Business leaders pay respects to Jeju Air crash victims

SEOUL, December 31 (AJP) - South Korea's corporate leaders joined the nation in mourning on Tuesday, visiting memorial altars to honor the 179 victims of Sunday's Jeju Air crash, the country’s deadliest aviation disaster in over two decades. Sohn Kyung-shik, chairman of the Korea Enterprises Federation, visited a memorial altar in front of Seoul City Hall, offering condolences to the bereaved families. Yoon Jin-sik, president of the Korea International Trade Associa

December 31, 2024

Korean shipbuilding workforce grows for first time in 8 years

SEOUL, December 31 (AJP) - South Korea’s shipbuilding industry saw its technical workforce grow by 0.8 percent in 2023, breaking an eight-year streak of declines, according to a government report released Tuesday. The Ministry of Trade, Industry and Energy's annual workforce survey reported that the nation's industrial technology workforce totaled approximately 1.72 million in 2023, reflecting a modest 1 percent increase from the previous year. The survey, conducted

December 31, 2024

Global DRAM prices expected to decline further next year

SEOUL, December 31 (AJP) - Global DRAM price declines will be limited to 0-5 percent next quarter when including high-bandwidth memory (HBM) products, market researcher TrendForce reported, citing seasonal weakness and cautious buying strategies ahead of the new U.S. administration. Server DDR5 DRAM prices are projected to fall 3-8 percent in the first quarter of 2025 reversing from a 3-8 percent increase in the fourth quarter. Server DDR4 prices are expected to see an even steepe

December 31, 2024

Regional airports in South Korea struggle with heavy operating losses

SEOUL, December 31 (AJP) - Four of South Korea’s regional airports, including Muan Airport, the site of a recent fatal Jeju Air crash, are operating under capital impairment, underscoring the financial challenges faced by the country’s smaller aviation hubs. Government data from the All Public Information In-One system revealed Tuesday that airports in Muan, Yeosu, Sacheon, and Wonju collectively reported negative capital of 32.9 billion won ($22.3 million) as of the end

December 31, 2024

Construction contracts surge on semiconductor facility projects

SEOUL, December 30 (AJP) - South Korea's construction contract value jumped 18 percent year-on-year to 53.7 trillion won ($41.3 billion) in the third quarter, driven largely by major semiconductor facility projects, the Ministry of Land, Infrastructure and Transport reported Monday. Civil engineering contracts soared 56.2 percent to 18.2 trillion won, while building construction increased 4.9 percent to 35.5 trillion won. Private sector contracts rose 21.1 percent to 41.7 tril

December 30, 2024

After 18 years of growth, Jeju Air confronts its worst disaster

SEOUL, December 30 (AJP) - Jeju Air, South Korea's largest low-cost carrier (LCC) involved in Sunday's fatal crash at Muan Airport, was established in 2005 as a joint venture between AK Holdings and Jeju Special Self-Governing Province, marking nearly two decades of operations before its first major accident. The airline, which became the first Korean budget carrier to operate international routes in 2009 and list on the stock market in 2015, operates 42 aircraft serving 5

December 30, 2024

Korea narrows export gap with Japan to record low

SEOUL, December 30 (AJP) - South Korea’s export gap with Japan has narrowed to an unprecedented $20.2 billion in the first 11 months of 2024, as the country climbed to sixth place in global export rankings, government data revealed Monday. The Korea International Trade Association reported that South Korea’s exports totaled $622.4 billion from January to November, compared to Japan’s $642.6 billion. The gap is the smallest since the staggering differences seen in t

December 30, 2024

Special inspections underway on Boeing 737-800s after plane crash

SEOUL, December 30 (AJP) - The Ministry of Land, Infrastructure, and Transport said Monday it has launched special inspections of all Boeing 737-800 aircraft operated by domestic airlines, following the tragic Jeju Air crash at Muan International Airport that left 179 people dead. During a press briefing at the Government Complex in Sejong, Joo Jong-wan, head of the ministry’s Aviation Policy Office, said the government is prioritizing a thorough review of maintenance system

December 30, 2024

Korea eyes export boom to Philippines as bilateral FTA takes effect

SEOUL, December 30 (AJP) - South Korea is gearing up for a boost in exports to the Philippines, especially in automobiles and auto parts, as a bilateral Free Trade Agreement (FTA) comes into force on Dec. 31. The deal is set to open up new opportunities for South Korean businesses in one of Southeast Asia’s most dynamic economies, according to a report released Monday by the Korea Trade-Investment Promotion Agency (KOTRA). The Philippines, South Korea's 15th-largest tra

December 30, 2024

Business sentiment in South Korea hits lowest since pandemic peak

SEOUL, December 27 (AJP) - South Korean business sentiment fell to its lowest level since September 2020, with the Business Survey Index (BSI) dropping 4.5 points to 87.0 in December amid political uncertainty and currency volatility, the Bank of Korea reported Friday. The manufacturing sector index fell 3.7 points on deteriorating business conditions and funding difficulties, while the service sector dropped 5 points due to worsening profitability and financial conditions. The

December 27, 2024