Industry

  • South Korea posts current account surplus for 23rd straight month
    South Korea posts current account surplus for 23rd straight month SEOUL, May 9 (AJP) - South Korea continued its current account surplus streak for the 23rd straight month, the Bank of Korea (BOK) said on Friday. According to preliminary data compiled by the central bank, the surplus reached around US$9.14 billion in March, up $2 billion from the previous month. Exports of goods rose slightly from a year earlier to around $59.31 billion, backed by a recovery in shipments of semiconductors and computer-related devices. Imports also went up more May 9, 2025
  • BYDs compact SUVs top imported EV sales, but why are they hardly seen on the streets?
    BYD's compact SUVs top imported EV sales, but why are they hardly seen on the streets? SEOUL, May 9 (AJP) - Chinese automaker BYD's Atto 3 has overtaken Tesla to become the best-selling model in the domestic imported electric vehicle market, according to data released by the Korea Automobile Importers and Distributors Association earlier this week. Some 543 units of the compact SUV were sold last month, narrowly surpassing the Tesla Model Y Long Range, which sold 533 units, followed by other Tesla models. Despite the feat, many motorists are baffled, as the veh May 9, 2025
  • Naver posts mixed earnings results for 1st quarter
    Naver posts mixed earnings results for 1st quarter SEOUL, May 9 (AJP) - Naver posted robust first-quarter sales while its net profit fell, according to figures released by the South Korea's largest portal on Friday. Sales for the first three months of this year reached 2.79 trillion won (US$1.99 billion), up 10.3 percent from the same period last year, backed by steady growth across its diverse business sectors despite intensifying competition and challenges in emerging technologies including artificial intelligence (AI). Ope May 9, 2025
  • Rising demand for data centers reshapes global real estate market, research reveals
    Rising demand for data centers reshapes global real estate market, research reveals SEOUL, May 9 (AJP) - A surge in global demand for data centers is significantly influencing the dynamics of the real estate market around the world, according to a recent analysis by Cushman & Wakefield. The global commercial real estate services firm compared data centers worldwide and found that development pipelines have reached historic levels this year, with North and South America driving market growth. Virginia stands at the forefront with ongoing development exceeding May 9, 2025
  • Riding tailwind of LNG Carriers, South Korea sets sights on lucrative next-generation liquid hydrogen carriers
    Riding tailwind of LNG Carriers, South Korea sets sights on lucrative next-generation liquid hydrogen carriers SEOUL, May 9 (AJP) - Riding tailwind of LNG carrier sales, South Korea eyes lucrative next-generation liquid hydrogen carriers Amid heated competition with China for market dominance in global shipbuilding, South Korea is intensifying concerted efforts to develop liquid hydrogen carriers as the next lucrative frontier for the industry. The Ministry of Trade, Industry and Energy said on Friday that it has formed a task force for the development of liquid hydrogen carriers. Liqu May 9, 2025
  • Lotte Cinema, Megabox agree to merge, challenging CGV
    Lotte Cinema, Megabox agree to merge, challenging CGV SEOUL, May 8 (AJP) - South Korea’s second- and third-largest cinema operators, Lotte Cinema and Megabox JoongAng, have agreed to merge, forming a formidable new entity poised to reshape the nation’s film exhibition landscape. JoongAng Holdings, the parent company of Megabox, announced on Thursday that it had signed a memorandum of understanding (MOU) with Lotte Group to combine their film-related subsidiaries: Megabox JoongAng and Lotte Cultureworks, which oversees Lotte May 8, 2025
  • Korea to launch QR-based cross-border payment system, starting with Indonesia
    Korea to launch QR-based cross-border payment system, starting with Indonesia SEOUL, May 08 (AJP) - The Korea Financial Telecommunications and Clearings Institute (KFTC) will establish a digital hub for cross-border retail payments using QR codes, with a pilot launch slated for Indonesia by year’s end. Speaking at the annual meeting of the Asian Development Bank in Milan, KFTC President Park Jong-seok said the new system is designed to facilitate mobile-based transactions across borders, allowing consumers to make payments or withdraw local currency a May 8, 2025
  • Korea, Czech deepen nuclear, tech ties despite court ruling delaying major deal
    Korea, Czech deepen nuclear, tech ties despite court ruling delaying major deal SEOUL, May 8 (AJP) - South Korea and the Czech Republic have signed a suite of bilateral agreements aimed at strengthening cooperation in nuclear energy and advanced technology sectors, even as a key contract for the construction of nuclear reactors was postponed by a Czech court ruling. In a two-day diplomatic visit led by South Korean Minister of Trade, Industry and Energy Ahn Duk-geun, the two countries signed 14 MOUs and cooperation agreements, underscoring a shared commitment May 8, 2025
  • Lee Jae-myung courts business leaders, pledging support for growth
    Lee Jae-myung courts business leaders, pledging support for growth SEOUL, May 8 (AJP) - Lee Jae-myung, the Democratic Party’s presidential candidate, met Thursday with leaders of South Korea’s major business groups, stressing the central role of the private sector in reviving the nation’s faltering economy. “Companies are at the center of economic revival,” Lee told a gathering at the Korea Chamber of Commerce and Industry in Seoul, which included the heads of five influential business federations. “The era wh May 8, 2025
  • KEPCO, KHNP head to international arbitration over UAE nuclear project
    KEPCO, KHNP head to international arbitration over UAE nuclear project SEOUL, May 08 (AJP) - Korea Hydro & Nuclear Power (KHNP) has filed for international arbitration against its parent company, Korea Electric Power Corporation (KEPCO), over a protracted dispute involving more than $1 billion in unsettled construction costs tied to South Korea’s landmark nuclear power project in the United Arab Emirates. According to the KHNP, it has brought the case to the London Court of International Arbitration, citing unresolved payments related to th May 8, 2025