Current account surplus soars to $99 billion in 2024

SEOUL, February 6 (AJP) - South Korea’s current account surplus surged to $12.37 billion in December last year, the highest monthly figure for the month on record, fueled by robust exports and rising dividends from overseas investments, the Bank of Korea said Thursday in a preliminary report. For the full year, the country’s current account surplus soared to $99.04 billion, more than tripling from $32.82 billion in 2023 and exceeding the central bank’s projection o

February 6, 2025

L&F considers US production of key battery material

SEOUL, February 06 (AJP) - South Korean manufacturer of battery materials, L&F, is exploring the direct production of lithium iron phosphate (LFP) cathode materials in the United States in the face of potential trade restrictions under the Donald Trump administration. L&F officials said the company is pursuing a dual approach to its LFP business, considering both domestic production in South Korea and establishing manufacturing in the U.S. The company plans to unveil detai

February 6, 2025

Korean firms join government in blocking access to DeepSeek

SEOUL, February 6 (AJP) - South Korean firms have banned the use of the Chinese artificial intelligence model DeepSeek, citing concerns over potential data breaches and security risks. Leading companies, including Samsung, SK Group, and LG Electronics, have reinforced cybersecurity measures by blocking access to external generative AI tools. Kakao and LG Uplus have prohibited employees from using DeepSeek for work-related tasks. The decisions follows a broader government direc

February 6, 2025

Xiaomi sprawling into AI, EV markets, challenging industry giants

Editor's Note: This article is the fifth installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, February 5 (AJP) - Xiaomi, the Chinese electronics company known for its budget-friendly yet feature-rich devices, has intensified its global expansion, making a bold foray into South Korea, a stronghold of rival Samsung Electronics. The tech giant officially int

February 6, 2025

Korean battery makers struggle amid EV market slowdown

SEOUL, February 5 (AJP) - South Korean battery manufacturers are facing mounting challenges as the electric vehicle (EV) market experiences a temporary slowdown. The downturn marks a stark contrast to the industry’s boom just two years ago, when major player LG Energy Solution awarded performance bonuses of up to 900 percent of base salaries. Now, those bonuses have dwindled to a mere 50 percent. Samsung SDI’s battery division recorded no excess profit-sharing last ye

February 6, 2025

Korea to launch $23.4 billion fund to support battery, bio sectors

SEOUL, February 5 (AJP) - South Korea plans to establish a 34 trillion won ($23.4 billion) fund aimed at bolstering its high-tech industries, with a focus on batteries and biotechnology, as the country prepares for potential economic headwinds from U.S. protectionist policies. The fund, tentatively named the "Strategic Advanced Industry Fund," will be managed by the state-run Korea Development Bank (KDB) and will be double the size of the country’s existing semicondu

February 5, 2025

TGI Fridays to exit South Korean market after 33 years

SEOUL, February 05 (AJP) - TGI Fridays will close all its restaurants in South Korea, ending a 33-year presence in the country, according to MFG Korea, the restaurant chain's local operator, Wednesday. MFG Korea will gradually shut down its remaining 14 locations, with 10 outlets closing this month and the final four next month. The company plans to focus on its Mad for Garlic brand operations. The American casual dining chain entered the South Korean market in 1992 with it

February 5, 2025

Chinese e-commerce giants bet big on South Korea amid US restrictions

SEOUL, February 5 (AJP) - Facing mounting trade restrictions in the United States, Chinese e-commerce platforms AliExpress, Temu, and Shein are aggressively expanding their foothold in South Korea, one of Asia’s fastest-growing online shopping markets. The platforms' push comes amid escalating U.S.-China trade tensions, with the second Trump administration imposing new tariffs on Chinese imports, including those from cross-border e-commerce companies. As a result, Chinese

February 5, 2025

S. Korean inflation hits 2.2 percent in January, highest monthly rise in 6 months

SEOUL, February 05 (AJP) - South Korea's consumer prices rose 2.2 percent in January from a year earlier, marking the highest increase in six months amid rising oil prices and depreciation of the Korean won, the statistical office said Wednesday. The January figure represents a significant uptick from December's 1.9 percent, breaking out of the 1 percent range maintained since September 2024. Petroleum product prices jumped 7.3 percent, with gasoline and diesel prices risi

February 5, 2025

Coffee chains in Korea raise prices as global bean costs soar

SEOUL, February 5 (AJP) - Major coffee chains in South Korea, including Starbucks and Compose Coffee, are raising prices as global coffee bean costs soar to record highs, driven by climate-related supply disruptions and a weakening Korean currency. Arabica coffee futures, known as the "Coffee C" on the ICE exchange, surged to $8,397 per ton on Monday, reflecting a 19.5 percent increase from the previous month and more than doubling from last year, according to the Korea Ag

February 5, 2025