Korean food firms see surge in revenue thanks to strong overseas sales

SEOUL, January 9 (AJP) - More than 10 South Korean food manufacturers surpassed 3 trillion won ($2.05 billion) in annual revenue in 2024, driven by strong overseas demand for Korean beverages, snacks, and tofu products. According to data from financial analysis firm FnGuide released Thursday, Lotte Chilsung Beverage is projected to lead the pack with 4.07 trillion won in revenue, a 26.4 percent increase from the previous year. Other major players exceeding 4 trillion won include CJ

January 9, 2025

[CES 2025] SK hynix's memory development outpacing Nvidia's demands, Chey says

LAS VEGAS, January 8 (AJP) - SK hynix's development of high-bandwidth memory (HBM) chips is now advancing faster than Nvidia's requirements, SK Group Chairman Chey Tae-won said. He made the remark on Wednesday after meeting with Nvidia CEO Jensen Huang during CES in Las Vegas. "Previously, SK hynix's development pace lagged slightly behind Nvidia's, and they were asking us to speed up our development. But recently, it could be said that our development spee

January 9, 2025

South Korea, Pakistan begin economic partnership talks

SEOUL, January 9 (AJP) - South Korea and Pakistan officially launched negotiations for an Economic Partnership Agreement (EPA) on Thursday, marking a significant step in Seoul's efforts to expand its trade footprint in Southwest Asia. The EPA, a broader agreement than a traditional free trade deal, aims to deepen economic ties between the two nations. Pakistan, with its strategic location bordering China and India, is seen as a crucial market in the evolving Asian economic lands

January 9, 2025

Toyota Motor charts bold path toward sustainability amid fierce competition

Editor's Note: This article is the second installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, January 7 (AJP) - Japan's Toyota Motor Corp., the world’s largest automaker, is doubling down on its commitment to sustainable mobility as it faces mounting pressure from rivals and rapid shifts in the global auto industry. The Japanese automotive gian

January 9, 2025

[CES 2025] South Korean business leaders explore AI innovation, global partnership

LAS VEGAS, January 7 (AJP) - South Korean business leaders converged at CES 2025 on Tuesday to explore cutting-edge AI technologies and strengthen partnerships with global tech giants. SK Group Chairman Chey Tae-won, Lotte Corp. Vice President Shin Yoo-yeol, SK Telecom CEO Yoo Young-sang and LG Innotek CEO Moon Hyuk-soo are attending the world's largest electronics show in Las Vegas from Tuesday to Friday. Chey is expected to meet Nvidia CEO Jensen Huang on Wednesday to discu

January 8, 2025

[CES 2025] Samkoo INC chairman emphasizes people-centric corporate culture

LAS VEGAS, January 7 (AJP) - Koo Ja-kwan, chairman of the Korean consignment management company Samkoo INC, underscored the importance of a people-centric corporate culture in driving innovation during an interview with Aju Business Daily at CES 2025. Koo, who received the first Aju Innovation Leader Grand Award on Tuesday, attributed the recognition to the company's sustainable management practices and its innovative endeavors. "Creating an environment where employees c

January 8, 2025

Genesis defies market slump with strong sales growth

SEOUL, January 8 (AJP) - Genesis, the luxury arm of Hyundai Motor Group, bucked a broader market downturn with robust sales growth in both its domestic and U.S. markets in 2024. The company sold 130,674 vehicles in South Korea, a 3.2 percent increase from 2023, according to data released by Hyundai Motor Group on Tuesday. This marks the second-best annual performance for Genesis, trailing only the record 138,757 units sold in 2021. This performance stands in stark contrast to Hyu

January 8, 2025

[CES 2025] Nvidia's Jensen Huang urges Samsung to redesign HBM chips at CES 2025

LAS VEGAS, January 7 (AJP) - Nvidia CEO Jensen Huang has called on Samsung Electronics to redesign its HBM (High Bandwidth Memory) chips during a press conference in Las Vegas, coinciding with CES 2025. While SK hynix supplies HBM to Nvidia, Samsung is undergoing tests to secure its supplier position. "has to engineer a new design, but they can do it, and they are working very fast," Huang said on Tuesday. "Samsung actually created the first HBM that Nv

January 8, 2025

Hyundai Motor Group considers constructing steel plant in US

SEOUL, January 8 (AJP) - Hyundai Motor Group is considering building its first overseas steel mill in the United States, as the company seeks to navigate potential trade barriers under the incoming Donald Trump administration, according to industry sources on Wednesday. The South Korean conglomerate is examining several locations, including Georgia, where it currently operates automotive manufacturing facilities, for the construction of a steel plant through its subsidiary, Hyundai

January 8, 2025

Samsung Electronics reports disappointing fourth-quarter earnings amid tech slowdown

SEOUL, January 08 (AJP) - Samsung Electronics reported an operating profit of 6.5 trillion won ($5.4 billion) for the fourth quarter of 2024, falling significantly short of market expectations despite a year-over-year increase of 130.5 percent. The earnings, disclosed in a preliminary report on Wednesday, marked a 29.2 percent decline from the previous quarter’s 9.2 trillion won profit and fell 15.7 percent below the market consensus of 7.7 trillion won. Analysts had init

January 8, 2025