Sliding won pushes import costs higher for South Korea

SEOUL, December 13 (AJP) - South Korea's import prices rose 1.1 percent in November compared to October, marking the second consecutive monthly increase, as the weak won offset falling global oil prices, a preliminary central bank data showed on Friday. The import price index, which measures the costs of goods purchased overseas in won terms, stood at 139.03 in November, up 1.1 percent from 137.55 in October, according to the Bank of Korea (BOK). The central bank added that the

December 13, 2024

Korean tech giants to showcase AI innovations at CES 2025

SEOUL, December 13 (AJP) - Samsung Electronics, SK Group, and LG Electronics will showcase their latest artificial intelligence technologies at CES 2025, set to take place in Las Vegas from Jan. 7 to 10. Samsung Electronics, occupying the largest exhibition space of 3,368 square meters, will present its "AI for All: Everyday, Everywhere" strategy, focusing on AI integration across its TV, home appliance, and smartphone lineup. The company's Device Experience Division

December 13, 2024

'Yoon's impeachment is key to economic stability'

SEOUL, December 13 (AJP) - Governor Lee Bok-hyun of the Financial Supervisory Service (FSS) underscored the importance of resolving economic uncertainty through the impeachment proceedings against President Yoon Suk Yeol, framing it as a critical step for the nation’s financial health in the wake of the martial law controversy. Speaking to reporters on Thursday, Lee stressed that his remarks were not intended to take sides but rather to highlight the necessity of restoring sta

December 13, 2024

Gov't to unveil plan to bolster semiconductor, battery supply chains next week

SEOUL, December 12 (AJP) - South Korea’s government will unveil a three-year plan next week aimed at strengthening supply chain resilience for strategic industries like semiconductors and batteries. The initiative will focus on building up public stockpiles, expanding domestic production, and diversifying import sources. “Industrial competitiveness enhancement is an essential task that cannot be halted under any circumstances,” Deputy Prime Minister and Financ

December 12, 2024

Korea seeks measures to ensure smooth transition away from coal power

SEOUL, December 12 (AJP) - South Korea is accelerating its transition away from coal power, aiming to shut down 40 coal power plants by 2038 as part of its ambitious carbon neutrality goals. The move, while essential for environmental sustainability, is expected to have significant economic and social implications for regions heavily reliant on the coal industry. The Ministry of Trade, Industry, and Energy outlined its revised plan in 2024, reaffirming the closure of 28 coal powe

December 12, 2024

South Korea's petrochemical industry faces overhaul

SEOUL, December 12 (AJP) - South Korea's government is seeking sweeping measures to restructure its beleaguered petrochemical industry, which has been grappling with intense competition from China. The initiative, unveiled by Economy Minister Choi Sang-mok, aims to bolster the sector's competitiveness by easing regulations and providing financial incentives. The move comes as major domestic players like LG Chem, Lotte Chemical, and Hanwha Solution have reported significant l

December 12, 2024

Doosan Group halts restructuring plan amid market volatility

SEOUL, December 11 (AJP) - Doosan Group has halted its ambitious corporate restructuring plan, citing recent market volatility that has sent its stock prices plummeting. The conglomerate had intended to split Doosan Bobcat from Doosan Enerbility and fold it into a subsidiary of Doosan Robotics. The proposed reorganization aimed to streamline the group's portfolio into three main sectors: clean energy (Doosan Enerbility, Doosan Fuel Cell), smart machines (Doosan Robotics, Doosa

December 11, 2024

East Sea gas exploration project may drift due to lack of budget

SEOUL, December 11 (AJP) - South Korea's controversial East Sea gas exploration project, known as the "Blue Whale," is facing a significant setback after the opposition-controlled National Assembly slashed its entire 49.7 billion won (US$34.7 million) budget for next year. The move comes amid heightened political tensions following President Yoon Suk Yeol's declaration of martial law on Dec. 3. The main opposition Democratic Party, which currently controls the N

December 11, 2024

Korean top firms lag behind global peers in market value, profits

SEOUL, December 11 (AJP) - South Korea's top 10 companies by market capitalization have experienced a significant decline in value, losing 12.7 percent to 735.4 trillion won ($564 billion) since 2020. This stands in stark contrast to their counterparts in the United States, Japan, and Taiwan, which have seen gains ranging from 53 to 107 percent during the same period, according to CEO Score research institute. The performance of South Korean companies has been particularly dis

December 11, 2024

Investors turning to gold in South Korea amid political crisis

SEOUL, December 11 (AJP) - Gold prices in South Korea surged 1.3 percent on Wednesday, reaching 468,488 won (US$327.38) per don (3.75 grams) on the Korea Exchange. The spike was fueled by political turmoil, which has driven investors to seek safe-haven assets. The demand for gold has been evident in the surge of trading accounts. NH Investment & Securities Co. reported a dramatic increase of 1,622 new accounts opened in the first week of December alone, coinciding with the recen

December 11, 2024