South Korea's construction output sees sharpest decline in decades

SEOUL, June 19 (AJP) - South Korea’s construction sector recorded its steepest quarterly contraction since the 1997-98 Asian financial crisis, as both public and private projects ground to a halt amid tightening budgets and waning demand. The total value of construction completed in the first quarter fell 21.2 percent year-on-year to 26.87 trillion won (approximately $19.5 billion), according to data released Thursday by the Korea Research Institute for Construction Policy.

June 19, 2025

Older DDR4 memory chips now outprice newer DDR5s

SEOUL, June 19 (AJP) - In a rare twist in the global semiconductor market, older-generation DDR4 memory chips are now trading at higher prices than more advanced DDR5s, signaling a short-term disruption in traditional pricing dynamics. According to DRAMeXchange, a market research firm tracking semiconductor prices, 16-gigabit DDR4 chips traded at an average of $7.00 each on Tuesday, surpassing DDR5 chips of the same capacity, which averaged $5.90. The reversal — first obs

June 19, 2025

Hyundai Card launches 'Black Card' in Korea for ultra-wealthy

SEOUL, June 19 (AJP) - Hyundai Card has introduced the American Express Centurion Card — commonly known as the “Black Card” — in South Korea for the first time, marking a bold entry into the ultra-premium credit card segment long dominated by global issuers. Recognized worldwide for its exclusivity and luxury, the Centurion Card represents the pinnacle of the AMEX hierarchy, sitting above the Platinum, Gold, and Green cards. The launch follows Hyundai Ca

June 19, 2025

LS, with eyes on Europe and beyond, builds battery, energy empire

Editor's Note: This article is the 23rd installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, June 18 (AJP) - Despite mounting uncertainty in the global electric vehicle market, South Korea’s LS Group is standing firm on its long-term investment plans in battery materials and carbon-free electricity, pledging there will be “no reduction in investm

June 19, 2025

Forum highlights need for economic 'reboot' in face of industrial upheaval

SEOUL, June 18 (AJP) - As South Korea faces mounting pressure to stay competitive in an era of rapid technological change, policymakers and industry leaders gathered Wednesday at a technology forum in Seoul to urge sweeping innovation and a reimagining of the country’s growth strategy. The Aju Future Strategy Forum, hosted by Aju News Corporation and held at the FKI Tower in Yeouido, convened government officials, lawmakers, and economic experts to assess the challenges confro

June 18, 2025

Korean government unveils plan for national AI service, major R&D expansion

SEOUL, June 18 (AJP) - South Korea's Ministry of Science and ICT announced sweeping plans on Wednesday to accelerate the nation’s artificial intelligence capabilities, pledging to launch a state-sponsored AI service and boost research and development funding by more than 4 trillion won (approximately $2.9 billion). In a policy briefing to the National Policy Planning Committee at the Government Complex in Sejong, ministry officials outlined a strategy that favors promotion

June 18, 2025

Eco-friendly vehicles outpace gasoline cars in S. Korea for first time

SEOUL, June 18 (AJP) - For the first time, sales of eco-friendly vehicles have overtaken those of internal combustion engine (ICE) cars in South Korea, signaling a pivotal shift in one of Asia’s most technologically advanced auto markets. According to data released by the Ministry of Trade, Industry and Energy, sales of electric, hydrogen fuel cell, and hybrid vehicles accounted for 52 percent of domestic auto sales in May. A total of 73,511 eco-friendly units were sold, out

June 18, 2025

Hanwha Ocean eyes Brazil oil platform deal

SEOUL, June 17 (AJP) - Hanwha Ocean is preparing a bid for a major Brazilian offshore oil platform project, signaling its return to the high-stakes Floating Production Storage and Offloading (FPSO) market. The company’s participation in the Petrobras-led P-86 project marks its first FPSO tender. It also reflects a broader strategic pivot toward high-value offshore energy infrastructure as the global industry recovers from years of volatility and underinvestment. Hanwha Oc

June 17, 2025

Hyundai Glovis invests $145 million to acquire Asiana Airlines' cargo unit

SEOUL, June 17 (AJP) - Hyundai Glovis has stepped up its ambitions in global air logistics, committing 200.6 billion won (approximately $145 million) to a private equity fund backing Air Incheon’s acquisition of Asiana Airlines’ cargo division. The move strengthens Glovis’s position in the freight sector and grants it preemptive rights in the event of a future sale of the combined cargo carrier. The investment was disclosed in a regulatory filing on June 16 an

June 17, 2025

S. Korea plans $14 billion second supplementary budget to boost economy

SEOUL, June 17 (AJP) - The South Korean government is expected to introduce a 20 trillion won (approximately $14.6 billion) supplementary budget on Thursday, part of a broader effort to revitalize the nation’s faltering export-driven economy. The proposal, which would mark the second supplementary budget of 2025, is scheduled for submission at the cabinet meeting on June 19. It follows a 13.8 trillion won stimulus package announced in May and is aimed at boosting domestic cons

June 17, 2025