Korean government seeks foreign investment to continue 'Blue Whale' oil project

SEOUL, February 10 (AJP) - South Korea’s controversial offshore oil exploration project, dubbed “Blue Whale,” faces an uncertain future after initial drilling yielded disappointing results. The state-run Korea National Oil Corporation (KNOC), which is leading the effort, is now scrambling to secure foreign investments to sustain further exploration. President Yoon Suk Yeol had touted the project as potentially holding up to 14 billion barrels of oil and gas rese

February 10, 2025

One in five Korean listed firms unable to pay interest with profit

SEOUL, February 07 (AJP) - Nearly one in five listed companies in South Korea is classified as a “marginal firm,” unable to cover interest payments with operating profits, according to a report from the Korea Enterprises Federation. As of the third quarter of 2024, 19.5 percent of the country’s 2,260 listed firms - equivalent to 440 companies - fell into this category. Marginal firms are defined as those with an interest coverage ratio below 1 for three consecut

February 7, 2025

Financial firms target wealthy seniors with expanded services

SEOUL, February 06 (AJP) - South Korean financial institutions are increasingly catering to the so-called "young-old" generation - affluent, healthy seniors in their 60s and 70s - by offering a range of specialized services, from estate planning to pet care management. Leading the trend in Asia, Mitsui Sumitomo Trust Group, the region’s largest trust bank, provides comprehensive services tailored to single elderly households, including funeral arrangements, digital

February 7, 2025

South Korean shipbuilders post first profits in 13 years

SEOUL, February 07 (AJP) - For the first time in over a decade, South Korea’s three major shipbuilders turned a collective operating profit in 2024, buoyed by a surge in high-value liquefied natural gas (LNG) carrier orders and a global ship-replacement cycle. Their combined operating profit reached 2.17 trillion won ($1.63 billion), marking a significant turnaround from years of losses. HD Korea Shipbuilding & Offshore Engineering led the resurgence, reporting an ope

February 7, 2025

Samsung Electronics launches global sale of Galaxy S25

SEOUL, February 07 (AJP) - Samsung Electronics began global rollout of its Galaxy S25 series smartphones across 120 countries Friday, following record-breaking domestic pre-orders of 1.3 million units in South Korea. The new flagship devices, featuring the company's latest AI platform One UI 7, will be released sequentially in major markets including the United States, United Kingdom, India, and Thailand. Google's Gemini AI support will expand to 46 languages with the laun

February 7, 2025

Korean government signals potential abandonment of 'Blue Whale' offshore gas project

SEOUL, February 6 (AJP) - South Korea may scrap development of an offshore gas field in the East Sea after preliminary drilling results showed little economic promise, the Ministry of Trade, Industry and Energy said Thursday. A 47-day drilling operation at the “Blue Whale” site, which concluded on Feb. 4, failed to yield sufficient hydrocarbons to justify commercial production, the ministry said. “While reservoir and cap rock thickness, along with porosity level

February 6, 2025

Korean SMEs to showcase products at Atlanta business convention

SEOUL, February 06 (AJP) - The Korea Federation of Small and Medium Business (KBIZ) will sponsor 30 small and mid-sized enterprises to exhibit their products at the 23rd World Korean Business Convention, set to take place in Atlanta, Georgia, from April 17 to 20. The annual convention, which will be held at the Gas South Convention Center, serves as a global networking platform designed to connect Korean businesses with international buyers and expand their presence in overseas ma

February 6, 2025

LG to develop AI-based protein structure prediction tool

SEOUL, February 06 (AJP) - LG AI Research signed a joint research agreement with Professor Baek Min-kyung of Seoul National University to develop next-generation protein structure prediction AI technology, the company said Thursday at LG Science Park in Seoul. The collaboration aims to tackle the challenge of predicting multi-state protein structures that exist in various states within the human body depending on environmental and chemical changes. Professor Baek previously worked

February 6, 2025

Samyang Foods posts record profit on global 'Buldak' sales

SEOUL, February 06 (AJP) - Samyang Foods reported a 133 percent surge in operating profit to 344.2 billion won ($258.2 million) for 2024, driven by strong overseas sales of its "Buldak" spicy instant noodles, the company said Thursday. Annual revenue rose 45 percent to 1.73 trillion won, while net profit increased 115 percent to 272.3 billion won. The company's operating profit exceeded 300 billion won for the first time, boosted by higher-margin overseas sales. T

February 6, 2025

South Koreans turn to global stocks as domestic markets stumble

SEOUL, February 6 (AJP) - South Korean individual investors shifted their focus from domestic to overseas stock markets in 2024, with foreign stock trading volume surging 39 percent while domestic trading plummeted 13 percent, according to data from nine major brokerages released Thursday. The exodus from domestic equities continued as trading volume on Korean exchanges dropped to 635.25 billion shares in 2024, down from 730.38 billion shares the previous year, the data showed. T

February 6, 2025