Business
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Tariff cuts not main cause for Korea trade deficit: US Congress
SEOUL, November 29 (AJP) - A recent report by the U.S. Congressional Research Service (CRS) suggests that the Korea-U.S. Free Trade Agreement (KORUS FTA) has not been the primary driver of the growing U.S. trade deficit with South Korea. The report, titled "U.S.-South Korea FTA and Bilateral Trade Relations," states that while the U.S. trade deficit with Korea has fluctuated since the FTA's implementation in 2012, it has not been directly correlated with tariff reducti
November 29, 2024 -
Merger of Korean Air, Asiana Airlines expected next month
SEOUL, November 29 (AJP) - The long-awaited merger between Korean Air and Asiana Airlines is poised to finalize next month, following the European Union's final approval. The European Commission announced Thursday that all conditions for the merger have been met, concluding the review process. With this, 13 of the 14 countries involved in the review have given their green light. The United States is the sole remaining country to provide a decision. Unlike other competition
November 29, 2024 -
South Korea gears up for AI digital textbooks
SEOUL, November 28 (AJP) - South Korea’s Ministry of Education is set to introduce AI digital textbooks in March 2025 for grades 3 to 4 in elementary schools and first year students in middle and high schools, focusing on English, mathematics and information technology. The AI education technology sector has shown significant growth, with startups like FastCampus CIC expanding their AI-based lectures from 36 to approximately 150 courses over the past year. Riiid, another ed
November 28, 2024 -
Lotte Chemical shares jump as group offers landmark tower as collateral
SEOUL, November 28 (AJP) - Shares in South Korean petrochemical maker Lotte Chemical rose 4.37 percent to 69,200 won (US$49.6) on Thursday, after its parent Lotte Group pledged its landmark skyscraper as collateral amid growing concerns over the company's financial stability. The move comes as Lotte Chemical, which held about 4 trillion won in liquidity as of October, failed to meet some of its bond covenant requirements last week, triggering fears of possible default. Korea&
November 28, 2024 -
Bank of Korea unexpectedly cuts interest rate to spur economic recovery
SEOUL, November 28 (AJP) - The Bank of Korea (BOK) took a step unexpectedly to stimulate economic growth by slashing its benchmark interest rate for the second time in a row on Thursday. This move, aimed at countering slowing exports and uncertainties arising from the new Trump administration, underscores the central bank's commitment to reviving economic momentum. In a surprising decision, the BOK's monetary policy committee reduced the key rate by 25 basis points to
November 28, 2024 -
Trump's tariff plan will hit many South Korean firms hard
SEOUL, November 27 (AJP) - U.S. President-elect Donald Trump's pledge to impose 25 percent tariffs on Mexico and Canada on his first day of presidency has sparked concerns among South Korean companies that heavily invested in the region. Donald Trump made the announcement on Monday on his social media Truth Social, saying he would impose the tariffs on Mexico and Canada, "Until such time as drugs, in particular Fentanyl, and all illegal aliens stop this invasion of our coun
November 27, 2024 -
GI Innovation selected for national drug development projects
SEOUL, November 27 (AJP) - South Korean pharmaceutical company GI Innovation has been chosen to participate in national drug development projects funded by the Korea Drug Development Fund (KDDF). This initiative aims to bolster the nation's pharmaceutical industry and enhance public health by supporting the entire drug development pipeline. On Tuesday, GI Innovation announced that its first project will center on the immunotherapy agent GI-102. The two-year research endeavo
November 27, 2024 -
Exports of dried seaweed set new record as global demand soars
SEOUL, November 26 (AJP) - Exports of dried seaweed hit a new record, driven by the surging popularity of South Korean food and culture overseas, the Ministry of Oceans and Fisheries said on Tuesday. Dried sheets of seaweed, or gim, which are hugely popular here as a side dish, are rapidly gaining traction overseas and occupying supermarket shelves. According to the ministry, outbound shipments of dried seaweed reached US$850 million during the first 10 months of this year, surpa
November 26, 2024 -
Bank branches, ATMs shrink as digital banking grows
SEOUL, November 26 (AJP) - South Korea's banking landscape is undergoing a significant transformation, with a sharp decline in both physical branches and automated teller machines (ATMs). According to the Financial Supervisory Service (FSS), Tuesday, the country lost 1,189 bank branches over the past five years, leaving 5,690 operational as of last month. Additionally, the number of ATMs dwindled by 9,307 during the same period, reaching 27,157. The closure of branches and
November 26, 2024
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Diplomats, leaders celebrate launch of AJP news agency
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OPINION: Hunter Biden case renews ethical debate over use and limits of peculiar presidential power
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Chilean envoy hopes AJP uncovers untold stories with diverse coverage
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PHOTOS: Korea-Latin America Business Forum takes place in central Seoul
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Turkish envoy highlights importance of diverse perspectives as AJP bridges Asian countries
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PHOTOS: Festival in Seoul showcases vibrant Colombian culture
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Myanmar navy fires on Thai fishing boats, one dead, dozens detained
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Riverfront night festival in Seoul offers taste of exotic Colombian culture
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India's second-richest man denies US bribery indictment
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Japan expands defense aid to four Asian, African nations