Industry

  • Lee Jae-myung meets bank CEOs, calls for increased support for small businesses
    Lee Jae-myung meets bank CEOs, calls for increased support for small businesses SEOUL, January 21 (AJP) - South Korea's opposition leader Lee Jae-myung convened a meeting with the heads of the country’s major banks on Tuesday, urging them to provide stronger financial support for small business owners and self-employed workers. The gathering drew criticism from Lee's political rivals, who questioned the appropriateness of the meeting, suggesting it could be an attempt to bolster his profile ahead of a potential presidential bid. Lee, widely reg January 21, 2025
  • Major Korean banks to shed over 2,000 jobs through early retirement programs
    Major Korean banks to shed over 2,000 jobs through early retirement programs SEOUL, January 21 (AJP) - South Korea's five largest banks are set to shed more than 2,000 jobs this year through voluntary retirement programs, a 20 percent increase from the 1,967 departures recorded in 2024, as they accelerate digital transformation and reduce physical branch networks. KB Kookmin has already approved 647 voluntary retirements as of Jan. 17, while Shinhan confirmed 541 departures - more than double the 234 recorded last year. Woori anticipates around 500 emp January 21, 2025
  • Trumps policy shift poses challenges for Korean industries
    Trump's policy shift poses challenges for Korean industries SEOUL, January 21 (AJP) - On his first day in office, Jan. 20, U.S. President Donald Trump unveiled sweeping policy changes, including a directive to reassess existing trade agreements and a plan to roll back electric vehicle (EV) mandates. The moves, analysts suggest, could have far-reaching implications for South Korea’s economy. In a memorandum titled America First Trade Policy, Trump instructed the United States Trade Representative (USTR) to review all existing trade a January 21, 2025
  • BOK cuts 2025 growth forecast, citing negative impact from martial law
    BOK cuts 2025 growth forecast, citing negative impact from martial law SEOUL, January 21 (AJP) - South Korea’s central bank has revised its 2025 economic growth forecast downward to a range of 1.6 to 1.7 percent from an earlier estimate of 1.9 percent. The Bank of Korea (BOK) attributed the adjustment to heightened political uncertainty and a slump in consumer confidence following December’s martial law declaration and the deadly Jeju Air incident. In a statement released Monday, the BOK indicated that growth in the fourth quarter of 2 January 21, 2025
  • Hyundai Motors three EVs lose US tax credits
    Hyundai Motor's three EVs lose US tax credits SEOUL, January 21 (AJP) - Hyundai Motor has lost eligibility for U.S. federal tax credits on three of its electric vehicle models. The U.S. Department of Energy’s latest federal tax credit list no longer includes Hyundai’s Ioniq 5, Ioniq 9, and Genesis GV70 electric models. Earlier this month, all five models from Hyundai Motor had been eligible for the $7,500 tax credit. Sister company Kia’s EV6 and EV9 models remain on the list of 23 electric and plug-in hybri January 21, 2025
  • Lotte Card faces uncertain prospects in second sale attempt
    Lotte Card faces uncertain prospects in second sale attempt SEOUL, January 20 (AJP) - The owner of South Korea’s Lotte Card is making a renewed effort to sell the company, distributing teaser letters to potential buyers amid skepticism about whether major financial groups will step up to make a bid. Industry insiders suggest the success of the sale hinges on participation from leading financial players like KB Financial Group and Hana Financial Group. However, both companies have demonstrated a cautious approach to mergers and acquisit January 20, 2025
  • Korean companies see opportunities, risks under Trump
    Korean companies see opportunities, risks under Trump SEOUL, January 20 (AJP) - Korean conglomerates are bracing for a reshaped global business environment as Donald Trump takes office as the 47th president of the United States on Monday. The ripple effects of his return to the White House are expected to touch industries ranging from semiconductors to automotive manufacturing, batteries, shipbuilding, and oil refining. Korean companies are adopting a cautious yet proactive approach as they navigate the shifting U.S.-South Korea b January 20, 2025
  • Korean petrochemical firms seek $1.37 billion by issuing bonds
    Korean petrochemical firms seek $1.37 billion by issuing bonds SEOUL, January 20 (AJP) - South Korea’s leading petrochemical companies are turning to corporate bonds in a bid to raise approximately 2 trillion won ($1.37 billion) in early 2025, as the industry struggles against intensifying competition from China and the Middle East. The combined operating profit of South Korea’s top four petrochemical firms — LG Chem, Lotte Chemical, Hanwha Solutions, and Kumho Petrochemical — plunged to 237.7 billion won in 2024, a stag January 20, 2025
  • Rising costs push food, beverage companies to raise prices
    Rising costs push food, beverage companies to raise prices SEOUL, January 20 (AJP) - Food and beverage companies are responding to soaring raw material costs with a wave of price increases across popular products, creating fresh challenges for consumers already grappling with rising inflation. Paul Bassett, a premium coffee chain, announced a 3.4 percent price hike on 28 menu items, effective Jan. 23. Dong-A Pharmaceutical plans to raise the price of its Bacchus energy drinks by as much as 11.1 percent in March. Similarly, Dongah Otsuk January 20, 2025
  • Opinion: Era of high-performance computing – how are data centers evolving?
    Opinion: Era of high-performance computing – how are data centers evolving? SEOUL, January 20 (AJP) - The data center sector remains in strong growth mode with robust cloud demand and the rise of AI. Cloud growth characterized the spike of data center growth in recent years, however moving later into the decade, it is forecast AI revenue to grow exponentially alongside cloud to drive the sector forward. The rise of generative AI has had a major impact on the sector, resulting in several data center players reevaluating their data center developm January 20, 2025