Shinsegae partners with China's Alibaba to shake up e-commerce market

SEOUL, December 27 (AJP) - South Korean retail giant Shinsegae Group is teaming up with China's Alibaba Group in a strategic move to bolster its position in the country’s fast-evolving e-commerce market. The two companies announced plans for a 50:50 joint venture, set to launch next year, combining Shinsegae’s Gmarket platform with Alibaba’s South Korean operations, AliExpress Korea. The partnership, Shinsegae said in a statement, aims to create a synergis

December 27, 2024

IBK workers stage first general strike

SEOUL, December 27 (AJP) - The labor union of the Industrial Bank of Korea (IBK) staged its first-ever general strike on Friday, citing wage inequality and unpaid allowances. With more than 60 percent of the bank’s workforce expected to join the walkout, disruptions are anticipated at branches nationwide. The strike follows months of failed negotiations between the union and IBK management over wages and collective bargaining agreements. Earlier this month, 88 percent of uni

December 27, 2024

Korean-led smart city project in Kyrgyzstan faces uncertainty

SEOUL, December 26 (AJP) - A $22-billion Korean-led smart city development project near Kyrgyzstan's Issyk-Kul Lake faces potential collapse following South Korea's martial law declaration during Kyrgyz President Sadyr Japarov's state visit. The project, which secured a 49-year lease for 20 square kilometers of land in June, aimed to develop a medical smart city. President Japarov's abrupt return home during the Korean political crisis has left the project's fu

December 26, 2024

Korean won plummets to 15-year low amid political turmoil

SEOUL, December 26 (AJP) - The South Korean won fell to its weakest level against the U.S. dollar in nearly 16 years on Thursday, closing at 1,464.8 won per dollar. This marks an 8.4-won decline from the previous close of 1,456.4 won, reaching levels last seen during the 2009 global financial crisis. The won’s sharp drop reflects a confluence of domestic political uncertainty and global financial pressures. President Yoon Suk Yeol’s declaration of martial law on Dec. 3

December 26, 2024

Chinese-made cars surge in South Korea, surpassing US imports

SEOUL, December 26 (AJP) - Chinese-manufactured vehicles have become South Korea’s second-largest category of imported cars, with 56,448 units sold through November, surpassing U.S. imports (43,623 units) for the first time and trailing only German imports (109,240 units). The surge is largely attributed to Tesla’s Model Y and Model 3, produced at its Shanghai factory, which sold a combined 28,498 units. Volvo’s Chinese-made S90 and XC60 models added another 13,6

December 26, 2024

Cost drives South Korean travelers' choices, survey finds

SEOUL, December 24 (AJP) - Nearly half of South Korean travelers prioritize price when selecting travel booking platforms, with 47.9 percent citing cost as their top consideration, according to a survey conducted by the Korea Consumer Agency. The survey, which analyzed responses from 1,600 users across four major booking platforms, highlights the growing importance of affordability in travel decisions. The findings also revealed significant consumer dissatisfaction. Fourteen pe

December 24, 2024

Demand for Santa Claus jobs surges despite subdued holiday mood

SEOUL, December 24 (AJP) - Demand for part-time Santa Claus jobs has more than doubled this year, according to data from Danggeun Market, a popular local community platform. Between Nov. 23 and Dec. 17, searches for keywords like “Santa role” and “one-day Santa” surged over 100 percent compared to the same period last year, with job postings experiencing similar growth. The listings offer a variety of seasonal opportunities, from posing as Santa at kinde

December 24, 2024

Executive promotions plunge across major conglomerates amid economic uncertainty

SEOUL, December 24 (AJP) - The number of executive promotions at South Korea's top 30 business groups has decreased around 10 percent this year, reflecting growing economic uncertainties and prolonged market downturn, data from a corporate analysis firm showed on Tuesday. According to a report by Leaders Index, 1,303 executives were promoted across top 30 major conglomerates between Aug. 1 to Dec. 20, marking a 9.6 percent decline from 1,442 promotions last year. The decline

December 24, 2024

Hotels see growing demand of seasonal products

SEOUL, December 24 (AJP) - Major South Korean hotels are reporting significant sales growth from their private-brand (PB) Christmas teddy bears and related merchandise, as seasonal decorations drive experiential consumption. Kensington Hotel Yeouido reported a 20 percent year-on-year increase in PB product sales after displaying its signature bears and doorman bear keychains, with the latter requiring a second restock due to high demand. Hanwha Hotels & Resorts saw sales of

December 24, 2024

Consumer sentiment in South Korea worst since November 2022

SEOUL, December 24 (AJP) - Korea's consumer sentiment dropped sharply in December, marking its steepest decline since the 2008 global financial crisis amid political uncertainty concerning President Yoon Suk Yeol, the central bank said on Tuesday. The composite consumer sentiment index (CCSI) fell 12.3 points from the previous month to 88.4 in December, according to the Bank of Korea (BOK), reaching its lowest level since November 2022. The decline represents the largest mont

December 24, 2024