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Thu, March 23, 2023 | 11:46
Retailers return to Myeong-dong as more foreign tourists visit
An increasing number of foreign tourists are visiting Myeong-dong, once a shopping and tourism mecca located in central Seoul, as Korea phases out quarantine measures against COVID-19. Many retailers that closed their stores during the pandemic are returning to the shopping street, this time in bigger and more glamorous spaces.
LG to hold global competition on AI image captioning
LG's artificial intelligence (AI) researchers are moving quickly to lead the convergence trend of visual AI and language AI. The company's research center will hold the LG Global AI Challenge for AI researchers around the world from Feb. 1 until the end of April, LG said Tuesday.
POSCO International emerges as eco-friendly energy firm
POSCO International has begun expanding its LNG storage terminal in southwestern Korea as part of its efforts to become an eco-friendly energy powerhouse, according to company officials Tuesday. The trading and energy arm of POSCO Group held a groundbreaking ceremony for its second LNG terminal in Gwangyang, South Jeolla Province, Tuesday.
Kakao Mobility to enter Laos
Kakao Mobility will sign a business agreement with Vietnamese mobility firm LVMC Holdings and establish a local service platform, which will then be launched in Laos the company said Tuesday. LVMC Holdings, founded in 1997, is sometimes considered to be from Laos, as it has the largest vehicle sales in Laos and the second-largest commercial car sales in Vietnam.
SPC opens 120th Paris Baguette store in US
SPC has opened its 120th Paris Baguette store in the United States as Korea's largest bakery brand expands its presence in the world's largest economy, company officials said Monday. The firm operates 20 stores directly through its U.S. subsidiary, and individuals and corporations run the remaining 100 stores under franchise agreements.
KT&G partners with PMI to expand global heat-not-burn business
KT&G has inked a 15-year deal with global tobacco company Philip Morris International (PMI) to expand its worldwide business for heat-not-burn products, the company said Monday. The two firms held the KT&G-PMI Global Collaboration event to sign a product supply contract for overseas sales of KT&G's “lil” series.
Retailers seek to bolster beauty product sales as lifting of mask mandate approaches
Department stores and other retailers are organizing various promotional events to boost sales of beauty products to capitalize on the government's decision to lift the indoor mask mandate on Monday, according to industry officials Sunday.
KT promotes domestic supply of Mongolian rare earths
KT will expand business cooperation with the Mongolian government to secure mineral resources, including rare earth elements to be imported to Korea, according to the company, Thursday. KT said Thursday it signed a strategic partnership with the Mongolian government to help realize the country's digitalization.
XM3 E-TECH Hybrid awarded for EV-like driving performance
Renault Korea Motors' XM3 E-TECH Hybrid has been selected as Hybrid SUV of the Year by the Automobile Writers' Association of Korea. The model is popular among local consumers for being an electric vehicle-like hybrid. The XM3 E-TECH Hybrid can run on up to 75 percent on electrical power and reach speeds of up to 50 kilometers per hour in normal conditions, which gives driver...
Why Korea imports so much kimchi from China
A 59-year-old housewife surnamed Lee has recently begun purchasing kimchi products made in China because they are cheaper than locally made ones. “As living costs rise in all aspects, I have been looking to cut expenses in any possible areas and food is one of them. Before, I would buy kimchi products made in Korea only,” Lee said.
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