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  Coupang posts first operating loss in eight quarters despite record revenue SEOUL, August 07 (AJU PRESS) - South Korea's e-commerce giant Coupang reported its first operating loss in eight quarters, despite surpassing 10 trillion won ($7.2 billion) in quarterly revenue for the first time. In its second-quarter earnings report filed with the U.S. Securities and Exchange Commission on Wednesday, Coupang's revenue was 10.03 trillion won, up 30 percent from the same period in 2023. The company, listed on the New York Stock Exchange, reported an opera August 7, 2024
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  New compound may block coronavirus entry into cells SEOUL, August 7 (AJU PRESS) - Korean scientists have discovered a compound that could potentially block the entry of coronaviruses and other viruses into human cells. The compound, named UNI418, regulates genome homeostasis and maintains a stable immune system to inhibit virus infiltration, according to the Ulsan National Institute of Science and Technology (UNIST) on Wednesday. The findings were published online in the Nature Publishing Group's journal Experimental & Mol August 7, 2024
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  Korea logs largest current account surplus in nearly 7 years, driven by chip exports SEOUL, August 7 (AJU PRESS) - South Korea posted the largest current account surplus in six years and nine months in June, driven by strong semiconductor exports, the Bank of Korea said Wednesday. The current account balance recorded a surplus of $12.26 billion in the month, the largest since the $12.34 billion surplus in September 2017. The cumulative surplus for the first half of 2024 was $37.73 billion, up from $1.15 billion in the same period last year. Exports totaled $ August 7, 2024
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  Opinion: By picking Tim Walz as her running mate, Harris shows she's running her own race, by her own rules SEOUL, August 7 (AJU PRESS) - U.S. Vice President Kamala Harris called Minnesota Governor Tim Walz to ask him to be her running mate in her campaign for the presidency on Tuesday. After telling Harris he "would be honored," the first thing Walz observed was "the joy that you're bringing back to the country, the enthusiasm that's out there." Harris' choice of Walz confirms and leans into this extraordinary vibe shift in American politics. In only a August 7, 2024
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  SK hynix to receive up to $450m of US grants for Indiana chip facility SEOUL, August 06 (AJU PRESS) -- SK hynix will receive up to $450 million in subsidies from the U.S. government for its investment in a semiconductor packaging facility in Indiana, the U.S. Department of Commerce announced Tuesday. The U.S. Department of Commerce has signed a preliminary memorandum of terms with the Korean chipmaker to provide the federal grants needed to establish a high-bandwidth memory (HBM) advanced packaging fabrication and research and development facility. August 6, 2024
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  PHOTOS: Farmers protest falling rice prices SEOUL, August 6 (AJU PRESS) — Farmers gathered in front of Seoul Station on August 6 to protest falling rice prices. The rally, organized by the National Farmers' Federation, called for the resignation of President Yoon Suk Yeol, accusing him of failing to guarantee rice prices. Rice prices dropped to 179,516 won per 80 kilogram in July, falling short of the government target of 200,000 won. The government had promised to maintain the price when Yoon vetoed a law amendment in August 6, 2024
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  Seoul shares rebound after major drops SEOUL, August 6 (AJU PRESS) - Korea's benchmark KOSPI index rebounded by over 3 percent and recovered the 2,500 level on Tuesday, reversing a sharp decline triggered by fears of an economic downturn in the U.S. The KOSPI closed at 2,522.15, up 80.60 points or 3.3 percent from the previous trading day. The index began the session at 2,533.34, marking an increase of 91.79 points or 3.76 percent from the prior close. At one point, it surged by as much as 5.62 percent. On Mond August 6, 2024
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  Gov't promises financial assistance, shorter settlement periods to address e-commerce crisis SEOUL, August 6 (AJU PRESS) - The Korean government on Tuesday promised massive financial support to ensure that refunds are completed this week for consumers affected by the ongoing e-commerce payment crisis. Officials from related ministries and the ruling People Power Party (PPP) held a high-level policy consultation to address the financial troubles surrounding Tmon and WeMakePrice, e-commerce platforms owned by Singapore-based Qoo10. “The ruling party and the governm August 6, 2024
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  PHOTOS: Gold pop-up store celebrates Paris Olympics SEOUL, August 06 (AJU PRESS) - Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) has opened a gold pop-up store at the CU convenience store in Olympic Plaza to support the national team for the Paris Olympics. The store offers over 150 gold products, including Team Korea support gold cards, card-type gold, pendant medals and gold bars. The pop-up runs from July 25 to August 8, coinciding with the Paris Olympics. To celebrate and wish for gold medals, all products are discou August 6, 2024
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  GI Innovation shifts focus to obesity drug development SEOUL, August 6 (AJU PRESS) - Korean biotechnology company GI Innovation announced on Tuesday its plans to develop a new obesity treatment, GI-213, as its next flagship pipeline product. The company has completed a patent application for the dual-fusion protein compound, which promotes fat breakdown, increases energy expenditure and enhances muscle mass. In preclinical trials, mice fed a high-fat diet and treated with GI-213 showed a 36.1 percent reduction in body weight after six w August 6, 2024