Economy
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Samsung SDI to provide EV batteries for Hyundai auto group
Seoul -- South Korea's major battery maker Samsung SDI has partnered with Hyundai auto group to supply electric vehicle batteries for seven years starting in 2026. An EV installed with SDI's P6, a box-shaped battery pack, can charge more than 80 percent of its battery capacity in just ten minutes. The battery maker will provide the prismatic battery packs for Hyundai EVs released in the European market. Samsung SDI is currently developing P6 and plans to start its mass producti
23 October 2023
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CJ Cheiljedang targets global market with ready-to-cook Korean street food packages
SEOUL -- CJ Cheiljedang, South Korea's major food maker, has released new ready-to-cook products of Korean street foods -- Tteokbokki, rice cakes smothered in sweet chili sauce, "Ojingeo Twigim," deep-fried calamari, and "Gimmari," deep fried seaweed-rolled noodles -- targeting the global foodies who wish to try menus frequently introduced through K-dramas and K-films. Ready-to-cook packages, or home meal replacement (HMR) products, are easy-to-cook packs that c
23 October 2023
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40% of S. Korean startups stranded in tougher situation than 2022: survey
SEOUL -- About 40 percent of South Korean startups feel that they are put in a tougher situation than it was a year ago, a survey showed. Startups said the main reasons for the hardships in the operation of companies were reduced investments, increased operation costs due to raw materials price hikes, and lack of manpower. According to data released by the startup ministry, there were some three million startups in operation as of 2020. 22 percent of startups were technology-based, mea
19 October 2023
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Food maker Nongshim to invest 10 bln won for incubation of food technology startups
SEOUL -- To incubate food technology startups, South Korea's major food maker Nongshim will invest five billion won ($3.7 million) each in two funding projects for startups. The funding projects will be operated by domestic venture capital investment companies Stonebridge Ventures, and IMM Investment. Nongshim is South Korea's iconic food company that is well-known for its best-selling lineups of instant noodles and snacks. South Korean instant noodles called Ramyeon have g
18 October 2023
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Lotte Mart to attract wine and whisky lovers through special sale event
SEOUL -- Lotte Mart, the mega-mart franchise operated by South Korea's confectionary giant Lotte Group, will seek to attract wine and whisky lovers through a special autumn sale event. While wine maintains its position as one of the country's favorite alcoholic beverage types favored by middle-aged consumers, whisky has garnered explosive popularity among young consumers in their 20s and 30s during the last five years. Whisky was the icon of old people's drinking culture
18 October 2023
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Hyundai Wia partners with brother company to develop flying taxi landing systems
SEOUL -- Hyundai Wia, a parts-making wing of South Korea's Hyundai auto group, forged a partnership with Supernal, an independent urban air mobility company set up by Hyundai's United States office, in a bid to develop special landing systems for flying taxis. Urban air mobility (UAM) is infrastructure for commercial flying passenger vehicles that includes vertiports and control towers. Aerial vehicles are required to fly through designated aerial corridors to prevent acciden
18 October 2023
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Coupang launches free warranty service for some 400 categories of home appliances
SEOUL -- Coupang, the South Korean counterpart of Amazon, has taken a bold step to solidify its position as the top player in the country's red ocean ecommerce market. The company released a free warranty service for customers who buy home appliances through Coupang's one-day "Rocket Delivery" program. Launched in 2010, Coupang started off as a social media-based online shopping mall that offers cheaper products. The company adopted the Rocket Delivery system that u
18 October 2023
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CJ Cheiljedang releases plant-based dumpling in Britain and Australia
SEOUL -- CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, has rolled out plant-based dumpling products in Britain, Australia, and Singapore. The plant-based products can be easily cooked using a microwave as they are provided with dumpling trays. The products are included in Cheiljedang's premium ready-to-cook product brand "Bibigo." The food company has nurtured Bibigo as a global brand. The brand has various food it
18 October 2023
