Soaring interest margins lead to big rewards for employees at Korean banks

SEOUL, January 13 (AJP) - South Korea's major banks are set to increase wages and performance bonuses for their employees, despite facing economic headwinds and mounting public criticism over their profitability. The five largest banks – Kookmin, Shinhan, Hana, Woori, and Nonghyup – have agreed to raise base salaries by 2.8 percent, up from 2 percent in 2024, according to banking industry sources on Monday. Shinhan and Hana banks have allocated performance bonuses

January 13, 2025

Dining costs in South Korea rise for third consecutive year

SEOUL, January 13 (AJP) - Dining costs in South Korea soared for the third straight year in 2024, climbing 3.1 percent according to data released Monday by Statistics Korea. This marked a significant jump above the overall consumer price index, which rose 2.3 percent. The price index for dining reached 121.01, with cafeteria prices experiencing the sharpest increase at 6.9 percent – the highest since records began in 2001. Popular menu items saw substantial price hikes.

January 13, 2025

Hyundai Motor partners with Nvidia to accelerate AI-powered mobility development

LAS VEGAS, January 10 (AJP) -- Hyundai Motor Group announced on Friday a strategic partnership with Nvidia to accelerate the development of artificial intelligence technologies for future mobility solutions. The South Korean automaker plans to leverage Nvidia's computing technology and AI enterprise software to process the vast amounts of data required for training AI models across various applications, including autonomous driving and robotics. "Hyundai Motor Group is e

January 10, 2025

[CES 2025] At CES, Korean companies embrace AI as future of business

LAS VEGAS, January 8 (AJP) - CES 2025 offered a global stage for South Korea's top conglomerates to spotlight their commitment to artificial intelligence (AI) as a cornerstone of future growth and collaboration. Representatives from Samsung, LG, SK, and LS unveiled their latest innovations, emphasizing the transformative role of AI in their strategies. Chey Tae-won, chairman of SK Group, underscored AI's growing integration into daily life, a concept he termed "phy

January 10, 2025

State-owned bank under investigation for $180 million loan fraud

SEOUL, January 10 (AJP) - The Financial Supervisory Service has launched an investigation into the state-owned Industrial Bank of Korea (IBK) following allegations of illegal loan approvals totaling some 24 billion won (approximately $180 million). The probe, which began earlier this month, comes after IBK disclosed that the loans, approved between June 2022 and November 2024, involved inflated real estate collateral values and improper loan approvals at its branch in Seoul. In

January 10, 2025

US solar EVs will use LG Energy Solution's batteries

SEOUL, January 10 (AJP) - LG Energy Solution announced Friday it will supply cylindrical batteries to U.S.-based solar electric vehicle startup Aptera Motors. Under the agreement, LG Energy Solution, alongside Korean battery pack manufacturer CTNS, will provide 2170 cylindrical batteries to Aptera from 2025 to 2031. The partnership also includes collaboration on producing solar EVs. Aptera's solar EV, also named Aptera, integrates solar panels and battery packs, maximizing

January 10, 2025

Korean e-commerce giants expand beauty business

SEOUL, January 10 (AJP) - South Korea's major e-commerce platforms are intensifying their beauty sector investments, with companies launching private labels and luxury verticals while expanding their brand portfolios. The industry's shift toward beauty reflects the growing demand for K-beauty products. Coupang, the country's largest e-commerce platform, recently introduced its private brand skincare line "Elle Paris" through its subsidiary CPLB, offering 18

January 10, 2025

Lotte Group chairman warns of survival risk, calls for radical reform

SEOUL, January 10 (AJP) - Lotte Group Chairman Shin Dong-bin has issued a stark warning to top executives , declaring the conglomerate faces an "existential threat" and must undergo "strong reform and innovation" to survive. The urgent message came during a meeting at Lotte World Tower on Thursday, attended by key executives including Lotte Department Store CEO Chung Joon-ho and Hotel Lotte Co. CEO Jung Ho-seok. The atmosphere was described as serious as the grou

January 10, 2025

Korea achieves $1 trillion in cumulative overseas construction contracts

SEOUL, January 10 (AJP) - South Korea has achieved a historic milestone in the global construction industry, with its companies securing a cumulative $1 trillion in overseas construction contracts. According to the Ministry of Land, Infrastructure, and Transport, Friday, South Korean firms won $37.11 billion in international contracts in 2024, pushing the total to $1.009 trillion since the country first ventured into overseas construction nearly six decades ago with Hyundai Engine

January 10, 2025

[CES 2025] Silicon Valley, Korean startups connect at Las Vegas networking event

LAS VEGAS, January 7 (AJP) - Over 50 startup representatives from Silicon Valley and Korea gathered at a grand Las Vegas mansion on Jan. 7, exchanging ideas and forging connections at the "Silicon Valley Leaders Networking Event." Hosted by the Innobiz Association under the South Korean Ministry of SMEs and Startups, the event provided a platform for Korean innovators to connect with Silicon Valley leaders and explore global market expansion opportunities. "CES i

January 9, 2025