Homeplus extends discount promotions amid financial struggles

SEOUL, March 13 (AJP) - Homeplus is extending its discount promotions until the end of the month, a move widely seen as an effort to counter deteriorating asset efficiency and mounting liquidity pressures under the private equity ownership of MBK Partners. The retailer’s fixed asset turnover ratio dropped to 0.96 as of Feb. 29, 2024, falling below the critical 1.0 threshold, according to industry sources citing the latest sales results. The figure indicates that Homeplus is st

March 13, 2025

Demand for smaller vehicles rises as women, older drivers shape market

SEOUL, March 13 (AJP) - The demand for small and medium-sized vehicles in South Korea is expected to climb as women and elderly drivers account for a growing share of the nation’s auto market, according to a report released Thursday by the Korea Automotive Research Institute. The report, titled “Population and Social Structure Changes and the Domestic Automobile Market,” highlights a significant shift in vehicle ownership patterns over the past decade. Between

March 13, 2025

Koreans spend seven times more on short-form video than streaming services

SEOUL, March 13 (AJP) - South Koreans are devoting significantly more time to short-form video platforms than to traditional streaming services, according to newly released data, underscoring a shift in media consumption habits. A report by market research firm Wiseapp Retail Goods, published Thursday, found that in February, the average user spent 48 hours and 73 minutes per month on short-form video applications such as YouTube, TikTok, and Instagram. In contrast, they spent on

March 13, 2025

Samsung wins trademark lawsuit against Chinese firm TCL in Germany

SEOUL, March 12 (AJP) - Samsung Electronics has secured a preliminary injunction against Chinese home appliance maker TCL in a trademark infringement lawsuit in Germany, a ruling that could set a precedent in disputes over alleged "copycat" practices by Chinese companies. The District Court of Dusseldorf ruled in favor of the South Korean tech giant last month, approximately three months after Samsung initiated legal proceedings in November 2024, according to industry of

March 12, 2025

Korean instant noodle exports hit record high in February

SEOUL, March 12 (AJP) - South Korea’s instant noodle exports surged to a record monthly high of $121.15 million in February, a 30.4 percent increase from the same period last year, according to data released Wednesday by the Korea Customs Service. Total exports for the first two months of the year reached $228.64 million, up 28 percent year-on-year, with export volume rising 30.2 percent to 57,190 tons. The figures highlight the growing global appetite for Korean instant noodl

March 12, 2025

Soaring debt, housing slump threaten Korean construction industry

SEOUL, March 12 (AJP) - Anxiety is mounting among small and mid-sized construction firms in South Korea as a wave of bankruptcies sweeps through the industry. At least seven companies, including Shindonga Construction and Sambu Construction, have filed for court receivership this year, underscoring the financial distress gripping the sector. According to data from the Ministry of Land, Infrastructure and Transport, 109 construction firms shut down by February 28 this year &mdas

March 12, 2025

US steel, aluminum tariffs take effect; South Korea's exemption quota scrapped

SEOUL, March 12 (AJP) - The Trump administration’s 25 percent tariffs on steel and aluminum imports took effect on Wednesday, marking the first sweeping trade measure imposed on all U.S. trading partners since the president’s return to office in January. The tariffs, enacted through executive order last month, apply a uniform 25 percent duty on all imported steel and aluminum products, encompassing 253 derivative items. The policy eliminates South Korea’s previo

March 12, 2025

US bill targeting Chinese batteries may open opportunities for Korean firms

SEOUL, March 12 (AJP) - The U.S. House of Representatives on Monday approved the "Reducing Dependency on Foreign Adversary Batteries Act," marking a significant shift in U.S. policy by establishing the first non-tariff barrier against Chinese battery manufacturers. The legislation, which now heads to the Senate, would prohibit the use of batteries from six leading Chinese companies in projects involving the Department of Homeland Security (DHS) or funded by the agency.

March 12, 2025

Trump's escalating tariff policy raises global recession concerns

SEOUL, March 12 (AJP) - Concerns over a potential global recession triggered by U.S. President Donald Trump's tariff war have intensified in recent days as his escalating trade policies threaten global economic stability. Last week, the president imposed a 25 percent tariff on imports from Mexico and Canada while doubling levies on Chinese goods to 20 percent — only to announce two days later that he would delay some of those increases until April 2. A 25 percent tariff on

March 12, 2025

Hyundai, Toyota refocus on China amid US market uncertainty

SEOUL, March 11 (AJP) - Hyundai Motor and Toyota Motor are recalibrating their strategies in China, while the United States grapples with economic uncertainty driven by President Donald Trump’s escalating tariff regulations. China, one of the world’s most significant automotive markets, saw its electric vehicle sector capture a 30.2 percent market share in 2024, marking a 38.8 percent year-on-year increase. Overall, vehicle sales — including wholesales and imports

March 11, 2025