Industry

  • Weak won fuels inflation fears as import costs rise
    Weak won fuels inflation fears as import costs rise SEOUL, March 17 (AJP) - The value of the South Korean currency remains weak, raising concerns over potential inflationary effects despite broader trends of price stabilization. Economists warn that the prolonged depreciation of the won could push consumer prices higher in the latter half of the year, even as year-over-year inflation eased to 2.0 percent in February from 2.2 percent in January, according to data released Monday by Statistics Korea. Core inflation, which excludes v March 17, 2025
  • US imports eggs from S. Korea for first time to help relieve severe domestic shortage
    US imports eggs from S. Korea for first time to help relieve severe domestic shortage SEOUL, March 14 (AJP) - South Korea has begun exporting eggs to the United States for the first time, as a severe shortage drives American consumers to pay record prices, sometimes exceeding $10 a dozen. Gyerim Farm, an agricultural company based in Ansan, shipped 20 tons of eggs, or 335,160 individual eggs, to Georgia on March 7, marking a historic first in trade relations between the two countries, local officials said. The United States, grappling with an egg shortage that h March 14, 2025
  • Gold prices soar to record high on trade war concerns
    Gold prices soar to record high on trade war concerns SEOUL, March 14 (AJP) - International gold prices breached the threshold of $3,000 per troy ounce on Friday, propelled by escalating trade tensions and investor anxiety stemming from the policies of the Trump administration. April gold futures on the New York Mercantile Exchange reached $3,000.5 per troy ounce as of 10:30 a.m. on Friday, a 0.31 percent increase from the previous session. Spot gold, meanwhile, had climbed 2.73 percent in the preceding five trading days, closing at $2 March 14, 2025
  • Korean banks report record profits
    Korean banks report record profits SEOUL, March 14 (AJP) - South Korean banks posted a record net profit of 22.4 trillion won ($16.5 billion) in 2024, a 5.5 percent increase from the previous year, according to data released on Friday by the Financial Supervisory Service (FSS). The regulator attributed the profit surge to a 3.1 trillion won reduction in loan-loss provisions, which offset expanded operating losses, including 1.4 trillion won in compensation costs tied to equity-linked securities. Interest income ros March 14, 2025
  • Korean automakers face high stakes as US tariffs reshape industry
    Korean automakers face high stakes as US tariffs reshape industry Editor's Note: This is the second in a series of stories examining how the Trump administration’s economic policies affect South Korea's key industries. From trade restrictions to shifting global supply chains, we explore the challenges businesses faced, how they adapted, and the lasting effects on the country’s economy. SEOUL, March 12 (AJP) - South Korean automakers are navigating a precarious juncture as President Donald Trump’s aggressive "friend-s March 14, 2025
  • HD Hyundai partners with Bill Gates TerraPower for nuclear reactor business
    HD Hyundai partners with Bill Gates' TerraPower for nuclear reactor business SEOUL, March 13 (AJP) - HD Hyundai Heavy Industries, a subsidiary of HD Hyundai, has signed an agreement with TerraPower, a U.S.-based small modular reactor (SMR) company, to enhance the manufacturing supply chain for sodium-cooled reactors, the company announced on Thursday. The signing ceremony was attended by Chung Ki-sun, vice chairman of HD Hyundai; Won Kwang-sik, head of HD Hyundai Heavy Industries’ Ocean Energy Business Division; Bill Gates, founder of TerraPower; and March 13, 2025
  • KT evolves from telecom company to global digital powerhouse
    KT evolves from telecom company to global digital powerhouse Editor's Note: This article is the 10th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 13 (AJP) - South Korean telecommunications company KT Corp. has undergone a remarkable transformation from a state-owned telephone company into a diversified digital platform player. As it expands across Asia and beyond, KT is navigating an increasingly co March 13, 2025
  • Homeplus extends discount promotions amid financial struggles
    Homeplus extends discount promotions amid financial struggles SEOUL, March 13 (AJP) - Homeplus is extending its discount promotions until the end of the month, a move widely seen as an effort to counter deteriorating asset efficiency and mounting liquidity pressures under the private equity ownership of MBK Partners. The retailer’s fixed asset turnover ratio dropped to 0.96 as of Feb. 29, 2024, falling below the critical 1.0 threshold, according to industry sources citing the latest sales results. The figure indicates that Homeplus is st March 13, 2025
  • Demand for smaller vehicles rises as women, older drivers shape market
    Demand for smaller vehicles rises as women, older drivers shape market SEOUL, March 13 (AJP) - The demand for small and medium-sized vehicles in South Korea is expected to climb as women and elderly drivers account for a growing share of the nation’s auto market, according to a report released Thursday by the Korea Automotive Research Institute. The report, titled “Population and Social Structure Changes and the Domestic Automobile Market,” highlights a significant shift in vehicle ownership patterns over the past decade. Between March 13, 2025
  • Koreans spend seven times more on short-form video than streaming services
    Koreans spend seven times more on short-form video than streaming services SEOUL, March 13 (AJP) - South Koreans are devoting significantly more time to short-form video platforms than to traditional streaming services, according to newly released data, underscoring a shift in media consumption habits. A report by market research firm Wiseapp Retail Goods, published Thursday, found that in February, the average user spent 48 hours and 73 minutes per month on short-form video applications such as YouTube, TikTok, and Instagram. In contrast, they spent on March 13, 2025