Credit card delinquency rate hits decade-high in South Korea

SEOUL, March 19 (AJP) - The delinquency rate for credit card companies in South Korea climbed to its highest level in a decade last year, as tightening bank loan regulations and worsening economic conditions placed additional strain on borrowers. The Financial Supervisory Service (FSS) reported that the delinquency rate for the country’s eight major credit card firms reached 1.65 percent at the end of 2024, marking a 0.2 percentage point increase from the previous year. This f

March 19, 2025

SK hynix showcases advanced AI memory solutions at Nvidia's GTC 2025

SEOUL, March 19 (AJP) - SK hynix is making a prominent appearance at Nvidia’s Global AI Conference, GTC 2025, taking place from March 17 to 21. Under the theme “Memory, Powering AI and Tomorrow,” the company is showcasing a suite of cutting-edge memory products designed for artificial intelligence applications across data centers, on-device computing, and the automotive sector. Among the highlights of SK hynix’s exhibit is its HBM3E 12-layer high-bandwidth

March 19, 2025

US biotech firms urge Korea to ease restrictions on modified crops

SEOUL, March 19 (AJP) - U.S. biotechnology companies are pressing South Korea to revise its laws governing living modified organisms (LMOs), arguing that the country’s approval process for agricultural imports is overly stringent and lacks transparency. The Biotechnology Innovation Organization (BIO), the world’s largest biotech trade group based in Washington, recently submitted a formal request to the Office of the United States Trade Representative (USTR), describing

March 19, 2025

Food, restaurant chains raise delivery prices despite lower app fees

SEOUL, March 18 (AJP) - A growing number of South Korean restaurants are charging higher prices for delivery orders than for in-store purchases, despite recent changes in commission rates by major food delivery platforms. Industry sources said Tuesday that several major chains, including Ediya Coffee, Mom's Touch, and Gupne Chicken, have adopted dual pricing structures for delivery orders. Ediya Coffee, which operates approximately 3,000 stores nationwide, announced that st

March 18, 2025

Korea's pavilion nears completion for Osaka Expo

SEOUL, March 18 (AJP) - A delegation from the Korea Trade-Investment Promotion Agency (KOTRA), led by its chief executive, Kang Kyung-sung, has visited the site of Expo 2025 in Osaka, Japan, to assess preparations for the Korean Pavilion. Expo 2025, which will take place from April 13 to October 13 on the artificial island of Yumeshima in western Osaka, is set to explore the theme "Designing Future Society for Our Lives." South Korea’s Ministry of Trade, Industry

March 18, 2025

Memory chip market shows signs of recovery

SEOUL, March 18 (AJP) - The global memory semiconductor market is exhibiting signs of a long-awaited recovery, as industry forecasts indicate a reversal in price trends for DRAM and NAND flash chips. Analysts suggest that Samsung Electronics, after enduring a prolonged downturn, may experience an earlier-than-expected resurgence. According to TrendForce, a market research firm, the first-quarter price forecast for PC DRAM, specifically DDR5 16Gb chips, has been revised upward f

March 18, 2025

South Korea, US to begin talks on Alaska LNG project

SEOUL, March 18 (AJP) - South Korean Minister of Trade, Industry and Energy Ahn Duk-geun is set to meet with Alaska Governor Mike Dunleavy next week to explore potential South Korean investment in a large-scale liquefied natural gas (LNG) project backed by the Trump administration. Dunleavy is expected to visit South Korea between March 24 and 25 as part of efforts to attract investment in the Alaska LNG development project, which has gained prominence in U.S.-South Korea trade and

March 18, 2025

Hanwha Ocean lands $1.61 billion order for container ships

SEOUL, March 18 (AJP) - South Korean shipbuilder Hanwha Ocean has secured a contract to construct six ultra-large container vessels for Taiwan’s Evergreen Marine, one of the world’s leading shipping companies. The deal, valued at 2.33 trillion won (approximately $1.61 billion), marks the highest price ever paid for container ships of this class, capable of carrying 24,000 twenty-foot equivalent units (TEUs). The vessels will be dual-fuel, designed to operate on both l

March 18, 2025

Korea leads global patent race in hair loss cosmetics

SEOUL, March 17 (AJP) - South Korea has emerged as the world leader in hair loss cosmetics patent applications, according to an analysis released Monday by the Korean Intellectual Property Office (KIPO). The study, which examined patent filings across major intellectual property offices over the past 22 years, found that South Korean entities accounted for 42.9 percent — 576 cases — of global applications, far surpassing Japan’s 20.2 percent (272 cases) and the Uni

March 17, 2025

Lee Jae-yong urges focus on technology, saying Samsung faces 'life-or-death' crisis

SEOUL, March 17 (AJP) - Samsung Electronics Chairman Lee Jae-yong has called on the company’s executives to tackle mounting internal and external challenges, warning that the firm faces a “life-or-death survival problem." Lee delivered this message via a video presentation at a forum attended by approximately 2,000 executives across Samsung affiliates. The chairman underscored the necessity of introspection among the leadership, urging them to prioritize long-term

March 17, 2025