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

Corporate mergers in South Korea plunge 40 percent in 2024

SEOUL, December 18 (AJP) - South Korea's corporate mergers and acquisitions (M&A) activity plummeted by 39.3 percent in 2024, totaling 8.58 trillion won ($6.6 billion), according to an analysis by CEO Score of 361 major companies. The number of deals also declined significantly, falling to 50 from 87 in the previous year. Among the transactions, Korean Air’s high-profile acquisition of Asiana Airlines for 1.8 trillion won ($1.38 billion), including 300 billion won i

December 18, 2024

Celltrion launches CDMO unit to preempt global market

SEOUL, December 18 (AJP) - South Korean biopharmaceutical firm Celltrion announced the establishment of a new contract development and manufacturing organization (CDMO) subsidiary, Celltrion Biosolutions Co., on Tuesday. The wholly-owned subsidiary will be led by Senior Vice President Lee Hyuk-jae, a veteran of the company with a track record in product approvals, clinical trials, and manufacturing operations. Celltrion plans to invest an initial 1.5 trillion won (roughly $1.04 b

December 18, 2024

Business groups urge review of parliamentary testimony law

SEOUL, December 18 (AJP) - Six major South Korean business organizations on Monday urged a review of a new law requiring companies to submit documents and testify before parliament, arguing that it could expose sensitive corporate information and harm the nation's competitiveness. The Parliamentary Testimony Act, passed by the National Assembly last month, mandates that companies comply with such requests, regardless of concerns about trade secrets. It also requires executives

December 18, 2024

S. Korea to spend three quarters of 2025 budget before July

SEOUL, December 18 (AJP) - South Korea plans to frontload 75 percent of its 2025 annual budget in the first half of next year, as the government seeks to counter economic uncertainties stemming from the Dec. 3 martial law declaration and recent presidential impeachment. The Ministry of Economy and Finance announced on Tuesday in a cabinet meeting that 431.1 trillion won (US$299.7 billion) of the total 574.8 trillion won budget would be allocated for the first six months of 2025, wit

December 18, 2024