Korea to raise industrial power rates by 9.7%

SEOUL, October 23 (AJP) - South Korea will raise electricity rates for industrial users by 9.7 percent on average while freezing household and commercial rates, the government said Wednesday. Starting Thursday, power costs will increase by 10.2 percent for high-volume industrial users and 5.2 percent for smaller companies, according to the Ministry of Trade, Industry and Energy and Korea Electric Power Corp. “We raised industrial use rates, considering that large ex

October 23, 2024

Samsung SDI unveils next-generation mobility batteries at expo

SEOUL, October 23 (AJP) - SEOUL (AJP) — Samsung SDI showcased its lineup of mobility batteries at the Future Auto & Mobility Expo 2024 in the southeastern Korean city of Daegu, the company said Wednesday. The Korean battery maker displayed several next-generation products, including cathode-free solid-state batteries, which began sample deliveries to clients in late 2023, and 46-phi cylindrical batteries scheduled for micro-mobility production in early 2025. The company

October 23, 2024

Workers over 60 become largest employed age group in Korea for first time

SEOUL, October 22 (AJP) - Workers aged 60 and above surpassed those in their 50s last month, becoming South Korea's largest employed age group for the first time since relevant record-keeping began in 1982, data showed Tuesday. According to Statistics Korea and the Ministry of SMEs and Startups, the number of employed individuals aged 60 and over reached a record 6.75 million in September, compared to 6.72 million workers in their 50s. The 60-plus demographic now represents 2

October 22, 2024

Pulmuone showcases flagship plant-based food products at Paris show

SEOUL, October 22 (AJP) - South Korean food manufacturer Pulmuone is showcasing its flagship plant-based products at SIAL Paris 2024, one of the world's largest food exhibitions, this week. The company said Tuesday it is presenting about 50 products, including tofu tenders and soymilk noodles, during the event underway at the Paris Nord Villepinte Exhibition Center from Oct. 19-23. Six Pulmuone products were included in a list of the most innovative items selected by food exp

October 22, 2024

Poland expected to purchase Korean arms without financing support from Seoul

SEOUL, October 22 (AJP) - Poland is expected to buy South Korean artillery systems worth about 5 trillion won (US$3.6 billion) without export financing support from Seoul, industry sources said on Tuesday. The Eastern European nation plans to procure 152 K9 Thunder self-propelled howitzers and 72 K239 Chunmoo rocket artillery systems, from South Korean defense contractor Hanwha Aerospace, with funding expected to be secured through European global banks. The decision marks a shif

October 22, 2024

Doosan Group revives controversial plan to merge two subsidiaries

SEOUL, October 21 (AJP) - Korea's Doosan Group is reviving plans to merge subsidiaries Doosan Bobcat and Doosan Robotics, two months after abandoning the proposal amid investor and regulatory opposition. Doosan Robotics and Doosan Enerbility, Bobcat's parent company, said they held separate board meetings Monday and approved a restructuring plan, under which Bobcat, a construction equipment manufacturer, will be separated from its parent and affiliated under Robotics. Ene

October 21, 2024

Jewelry, watches drive luxury sales rebound in Korea

SEOUL, October 21 (AJP) - Jewelry and watches are driving a sharp recovery in South Korea's luxury goods market this year, according to industry data released Monday. Three major department stores reported overall luxury sales rebounded this year, with quarterly growth rates around 10 percent. The market expanded 22.3 percent in 2022 and 5.8 percent in 2023. Hyundai Department Store saw jewelry sales increase 33.5 percent, 29.9 percent and 33.4 percent in the first three quar

October 21, 2024

KB Kookmin Bank opens two new branches in India

SEOUL, October 21 (AJP) - KB Kookmin Bank opened new branches in Chennai and Pune, two key economic hubs in India, on Monday. With these additions, the bank now operates three branches in India, including its Gurugram branch, which opened in 2019. This expansion follows four months after the Reserve Bank of India granted final approval for the new branches in June. The Korean bank explained that Chennai serves as a commercial and manufacturing hub in southern India. Pune in weste

October 21, 2024

Court rejects Young Poong's injunction against Korea Zinc buyback

SEOUL, October 21 (AJP) - The Seoul Central District Court on Monday once again dismissed an injunction filed by Young Poong Corp. to block Korea Zinc from acquiring its own shares in the ongoing battle for control of the world's largest zinc smelter. Young Poong, Korea Zinc's largest shareholder, along with private equity firm MBK Partners, recently increased their stake in the company from 33.13 percent to 38.47 percent through a public tender offer that concluded on Oct.

October 21, 2024

Online lender K-Bank delays IPO, citing weak demand

SEOUL, October 18 (AJP) - K-Bank, a Korean internet-only bank, on Friday postponed its initial public offering (IPO) to next year due to insufficient demand from institutional investors. The bank announced that it had submitted a withdrawal notice to the Financial Services Commission regarding its KOSPI listing, originally scheduled for late this month. The bank cited insufficient demand during the recent institutional investor book-building process. "With a total of 82 m

October 18, 2024