Economy
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S. Koreans seek to visit foreign countries during autumn harvest festival holiday
SEOUL -- South Koreans are racing to book flight tickets to Asian and Southeast Asian countries including Japan, Viet Nam, and Thailand to spend their golden six-day "Chuseok," Korean traditional autumn harvest festival, scheduled for the last week of September. As a result, tickets for some popular routes have already been sold out. Chuseok is the largest traditional festival holiday in Korea where family members gather to celebrate the full moon, based on the lunar calendar
29 August 2023
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LG Chem to make $94.3 mln investment to increase production of reverse osmosis membranes
SEOUL -- Targeting the water desalination market, LG Chem earmarked 124.6 billion won ($94.3 million) for new investment to expand the production of reverse osmosis membranes at its plant in Cheongju, a city located in the center of South Korea. Without disclosing the current capacity, the conglomerate said that the plant's maximum annual production capacity would be increased by 400,000 membranes by July 2025. With 400,000 membranes, 1.56 billion tons of water can be desalinated annua
28 August 2023
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Shilla Hotel's business hotel wing allows guests to eat delivered food
SEOUL -- Shilla Stay, the business hotel wing of South Korea's Shilla Hotels & Resorts, launched an in-house food delivery service for guests. When food deliverymen arrive at the lobby of Shilla Stay hotels, hotel workers will pick up food packages and deliver them to guests' rooms. While South Korean motels and inns do not restrict guests from using food delivery services, almost every business hotels and high-class hotels ban deliverymen from moving through the lobby in
25 August 2023
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Convenience store chain Emart24 to open first store in Cambodia in first half of 2024
SEOUL -- Emart24, the convenience store chain of South Korea's retail giant Shinsegae, plans to open its first store in Cambodia in the first half of 2024. The company, which already runs stores in Singapore and Malaysia, will work with Hanlim Architecture Group, a Seoul-based real estate service provider, to make a foray into the Southeast Asian country's convenience store market. According to data cited by Emart24, Cambodia recorded an annual economic growth rate of more than
25 August 2023
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BOK maintains S. Korea's GDP growth forecast for 2023 at 1.4%
SEOUL -- South Korea's central bank announced on August 25 that it has revised the economic outlook for 2023 and maintained the growth forecast for the country's gross domestic product for 2023 at 1.4 percent. The figure is the same as the economic forecast announced in May 2023. However, it has slightly revised down its forecast for next year to 2.2 percent due to concerns about the economic slowdown in China, South Korea's largest trading partner, suggesting that South Ko
25 August 2023
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Online sales of megastore franchise increased during summer thanks to heat waves and torrential rain
SEOUL -- Online megastore sales of products that arrive at customers' doorsteps through one-day and instant delivery services have increased during summer thanks to a series of heat waves and the long rainy season that poured down rain about 200 percent more than the annual average of rainfall in South Korea. South Korea defines hot summer weather that reaches a temperature of more than 33 degrees Celsius (91.4 degrees Fahrenheit) as a heat wave. The year 2023 is the third-hott
24 August 2023
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HD KSOE delivers world's first LNG-propelled bulk carrier with built-in AI engineer
SEOUL -- HD Korea Shipbuilding & Offshore Engineering, the holding company of Hyundai shipbuilding group, has built and delivered the world's first liquefied natural gas-propelled bulk carrier installed with an artificial intelligence engineer. The robot engineer will autonomously monitor for parts malfunctions and emergency situations such as fire. AI engineers or AI-based monitoring solutions collect data such as sounds machines make and the amount of heat and steam that ra
24 August 2023
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SK Enmove to commercialize immersion cooling technology with GRC and Dell Technologies
SEOUL -- Targeting the rapidly growing liquid immersion cooling market, SK Enmove, the lube-making wing of South Korea's SK Group, will work with GRC, an American liquid immersion cooling solution provider for data centers, and American information technology company Dell Technologies. The three companies will cooperate to commercialize liquid immersion cooling technology for data centers. Cooling systems are essential for data centers filled with data storage servers and computing
23 August 2023
