BOK cuts 2025 growth forecast, citing negative impact from martial law

SEOUL, January 21 (AJP) - South Korea’s central bank has revised its 2025 economic growth forecast downward to a range of 1.6 to 1.7 percent from an earlier estimate of 1.9 percent. The Bank of Korea (BOK) attributed the adjustment to heightened political uncertainty and a slump in consumer confidence following December’s martial law declaration and the deadly Jeju Air incident. In a statement released Monday, the BOK indicated that growth in the fourth quarter of 2

January 21, 2025

Hyundai Motor's three EVs lose US tax credits

SEOUL, January 21 (AJP) - Hyundai Motor has lost eligibility for U.S. federal tax credits on three of its electric vehicle models. The U.S. Department of Energy’s latest federal tax credit list no longer includes Hyundai’s Ioniq 5, Ioniq 9, and Genesis GV70 electric models. Earlier this month, all five models from Hyundai Motor had been eligible for the $7,500 tax credit. Sister company Kia’s EV6 and EV9 models remain on the list of 23 electric and plug-in hybri

January 21, 2025

Lotte Card faces uncertain prospects in second sale attempt

SEOUL, January 20 (AJP) - The owner of South Korea’s Lotte Card is making a renewed effort to sell the company, distributing teaser letters to potential buyers amid skepticism about whether major financial groups will step up to make a bid. Industry insiders suggest the success of the sale hinges on participation from leading financial players like KB Financial Group and Hana Financial Group. However, both companies have demonstrated a cautious approach to mergers and acquisit

January 20, 2025

Korean companies see opportunities, risks under Trump

SEOUL, January 20 (AJP) - Korean conglomerates are bracing for a reshaped global business environment as Donald Trump takes office as the 47th president of the United States on Monday. The ripple effects of his return to the White House are expected to touch industries ranging from semiconductors to automotive manufacturing, batteries, shipbuilding, and oil refining. Korean companies are adopting a cautious yet proactive approach as they navigate the shifting U.S.-South Korea b

January 20, 2025

Korean petrochemical firms seek $1.37 billion by issuing bonds

SEOUL, January 20 (AJP) - South Korea’s leading petrochemical companies are turning to corporate bonds in a bid to raise approximately 2 trillion won ($1.37 billion) in early 2025, as the industry struggles against intensifying competition from China and the Middle East. The combined operating profit of South Korea’s top four petrochemical firms — LG Chem, Lotte Chemical, Hanwha Solutions, and Kumho Petrochemical — plunged to 237.7 billion won in 2024, a stag

January 20, 2025

Rising costs push food, beverage companies to raise prices

SEOUL, January 20 (AJP) - Food and beverage companies are responding to soaring raw material costs with a wave of price increases across popular products, creating fresh challenges for consumers already grappling with rising inflation. Paul Bassett, a premium coffee chain, announced a 3.4 percent price hike on 28 menu items, effective Jan. 23. Dong-A Pharmaceutical plans to raise the price of its Bacchus energy drinks by as much as 11.1 percent in March. Similarly, Dongah Otsuk

January 20, 2025

Opinion: Era of high-performance computing – how are data centers evolving?

SEOUL, January 20 (AJP) - The data center sector remains in strong growth mode with robust cloud demand and the rise of AI. Cloud growth characterized the spike of data center growth in recent years, however moving later into the decade, it is forecast AI revenue to grow exponentially alongside cloud to drive the sector forward. The rise of generative AI has had a major impact on the sector, resulting in several data center players reevaluating their data center developm

January 20, 2025

South Korea braces for Trump's 2nd term amid tariff threats, political chaos, weakening won

SEOUL, January 20 (AJP) - As Donald Trump begins his second term as U.S. president on Monday, South Korea braces for a wave of economic uncertainty, compounded by an ongoing domestic leadership vacuum. Trump has vowed sweeping protectionist measures, including the establishment of an "External Revenue Service" to impose universal tariffs of 10 to 20 percent on imports and punitive tariffs of up to 60 percent on Chinese goods. These actions threaten to disrupt South Korea&r

January 20, 2025

HD Hyundai Construction Equipment wins excavator order from Philippines

SEOUL, January 19 (AJP) - South Korea's HD Hyundai Construction Equipment announced Sunday that it has won a bid to supply medium-sized excavators for flood prevention work in the Philippines. The equipment will be used in flood control efforts on the Labangan River on Mindoro, an island in the central Philippines. The island frequently faces flooding and river overflow issues due to heavy rainfall. It is scheduled to be delivered to the Philippines Department of Public Works a

January 19, 2025

Ediya Coffee expands into Southeast Asia

SEOUL, January 18 (AJP) -- South Korea's Ediya Coffee has partnered with Laos' largest private company, Kolao Group, to expand into Southeast Asian markets. The coffee chain signed a master franchise agreement Thursday with Grandview Property, a Kolao affiliate, to enter Laos, Cambodia and Myanmar. Ediya Chairman Moon Chang-ki and Kolao Chairman Oh Se-young attended the signing at Kolao's headquarters in Vientiane. The company plans to open its first Laos store by

January 18, 2025