Samsung subsidy deal in focus as U.S. finalizes chip grant for SK Hynix

SEOUL, December 20 (AJP) - Samsung Electronics' $6.4 billion preliminary subsidy agreement with the U.S. government remains the last major chip deal to be finalized, as the Commerce Department announced a $458 million grant for SK Hynix's $3.87 billion AI memory chip facility in Indiana. Samsung, which plans to invest $45 billion in Texas by 2030, has already completed 98.7 percent of its first fab construction in Taylor, though production start has been delayed to 2026 fr

December 20, 2024

South Korea's self-employed ratio hits historic low of 20%

SEOUL, December 20 (AJP) - South Korea's self-employed workforce has contracted to its lowest level in six decades, a stark reflection of the nation's economic challenges. According to data released by Statistics Korea on Thursday, the number of self-employed workers averaged 5.67 million between January and November 2024, a 24,000 decline from the previous year. This marks a reversal of the two-year growth trend that followed the COVID-19 pandemic. The decline is attribu

December 20, 2024

Lotte Chemical adjusts bond terms to ease liquidity trouble

SEOUL, December 20 (AJP) - The troubled South Korean petrochemical firm Lotte Chemical has successfully negotiated the adjustment of financial covenants on corporate bonds worth 2.04 trillion won (US$1.4 billion) to avoid potential early redemption demands. The adjustment, announced on Thursday, came after the company failed to maintain its EBITDA (earnings before interest, taxes, depreciation, and amortization)-to-interest coverage ratio above the required threshold of 5.0 times, r

December 20, 2024

Toxic substances found in Christmas toys sold on Chinese e-commerce sites

SEOUL, December 20 (AJP) - Seoul City has discovered alarming levels of toxic substances in Christmas toys sold on major Chinese e-commerce platforms, with some items containing hazardous materials far exceeding South Korean safety standards. On Friday, the city government announced that six out of 15 inspected products, including paper toys, beads, and toy blocks, failed to meet domestic safety regulations. Two Santa Claus figurines from AliExpress were found to contain phthalat

December 20, 2024

South Korea's tourism goals stumble amid political turmoil

SEOUL, December 19 (AJP) - South Korea’s ambitious goal of attracting 20 million foreign tourists in 2024 faces setbacks amid political upheaval, including recent martial law declaration and the impeachment of the president, tourism officials and industry experts say. While daily life for locals remains largely unaffected, the uncertainty has spooked international visitors, raising concerns about safety. The Ministry of Culture, Sports and Tourism reported a considerable

December 19, 2024

Prices of popular winter fruits surge due to heat wave damage

SEOUL, December 19 (AJP) - South Korean consumers are bracing for higher winter fruit costs, with tangerines and strawberries experiencing significant price hikes compared to last year. The culprit is a prolonged summer heat wave that wreaked havoc on crops. Data released Thursday by the Korea Agro-Fisheries & Food Trade Corp. revealed that retail prices for tangerines have surged 18 percent year-on-year to 4,265 won ($2.94) per 10 pieces. Strawberries, likewise, have seen a 14

December 19, 2024

Lotteria caught in viral storm over martial law meeting

SEOUL, December 19 (AJP) - Lotteria, a popular South Korean fast-food chain, has unexpectedly found itself at the center of a political storm and social media frenzy after it was revealed that former and current military intelligence commanders secretly discussed martial law plans at one of its franchise locations. According to the National Police Agency, Intelligence Commander Moon Sang-ho and former commander Roh Sang-won met at a Lotteria store near Sangnoksu Station in Ansan o

December 19, 2024

Koreans Zinc's stake battle now depends on shareholder vote

SEOUL, December 19 (AJP) - South Korea’s largest zinc smelter, Korea Zinc, and a rival consortium led by Young Poong and MBK Partners have concluded their respective campaigns to acquire shares in the company. However, neither side has secured a majority stake, setting the stage for a crucial shareholder vote in January. As of Wednesday, Korea Zinc is estimated to hold a 33.83 percent stake, while the Young Poong-MBK alliance holds a 39.83 percent stake. The upcoming extraordi

December 19, 2024

South Korean won hits 15-year high against dollar

SEOUL, December 19 (AJP) - The South Korean won surged past 1,450 to the U.S. dollar in early trading Thursday, its highest level in over 15 years, as a stronger dollar emerged in the wake of expectations for delayed interest rate cuts by the U.S. Federal Reserve. In the Seoul foreign exchange market, the won was trading at 1,452.1 per dollar as of 9:10 a.m., up 16.6 won from Wednesday’s close. The rate opened at 1,453.0 won, a rise of 17.5 won, and remained at similar level

December 19, 2024

2.7 million workers in South Korea belong to two umbrella unions

SEOUL, December 19 (AJP) - Approximately 2.7 million workers, or 13 percent of South Korea’s total workforce, are members of the country’s two major labor umbrella groups, according to data released by the Ministry of Employment and Labor on Wednesday. The figures highlight a growing divergence in membership trends between the Federation of Korean Trade Unions (FKTU) and the Korean Confederation of Trade Unions (KCTU). The report revealed that FKTU membership grew by

December 19, 2024