Gender wage gap persists in South Korea as women earn 70 percent of men's pay

SEOUL, January 16 (AJP) - South Korea's wage gap between men and women showed gradual improvement in 2023, though disparities remain significant, according to the 2024 Women's Economic Activity White Paper released on Thursday. The paper, released by the Ministry of Gender Equality and Family and the Ministry of Employment and Labor, showed women earned an average hourly wage of 18,502 won ($14) in 2023 - 71 percent of the 26,042 won ($20) earned by men. While progress is

January 16, 2025

Korea Zinc technicians vow to leave company if Young Poong-MBK bid succeeds

SEOUL, January 16 (AJP) - A group of core technicians and researchers at South Korea's largest zinc smelter Korea Zinc vowed on Thursday to resign if a hostile takeover bid by Young Poong and private equity firm MBK Partners succeeds. The announcement, led by Chief Technology Officer and Vice Chairman Lee Je-joong, comes just a week ahead of a pivotal shareholders’ meeting on Jan. 23, where the fate of the takeover will be decided. “We strongly oppose the hostile

January 16, 2025

Chinese tech, auto giants seek expansion in Korea with aggressive pricing strategies

SEOUL, January 16 (AJP) - China’s BYD and Xiaomi have announced plans to enter the highly competitive Korean markets, aiming to challenge the dominance of local giants with aggressively priced electric vehicles and consumer electronics. BYD, the world’s largest electric vehicle manufacturer by sales, unveiled its strategy, Thursday, to introduce four electric vehicle models in South Korea in 2025, targeting sales of 10,000 units. The rollout begins in February with

January 16, 2025

Korea unveils electric vehicles, battery subsidy plans

SEOUL, January 16 (AJP) - South Korea announced a 1.5 trillion won ($1.03 billion) subsidy program for electric vehicles (EVs) and a 7.9 trillion won ($6.8 billion) financial package for its secondary battery industry. This aims to revive its eco-friendly vehicle market amid a temporary downturn and prepare for policy uncertainties under the second Trump administration in the United States. The measures, revealed by the Ministry of Trade, Industry and Energy on Wednesday during a

January 16, 2025

BOK freezes interest rate in worries of inflation, weakening won

SEOUL, January 16 (AJP) - The central bank left its benchmark interest rate unchanged at 3 percent on Thursday, prioritizing concerns over a weakening won as the country grapples with mounting economic headwinds. The Bank of Korea’s monetary policy board paused its rate-cutting cycle, raising fears that additional reductions could push the currency past the critical 1,500 threshold against dollar, risking inflationary pressures and destabilizing foreign capital flows. The c

January 16, 2025

Central bank keeps interest rate amid currency concerns

SEOUL, January 16 (AJP) - The Bank of Korea (BOK) on Thursday kept its benchmark interest rate unchanged at 3 percent, citing concerns over the weakening Korean won. The decision comes after two consecutive rate cuts of 0.25 percentage points in October and November. The BOK cited the recent surge in the won-dollar exchange rate as a key factor in its decision. Economists believe that further interest rate cuts could exacerbate the depreciation of the won by widening the int

January 16, 2025

Yuhan-Kimberly names former Homeplus chief as new CEO

SEOUL, January 16 (AJP) - Hygiene product maker Yuhan-Kimberly has appointed former Homeplus CEO Lee Jae-hoon as its new chief executive officer. Lee, who has over 30 years of experience in the consumer goods and retail sectors, most recently served as CEO of Homeplus, a major discount retail chain in South Korea. He has also held leadership positions at companies such as Carver Korea, Buy The Way, and KFC Korea. "I am honored to join Yuhan-Kimberly, a company renowned for i

January 16, 2025

Job growth in South Korea stalls, youth unemployment worsens

SEOUL, January 15 (AJP) - South Korea's job market showed signs of weakness in December, with employment falling for the first time since the height of the COVID-19 pandemic in February 2021, according to data released by Statistics Korea on Wednesday. The country lost 52,000 jobs compared to the same period last year, a significant drop from the robust growth seen in previous years. The decline was particularly pronounced in sectors closely linked to domestic consumption. Co

January 15, 2025

Korean shipbuilders anticipate boom on strong demand from US, China

SEOUL, January 15 (AJP) - South Korea’s shipbuilding industry is poised for a resurgence, fueled by prospects of deeper collaboration with the incoming Trump administration and a surge in Chinese demand. Industry Minister Ahn Duk-geun revealed on Monday that the Trump administration is preparing “comprehensive institutional reforms to bolster naval power and support related shipbuilding industries.” Official announcements detailing the initiatives are expected s

January 15, 2025

Samsung, Apple lose ground in global smartphone market

SEOUL, January 15 (AJP) - For the first time since 2016, both Samsung Electronics and Apple saw their global smartphone market shares decline last year, according to research firm IDC data. Apple held 18.7 percent of the market in 2024, while Samsung held 18.0 percent. Samsung's smartphone shipments dipped 1.4 percent to 223.4 million units, despite strong initial sales of its AI-powered Galaxy S24. The company faced challenges with underwhelming sales of its foldable Z series

January 15, 2025