IKEA cancels plans to build major logistics center near Seoul

SEOUL, December 17 (AJP) - IKEA Korea has decided to cancel its plans to build Asia's largest integrated logistics center in Pyeongtaek, south of Seoul. According to a regulatory filing on Tuesday, the company has abandoned its plans to build a logistics hub in the Poseung district of the city. The company will also sell the land, which spans 102,000 square meters and is valued at about 55.5 billion won ($38.6 million). IKEA Korea explained the decision was due to changes in

December 17, 2024

Number of foreign workers in South Korea tops 1 million for first time

SEOUL, December 17 (AJP) - The number of foreign workers in South Korea surpassed 1 million for the first time this year, with many concentrated in mining and manufacturing jobs, according to government data released Tuesday. The Statistics Korea report showed that as of May, the resident foreign population aged 15 and older totaled 1.561 million, a 9.1 percent increase from a year earlier. Among them, 1.01 million were employed, up 9.4 percent year-on-year. The steady rise in fo

December 17, 2024

'Buldak' maker Samyang to establish plant in China

SEOUL, December 17 (AJP) - Samyang Foods, known for its "Buldak" spicy chicken-flavored instant noodles, is set to establish its plant in China. The Korean food maker announced on Monday its plans to establish its production subsidiary and first overseas plant in China. The Chinese subsidiary will be set up through its Singaporean branch, Samyang Singapore Pte. Ltd. Samyang Foods disclosed an investment plan of about 64.7 billion won (US$45 million) for the Singaporean

December 17, 2024

South Korean conglomerates make record investment in battery sector

SEOUL, December 17 (AJP) - South Korean conglomerates have made the largest equity investments in secondary battery companies in the past three years, according to data from a corporate analysis firm on Tuesday. According to a report by Leaders Index, 354 of the top 500 conglomerates by revenue have acquired a total of 1,368 equities, with investments amounting to 12.8 trillion won (US$8.9 billion). Secondary battery investments accounted for 4.7 trillion won, or 36.7 percent of

December 17, 2024

South Korea faces growing semiconductor competition from regional rivals

SEOUL, December 16 (AJP) - South Korea’s semiconductor industry is confronting intensifying competition from regional players like Taiwan, Singapore, and Malaysia as global powers race to dominate the burgeoning artificial intelligence chip market, according to a recent report by the Korea Trade-Investment Promotion Agency (KOTRA). The report, which analyzed export competition trends from 2019 through the third quarter of 2024, found that China remains South Korea’s cl

December 16, 2024

Impeachment sparks debate over extra budget

SEOUL, December 16 (AJP) - South Korea’s central bank has called for parliamentary discussion for approval of a supplementary budget as the government convenes emergency meetings to address economic concerns following the impeachment of President Yoon Suk Yeol. In a report released Sunday, the Bank of Korea stressed the importance of bipartisan cooperation to mitigate economic uncertainties exacerbated by domestic political instability and global market volatility. “T

December 16, 2024

S. Korean government pledges swift action to stabilize financial markets

SEOUL, December 16 (AJP) - The South Korean government vowed on Monday to accelerate key economic policies aimed at bolstering financial markets, which have shown signs of stabilization following the impeachment of President Yoon Suk Yeol on Dec. 14. Finance Minister Choi Sang-mok addressed the nation’s top financial officials during an emergency meeting that included Bank of Korea Governor Rhee Chang-yong. These meetings, held daily since the economic turmoil triggered by Y

December 16, 2024

Korea Zinc claims MBK Partners violated confidentiality agreement

SEOUL, December 16 (AJP) - Korea Zinc has filed a complaint to the Financial Supervisory Service (FSS) against private equity firm MBK Partners, alleging violations of a non-disclosure agreement (NDA) in a potential hostile takeover attempt. The complaint centers on accusations that MBK Partners misused confidential information from a 112-page consulting document about Korea Zinc's "Troika Drive" strategy and corporate value forecasts, which was provided during an inve

December 16, 2024

Key industrial plans falter amid presidential impeachment

SEOUL, December 14 (AJP) -- The South Korean government's key industrial policies under President Yoon Suk Yeol have hit a critical roadblock following his impeachment by the National Assembly on Saturday. Lawmakers voted to impeach Yoon following 10 days of political turmoil triggered by his short-lived declaration of martial law last week. Yoon's powers were suspended, with Prime Minister Han Duck-soo taking over as acting president. The suspension threatens his signatu

December 14, 2024

Samsung, Google set to release XR headset, challenging Apple, Meta

SEOUL, December 13 (AJP) - Samsung Electronics, Google and Qualcomm are set to debut a collaborative extended reality (XR) headset next year, signaling their entry into a market currently dominated by Apple’s Vision Pro and Meta’s Quest. The device, codenamed “Project Moohan,” will integrate Samsung’s hardware, Google’s Android XR operating system and Qualcomm’s chip technology. The envisioned headset will offer users access to popular

December 13, 2024