SK hynix dwarfs Korean peers in tax and KOSPI contribution

SEOUL, September 16 (AJP) - SK hynix continues to soar on global artificial intelligence boom, towering over its local archrival Samsung Electronics in both tax contributions and stock performance. The memory giant reported 2.77 trillion won (about $1.95 billion) in corporate tax payment for the first half of 2025, nearly tripling 908.9 billion won paid by No. 2 taxpayer, according to disclosures from Korea's top 50 listed companies. The hefty tax bill reflects SK hynix's

September 16, 2025

Labor shortage, not low wages, drives foreign hiring by SMEs in South Korea, survey shows

SEOUL, September 16 (AJP) - A recent survey by the Korea Federation of SMEs (KBIZ) reveals that more than nine out of ten small and medium-sized enterprises (SMEs) that employ foreign nationals do so primarily due to difficulties in hiring domestic workers. The survey, conducted in July on 503 businesses with 50 or more employees, found that 93.8 percent of respondents cited "difficulty in hiring domestic workers" as their primary reason for employing foreign workers.

September 16, 2025

Lee Chang-yong to become Korea's first central bank governor to deliver lecture at IMF

Bank of Korea Governor Lee Chang-yong is set to become the first South Korean central bank governor to deliver the prestigious Michel Camdessus Central Banking Lecture at the International Monetary Fund (IMF) in Washington, D.C. The lecture series, named after the IMF's longest-serving managing director, is a high-profile forum designed to foster collaboration with central banks and address key issues in monetary policy and the global economy. Past speakers have inc

September 16, 2025

South Korean auto exports hit record high despite global tariffs

South Korea's automobile industry is demonstrating remarkable resilience in the face of global economic pressures, reporting record-breaking exports and strong domestic performance for the second consecutive month. According to a report released by the Ministry of Trade, Industry and Energy, Tuesday, the sector's growth was driven by robust demand for eco-friendly vehicles and a successful pivot to new markets. Auto exports reached a record $5.5 billion in Augus

September 16, 2025

KOSPI rises to new all-time high for 5th straight day

SEOUL, September 16 (AJP) - South Korea's benchmark KOSPI index surged at the open on Tuesday, hitting a new all-time high for the fifth consecutive trading day and extending a historic rally. As of 9:23 a.m., the KOSPI was trading at 3,428.88, up 21.57 points (0.63 percent) from its previous close. The index opened strong at 3,421.13, immediately surpassing the record of 3,407.31 set just Monday. The new record marks the 11th consecutive session of gains for the index, dri

September 16, 2025

Hyundai Motor averts strike with union deal

SEOUL, September 16 (AJP) - Hyundai Motor's labor union has reached a new wage and collective agreement with management, averting a full-scale strike after months of tense negotiations. The agreement was finalized after a vote by union members. According to the company, Tuesday, 52.9 percent of its union members who participated approved the deal. The new agreement includes a 100,000 won monthly increase in the base salary, a performance bonus package of 450 percent plus 15

September 16, 2025

Korean firms explore stakes in $45 billion Alaska LNG project

SEOUL, September 15 (AJP) - South Korean companies are emerging as early partners in a multibillion-dollar plan to export natural gas from Alaska, signaling growing alignment between Seoul’s energy ambitions and Washington’s push to expand liquefied natural gas (LNG) exports. Posco International last week became the first Korean firm to formally engage with Glenfarne Alaska LNG, the project’s developer, signing a preliminary agreement that covers potential LNG im

September 15, 2025

K-beauty leaders sell assets, seek growth abroad as competition with indie brands intensifies

SEOUL, September 15 (AJP) - South Korea’s top cosmetics companies are accelerating restructuring efforts, selling assets and seeking new growth channels as they confront intensifying competition from a rising wave of independent K-beauty labels. Industry officials said Monday Aekyung Industrial, best known for its dual portfolio of cosmetics and household goods, is preparing for a transfer of ownership to Taekwang Group. Cosmetics account for 40 percent of its revenue and ge

September 15, 2025

Hyundai E&C wins major seawater plant contract in Iraq

SEOUL, September 15 (AJP) - Hyundai Engineering & Construction said Monday it had secured a contract worth more than $3 billion to build a seawater treatment plant in southern Iraq, one of the largest infrastructure projects the country has awarded in recent years. The agreement, signed Sept. 14 in Baghdad at the office of the Iraqi prime minister, is part of Iraq’s Gas Growth Integrated Project, an ambitious initiative that spans oil, gas, solar energy and water infrast

September 15, 2025

Dollar's dominance amplifies US financial shocks in South Korea: BOK

The Bank of Korea has warned that South Korea’s economy remains acutely vulnerable to financial turbulence in the United States, a consequence of the dollar’s unrivaled role in global finance and trade. In a report released on Monday, the central bank argued that the international status of the dollar magnifies the effect of American financial shocks, rippling through South Korea’s markets, exports and investment. The analysis also urged policymakers to pr

September 15, 2025