South Korea keeps sovereign credit ratings despite martial law crisis

SEOUL, December 10 (AJP) - The Big Three global credit rating agencies have maintained South Korea's sovereign credit ratings despite the unprecedented declaration of martial law, citing the country's economic fundamentals and effective crisis management. Fitch Ratings maintained South Korea's rating at 'AA-' with a stable outlook, a grade it has kept since upgrading from 'A+' in 2012. Moody's and S&P Global Ratings also kept their ratings at '

December 10, 2024

Korea's financial markets rattle amid political crisis

SEOUL, December 9 (AJP) - South Korea's financial markets took a sharp hit Monday as the nation grappled with political uncertainty following President Yoon Suk Yeol's martial law declaration last week. The Korean won tumbled against the U.S. dollar, nearing the 1,440 mark, and stock indices plunged to year-to-date lows. The won closed at 1,437 per dollar, marking its weakest level since October 2022. During intraday trading, the exchange rate reached 1,438.3, sparking

December 9, 2024

Foreign investors retreat from South Korean markets amid political uncertainty

SEOUL, December 9 (AJP) -- South Korea's financial markets are experiencing significant outflows of foreign investment following the Dec. 3 martial law declaration and subsequent political developments. On Monday, the benchmark KOSPI fell below the 2,400 mark and closed at 2,360.58, down 2.78 percent, while the tech-heavy KOSDAQ index plunged 5.19 percent. Foreign investors sold 725.5 billion won ($556 million) worth of shares in the two days following the martial law declara

December 9, 2024

Korean battery makers' global market share falls to 20 percent

SEOUL, December 9 (AJP) - South Korea's three major electric vehicle (EV) battery manufacturers - LG Energy Solution, Samsung SDI Co. and SK On - saw their combined global market share decline to 20.2 percent in the first 10 months of 2024, marking a significant drop from 31.7 percent in the same period of 2021, a global analytics firm reported on Monday. The market share erosion comes as Chinese rivals, led by the world's largest EV battery maker CATL and automotive giant B

December 9, 2024

'Rate cuts will lead to increased office property transactions'

SEOUL, December 9 (AJP) - Seoul's office market is expected to see increased transactions in the latter half of 2024 as market sentiment improves on anticipated interest rate cuts, according to a senior Cushman & Wakefield executive in an interview with Aju Business Daily on Dec. 3. "We've observed a notable increase in office property transactions in the second half of 2024, reflecting market expectations for potential interest rate cuts," said YJ Choi, Senior

December 9, 2024

South Korean currency slumps as political crisis grips nation

SEOUL, December 09 (AJP) - South Korea’s currency plummeted to a two-year low last week as a political crisis, marked by President Yoon Suk Yeol’s declaration of martial law and the subsequent impeachment attempt, roiled the nation. The won’s decline reflects growing investor anxiety over the country’s future stability. The South Korean won weakened 24.5 won against the dollar last week, its sharpest weekly drop since January. The currency has been under pr

December 9, 2024

South Korean won plunges amid woes of political instability

SEOUL, December 06 (AJP) - The South Korean won tumbled on Friday, as deepening political turmoil sent shockwaves through the currency market. The won’s value against the U.S. dollar fell sharply, briefly threatening to breach the 1,430 won level. The currency’s decline accelerated in the morning, fueled by concerns over the escalating political crisis. Calls for the impeachment of President Yoon Suk Yeol, following a declaration of a state of emergency, have heightene

December 6, 2024

South Korea to ease regulations on bus terminal facilities to boost revenue

SEOUL, December 5 (AJP) - South Korea's Ministry of Land, Infrastructure and Transport announced plans, Thursday, to allow logistics warehouses, large retail stores, and indoor sports facilities to operate within urban planning facilities including bus terminals, in a bid to address financial challenges faced by regional transportation hubs. The regulatory reform will expand the number of urban planning facilities eligible for commercial development from 23 to 40 types, excludin

December 5, 2024

South Korea will focus R&D spending on chips, robots, AI

SEOUL, December 05 (AJP) - The South Korean government announced plans to significantly increase research and development investment in semiconductors, robotics, and artificial intelligence during the third Strategic Planning Investment Council meeting held at the Korea Chamber of Commerce in Seoul. The Ministry of Trade, Industry and Energy will expand its "ultra-gap projects" to include new technologies such as battery safety for electric vehicle fire prevention, next-

December 5, 2024

South Korea's economic growth slows in 3rd quarter amid weak exports

SEOUL, December 5 (AJP) - South Korea's economy grew by 0.1 percent in the third quarter of 2024, marking the second consecutive quarter of sub 1 percent growth as exports declined and construction investment remained weak, the Bank of Korea (BOK) said on Thursday. The tepid growth was primarily driven by a 0.2 percent contraction in exports, the first decline in seven quarters, led by decreased shipments of automobiles and chemical products. While private consumption rose

December 5, 2024