Korean SMEs to showcase products at Atlanta business convention

SEOUL, February 06 (AJP) - The Korea Federation of Small and Medium Business (KBIZ) will sponsor 30 small and mid-sized enterprises to exhibit their products at the 23rd World Korean Business Convention, set to take place in Atlanta, Georgia, from April 17 to 20. The annual convention, which will be held at the Gas South Convention Center, serves as a global networking platform designed to connect Korean businesses with international buyers and expand their presence in overseas ma

February 6, 2025

LG to develop AI-based protein structure prediction tool

SEOUL, February 06 (AJP) - LG AI Research signed a joint research agreement with Professor Baek Min-kyung of Seoul National University to develop next-generation protein structure prediction AI technology, the company said Thursday at LG Science Park in Seoul. The collaboration aims to tackle the challenge of predicting multi-state protein structures that exist in various states within the human body depending on environmental and chemical changes. Professor Baek previously worked

February 6, 2025

Samyang Foods posts record profit on global 'Buldak' sales

SEOUL, February 06 (AJP) - Samyang Foods reported a 133 percent surge in operating profit to 344.2 billion won ($258.2 million) for 2024, driven by strong overseas sales of its "Buldak" spicy instant noodles, the company said Thursday. Annual revenue rose 45 percent to 1.73 trillion won, while net profit increased 115 percent to 272.3 billion won. The company's operating profit exceeded 300 billion won for the first time, boosted by higher-margin overseas sales. T

February 6, 2025

South Koreans turn to global stocks as domestic markets stumble

SEOUL, February 6 (AJP) - South Korean individual investors shifted their focus from domestic to overseas stock markets in 2024, with foreign stock trading volume surging 39 percent while domestic trading plummeted 13 percent, according to data from nine major brokerages released Thursday. The exodus from domestic equities continued as trading volume on Korean exchanges dropped to 635.25 billion shares in 2024, down from 730.38 billion shares the previous year, the data showed. T

February 6, 2025

Current account surplus soars to $99 billion in 2024

SEOUL, February 6 (AJP) - South Korea’s current account surplus surged to $12.37 billion in December last year, the highest monthly figure for the month on record, fueled by robust exports and rising dividends from overseas investments, the Bank of Korea said Thursday in a preliminary report. For the full year, the country’s current account surplus soared to $99.04 billion, more than tripling from $32.82 billion in 2023 and exceeding the central bank’s projection o

February 6, 2025

L&F considers US production of key battery material

SEOUL, February 06 (AJP) - South Korean manufacturer of battery materials, L&F, is exploring the direct production of lithium iron phosphate (LFP) cathode materials in the United States in the face of potential trade restrictions under the Donald Trump administration. L&F officials said the company is pursuing a dual approach to its LFP business, considering both domestic production in South Korea and establishing manufacturing in the U.S. The company plans to unveil detai

February 6, 2025

Korean firms join government in blocking access to DeepSeek

SEOUL, February 6 (AJP) - South Korean firms have banned the use of the Chinese artificial intelligence model DeepSeek, citing concerns over potential data breaches and security risks. Leading companies, including Samsung, SK Group, and LG Electronics, have reinforced cybersecurity measures by blocking access to external generative AI tools. Kakao and LG Uplus have prohibited employees from using DeepSeek for work-related tasks. The decisions follows a broader government direc

February 6, 2025

Xiaomi sprawling into AI, EV markets, challenging industry giants

Editor's Note: This article is the fifth installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, February 5 (AJP) - Xiaomi, the Chinese electronics company known for its budget-friendly yet feature-rich devices, has intensified its global expansion, making a bold foray into South Korea, a stronghold of rival Samsung Electronics. The tech giant officially int

February 6, 2025

Korean battery makers struggle amid EV market slowdown

SEOUL, February 5 (AJP) - South Korean battery manufacturers are facing mounting challenges as the electric vehicle (EV) market experiences a temporary slowdown. The downturn marks a stark contrast to the industry’s boom just two years ago, when major player LG Energy Solution awarded performance bonuses of up to 900 percent of base salaries. Now, those bonuses have dwindled to a mere 50 percent. Samsung SDI’s battery division recorded no excess profit-sharing last ye

February 6, 2025

Korea to launch $23.4 billion fund to support battery, bio sectors

SEOUL, February 5 (AJP) - South Korea plans to establish a 34 trillion won ($23.4 billion) fund aimed at bolstering its high-tech industries, with a focus on batteries and biotechnology, as the country prepares for potential economic headwinds from U.S. protectionist policies. The fund, tentatively named the "Strategic Advanced Industry Fund," will be managed by the state-run Korea Development Bank (KDB) and will be double the size of the country’s existing semicondu

February 5, 2025