Industry

  • 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
  • Korean shipbuilders anticipate boom on strong demand from US, China
    Korean shipbuilders anticipate boom on strong demand from US, China SEOUL, January 15 (AJP) - South Korea’s shipbuilding industry is poised for a resurgence, fueled by prospects of deeper collaboration with the incoming Trump administration and a surge in Chinese demand. Industry Minister Ahn Duk-geun revealed on Monday that the Trump administration is preparing “comprehensive institutional reforms to bolster naval power and support related shipbuilding industries.” Official announcements detailing the initiatives are expected s January 15, 2025
  • Samsung, Apple lose ground in global smartphone market
    Samsung, Apple lose ground in global smartphone market SEOUL, January 15 (AJP) - For the first time since 2016, both Samsung Electronics and Apple saw their global smartphone market shares decline last year, according to research firm IDC data. Apple held 18.7 percent of the market in 2024, while Samsung held 18.0 percent. Samsung's smartphone shipments dipped 1.4 percent to 223.4 million units, despite strong initial sales of its AI-powered Galaxy S24. The company faced challenges with underwhelming sales of its foldable Z series January 15, 2025
  • SK Biopharm to form joint venture in US with Brazils Eurofarma
    SK Biopharm to form joint venture in US with Brazil's Eurofarma SEOUL, January 15 (AJP) - SK Biopharm announced plans to establish a joint venture with Brazilian pharmaceutical giant Eurofarma in the United States, the South Korean firm said at the JP Morgan Healthcare Conference on Jan. 14. The venture will focus on commercializing an artificial intelligence-based epilepsy management platform in North America. This platform leverages SK Biopharm's AI technology for brain wave analysis and wearable devices developed since 2018. The remo January 15, 2025
  • Weak won, rising oil prices push import costs higher
    Weak won, rising oil prices push import costs higher SEOUL, January 15 (AJP) - South Korea's import prices climbed for the third consecutive month in December, driven by a weaker Korean currency and higher global oil prices, the Bank of Korea (BOK) said Wednesday. The import price index, which measures the costs of goods purchased overseas in won terms, rose 2.4 percent to 142.14 in December from 138.80 a month earlier. This marks a 7 percent increase over the past year. The Korean won weakened about 2.9 percent against the dol January 15, 2025
  • Koreas imported car market shrinks for second straight year
    Korea's imported car market shrinks for second straight year SEOUL, January 15 (AJP) - South Korea's imported car market contracted for the second year in a row in 2024, marking the first such downturn since the Asian financial crisis in the late 1990s, according to data released Wednesday by the Korea Automobile Importers and Distributors Association (KAIDA). New registrations of imported passenger vehicles fell 2.9 percent to 263,288 units in 2024, down from 271,034 units the previous year. This follows a 4.4 percent decline in 2023. January 15, 2025
  • Silicon Valley hosts Korean entrepreneurs for startup summit
    Silicon Valley hosts Korean entrepreneurs for startup summit REDWOOD CITY, January 13 (AJP) - The United Korean Founders (UKF) 82 Startup Summit brought together over 1,100 Korean entrepreneurs from around the globe in Silicon Valley on Jan. 10. The summit, one of the largest overseas Korean startup communities, highlighted the crucial role of innovation in driving Korea's economic growth. "Korean startups are not just thriving. They are becoming a source of hope and pride, achieving significant milestones in Silicon Valley,&quo January 14, 2025
  • Dried seaweed prices double on soaring global demand
    Dried seaweed prices double on soaring global demand SEOUL, January 14 (AJP) - The price of dried seaweed in South Korea nearly doubled in 2024 compared to the previous year, driven by surging global demand and robust exports, according to the National Federation of Fisheries Cooperatives on Tuesday. Data from 214 fisheries auction houses nationwide revealed a 4 percent increase in the trading volume of dried seaweed, known locally as "gim," to 536,000 tons in 2024. However, the trading value skyrocketed by 88 percent to January 14, 2025
  • Individuals will be granted rights to remove deepfake content
    Individuals will be granted rights to remove deepfake content SEOUL, January 14 (AJP) - The Personal Information Protection Commission (PIPC) said Tuesday it will introduce new legislation empowering individuals to demand the removal of deepfake content that misuses their personal data. This move is a part of the commission's efforts to foster a secure AI ecosystem while strengthening data privacy safeguards. Under the proposed legislation, individuals whose images or voices have been synthesized without their consent will have the lega January 14, 2025
  • Samsung Biologics lands record $1.4 billion contract
    Samsung Biologics lands record $1.4 billion contract SEOUL, January 14 (AJP) - Samsung Biologics announced Tuesday it has secured a 2.07 trillion won ($1.4 billion) manufacturing contract with a European pharmaceutical company, its largest deal to date. The multi-year agreement, spanning until December 2030, accounts for roughly 40 percent of the company's total manufacturing orders secured in 2024, which reached 5.4 trillion won. This also surpasses the previous record of a 1.7 trillion won contract signed with an Asian pharma January 14, 2025