Economy
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S. Korea's GDP per capita drops 8.2 percent year-on-year to $32,142 in 2022
SEOUL -- South Korea's gross domestic product per capita was $32,142 in 2022, down 8.2 percent from a year ago. This is the third-largest decline among 47 major economies in the world. Data released by Representative Jin Sun-mee of the main opposition Democratic Party on August 2 showed that South Korea ranked 23rd among the 47 countries with a GDP per capita of $32,142. The list included the member countries of the OECD and the top 30 economies. Japan experienced the largest d
August 2, 2023 -
Hanwha Ocean wins $259.9 mln LNG tanker contract from Asian client
SEOUL -- South Korean major shipbuilder Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, has won its first LNG tanker contract worth 332.2 billion won ($259.9 million) after the company went through a rebranding in April 2023. In April 2023, South Korea's Hanwha Group, one of the country's largest defense contractors, received the green light from the country's Fair Trade Commission to proceed with the acquisition of Daewoo Shipbuilding & Ma
August 1, 2023 -
CJ Cheiljedang sells Chinese food production wing Jixiangju for $235 mln
SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has sold Jixiangju, a food production subsidiary known for a Chinese pickle called "zhacai" and Chinese-style fermented food items. Without disclosing the buyers, the South Korean company said all of its shares were sold for 300 billion won ($235 million). Before the sell-off, CheilJedang owned 60 percent of Jixiangju's shares. The Chinese company was acquired
July 31, 2023 -
Hospitality tech company ONDA makes foray into Türkiye's hotel management solution market
SEOUL -- South Korean hospitality tech company ONDA has made a foray into Türkiye's hotel management solution market through a partnership with CMH Solutions, a Turkish hotel management solution company. The two companies will accelerate the digital transformation of Türkiye's hotel management sector. Digital transformation is a process in which traditional paper and manual work-based companies undergo a structural change to adopt digital technologies such as cloud co
July 31, 2023 -
LG Energy Solution records operating profit of $360 mln in 2Q 2023, up 135.5% year-on-year
SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, announced that its operating profit in the second quarter of 2023 was 460.6 billion won ($360 million), up 135.5 percent from a year ago. The battery maker, which has strived to build supply chains in North America, aims to achieve annual sales growth of more than 30 percent in 2023. LG Energy Solution (LGES) said on July 27 that its operating profit reached 460.6 billion won and sales increased to some
July 28, 2023 -
SK Telecom joins forces with global telecom companies to beef up AI platform business
SEOUL -- To obtain a competitive advantage in the artificial intelligence market, South Korea's major mobile carrier SK Telecom has joined hands with three global telecom companies -- Germany's Deutsche Telekom, United Arab Emirates-based e&, and Singapore's Singtel. Through the alliance, the South Korean company aims to establish a new large language model, a type of deep learning-based artificial intelligence algorithm that can understand, summarize, generate, and pre
July 28, 2023 -
K-water becomes first S. Korean state agency to join Ukraine's dam reconstruction project
SEOUL -- K-water, a state water resource development and management agency in South Korea, has partnered with Ukrhydroenergo, a Ukrainian firm in charge of the operation of hydroelectric dams, to rebuild the Kakhovka Dam in Ukraine's southern region. The water resource developer has become South Korea's first state-run company to be involved in a reconstruction project for the dam destroyed in June 2023. The destruction of the dam located in Kherson took the lives o
July 27, 2023 -
GI Innovation registers European patent for allergy drug treatment combined with microbiome therapy
SEOUL -- South Korea's bio-venture company GI Innovation has registered GI-301, an allergy treatment drug, and a microbiome-based combination therapy, at the European Patent Office. Through patent registration, the company can prevent other pharmaceutical firms from commercializing the microbiome by incorporating it into a fusion protein in Europe. GI-301 is a fusion protein capable of effectively handling allergic reactions with its Immunoglobulin E (IgE), a type of antibody tha
July 27, 2023 -
Seoul provides Asia-Pacific region's top 5G mobile download speed: data
SEOUL -- Recent market research data by OOKLA, an internet access performance analysis firm, showed that Seoul provides the fastest 5G mobile download speed in the Asia-Pacific region. South Korea, which commercialized 5G mobile data communication in 2019, has some 30 million 5G mobile phone service subscribers. According to OOKLA, the average download speed of 5G data communication in Seoul stood at 533.95 megabits per second while the average 5G download speed in Kuala Lumpur stood
July 26, 2023 -
GI Biome partners with multi-target antibody developer ProGen to research next-gen obesity treatment
SEOUL -- South Korea's microbiome-based drug developer GI Biome has partnered with ProGen, a Seoul-based company that develops multi-targeted antibodies for anti-cancer and immune disease treatment, to jointly research and develop a next-generation obesity treatment drug. GI Biome said that the company signed a memorandum of understanding with ProGen to cooperate in the research and development of a next-generation obesity treatment drug. The two companies will jointly research GI
July 25, 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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Hanwha's cooperative robot wing showcases robot sommelier at 'Smart Factory + Automation World'
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Life expectancy in South Korea decreases for first time since 2000
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Lotte Rental achieves 'Baa3' credit rating from Moody's