Seoul unveils ambitious makeover plan for Dongdaemun areas

SEOUL, February 12 (AJP) - The Seoul Metropolitan Government on Wednesday announced an ambitious master plan to rejuvenate the areas surrounding the Dongdaemun Design Plaza (DDP), a former stronghold of South Korea’s fashion industry that has struggled in recent years. The initiative, set to begin next month and slated for completion by late 2026, aims to breathe new life into the aging commercial hub through a series of urban renewal projects and infrastructure upgrades. T

February 12, 2025

South Korea launches tax probe into wedding studios, postnatal centers

SEOUL, February 12 (AJP) - The National Tax Service has opened investigations into 46 businesses suspected of tax evasion, including 24 wedding service providers, 12 postnatal care centers, and 10 English-language kindergartens, the office said Tuesday. The probe targets businesses that allegedly concealed income by directing customers to make additional payments beyond basic contract fees through multiple accounts held under borrowed names. One prominent photo studio was found to

February 12, 2025

South Korea-Cuba diplomatic relations mark one year, but trade remains stagnant

SEOUL, February 12 (AJP) - Nearly a year after establishing diplomatic relations, South Korea and Cuba have yet to see a significant expansion in trade, with annual commerce hovering around $20 million. The primary hurdle remains the longstanding U.S. sanctions on Cuba, which continue to constrain the Caribbean nation’s access to global markets. Trade volumes between South Korea and Cuba have shown little improvement since they formalized ties on Feb. 14 last year. The econ

February 12, 2025

LocknLock showcases innovative products at trade fair in Germany

SEOUL, February 12 (AJP) - Utensil maker LocknLock showcased its key products at Ambiente, a weeklong trade fair in Frankfurt, Germany, which kicked off last Friday. The world's largest fair for consumer goods annually attracts participants from 176 countries, serving as a global stage for emerging industry trends. LocknLock's booth featured its latest trendy products including airtight containers, fridge organizers, lunchboxes, and drinkware such as tumblers and coffee m

February 12, 2025

Hanwha Aerospace becomes first Korean defense firm to surpass 10 trillion won revenue

SEOUL, February 11 (AJP) - South Korean defense contractor Hanwha Aerospace posted record annual revenue of 11.2 trillion won ($7.71 billion) in 2024, becoming the first domestic firm in the sector to surpass the 10 trillion won milestone. The company’s operating profit soared 190.2 percent year-over-year to 1.7 trillion won, while net profit climbed 160.5 percent to 2.5 trillion won, according to a regulatory filing on Tuesday. Hanwha’s fourth-quarter performance rem

February 11, 2025

South Korea faces worst job market slump in decades

SEOUL, February 11 (AJP) - South Korea’s job market is experiencing its sharpest downturn since the Asian financial crisis more than two decades ago, with only three job openings available for every 10 job seekers in January. According to data released Tuesday by the Ministry of Employment and Labor, new job postings fell 42.7 percent year-over-year to 135,000 last month, while the number of job seekers declined 6.5 percent to 479,000. The job-to-applicant ratio sank to 0.28 &

February 11, 2025

Coupang tightens grip on online grocery shopping in South Korea

SEOUL, February 11 (AJP) - About 55 percent of South Korean consumers primarily use Coupang for online grocery shopping, according to a new market research report, released Tuesday. A survey conducted by Open Survey of 1,285 adults aged 20 to 59 found that 55.4 percent primarily use Coupang for online grocery purchases. Market Kurly followed at 8.6 percent, with Naver Shopping at 8.4 percent and Homeplus Mall at 5.6 percent. Coupang’s market share has surged by 15.3 perce

February 11, 2025

Unused credit cards surge, driving up consumer costs

SEOUL, February 11 (AJP) - Nearly one in three credit cards issued in South Korea remains unused, adding to a growing financial burden for consumers as card companies capitalize on rising annual fees, according to new data from the Credit Finance Association of Korea. By the end of 2024, the number of dormant credit cards - those left unused for more than a year - had climbed to 19.41 million, a sharp increase from 12.99 million in 2021. That figure accounts for roughly one-third of

February 11, 2025

BYD's entry raises data privacy concerns in South Korea

SEOUL, February 11 (AJP) - The arrival of Chinese automaker BYD in South Korea has ignited concerns among experts over data security in connected vehicles, with warnings of potential privacy risks and information leakage. As of November last year, South Korea had 9.47 million connected vehicles on its roads, accounting for 36.04 percent of all registered automobiles in the country. Industry analysts estimate that when factoring in various wireless communication technologies, ne

February 11, 2025

US tariffs may cut South Korean exports by $44.8 billion: KIEP

SEOUL, February 11 (AJP) - South Korean exports could decline by as much as $44.8 billion if the United States implements blanket tariffs on trading partners, including those with bilateral free trade agreements, the state-run Korea Institute for International Economic Policy (KIEP) has warned. The prediction comes as U.S. President Donald Trump announced plans to impose a 25 percent tariff on steel and aluminum imports while signaling the possibility of additional reciprocal tariff

February 11, 2025