TGI Fridays to exit South Korean market after 33 years

SEOUL, February 05 (AJP) - TGI Fridays will close all its restaurants in South Korea, ending a 33-year presence in the country, according to MFG Korea, the restaurant chain's local operator, Wednesday. MFG Korea will gradually shut down its remaining 14 locations, with 10 outlets closing this month and the final four next month. The company plans to focus on its Mad for Garlic brand operations. The American casual dining chain entered the South Korean market in 1992 with it

February 5, 2025

Chinese e-commerce giants bet big on South Korea amid US restrictions

SEOUL, February 5 (AJP) - Facing mounting trade restrictions in the United States, Chinese e-commerce platforms AliExpress, Temu, and Shein are aggressively expanding their foothold in South Korea, one of Asia’s fastest-growing online shopping markets. The platforms' push comes amid escalating U.S.-China trade tensions, with the second Trump administration imposing new tariffs on Chinese imports, including those from cross-border e-commerce companies. As a result, Chinese

February 5, 2025

S. Korean inflation hits 2.2 percent in January, highest monthly rise in 6 months

SEOUL, February 05 (AJP) - South Korea's consumer prices rose 2.2 percent in January from a year earlier, marking the highest increase in six months amid rising oil prices and depreciation of the Korean won, the statistical office said Wednesday. The January figure represents a significant uptick from December's 1.9 percent, breaking out of the 1 percent range maintained since September 2024. Petroleum product prices jumped 7.3 percent, with gasoline and diesel prices risi

February 5, 2025

Coffee chains in Korea raise prices as global bean costs soar

SEOUL, February 5 (AJP) - Major coffee chains in South Korea, including Starbucks and Compose Coffee, are raising prices as global coffee bean costs soar to record highs, driven by climate-related supply disruptions and a weakening Korean currency. Arabica coffee futures, known as the "Coffee C" on the ICE exchange, surged to $8,397 per ton on Monday, reflecting a 19.5 percent increase from the previous month and more than doubling from last year, according to the Korea Ag

February 5, 2025

Samsung Electronics leads hiring in Korea with 4,716 new jobs in 2024

SEOUL, February 05 (AJP) - Samsung Electronics remained as South Korea’s top employer in 2024, hiring 4,716 new workers despite ongoing challenges in its semiconductor business, according to data released on Wednesday by CEO Score. The firm's national pension subscriber count rose to 125,593 employees as of the end of 2024, marking a 3.9 percent increase from 120,877 in 2023. Hyundai Motor followed as the second-largest employer, with 69,285 pension subscribers, while LG

February 5, 2025

OpenAI beefs up AI, semiconductor ties with Korean firms

SEOUL, February 4 (AJP) - OpenAI CEO Sam Altman signaled plans to expand the company's presence in South Korea during his visit to Seoul on Tuesday, emphasizing the nation's advanced semiconductor industry and AI infrastructure. "South Korea possesses powerful industries related to AI, including semiconductors and energy, and stands as one of the nations actively embracing AI technology," Altman said at OpenAI's "Builder Lab" workshop, the company'

February 4, 2025

Samsung, LG unveil latest display technologies at ISE 2025

SEOUL, February 04 (AJP) - Samsung Electronics and LG Electronics will showcase their latest advancements in commercial display technology at Integrated Systems Europe (ISE) 2025, with both South Korean tech giants emphasizing energy efficiency and AI-driven solutions. Samsung introduced four models of its Color e-Paper display, ranging in size from 13 inches to 75 inches, designed for outdoor use with near-zero power consumption when displaying static content. The company also

February 4, 2025

Samsung Display to supply OLED displays for Qualcomm's platform

SEOUL, February 04 (AJP) - Samsung Display has signed a memorandum of understanding with Qualcomm Technologies to supply OLED displays for Qualcomm's Snapdragon Cockpit Experience Development Platform, the companies said Tuesday. The collaboration will incorporate Samsung's 34-inch 6K (6,008 x 934) wide OLED display into Qualcomm's cockpit demonstration kits, showcasing features including AI graphics, infotainment systems, and autonomous driving information visualizati

February 4, 2025

Gold prices soar as tariff tensions drive investors to seek safe assets

SEOUL, February 4 (AJP) - Gold prices in South Korea soared to an all-time high on Tuesday as investors sought safe-haven assets amid rising trade tensions and global economic uncertainty. The price of gold on the Korea Exchange (KRX) hit 139,980 won ($95.87) per gram as of 10:40 a.m., marking a 1.43 percent increase from the previous day and extending a 3.6 percent surge from Monday. The rally represents a 60.8 percent jump from a year ago, setting the highest level since the marke

February 4, 2025

Korea's two leading shipbuilders to compete for $5.4 billion destroyer program

SEOUL, February 4 (AJP) - The Korean government has cleared Hanwha Ocean and HD Hyundai Heavy Industries to compete for a contract to build the country’s next-generation destroyers, intensifying a high-stakes battle between the nation’s leading shipbuilders. The decision by the Ministry of Trade, Industry and Energy on Monday effectively doubles the pool of qualified bidders for the Korean Destroyer Next Generation (KDDX) program, an 8 trillion won ($5.4 billion) project

February 4, 2025