Korean won plummets to 15-year low amid political turmoil

SEOUL, December 26 (AJP) - The South Korean won fell to its weakest level against the U.S. dollar in nearly 16 years on Thursday, closing at 1,464.8 won per dollar. This marks an 8.4-won decline from the previous close of 1,456.4 won, reaching levels last seen during the 2009 global financial crisis. The won’s sharp drop reflects a confluence of domestic political uncertainty and global financial pressures. President Yoon Suk Yeol’s declaration of martial law on Dec. 3

December 26, 2024

Chinese-made cars surge in South Korea, surpassing US imports

SEOUL, December 26 (AJP) - Chinese-manufactured vehicles have become South Korea’s second-largest category of imported cars, with 56,448 units sold through November, surpassing U.S. imports (43,623 units) for the first time and trailing only German imports (109,240 units). The surge is largely attributed to Tesla’s Model Y and Model 3, produced at its Shanghai factory, which sold a combined 28,498 units. Volvo’s Chinese-made S90 and XC60 models added another 13,6

December 26, 2024

Cost drives South Korean travelers' choices, survey finds

SEOUL, December 24 (AJP) - Nearly half of South Korean travelers prioritize price when selecting travel booking platforms, with 47.9 percent citing cost as their top consideration, according to a survey conducted by the Korea Consumer Agency. The survey, which analyzed responses from 1,600 users across four major booking platforms, highlights the growing importance of affordability in travel decisions. The findings also revealed significant consumer dissatisfaction. Fourteen pe

December 24, 2024

Demand for Santa Claus jobs surges despite subdued holiday mood

SEOUL, December 24 (AJP) - Demand for part-time Santa Claus jobs has more than doubled this year, according to data from Danggeun Market, a popular local community platform. Between Nov. 23 and Dec. 17, searches for keywords like “Santa role” and “one-day Santa” surged over 100 percent compared to the same period last year, with job postings experiencing similar growth. The listings offer a variety of seasonal opportunities, from posing as Santa at kinde

December 24, 2024

Executive promotions plunge across major conglomerates amid economic uncertainty

SEOUL, December 24 (AJP) - The number of executive promotions at South Korea's top 30 business groups has decreased around 10 percent this year, reflecting growing economic uncertainties and prolonged market downturn, data from a corporate analysis firm showed on Tuesday. According to a report by Leaders Index, 1,303 executives were promoted across top 30 major conglomerates between Aug. 1 to Dec. 20, marking a 9.6 percent decline from 1,442 promotions last year. The decline

December 24, 2024

Hotels see growing demand of seasonal products

SEOUL, December 24 (AJP) - Major South Korean hotels are reporting significant sales growth from their private-brand (PB) Christmas teddy bears and related merchandise, as seasonal decorations drive experiential consumption. Kensington Hotel Yeouido reported a 20 percent year-on-year increase in PB product sales after displaying its signature bears and doorman bear keychains, with the latter requiring a second restock due to high demand. Hanwha Hotels & Resorts saw sales of

December 24, 2024

Consumer sentiment in South Korea worst since November 2022

SEOUL, December 24 (AJP) - Korea's consumer sentiment dropped sharply in December, marking its steepest decline since the 2008 global financial crisis amid political uncertainty concerning President Yoon Suk Yeol, the central bank said on Tuesday. The composite consumer sentiment index (CCSI) fell 12.3 points from the previous month to 88.4 in December, according to the Bank of Korea (BOK), reaching its lowest level since November 2022. The decline represents the largest mont

December 24, 2024

KCCI helps semiconductor industry address labor shortage with training program

SEOUL, December 23 (AJP) - A total of 668 individuals have completed a program operated by the Korea Chamber of Commerce and Industry (KCCI) to cultivate skilled semiconductor specialists and obtained jobs in the semiconductor industry over the past three years. This initiative is a crucial part of South Korea's efforts to bolster its semiconductor workforce amid fierce global competition. Recognizing the surging demand, the KCCI plans to expand its training curriculum. Thi

December 23, 2024

Shinsegae's Centum City surpasses $1.5 billion sales mark, driven by K-beauty, tourism

SEOUL, December 23 (AJP) - Shinsegae Department Store's Centum City branch in Busan surpassed 2 trillion won ($1.5 billion) in annual sales on Saturday, marking the second consecutive year that a non-Seoul department store has achieved this milestone. The feat comes despite the ongoing challenges facing regional retail. The store's success can be attributed in part to a surge in foreign visitors, with customer visits increasing by 253 percent this year following a 668 perc

December 23, 2024

Tesla challenges German dominance in Korea's imported car market

SEOUL, December 23 (AJP) - U.S. electric vehicle maker Tesla Inc. is set to secure the third position in South Korea's imported car market this year, disrupting the traditional German-led hierarchy, industry data showed on Monday. According to the Korea Automobile Importers & Distributors Association (KAIDA), German luxury automaker BMW led the market this year with 67,250 units sold up to November, followed by Stuttgart-based Mercedes-Benz with 59,561 units. Tesla record

December 23, 2024