Korean economy shrinks in early 2025

SEOUL, June 05 (AJP) - South Korea’s economy contracted in the first quarter of 2025, ending two consecutive quarters of modest growth. This reflects ongoing weakness in domestic demand and construction investment, according to revised figures released Thursday by the Bank of Korea. Gross domestic product fell 0.2 percent from the previous quarter, matching preliminary estimates. The decline followed 0.1 percent expansions in both the third and fourth quarters of 2024.

June 5, 2025

Korea's ETF market surges past 200 trillion won milestone

SEOUL, June 05 (AJP) - South Korea’s exchange-traded fund market surged past a major milestone this week, with total net assets reaching a record 201.28 trillion won (approximately $150 billion) on Thursday, according to data released by the Korea Exchange. This marks the first time the fast-growing sector has crossed the 200 trillion won threshold. The achievement underscores the ETF market’s rapid ascent in the country. Net assets have nearly doubled since June 2023

June 5, 2025

S. Korea finalizes $17 billion Czech nuclear deal

SEOUL, June 05 (AJP) - The state-run Korea Hydro & Nuclear Power (KHNP) has finalized a landmark agreement to construct two next-generation nuclear reactors in the Czech Republic — marking the country’s first overseas nuclear project in 16 years. The agreement, signed June 4, paves the way for the construction of two reactors at the Dukovany site in southern Czechia. Valued at approximately 26 trillion won (around $17 billion), the deal is South Korea’s first

June 5, 2025

Korean Air charts global ambitions as group nears 70-year milestone

Editor's Note: This article is the 21st 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 5 (AJP) - As Hanjin Group prepares to mark its 70th anniversary this November, South Korea’s largest transportation conglomerate is plotting a course for global expansion. The centerpiece of the group’s transformation is Korean Air, which solidifi

June 5, 2025

Samsung to unveil new foldable smartphone next month

SEOUL, June 05 (AJP) - Samsung Electronics plans to unveil the latest iteration of its foldable smartphone line, the Galaxy Z Fold 7, in early July. The forthcoming model is being positioned on par with its flagship Galaxy S Ultra series. Samsung says the device will feature upgraded hardware, advanced artificial intelligence capabilities, and a refined user experience — hallmarks traditionally reserved for its most premium offerings. In a blog post, Samsung provided a fi

June 5, 2025

Exhibition showcases trend of electric vehicles

SEOUL, June 4 (AJP) - South Korea’s premier electric vehicle exhibition, EV Trend Korea 2025, opened in Seoul on Tuesday with an awards ceremony honoring standout innovations in the nation’s fast-growing EV sector. The three-day event, hosted by the Ministry of Environment at COEX convention center, brought together major industry stakeholders, including the Korea Battery Industry Association and the Korea Automotive Environmental Association. Ahn Se-chang, director g

June 4, 2025

Samsung showcases AI-powered home appliances in Mexico City

SEOUL, June 04 (AJP) - Samsung Electronics unveiled its latest line of artificial intelligence-powered home appliances at a regional tech event in Mexico City, as the South Korean tech giant ramps up efforts to expand its footprint in the Latin American market. The “2025 Latin America Tech Seminar” brought together about 60 media representatives and industry professionals from 13 countries, including Brazil, Chile, Colombia and Mexico. The event marked the regional de

June 4, 2025

Business groups urge new president to focus on economic recovery

SEOUL, June 4 (AJP) - South Korean business groups called on President Lee Jae-myung to revitalize the country’s flagging economy and position it as a global economic heavyweight amid mounting domestic and international challenges. In a series of statements issued Tuesday, business leaders asked the new administration to prioritize economic stability, bolster industrial competitiveness, and enact reforms aimed at restoring growth in a nation grappling with sluggish consumption

June 4, 2025

SK hynix overtakes Samsung to claim top spot in global DRAM market

SEOUL, June 04 (AJP) - SK hynix surpassed Samsung Electronics in the first quarter of 2025 to become the world’s largest supplier of DRAM chips, according to data released Tuesday by market research firm TrendForce. It marks the first time the memory chipmaker has claimed the top position in the global DRAM market, long dominated by its larger domestic rival. The global DRAM industry recorded $27.01 billion in revenue for the quarter ending in March, a 5.5 percent decline f

June 4, 2025

Lee Jae-myung promises pro-labor policies, aiming to revive economy

SEOUL, June 3 (AJP) - Lee Jae-myung, presidential candidate of the liberal Democratic Party, is projected to win South Korea’s snap presidential election held Tuesday, with exit polls showing him ahead with 51.7 percent of the vote. His conservative rival Kim Moon-soo of the People Power Party follows with 39.3 percent, according to a joint exit poll survey by public broadcasters KBS, MBC, and SBS. The 61-year-old former Gyeonggi Province governor is seeking to implement sw

June 3, 2025