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