Fashion brands open cafes in Seoul's prime shopping districts

SEOUL, March 17 (AJP) - Spanish fashion firm Zara is set to debut its in-house cafe brand, Zacaffe, at its Myeong-dong store in Seoul this May, according to industry sources. The venture marks the retailer's third global location following openings in Madrid last November and Nanjing, China. The cafe will offer coffee, desserts, and a selection of branded merchandise, including tumblers, hats, eco-bags, and t-shirts. Zara joins a growing list of fashion brands leveraging th

March 17, 2025

Korean firm to supply high-voltage cables to UK's National Grid

SEOUL, March 17 (AJP) - South Korea's Taihan Cable & Solution has signed a agreement with Britain’s National Grid to supply high-voltage direct current (HVDC) cable systems. The agreement, finalized in February, grants Taihan eligibility to bid on National Grid’s HVDC cable system projects over a period that could extend up to eight years. The total project value is estimated at approximately 40 trillion won ($27.5 billion). National Grid, a British multinatio

March 17, 2025

LG, Samsung refrigerators top US Consumer Reports ratings

SEOUL, March 17 (AJP) - LG Electronics and Samsung Electronics have secured top spots in Consumer Reports’ latest ranking of top-freezer refrigerators for 2025. The two South Korean firms dominated the list, with LG models claiming the top position in both the 30-inch and 33-inch categories. In the 21- to 28-inch category, Samsung took first place, while LG followed closely in second. Consumer Reports conducted extensive testing, placing temperature sensors inside the ref

March 17, 2025

Weak won fuels inflation fears as import costs rise

SEOUL, March 17 (AJP) - The value of the South Korean currency remains weak, raising concerns over potential inflationary effects despite broader trends of price stabilization. Economists warn that the prolonged depreciation of the won could push consumer prices higher in the latter half of the year, even as year-over-year inflation eased to 2.0 percent in February from 2.2 percent in January, according to data released Monday by Statistics Korea. Core inflation, which excludes v

March 17, 2025

US imports eggs from S. Korea for first time to help relieve severe domestic shortage

SEOUL, March 14 (AJP) - South Korea has begun exporting eggs to the United States for the first time, as a severe shortage drives American consumers to pay record prices, sometimes exceeding $10 a dozen. Gyerim Farm, an agricultural company based in Ansan, shipped 20 tons of eggs, or 335,160 individual eggs, to Georgia on March 7, marking a historic first in trade relations between the two countries, local officials said. The United States, grappling with an egg shortage that h

March 14, 2025

Gold prices soar to record high on trade war concerns

SEOUL, March 14 (AJP) - International gold prices breached the threshold of $3,000 per troy ounce on Friday, propelled by escalating trade tensions and investor anxiety stemming from the policies of the Trump administration. April gold futures on the New York Mercantile Exchange reached $3,000.5 per troy ounce as of 10:30 a.m. on Friday, a 0.31 percent increase from the previous session. Spot gold, meanwhile, had climbed 2.73 percent in the preceding five trading days, closing at $2

March 14, 2025

Korean banks report record profits

SEOUL, March 14 (AJP) - South Korean banks posted a record net profit of 22.4 trillion won ($16.5 billion) in 2024, a 5.5 percent increase from the previous year, according to data released on Friday by the Financial Supervisory Service (FSS). The regulator attributed the profit surge to a 3.1 trillion won reduction in loan-loss provisions, which offset expanded operating losses, including 1.4 trillion won in compensation costs tied to equity-linked securities. Interest income ros

March 14, 2025

Korean automakers face high stakes as US tariffs reshape industry

Editor's Note: This is the second in a series of stories examining how the Trump administration’s economic policies affect South Korea's key industries. From trade restrictions to shifting global supply chains, we explore the challenges businesses faced, how they adapted, and the lasting effects on the country’s economy. SEOUL, March 12 (AJP) - South Korean automakers are navigating a precarious juncture as President Donald Trump’s aggressive "friend-s

March 14, 2025

HD Hyundai partners with Bill Gates' TerraPower for nuclear reactor business

SEOUL, March 13 (AJP) - HD Hyundai Heavy Industries, a subsidiary of HD Hyundai, has signed an agreement with TerraPower, a U.S.-based small modular reactor (SMR) company, to enhance the manufacturing supply chain for sodium-cooled reactors, the company announced on Thursday. The signing ceremony was attended by Chung Ki-sun, vice chairman of HD Hyundai; Won Kwang-sik, head of HD Hyundai Heavy Industries’ Ocean Energy Business Division; Bill Gates, founder of TerraPower; and

March 13, 2025

KT evolves from telecom company to global digital powerhouse

Editor's Note: This article is the 10th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 13 (AJP) - South Korean telecommunications company KT Corp. has undergone a remarkable transformation from a state-owned telephone company into a diversified digital platform player. As it expands across Asia and beyond, KT is navigating an increasingly co

March 13, 2025