South Korea birthrate rises for first time in 9 years

SEOUL, February 26 (AJP) - South Korea’s birth rate increased for the first time in nine years in 2024, with the number of newborns rising by approximately 8,300 to 238,300, according to preliminary data released by Statistics Korea on Wednesday. The country’s total fertility rate — the average number of children a woman is expected to have in her lifetime — rose to 0.75 from 0.72 the previous year, marking the first uptick since 2015. The modest rebound f

February 26, 2025

Cryptocurrency exchange Upbit slapped with 3-month partial suspension

SEOUL, February 26 (AJP) - South Korea’s financial regulator has imposed a three-month partial business suspension on Dunamu, the operator of the country’s largest cryptocurrency exchange, Upbit, citing violations of anti-money laundering regulations. The Financial Intelligence Unit (FIU) announced on Wednesday that the suspension, effective from March 7 to June 6, will bar new customers from transferring virtual assets to or from the platform. Existing users, however, w

February 26, 2025

Middle East's growing healthcare market attracts Korean companies

SEOUL, February 26 (AJP) - South Korean pharmaceutical and biotechnology companies are making significant inroads into the Middle East, capitalizing on the region’s growing demand for medical and aesthetic treatments. Daewoong Pharmaceutical has recently entered the Saudi Arabian market with its botulinum toxin product, Nabota, making it the first Asian firm to introduce such a product in the country. While Daewoong had previously secured regulatory approvals in the United

February 26, 2025

HD Hyundai, Hanwha Ocean form alliance for naval vessel exports

SEOUL, February 26 (AJP) - South Korea’s leading shipbuilders, HD Hyundai Heavy Industries and Hanwha Ocean, have set aside years of fierce competition to collaborate on exporting naval vessels, a move aimed at expanding their presence in the lucrative global defense market. The companies signed a memorandum of understanding on Tuesday at the headquarters of the Defense Acquisition Program Administration in Gwacheon. Under the agreement, HD Hyundai will take the lead in exp

February 26, 2025

Hyundai Rotem secures $1.53 billion contract to supply trains to Morocco

SEOUL, February 26 (AJP) - Hyundai Rotem, a subsidiary of Hyundai Motor Group, has signed a landmark $1.53 billion contract to supply double-decker electric trains to Morocco, the company announced Wednesday. The deal, the largest in the company's history, marks Hyundai Rotem’s first entry into the North African market. The agreement, signed Tuesday with Morocco’s national railway operator, surpasses the firm’s previous high-profile contracts in Australia an

February 26, 2025

US to impose hefty fees on Chinese vessels, possibly benefiting South Korean shipbuilders

SEOUL, February 25 (AJP) - The U.S. is poised to impose massive fees on Chinese vessels entering American ports, a move that would benefit South Korean shipbuilding and shipping industries. The Office of the United States Trade Representative (USTR) abruptly announced plans last week that Chinese shipping companies and vessels manufactured in China will face fees up to $1 million per ship or $1,000 per ton of cargo when entering U.S. ports. Non-Chinese shipping companies using Ch

February 25, 2025

BOK lowers key rate by quarter point

SEOUL, February 25 (AJP) - The Bank of Korea (BOK)'s monetary policy board lowered its benchmark interest rate by a quarter percentage point to 2.75 percent on Tuesday. The first rate cut of the year comes as part of efforts to stimulate the struggling domestic economy and follows BOK Governor Rhee Chang-yong's remarks last month, when he decided to keep the rate unchanged, that lowering the interest rate "would be an obvious choice." Since October last year, th

February 25, 2025

Gov't extends support measures until March as veg prices continue to skyrocket

SEOUL, February 25 (AJP) - As vegetable prices have surged due to supply shortages from extreme weather this winter, discount programs for agricultural produce will be extended to ease the burden on consumers, the Ministry of Agriculture, Food and Rural Affairs said on Tuesday. The ministry has offered discount programs of up to 40 percent off the prices of cabbage, radish, carrots, and other vegetables, set to expire on Wednesday. But these measures have now been extended until Mar

February 25, 2025

Gov't to conduct survey to scrap red tape in service industry

SEOUL, February 25 (AJP) - A thorough survey will identify regulations and other red tape hindering the service industry's growth and competitiveness, the Ministry of Economy and Finance said on Tuesday. The survey, to be conducted through the state-run Public Procurement Service, aims to figure out excessive regulations or restrictions that exist only in South Korea, compared to other major economies. According to the ministry, productivity in the service sector remains sign

February 25, 2025

Shinsegae Tomboy's goose down products found to contain duck feathers

SEOUL, February 24 (AJP) - South Korean fashion company Shinsegae Tomboy has announced a voluntary recall and refund for 13 down-filled garments after discovering that products marketed as containing goose down were instead filled with duck feathers. The affected items, nine from the VOV brand and four from G-Cut, were part of the company’s 2024 winter collection. The discrepancy was identified during an internal quality inspection of down-filled products supplied by partner

February 24, 2025