SK On completes its three-way merger to boost battery and trading operations

SEOUL, February 1 (AJP) - SK On, South Korea's leading battery manufacturer, completed its merger with SK Enterm on Saturday, finalizing a three-way consolidation that includes SK Trading International (SKTI) announced last July. The merged entity, which will operate under the SK On name, aims to strengthen its raw material procurement capabilities and financial stability in the increasingly competitive global battery market. SK Trading International, which merged with SK On

February 1, 2025

South Korea's monthly exports falls for the first time in 16 months

SEOUL, February 1 (AJP) - South Korea's exports declined 10.3 percent year-on-year to $49.12 billion in January, marking the first decrease in 16 months due to fewer working days caused by the earlier Lunar New Year holiday, the Ministry of Trade, Industry and Energy said on Saturday. Data from the ministry shows that the decrease broke a 15-month streak of positive export growth that had continued since October 2023, though daily average exports rose approximately 8 percent com

February 1, 2025

Gala show spotlights China's advancing humanoid robotics

SEOUL, January 31 (AJP) - Sixteen humanoid robots took center stage at China’s annual Spring Festival Gala, performing alongside human dancers in a striking display of the country’s progress in robotics. Watched by hundreds of millions, the performance underscored Beijing’s ambitions to become a global leader in artificial intelligence and automation. The high-profile showcase comes against the backdrop of growing U.S.-China tensions over advanced technology.

January 31, 2025

LG Electronics showcases technologies to consul generals from 11 countries

SEOUL, January 31 (AJP) - LG Electronics showcased its latest technologies to consul generals from 11 countries at its North American headquarters in Englewood Cliffs, New Jersey, on Thursday, the firm said Friday. The diplomatic delegation, coordinated with the Korean Consulate General in New York, included representatives from Canada, Finland, Georgia, Japan, Pakistan, Poland, Switzerland, Thailand, the Philippines, and Türkiye. The visitors met with Thomas Jung, LG Electro

January 31, 2025

Samsung Electronics posts lower-than-expected Q4 profit

SEOUL, January 31 (AJP) - Samsung Electronics reported fourth-quarter operating profit of 6.49 trillion won ($4.87 billion), falling 15 percent short of market expectations as its key semiconductor business showed weaker-than-anticipated performance despite higher sales of premium memory chips. The world's largest memory chip maker posted revenue of 75.79 trillion won ($52.6 billion) in the fourth quarter, down 4 percent from the previous quarter. Its semiconductor division re

January 31, 2025

South Korea surpasses Japan in number of Starbucks stores

SEOUL, January 30 (AJP) - Despite a population less than half the size of Japan's, South Korea now has more Starbucks locations than its neighbor for the first time. According to Starbucks' global website on Thursday, South Korea had 2,009 Starbucks stores as of the end of last year, surpassing Japan by 18 locations. Although South Korea has a population of 52 million compared to Japan’s 125 million, it now ranks third globally in Starbucks store count, behind only t

January 30, 2025

Fire forces emergency evacuation from Air Busan plane

SEOUL, January 28 (AJP) - A fire broke out in the tail section of a passenger aircraft at Gimhae International Airport in Busan late Tuesday, forcing 176 people to evacuate and leaving two with minor injuries, officials said. The blaze was reported at 10:26 p.m. on an Air Busan Airbus A321 preparing for a flight to Hong Kong. Fire officials said all 169 passengers and seven crew members escaped via emergency slides while flames spread toward the fuselage. Firefighters extingu

January 28, 2025

Samsung, SK hynix face new pressures as DeepSeek disrupts AI chip market

SEOUL, January 28 (AJP) - South Korean semiconductor giants SK hynix and Samsung Electronics are facing new market pressures after Chinese artificial intelligence startup DeepSeek demonstrated its ability to build advanced AI systems using fewer, low-cost chips, potentially disrupting the lucrative high-end memory market. Industry analysts predict both companies will encounter short-term challenges in their AI-focused memory chip businesses, particularly in the high-bandwidth memo

January 28, 2025

Ham Young-joo nominated for second term as Hana Financial Group chairman

SEOUL, January 27 (AJP) - Hana Financial Group Chairman Ham Young-joo, 69, has been nominated Monday to serve a second term as the head of South Korea's major financial group. The company’s board held a Chairman Nomination Committee meeting on Monday and announced Ham as the sole candidate for the position. Ham has served as chairman since March 2022, completing a three-year term marked by his cautious approach to mergers and acquisitions and a focus on stability in th

January 27, 2025

Kia defies 'EV chasm' to report record annual revenue, operating profit

SEOUL, January 24 (AJP) - Kia Corp. achieved its highest-ever annual revenue and operating profit in 2024, surpassing 100 trillion won ($69.8 billion) in sales for the first time in its history, the company announced Friday. The automaker posted an operating profit of 12.67 trillion won, a 9.1 percent increase from the previous year, while revenue climbed 7.7 percent to 107.45 trillion won. Net profit surged 11.5 percent to 9.79 trillion won, driven by robust demand in North America

January 24, 2025