology for vehicles, with the aim of starting production by 2027. The technology will transform the entire windshield into a transparent display, showing driving information and entertainment content. It represents a significant advancement over existing heads-up displays (HUDs), which typically

October 14, 2024