Weak won, rising oil prices push import costs higher

SEOUL, January 15 (AJP) - South Korea's import prices climbed for the third consecutive month in December, driven by a weaker Korean currency and higher global oil prices, the Bank of Korea (BOK) said Wednesday. The import price index, which measures the costs of goods purchased overseas in won terms, rose 2.4 percent to 142.14 in December from 138.80 a month earlier. This marks a 7 percent increase over the past year. The Korean won weakened about 2.9 percent against the dol

January 15, 2025

Korea's imported car market shrinks for second straight year

SEOUL, January 15 (AJP) - South Korea's imported car market contracted for the second year in a row in 2024, marking the first such downturn since the Asian financial crisis in the late 1990s, according to data released Wednesday by the Korea Automobile Importers and Distributors Association (KAIDA). New registrations of imported passenger vehicles fell 2.9 percent to 263,288 units in 2024, down from 271,034 units the previous year. This follows a 4.4 percent decline in 2023.

January 15, 2025

Silicon Valley hosts Korean entrepreneurs for startup summit

REDWOOD CITY, January 13 (AJP) - The United Korean Founders (UKF) 82 Startup Summit brought together over 1,100 Korean entrepreneurs from around the globe in Silicon Valley on Jan. 10. The summit, one of the largest overseas Korean startup communities, highlighted the crucial role of innovation in driving Korea's economic growth. "Korean startups are not just thriving. They are becoming a source of hope and pride, achieving significant milestones in Silicon Valley,&quo

January 14, 2025

Dried seaweed prices double on soaring global demand

SEOUL, January 14 (AJP) - The price of dried seaweed in South Korea nearly doubled in 2024 compared to the previous year, driven by surging global demand and robust exports, according to the National Federation of Fisheries Cooperatives on Tuesday. Data from 214 fisheries auction houses nationwide revealed a 4 percent increase in the trading volume of dried seaweed, known locally as "gim," to 536,000 tons in 2024. However, the trading value skyrocketed by 88 percent to

January 14, 2025

Individuals will be granted rights to remove deepfake content

SEOUL, January 14 (AJP) - The Personal Information Protection Commission (PIPC) said Tuesday it will introduce new legislation empowering individuals to demand the removal of deepfake content that misuses their personal data. This move is a part of the commission's efforts to foster a secure AI ecosystem while strengthening data privacy safeguards. Under the proposed legislation, individuals whose images or voices have been synthesized without their consent will have the lega

January 14, 2025

Samsung Biologics lands record $1.4 billion contract

SEOUL, January 14 (AJP) - Samsung Biologics announced Tuesday it has secured a 2.07 trillion won ($1.4 billion) manufacturing contract with a European pharmaceutical company, its largest deal to date. The multi-year agreement, spanning until December 2030, accounts for roughly 40 percent of the company's total manufacturing orders secured in 2024, which reached 5.4 trillion won. This also surpasses the previous record of a 1.7 trillion won contract signed with an Asian pharma

January 14, 2025

BOK downplays concerns of inflation from possible extra budget

SEOUL, January 14 (AJP) - The Bank of Korea (BOK) has signaled its support for increased government spending to counter a slowing economy, downplaying concerns about inflationary pressures. In a written response to a National Assembly inquiry, the central bank stated that "the possibility of extra budget spending stimulating inflation is considered low, given the current economic circumstances." This stance comes as South Korea's economy faces headwinds following th

January 14, 2025

BOK's post-martial law liquidity supply outpaces pandemic measures

SEOUL, January 13 (AJP) - The Bank of Korea (BOK) injected 47.6 trillion won ($32.3 billion) in repurchase agreements (RPs) last December, a liquidity infusion surpassing its total pandemic-era support. RPs, the central bank’s monetary policy toolkit, are used to supply short-term liquidity to financial institutions by purchasing bonds with agreements to resell them at a later date. This intervention in December brought the BOK’s RP purchases for 2024 to an unpreced

January 13, 2025

Korean firms ramp up US investments amid policy uncertainty

SEOUL, January 13 (AJP) - Major South Korean companies are committing to substantial investments in the United States, signaling strategic moves to align with shifting trade and economic policies under a second Trump administration. On Nov. 13, CJ Group broke ground on a $540 million Asian food manufacturing plant in South Dakota, a day after Governor Kristi Noem was tapped as the nominee for homeland security secretary by President-elect Donald Trump. SPC Group followed suit o

January 13, 2025

Soaring interest margins lead to big rewards for employees at Korean banks

SEOUL, January 13 (AJP) - South Korea's major banks are set to increase wages and performance bonuses for their employees, despite facing economic headwinds and mounting public criticism over their profitability. The five largest banks – Kookmin, Shinhan, Hana, Woori, and Nonghyup – have agreed to raise base salaries by 2.8 percent, up from 2 percent in 2024, according to banking industry sources on Monday. Shinhan and Hana banks have allocated performance bonuses

January 13, 2025