Construction contracts surge on semiconductor facility projects

SEOUL, December 30 (AJP) - South Korea's construction contract value jumped 18 percent year-on-year to 53.7 trillion won ($41.3 billion) in the third quarter, driven largely by major semiconductor facility projects, the Ministry of Land, Infrastructure and Transport reported Monday. Civil engineering contracts soared 56.2 percent to 18.2 trillion won, while building construction increased 4.9 percent to 35.5 trillion won. Private sector contracts rose 21.1 percent to 41.7 tril

December 30, 2024

After 18 years of growth, Jeju Air confronts its worst disaster

SEOUL, December 30 (AJP) - Jeju Air, South Korea's largest low-cost carrier (LCC) involved in Sunday's fatal crash at Muan Airport, was established in 2005 as a joint venture between AK Holdings and Jeju Special Self-Governing Province, marking nearly two decades of operations before its first major accident. The airline, which became the first Korean budget carrier to operate international routes in 2009 and list on the stock market in 2015, operates 42 aircraft serving 5

December 30, 2024

Korea narrows export gap with Japan to record low

SEOUL, December 30 (AJP) - South Korea’s export gap with Japan has narrowed to an unprecedented $20.2 billion in the first 11 months of 2024, as the country climbed to sixth place in global export rankings, government data revealed Monday. The Korea International Trade Association reported that South Korea’s exports totaled $622.4 billion from January to November, compared to Japan’s $642.6 billion. The gap is the smallest since the staggering differences seen in t

December 30, 2024

Special inspections underway on Boeing 737-800s after plane crash

SEOUL, December 30 (AJP) - The Ministry of Land, Infrastructure, and Transport said Monday it has launched special inspections of all Boeing 737-800 aircraft operated by domestic airlines, following the tragic Jeju Air crash at Muan International Airport that left 179 people dead. During a press briefing at the Government Complex in Sejong, Joo Jong-wan, head of the ministry’s Aviation Policy Office, said the government is prioritizing a thorough review of maintenance system

December 30, 2024

Korea eyes export boom to Philippines as bilateral FTA takes effect

SEOUL, December 30 (AJP) - South Korea is gearing up for a boost in exports to the Philippines, especially in automobiles and auto parts, as a bilateral Free Trade Agreement (FTA) comes into force on Dec. 31. The deal is set to open up new opportunities for South Korean businesses in one of Southeast Asia’s most dynamic economies, according to a report released Monday by the Korea Trade-Investment Promotion Agency (KOTRA). The Philippines, South Korea's 15th-largest tra

December 30, 2024

Business sentiment in South Korea hits lowest since pandemic peak

SEOUL, December 27 (AJP) - South Korean business sentiment fell to its lowest level since September 2020, with the Business Survey Index (BSI) dropping 4.5 points to 87.0 in December amid political uncertainty and currency volatility, the Bank of Korea reported Friday. The manufacturing sector index fell 3.7 points on deteriorating business conditions and funding difficulties, while the service sector dropped 5 points due to worsening profitability and financial conditions. The

December 27, 2024

Deepening political woes rattle Korean financial markets

SEOUL, December 27 (AJP) - Investors' hopes for a year-end "Santa rally" in South Korea have fizzled as economic stagnation, political turmoil, and a plummeting value of the Korean currency won hammer the financial markets. The KOSPI stock index tumbled 1.59% on Wednesday, falling to 2,391.00 during early trading and breaching the key 2,400 level. Losses were widespread, with all but one of the top 10 market-cap stocks - SK Hynix - suffering declines. With just tw

December 27, 2024

Shinsegae partners with China's Alibaba to shake up e-commerce market

SEOUL, December 27 (AJP) - South Korean retail giant Shinsegae Group is teaming up with China's Alibaba Group in a strategic move to bolster its position in the country’s fast-evolving e-commerce market. The two companies announced plans for a 50:50 joint venture, set to launch next year, combining Shinsegae’s Gmarket platform with Alibaba’s South Korean operations, AliExpress Korea. The partnership, Shinsegae said in a statement, aims to create a synergis

December 27, 2024

IBK workers stage first general strike

SEOUL, December 27 (AJP) - The labor union of the Industrial Bank of Korea (IBK) staged its first-ever general strike on Friday, citing wage inequality and unpaid allowances. With more than 60 percent of the bank’s workforce expected to join the walkout, disruptions are anticipated at branches nationwide. The strike follows months of failed negotiations between the union and IBK management over wages and collective bargaining agreements. Earlier this month, 88 percent of uni

December 27, 2024

Korean-led smart city project in Kyrgyzstan faces uncertainty

SEOUL, December 26 (AJP) - A $22-billion Korean-led smart city development project near Kyrgyzstan's Issyk-Kul Lake faces potential collapse following South Korea's martial law declaration during Kyrgyz President Sadyr Japarov's state visit. The project, which secured a 49-year lease for 20 square kilometers of land in June, aimed to develop a medical smart city. President Japarov's abrupt return home during the Korean political crisis has left the project's fu

December 26, 2024