Samsung Electronics posts lower-than-expected Q4 profit

SEOUL, January 31 (AJP) - Samsung Electronics reported fourth-quarter operating profit of 6.49 trillion won ($4.87 billion), falling 15 percent short of market expectations as its key semiconductor business showed weaker-than-anticipated performance despite higher sales of premium memory chips. The world's largest memory chip maker posted revenue of 75.79 trillion won ($52.6 billion) in the fourth quarter, down 4 percent from the previous quarter. Its semiconductor division re

January 31, 2025

South Korea surpasses Japan in number of Starbucks stores

SEOUL, January 30 (AJP) - Despite a population less than half the size of Japan's, South Korea now has more Starbucks locations than its neighbor for the first time. According to Starbucks' global website on Thursday, South Korea had 2,009 Starbucks stores as of the end of last year, surpassing Japan by 18 locations. Although South Korea has a population of 52 million compared to Japan’s 125 million, it now ranks third globally in Starbucks store count, behind only t

January 30, 2025

Fire forces emergency evacuation from Air Busan plane

SEOUL, January 28 (AJP) - A fire broke out in the tail section of a passenger aircraft at Gimhae International Airport in Busan late Tuesday, forcing 176 people to evacuate and leaving two with minor injuries, officials said. The blaze was reported at 10:26 p.m. on an Air Busan Airbus A321 preparing for a flight to Hong Kong. Fire officials said all 169 passengers and seven crew members escaped via emergency slides while flames spread toward the fuselage. Firefighters extingu

January 28, 2025

Samsung, SK hynix face new pressures as DeepSeek disrupts AI chip market

SEOUL, January 28 (AJP) - South Korean semiconductor giants SK hynix and Samsung Electronics are facing new market pressures after Chinese artificial intelligence startup DeepSeek demonstrated its ability to build advanced AI systems using fewer, low-cost chips, potentially disrupting the lucrative high-end memory market. Industry analysts predict both companies will encounter short-term challenges in their AI-focused memory chip businesses, particularly in the high-bandwidth memo

January 28, 2025

Ham Young-joo nominated for second term as Hana Financial Group chairman

SEOUL, January 27 (AJP) - Hana Financial Group Chairman Ham Young-joo, 69, has been nominated Monday to serve a second term as the head of South Korea's major financial group. The company’s board held a Chairman Nomination Committee meeting on Monday and announced Ham as the sole candidate for the position. Ham has served as chairman since March 2022, completing a three-year term marked by his cautious approach to mergers and acquisitions and a focus on stability in th

January 27, 2025

Kia defies 'EV chasm' to report record annual revenue, operating profit

SEOUL, January 24 (AJP) - Kia Corp. achieved its highest-ever annual revenue and operating profit in 2024, surpassing 100 trillion won ($69.8 billion) in sales for the first time in its history, the company announced Friday. The automaker posted an operating profit of 12.67 trillion won, a 9.1 percent increase from the previous year, while revenue climbed 7.7 percent to 107.45 trillion won. Net profit surged 11.5 percent to 9.79 trillion won, driven by robust demand in North America

January 24, 2025

SK hynix poised for another record-breaking year on AI chip boom

SEOUL, January 24 (AJP) - SK hynix is forecast to extend its record-breaking performance into 2025, buoyed by surging demand for artificial intelligence-related semiconductors, analysts said Friday. The South Korean chip giant reported a 12 percent year-on-year increase in fourth-quarter revenue to 19.77 trillion won ($13.8 billion), with operating profit rising 15 percent to 8.08 trillion won, surpassing market expectations. For the full year, the firm's revenue doubled to 6

January 24, 2025

Trump's fossil fuel push draws mixed reactions from Korean refiners

SEOUL, January 24 (AJP) - South Korea’s oil refiners are cautiously exploring potential benefits from U.S. President Donald Trump’s aggressive fossil fuel agenda. Trump unveiled his push for fossil fuels after his inauguration on Jan. 20, declaring a national energy emergency and withdrawing the United States from the Paris climate accord. “We sit on the most oil and natural gas of any nation on earth, and we’re going to use it,” Trump said, signalin

January 24, 2025

AI and health tech lead the trends at CES 2025

SEOUL, January 24 (AJP) - CES 2025, held in Las Vegas on January 7 (local time), opened with an electrifying atmosphere, drawing immense attention from attendees. Many keynote speeches were sold out early, and exhibition halls featuring major Korean companies like Samsung Electronics, SK, and LG Electronics were packed with visitors. LG Electronics' "World Premiere" event became even livelier with a surprise appearance by hip-hop star will.i.am. This year’s CES s

January 24, 2025

Legal battle looms over Korea Zinc management

SEOUL, January 24 (AJP) - A high-stakes legal battle is looming over the management of Korea Zinc after the company thwarted a hostile takeover attempt by restricting the voting rights of Young Poong at a shareholders’ meeting on Wednesday. The maneuver hinged on a technical article of Korea's commercial law, which nullifies voting rights when a subsidiary of one company owns more than 10 percent of another company that holds a stake in the parent firm. The restriction

January 24, 2025