East Sea gas exploration project may drift due to lack of budget

SEOUL, December 11 (AJP) - South Korea's controversial East Sea gas exploration project, known as the "Blue Whale," is facing a significant setback after the opposition-controlled National Assembly slashed its entire 49.7 billion won (US$34.7 million) budget for next year. The move comes amid heightened political tensions following President Yoon Suk Yeol's declaration of martial law on Dec. 3. The main opposition Democratic Party, which currently controls the N

December 11, 2024

Korean top firms lag behind global peers in market value, profits

SEOUL, December 11 (AJP) - South Korea's top 10 companies by market capitalization have experienced a significant decline in value, losing 12.7 percent to 735.4 trillion won ($564 billion) since 2020. This stands in stark contrast to their counterparts in the United States, Japan, and Taiwan, which have seen gains ranging from 53 to 107 percent during the same period, according to CEO Score research institute. The performance of South Korean companies has been particularly dis

December 11, 2024

Investors turning to gold in South Korea amid political crisis

SEOUL, December 11 (AJP) - Gold prices in South Korea surged 1.3 percent on Wednesday, reaching 468,488 won (US$327.38) per don (3.75 grams) on the Korea Exchange. The spike was fueled by political turmoil, which has driven investors to seek safe-haven assets. The demand for gold has been evident in the surge of trading accounts. NH Investment & Securities Co. reported a dramatic increase of 1,622 new accounts opened in the first week of December alone, coinciding with the recen

December 11, 2024

Samsung Electronics faces dim outlook for 2025

SEOUL, December 10 (AJP) - Samsung Electronics' stock price target has been lowered by a brokerage firm, citing weaker-than-expected performance in the company's semiconductor division for 2025. Kiwoom Securities now forecasts a target price of 73,000 won ($56) for Samsung, down from its previous estimate of 75,000 won ($57). Kiwoom predicts that Samsung's operating profit for 2025 will reach 39.5 trillion won ($30.3 billion), falling short of the market consensus of 4

December 10, 2024

Travel warnings, currency volatility hamper tourism recovery

SEOUL, December 10 (AJP) - South Korea's tourism industry is facing a significant setback as the nation grapples with political unrest following President Yoon Suk Yeol’s declaration of martial law on Dec. 3. The incident has sparked international concern and prompted travel warnings from several countries, including the United Kingdom, the United States, Canada, and New Zealand. The warnings, which advise citizens to avoid areas near major protest sites in Seoul, have

December 10, 2024

Foreign investors pile into Naver amid market turmoil

SEOUL, December 10 (AJP) - South Korean tech giant Naver has bucked the trend of foreign investor sell-offs, attracting significant overseas interest in recent weeks. Data from the Korea Exchange reveals that foreign investors purchased Naver shares worth approximately 904 billion won ($633 million) over the past month. The company’s stock price has remained resilient, closing price on Tuesday at 209,000 won, up 3.72 percent from the previous day. This upward momentum has p

December 10, 2024

Telegram downloads surge in South Korea amid political uncertainty

SEOUL, December 10 (AJP) - New installations of Telegram messaging app in South Korea increased fourfold to 40,576 on Dec 3, accounting for 47.09 percent of all messenger app downloads that day, according to mobile analytics firm IGAWorks. The surge continued with 33,033 new installations the following day. The messaging platform, which typically ranked third or fourth in monthly downloads behind LINE and KakaoTalk, suddenly rose to first place in the messenger category and rea

December 10, 2024

South Korea keeps sovereign credit ratings despite martial law crisis

SEOUL, December 10 (AJP) - The Big Three global credit rating agencies have maintained South Korea's sovereign credit ratings despite the unprecedented declaration of martial law, citing the country's economic fundamentals and effective crisis management. Fitch Ratings maintained South Korea's rating at 'AA-' with a stable outlook, a grade it has kept since upgrading from 'A+' in 2012. Moody's and S&P Global Ratings also kept their ratings at '

December 10, 2024

Korea's financial markets rattle amid political crisis

SEOUL, December 9 (AJP) - South Korea's financial markets took a sharp hit Monday as the nation grappled with political uncertainty following President Yoon Suk Yeol's martial law declaration last week. The Korean won tumbled against the U.S. dollar, nearing the 1,440 mark, and stock indices plunged to year-to-date lows. The won closed at 1,437 per dollar, marking its weakest level since October 2022. During intraday trading, the exchange rate reached 1,438.3, sparking

December 9, 2024

Foreign investors retreat from South Korean markets amid political uncertainty

SEOUL, December 9 (AJP) -- South Korea's financial markets are experiencing significant outflows of foreign investment following the Dec. 3 martial law declaration and subsequent political developments. On Monday, the benchmark KOSPI fell below the 2,400 mark and closed at 2,360.58, down 2.78 percent, while the tech-heavy KOSDAQ index plunged 5.19 percent. Foreign investors sold 725.5 billion won ($556 million) worth of shares in the two days following the martial law declara

December 9, 2024