BYD's entry raises data privacy concerns in South Korea

SEOUL, February 11 (AJP) - The arrival of Chinese automaker BYD in South Korea has ignited concerns among experts over data security in connected vehicles, with warnings of potential privacy risks and information leakage. As of November last year, South Korea had 9.47 million connected vehicles on its roads, accounting for 36.04 percent of all registered automobiles in the country. Industry analysts estimate that when factoring in various wireless communication technologies, ne

February 11, 2025

US tariffs may cut South Korean exports by $44.8 billion: KIEP

SEOUL, February 11 (AJP) - South Korean exports could decline by as much as $44.8 billion if the United States implements blanket tariffs on trading partners, including those with bilateral free trade agreements, the state-run Korea Institute for International Economic Policy (KIEP) has warned. The prediction comes as U.S. President Donald Trump announced plans to impose a 25 percent tariff on steel and aluminum imports while signaling the possibility of additional reciprocal tariff

February 11, 2025

US tariffs threaten jobs in Korea's manufacturing sector

SEOUL, February 10 (AJP) - South Korea’s automotive and steel industries are confronting the prospect of a major production overhaul as concerns grow over U.S. President Donald Trump’s proposed universal tariffs, a move that could upend the nation’s manufacturing sector. The specter of tariffs ranging from 10 to 20 percent on Korean vehicles, coupled with potential reciprocal measures, threatens to erode the economic gains secured under the Korea-U.S. Free Trade Ag

February 10, 2025

Korea's economy under greater downward pressure, state think tank warns

SEOUL, February 10 (AJP) - South Korea’s state-run Korea Development Institute (KDI) warned of mounting risks to the nation’s economy, citing sluggish production growth and worsening domestic and external conditions. In its February economic trends report, released Monday, the KDI noted that while industrial production showed some growth, broader economic challenges persisted. "Domestic demand remains weak due to sluggish consumption and a downturn in constructio

February 10, 2025

Nuclear power becomes South Korea's top electricity source for first time in 18 years

SEOUL, February 10 (AJP) - Nuclear power surpassed coal to become South Korea's largest source of electricity generation in 2024, accounting for 32.5 percent of total power trades, marking its highest share in 15 years, according to data from Korea Power Exchange on Monday. Nuclear power plants generated 178,749 gigawatt-hours (GWh) of electricity last year, followed by liquefied natural gas at 29.8 percent and coal at 29.4 percent of the total 549,387 GWh traded. Renewable en

February 10, 2025

China's Temu intensifies e-commerce war with direct entry into Korean market

SEOUL, February 10 (AJP) - Temu, the Chinese e-commerce platform owned by PDD Holdings, is preparing for a direct market entry into South Korea, a move that could further shake up the country’s already competitive online retail sector. The company has begun recruiting local staff and reviewing logistics contracts, according to retail industry officials on Monday. Since late last year, Temu has been hiring South Korean employees for key positions in human resources, admini

February 10, 2025

Korean government seeks foreign investment to continue 'Blue Whale' oil project

SEOUL, February 10 (AJP) - South Korea’s controversial offshore oil exploration project, dubbed “Blue Whale,” faces an uncertain future after initial drilling yielded disappointing results. The state-run Korea National Oil Corporation (KNOC), which is leading the effort, is now scrambling to secure foreign investments to sustain further exploration. President Yoon Suk Yeol had touted the project as potentially holding up to 14 billion barrels of oil and gas rese

February 10, 2025

One in five Korean listed firms unable to pay interest with profit

SEOUL, February 07 (AJP) - Nearly one in five listed companies in South Korea is classified as a “marginal firm,” unable to cover interest payments with operating profits, according to a report from the Korea Enterprises Federation. As of the third quarter of 2024, 19.5 percent of the country’s 2,260 listed firms - equivalent to 440 companies - fell into this category. Marginal firms are defined as those with an interest coverage ratio below 1 for three consecut

February 7, 2025

Financial firms target wealthy seniors with expanded services

SEOUL, February 06 (AJP) - South Korean financial institutions are increasingly catering to the so-called "young-old" generation - affluent, healthy seniors in their 60s and 70s - by offering a range of specialized services, from estate planning to pet care management. Leading the trend in Asia, Mitsui Sumitomo Trust Group, the region’s largest trust bank, provides comprehensive services tailored to single elderly households, including funeral arrangements, digital

February 7, 2025

South Korean shipbuilders post first profits in 13 years

SEOUL, February 07 (AJP) - For the first time in over a decade, South Korea’s three major shipbuilders turned a collective operating profit in 2024, buoyed by a surge in high-value liquefied natural gas (LNG) carrier orders and a global ship-replacement cycle. Their combined operating profit reached 2.17 trillion won ($1.63 billion), marking a significant turnaround from years of losses. HD Korea Shipbuilding & Offshore Engineering led the resurgence, reporting an ope

February 7, 2025