Industry

  • South Korean won plunges after martial law declaration, recovers slightly
    South Korean won plunges after martial law declaration, recovers slightly SEOUL, December 4 (AJP) - The South Korean won tumbled to its weakest level since October 2022 after a brief martial law declaration rattled financial markets, with the currency hitting 1,442.0 won per dollar in early Asian trading on Wednesday. The won had partially recovered to 1,416.1 won per dollar by 10:10 a.m., after the martial law was lifted early in the morning, though market participants said volatility would likely persist amid heightened political uncertainty. Korean December 4, 2024
  • Exports continue rising streak with record semiconductor shipments
    Exports continue rising streak with record semiconductor shipments SEOUL, December 1 (AJP) - South Korea's exports rose by 1.4 percent in November, extending a growth streak to 14 consecutive months. Exports totaled US$56.35 billion, up 1.4 percent from a year earlier, the Ministry of Trade, Industry, and Energy said on Sunday. Led by robust semiconductor shipments, the country's exports maintained the longest streak of growth since October last year, despite setbacks in the automotive sector caused by reduced production and weather-rela December 1, 2024
  • Tariff cuts not main cause for Korea trade deficit: US Congress
    Tariff cuts not main cause for Korea trade deficit: US Congress SEOUL, November 29 (AJP) - A recent report by the U.S. Congressional Research Service (CRS) suggests that the Korea-U.S. Free Trade Agreement (KORUS FTA) has not been the primary driver of the growing U.S. trade deficit with South Korea. The report, titled "U.S.-South Korea FTA and Bilateral Trade Relations," states that while the U.S. trade deficit with Korea has fluctuated since the FTA's implementation in 2012, it has not been directly correlated with tariff reducti November 29, 2024
  • Merger of Korean Air, Asiana Airlines expected next month
    Merger of Korean Air, Asiana Airlines expected next month SEOUL, November 29 (AJP) - The long-awaited merger between Korean Air and Asiana Airlines is poised to finalize next month, following the European Union's final approval. The European Commission announced Thursday that all conditions for the merger have been met, concluding the review process. With this, 13 of the 14 countries involved in the review have given their green light. The United States is the sole remaining country to provide a decision. Unlike other competition November 29, 2024
  • South Korea gears up for AI digital textbooks
    South Korea gears up for AI digital textbooks SEOUL, November 28 (AJP) - South Korea’s Ministry of Education is set to introduce AI digital textbooks in March 2025 for grades 3 to 4 in elementary schools and first year students in middle and high schools, focusing on English, mathematics and information technology. The AI education technology sector has shown significant growth, with startups like FastCampus CIC expanding their AI-based lectures from 36 to approximately 150 courses over the past year. Riiid, another ed November 28, 2024
  • Lotte Chemical shares jump as group offers landmark tower as collateral
    Lotte Chemical shares jump as group offers landmark tower as collateral SEOUL, November 28 (AJP) - Shares in South Korean petrochemical maker Lotte Chemical rose 4.37 percent to 69,200 won (US$49.6) on Thursday, after its parent Lotte Group pledged its landmark skyscraper as collateral amid growing concerns over the company's financial stability. The move comes as Lotte Chemical, which held about 4 trillion won in liquidity as of October, failed to meet some of its bond covenant requirements last week, triggering fears of possible default. Korea& November 28, 2024
  • Bank of Korea unexpectedly cuts interest rate to spur economic recovery
    Bank of Korea unexpectedly cuts interest rate to spur economic recovery SEOUL, November 28 (AJP) - The Bank of Korea (BOK) took a step unexpectedly to stimulate economic growth by slashing its benchmark interest rate for the second time in a row on Thursday. This move, aimed at countering slowing exports and uncertainties arising from the new Trump administration, underscores the central bank's commitment to reviving economic momentum. In a surprising decision, the BOK's monetary policy committee reduced the key rate by 25 basis points to November 28, 2024
  • Trumps tariff plan will hit many South Korean firms hard
    Trump's tariff plan will hit many South Korean firms hard SEOUL, November 27 (AJP) - U.S. President-elect Donald Trump's pledge to impose 25 percent tariffs on Mexico and Canada on his first day of presidency has sparked concerns among South Korean companies that heavily invested in the region. Donald Trump made the announcement on Monday on his social media Truth Social, saying he would impose the tariffs on Mexico and Canada, "Until such time as drugs, in particular Fentanyl, and all illegal aliens stop this invasion of our coun November 27, 2024
  • GI Innovation selected for national drug development projects
    GI Innovation selected for national drug development projects SEOUL, November 27 (AJP) - South Korean pharmaceutical company GI Innovation has been chosen to participate in national drug development projects funded by the Korea Drug Development Fund (KDDF). This initiative aims to bolster the nation's pharmaceutical industry and enhance public health by supporting the entire drug development pipeline. On Tuesday, GI Innovation announced that its first project will center on the immunotherapy agent GI-102. The two-year research endeavo November 27, 2024
  • Exports of dried seaweed set new record as global demand soars
    Exports of dried seaweed set new record as global demand soars SEOUL, November 26 (AJP) - Exports of dried seaweed hit a new record, driven by the surging popularity of South Korean food and culture overseas, the Ministry of Oceans and Fisheries said on Tuesday. Dried sheets of seaweed, or gim, which are hugely popular here as a side dish, are rapidly gaining traction overseas and occupying supermarket shelves. According to the ministry, outbound shipments of dried seaweed reached US$850 million during the first 10 months of this year, surpa November 26, 2024