South Korea's seafood exports moved up 1.2 percent from a year earlier in 2024, driven by the popularity of dried seaweed products, the oceans ministry said Thursday. Outbound shipments of seafood products came to $3.03 billion last year, up from $2.99 billion recorded in 2023, according to data compiled by the Ministry of Oceans and Fisheries. The growth was primarily led by exports of dried seaweed, known as "gim" in Korean, which surged 25.8 percent on-year to a record high of $997 million. E

South Korea's shipbuilding industry appears to be exploring potential collaboration with its Indian counterpart, with representatives from Hanwha Ocean Co. visiting the South Asian nation following a recent tour of Korean shipyards by Indian officials, according to industry sources Thursday. A Hanwha Ocean delegation led by Senior Vice President Lee Jin-su is currently visiting India to discuss cooperation with local shipyards and government officials. Hindustan Shipyard Ltd., a publicly owned s

South Korea is maintaining a stable supply of electricity this winter season amid relatively warm temperatures, the Industry Ministry said Thursday. "This winter, the electricity supply is being stably managed due to relatively warm temperatures, with local nuclear plants operating at full capacity as well," the Ministry of Trade, Industry and Energy said. The average temperature in December reached 1.8 C, higher than the typical 1.1 C recorded in previous years. The ministry noted that despite

South Korea's central bank held its base rate steady at 3 percent Thursday, keeping its guard up against the further weakening of the local currency. Following two consecutive 0.25 percentage point rate cuts in November and October, the Bank of Korea's monetary policy board maintained the policy rate at 3 percent. It was the first monetary policy meeting held amid the political turmoil sparked by President Yoon Suk Yeol's declaration of martial law on Dec. 3 last year. The monetary policy board

Samsung Electronics Co. said Thursday it has teamed up with IBM Corp. to build a front-line emergency communications network in Britain. As part of the British government's Emergency Services Network, Samsung will provide its mission-critical solution, marking the company's first venture into the European emergency services network market, according to the company's newsroom. The ESN is designed to prioritize network access for first responders during emergencies, ensuring reliable and seamless

Seoul shares opened higher Thursday, tracking an overnight rally on Wall Street, while investors waited for the outcome of the South Korean central bank's first rate decision meeting this year. The benchmark Korea Composite Stock Price Index rose 29.88 points, or 1.2 percent, to 2,526.69 in the first 15 minutes of trading. Overnight, major US indexes rallied as blue chip tech shares gained ground, backed by signs of slowing inflation in the latest consumer price index, which reinforced bets the

Hyundai Motor Co. and Kia Corp., South Korea's top automakers, are expected to release their annual earnings results next week, drawing attention as to whether they can extend their streak of record-breaking performances, industry watchers said Thursday. According to an analysis of securities industry forecasts by Yonhap Infomax over the past three months, Hyundai Motor is estimated to report sales of 173.1 trillion won ($118.9 billion) and an operating profit of 14.8 trillion won for 2024. Whil

South Korean flatscreen maker LG Display said Wednesday it has narrowed yearly losses in 2024 and posted a first quarterly turnaround in the October-December period, thanks to its strategic shift to more profitable organic light-emitting diode panels. In a regulatory filing, LG reported it posted a revenue of 26.6 trillion ($18.3 billion) in 2024, which grew 24.8 percent when compared to the year earlier, while the operating loss stood at 560.6 billion won, down 77.7 percent on-year. Net loss lo

Seoul shares closed little changed Wednesday as investors await key US inflation data amid trimmed bets on Federal Reserve rate cuts and the Bank of Korea's key rate decision. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 0.59 points, or 0.02 percent, to close at 2,496.81. Trade volume was moderate at 525.6 million shares worth 9 trillion won ($6.2 billion), with decliners outnumbering gainers 592 to 270. Foreigners and individuals bought a combi

A joint investigation between Korea and the United States has been underway to figure out what caused the deadly Jeju Air Boeing 737-800 crash that killed 179 passengers and crew at Muan International Airport in South Jeolla Province on Dec. 29 with only two survivors on board. Joint investigative team The two countries have put together a joint probe team of 12 investigators from Korea’s Aviation and Railway Accident Investigation Board, one official from the US Federal Aviation Administration,

Financial authorities keep eye on currency depreciation as it could trigger inflation Korean stocks ended down on Wednesday, with the benchmark Kospi and secondary Kosdaq giving back early gains following the detention of impeached President Yoon Suk Yeol in the morning. The Kospi closed at 2,496.81 points, down 0.02 percent from the previous close, while the Kosdaq declined by 0.90 percent to finish at 711.61 points. The main bourse failed to maintain the 2,500 level it touched in the morning t

Hanjin Group, the parent company of Korean Air, announced its regular executive appointments for the new year on Wednesday, promoting President Woo Kee-hong to vice chair of the nation's largest airline and flag carrier. This marks the first such appointment following the airline's merger with Asiana Airlines last December, ushering in a new chapter as one of Asia's largest carriers. Woo, who has served as president since 2019, steps into the vice chairman role, filling a position vacant since 2

Chinese firms have accelerated their foray into Korea, particularly in the consumer electronics sector, leveraging their products' relatively low price points and localization strategies. From robot vacuums to smartphones and TVs, these firms are aggressively establishing local subsidiaries and opening dedicated stores, signaling a robust push into the market. Chinese smartphone maker Xiaomi on Wednesday hosted its first press briefing after it established its local subsidiary, Xiaomi Technology

South Korea's employment growth in 2024 slowed substantially compared to previous years, with December marking a net job loss compared to one year before, according to Statistics Korea on Wednesday. The country's employment marked 28.58 million last year, increasing by 0.9 percent (159,000) compared to 2023. This was the lowest growth since 2020 when Korea had 218,000 fewer jobs than the previous year. Korea's job market grew significantly after 2020, adding 369,000 jobs in 2021 and peaking at 8

Chinese auto brands projected to continue to gobble up global market share The worldwide stall in sales of battery electric vehicles is expected to continue this year as demand for better-performing and cost competitive hybrid and plug-in hybrid vehicles rises, Hyundai Motor Group's Business Intelligence Institute said Wednesday. “We can’t really see a momentum that can bring out the growth of the EV market this year,” said Yang Jin-soo, head of the mobility industry research lab at the intellig