Economy
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[CES2024] Chinese tech firms return to CES despite US-Sino trade dispute
LAS VEGAS -- Chinese tech firms will swarm the Consumer Electronics Show, the world's biggest annual electronics exhibition held in Las Vegas. Despite the enduring trade dispute between Beijing and Washington, the robust participation by Chinese firms sends a clear signal that in the private sector, firms strive to distance themselves from governments embroiled in the trade war. In January 2023, when most countries had not yet opened their borders to prevent COVID-19 and Chine
January 8, 2024 -
US drugmaker Rhythm Pharmaceuticals to acquire LG Chem's anti-obesity drug technology
SEOUL -- Rhythm Pharmaceuticals, a Boston-based biopharmaceutical company, has agreed to acquire technology for LB54640, an anti-obesity drug candidate developed by South Korea's major chemical company LG Chem. A second-stage clinical study is under way in the United States. Rare obesity mainly occurs due to an abnormal function of the melanocortin-4 receptor (MC4R), a gene that sends a satiety signal. The disease typically manifests in childhood, and patients with the cond
January 5, 2024 -
UN predicts S. Korea's economic growth rate to be 2.4% in 2024
SEOUL -- A report released by the United Nations showed that South Korea’s economic growth is projected to grow at 2.4 percent in 2024. The figure is higher than the growth forecast for the country's gross domestic product for 2023 which stood at 1.4 percent. According to the UN report titled "World Economic Situation and Prospects 2024," South Korea's economic growth would increase to 2.4 percent this year thanks to the recovery in private investment in 20
January 5, 2024 -
S. Korea to set up logistics center in Viet Nam's key manufacturing province
SEOUL -- The South Korean government has established a private-administrative joint venture in a bid to establish a mega logistics center in Viet Nam's southern province of Dong Nai. The region located west of Ho Chi Minh City is one of Viet Nam's key manufacturing powerhouses. Dong Nai Province has some key industrial characteristics that make the region an important area in Viet Nam's map of manufacturing. Cat Lai Port, Viet Nam's biggest maritime gateway, is loc
January 4, 2024 -
CGBio's bone substitute material wins US health department's approval as medical device
SEOUL -- "Novosis Putty," a bone substitute developed by South Korea's healthcare provider CGBio was approved by the United States Food and Drug Administration as a medical device. Medical products designated by the health department can receive priority reviews for the evaluation process for commercialization. Novosis Putty is a bone regeneration material that incorporates recombinant human bone morphogenetic protein called "rhBMP-2." Doctors can inject th
January 3, 2024 -
S. Korea's major brewer Hite Jinro to target young whisky lovers in 2024
SEOUL -- Major brewer Hite Jinro targets young South Korean consumers in their 20s and 30s with lineups such as whisky and spirits. The beverage company has recently become the importer and distributor of Cutty Sark, a popular brand of blended Scotch whisky, to maintain its position as the top player in South Korea's alcoholic beverage market estimated to exceed one billion trillion won ($7.7 billion) in 2023. According to the state customs office, a total of 26,937 tons of
December 29, 2023 -
HD Hyundai Heavy Industries creates fire emergency leaflets for foreign workers
SEOUL -- To protect foreign employees from fire accidents, South Korea's HD Hyundai Heavy Industries has created fire emergency leaflets in 16 languages including English, Chinese, Russian, Mongolian, and Nepali. The leaflets will be distributed to some 3,500 foreign workers including members of the conglomerate's in-house partner groups. HD Hyundai Heavy said on December 28 that the company worked with a fire station in the southeastern industrial city of Ulsan to produce l
December 28, 2023 -
S-OIL receives regulatory exemption for processing of bio-based raw materials through refining process
SEOUL -- S-OIL, one of South Korea's major oil refiners, has secured government approval to demonstrate the processing of bio-based raw materials, including animal and plant-based oils, within its existing petroleum refining process. This regulatory approval, granted through the sandbox program, allows the refiner to assess the effectiveness of bio-based fuel and chemical production techniques. The regulatory sandbox program provides exemptions for regulations governing new prod
December 28, 2023 -
Hourly wage of female S. Korean workers surveyed to be about 70% of level of male workers
SEOUL -- The hourly wage of South Korean female workers surveyed to be at about 70 percent of the level of male workers, data released by the labor ministry showed. The wage gap between female and male workers continued to narrow for the last decade and the employment rate gap has also narrowed. On December 27, the labor ministry and family ministry jointly released the first edition of an annual report about the economic activities of women and ways to prevent female workers from
December 27, 2023 -
S. Korean cosmetics industry struggles to recover from aftermaths of COVID-19 pandemic
SEOUL -- South Korea's cosmetics industry, which took a hard hit from the COVID-19 pandemic, is struggling to recover from the aftermath of the period of isolation and social distancing, data released by the central bank showed. When the first wave of the pandemic hit South Korea in February 2020, the government imposed heavy quarantine guidelines that had people grounded at home to prevent the spread of the infectious disease. Also, the government mandated people to wear facema
December 26, 2023
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Global tech firms to present smart manufacturing solutions at 'Smart Factory + Automation World' in Seoul
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Occult thriller film 'Exhuma' attracts more than 10 mln moviegoers in 35 days of release
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Education company Visang provides smart Korean language learning platform 'Klass' to Vietnamese universities
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LS Cable embarks on construction of plant for new copper foil material
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US political turmoil reflects our wider society – in 2024 and earlier elections
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Avikus validates fuel-saving effect of self-sailing solution 'HiNAS Control'
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Le Sserafim's "Easy" named on Billboard's top 200 popular albums chart for four consecutive weeks
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Life expectancy in South Korea decreases for first time since 2000
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Hanwha's cooperative robot wing showcases robot sommelier at 'Smart Factory + Automation World'
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Lotte Rental achieves 'Baa3' credit rating from Moody's