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

Opinion: Paris Olympics promote sustainability for good reason: Climate change is putting athletes and their sports at risk

SEOUL, July 25 (AJU PRESS) - Europe is in the midst of a heat wave, and while Olympic athletes in Paris for the 2024 Summer Games might be spared the worst of it, the weather will still be hot. As global temperatures have risen, major sporting events like the Olympics and FIFA World Cup have had to adapt to high heat and extreme storms to keep athletes and fans safe and allow the games to go on. Olympic organizers have moved events such as marathons to early mornings and even to coo

July 25, 2024

PHOTOS: Moran Market undergoes change as dog meat ban approaches

SEOUL, July 24 (AJU PRESS) - Moran Market, a traditional five-day market in Seongnam, south of Seoul, is brimming with visitors seeking healthy foods as Joongbok, the second of the three dog days, approaches. Once famous as one of Korea's three largest dog meat markets, Moran Market has undergone major changes. With the closure of slaughter facilities and the passage of a law banning dog farms, slaughter and sales effective from 2027, most external signs in the market have removed referen

July 24, 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

Korea's birth rate increases for two consecutive months for first time in nearly a decade

SEOUL, July 24 (AJU PRESS) - Korea saw an uptick in the number of newborns for the second consecutive month in May, marking the first such increase in nearly a decade, according to Statistics Korea data released on Wednesday. Some 19,049 babies were born in April this year and 19,547 babies the following month, up 2.8 percent and 2.7 percent, respectively, compared to the same months a year ago. It marked the first time since October 2015 that the country saw an increase in the nu

July 24, 2024

Actor Yoo Ji-tae speaks out on N. Korean human rights situation at US conference

SEOUL, July 24 (AJU PRESS) - South Korean actor Yoo Ji-tae addressed North Korea's dire human rights situation at a conference in Washington D.C. on Monday (local time). "I urge you to extend your hands to the darkest places," Yoo said at the International Dialogue on North Korean Human Rights co-hosted by the Washington-based National Endowment for Democracy and the Ministry of Unification. "It is not injustice itself but our indifference that nurtures inj

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