Industry

  • Korea moving to impose provisional tariff on Chinese stainless steel plates
    Korea moving to impose provisional tariff on Chinese stainless steel plates SEOUL, January 16 (AJP) - The Korea Trade Commission (KTC) has proposed a provisional anti-dumping tariff of 21.62 percent on stainless steel plates imported from China, citing significant damage to domestic industries caused by low-cost Chinese imports. The decision, announced by the KTC under the Ministry of Trade, Industry and Energy on Thursday, comes in response to a formal complaint filed in June 2024 by South Korean steelmaker DKC. The company accused Chinese manufacturers of January 16, 2025
  • Samsung Electronics, crown jewel of Korean economy, fights to stay ahead in chips, smartphones
    Samsung Electronics, crown jewel of Korean economy, fights to stay ahead in chips, smartphones Editor's Note: This article is the third installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, January 16 (AJP) - As Samsung Electronics, South Korea’s largest company and a bellwether of the nation’s economy, faces intensifying competition in AI chips and geopolitical uncertainties, it stands at a pivotal moment. How it responds in the comin January 16, 2025
  • Gender wage gap persists in South Korea as women earn 70 percent of mens pay
    Gender wage gap persists in South Korea as women earn 70 percent of men's pay SEOUL, January 16 (AJP) - South Korea's wage gap between men and women showed gradual improvement in 2023, though disparities remain significant, according to the 2024 Women's Economic Activity White Paper released on Thursday. The paper, released by the Ministry of Gender Equality and Family and the Ministry of Employment and Labor, showed women earned an average hourly wage of 18,502 won ($14) in 2023 - 71 percent of the 26,042 won ($20) earned by men. While progress is January 16, 2025
  • Korea Zinc technicians vow to leave company if Young Poong-MBK bid succeeds
    Korea Zinc technicians vow to leave company if Young Poong-MBK bid succeeds SEOUL, January 16 (AJP) - A group of core technicians and researchers at South Korea's largest zinc smelter Korea Zinc vowed on Thursday to resign if a hostile takeover bid by Young Poong and private equity firm MBK Partners succeeds. The announcement, led by Chief Technology Officer and Vice Chairman Lee Je-joong, comes just a week ahead of a pivotal shareholders’ meeting on Jan. 23, where the fate of the takeover will be decided. “We strongly oppose the hostile January 16, 2025
  • Chinese tech, auto giants seek expansion in Korea with aggressive pricing strategies
    Chinese tech, auto giants seek expansion in Korea with aggressive pricing strategies SEOUL, January 16 (AJP) - China’s BYD and Xiaomi have announced plans to enter the highly competitive Korean markets, aiming to challenge the dominance of local giants with aggressively priced electric vehicles and consumer electronics. BYD, the world’s largest electric vehicle manufacturer by sales, unveiled its strategy, Thursday, to introduce four electric vehicle models in South Korea in 2025, targeting sales of 10,000 units. The rollout begins in February with January 16, 2025
  • Korea unveils electric vehicles, battery subsidy plans
    Korea unveils electric vehicles, battery subsidy plans SEOUL, January 16 (AJP) - South Korea announced a 1.5 trillion won ($1.03 billion) subsidy program for electric vehicles (EVs) and a 7.9 trillion won ($6.8 billion) financial package for its secondary battery industry. This aims to revive its eco-friendly vehicle market amid a temporary downturn and prepare for policy uncertainties under the second Trump administration in the United States. The measures, revealed by the Ministry of Trade, Industry and Energy on Wednesday during a January 16, 2025
  • BOK freezes interest rate in worries of inflation, weakening won
    BOK freezes interest rate in worries of inflation, weakening won SEOUL, January 16 (AJP) - The central bank left its benchmark interest rate unchanged at 3 percent on Thursday, prioritizing concerns over a weakening won as the country grapples with mounting economic headwinds. The Bank of Korea’s monetary policy board paused its rate-cutting cycle, raising fears that additional reductions could push the currency past the critical 1,500 threshold against dollar, risking inflationary pressures and destabilizing foreign capital flows. The c January 16, 2025
  • Central bank keeps interest rate amid currency concerns
    Central bank keeps interest rate amid currency concerns SEOUL, January 16 (AJP) - The Bank of Korea (BOK) on Thursday kept its benchmark interest rate unchanged at 3 percent, citing concerns over the weakening Korean won. The decision comes after two consecutive rate cuts of 0.25 percentage points in October and November. The BOK cited the recent surge in the won-dollar exchange rate as a key factor in its decision. Economists believe that further interest rate cuts could exacerbate the depreciation of the won by widening the int January 16, 2025
  • Yuhan-Kimberly names former Homeplus chief as new CEO
    Yuhan-Kimberly names former Homeplus chief as new CEO SEOUL, January 16 (AJP) - Hygiene product maker Yuhan-Kimberly has appointed former Homeplus CEO Lee Jae-hoon as its new chief executive officer. Lee, who has over 30 years of experience in the consumer goods and retail sectors, most recently served as CEO of Homeplus, a major discount retail chain in South Korea. He has also held leadership positions at companies such as Carver Korea, Buy The Way, and KFC Korea. "I am honored to join Yuhan-Kimberly, a company renowned for i January 16, 2025
  • Job growth in South Korea stalls, youth unemployment worsens
    Job growth in South Korea stalls, youth unemployment worsens SEOUL, January 15 (AJP) - South Korea's job market showed signs of weakness in December, with employment falling for the first time since the height of the COVID-19 pandemic in February 2021, according to data released by Statistics Korea on Wednesday. The country lost 52,000 jobs compared to the same period last year, a significant drop from the robust growth seen in previous years. The decline was particularly pronounced in sectors closely linked to domestic consumption. Co January 15, 2025