Korean battery makers struggle amid EV market slowdown

SEOUL, February 5 (AJP) - South Korean battery manufacturers are facing mounting challenges as the electric vehicle (EV) market experiences a temporary slowdown. The downturn marks a stark contrast to the industry’s boom just two years ago, when major player LG Energy Solution awarded performance bonuses of up to 900 percent of base salaries. Now, those bonuses have dwindled to a mere 50 percent. Samsung SDI’s battery division recorded no excess profit-sharing last ye

February 6, 2025

Korea to launch $23.4 billion fund to support battery, bio sectors

SEOUL, February 5 (AJP) - South Korea plans to establish a 34 trillion won ($23.4 billion) fund aimed at bolstering its high-tech industries, with a focus on batteries and biotechnology, as the country prepares for potential economic headwinds from U.S. protectionist policies. The fund, tentatively named the "Strategic Advanced Industry Fund," will be managed by the state-run Korea Development Bank (KDB) and will be double the size of the country’s existing semicondu

February 5, 2025

TGI Fridays to exit South Korean market after 33 years

SEOUL, February 05 (AJP) - TGI Fridays will close all its restaurants in South Korea, ending a 33-year presence in the country, according to MFG Korea, the restaurant chain's local operator, Wednesday. MFG Korea will gradually shut down its remaining 14 locations, with 10 outlets closing this month and the final four next month. The company plans to focus on its Mad for Garlic brand operations. The American casual dining chain entered the South Korean market in 1992 with it

February 5, 2025

Chinese e-commerce giants bet big on South Korea amid US restrictions

SEOUL, February 5 (AJP) - Facing mounting trade restrictions in the United States, Chinese e-commerce platforms AliExpress, Temu, and Shein are aggressively expanding their foothold in South Korea, one of Asia’s fastest-growing online shopping markets. The platforms' push comes amid escalating U.S.-China trade tensions, with the second Trump administration imposing new tariffs on Chinese imports, including those from cross-border e-commerce companies. As a result, Chinese

February 5, 2025

S. Korean inflation hits 2.2 percent in January, highest monthly rise in 6 months

SEOUL, February 05 (AJP) - South Korea's consumer prices rose 2.2 percent in January from a year earlier, marking the highest increase in six months amid rising oil prices and depreciation of the Korean won, the statistical office said Wednesday. The January figure represents a significant uptick from December's 1.9 percent, breaking out of the 1 percent range maintained since September 2024. Petroleum product prices jumped 7.3 percent, with gasoline and diesel prices risi

February 5, 2025

Coffee chains in Korea raise prices as global bean costs soar

SEOUL, February 5 (AJP) - Major coffee chains in South Korea, including Starbucks and Compose Coffee, are raising prices as global coffee bean costs soar to record highs, driven by climate-related supply disruptions and a weakening Korean currency. Arabica coffee futures, known as the "Coffee C" on the ICE exchange, surged to $8,397 per ton on Monday, reflecting a 19.5 percent increase from the previous month and more than doubling from last year, according to the Korea Ag

February 5, 2025

Samsung Electronics leads hiring in Korea with 4,716 new jobs in 2024

SEOUL, February 05 (AJP) - Samsung Electronics remained as South Korea’s top employer in 2024, hiring 4,716 new workers despite ongoing challenges in its semiconductor business, according to data released on Wednesday by CEO Score. The firm's national pension subscriber count rose to 125,593 employees as of the end of 2024, marking a 3.9 percent increase from 120,877 in 2023. Hyundai Motor followed as the second-largest employer, with 69,285 pension subscribers, while LG

February 5, 2025

OpenAI beefs up AI, semiconductor ties with Korean firms

SEOUL, February 4 (AJP) - OpenAI CEO Sam Altman signaled plans to expand the company's presence in South Korea during his visit to Seoul on Tuesday, emphasizing the nation's advanced semiconductor industry and AI infrastructure. "South Korea possesses powerful industries related to AI, including semiconductors and energy, and stands as one of the nations actively embracing AI technology," Altman said at OpenAI's "Builder Lab" workshop, the company'

February 4, 2025

Samsung, LG unveil latest display technologies at ISE 2025

SEOUL, February 04 (AJP) - Samsung Electronics and LG Electronics will showcase their latest advancements in commercial display technology at Integrated Systems Europe (ISE) 2025, with both South Korean tech giants emphasizing energy efficiency and AI-driven solutions. Samsung introduced four models of its Color e-Paper display, ranging in size from 13 inches to 75 inches, designed for outdoor use with near-zero power consumption when displaying static content. The company also

February 4, 2025

Samsung Display to supply OLED displays for Qualcomm's platform

SEOUL, February 04 (AJP) - Samsung Display has signed a memorandum of understanding with Qualcomm Technologies to supply OLED displays for Qualcomm's Snapdragon Cockpit Experience Development Platform, the companies said Tuesday. The collaboration will incorporate Samsung's 34-inch 6K (6,008 x 934) wide OLED display into Qualcomm's cockpit demonstration kits, showcasing features including AI graphics, infotainment systems, and autonomous driving information visualizati

February 4, 2025