New finance minister expected to drive AI-led fiscal reform

SEOUL, June 30 (AJP) - South Korean President Lee Jae Myung on Sunday nominated Koo Youn-chul, a former government policy coordination chief and vice finance minister, to lead the Ministry of Economy and Finance, filling a key economic post that has stood vacant for more than two months. The appointment of Koo, a 60-year-old career bureaucrat and current visiting economics professor at Seoul National University, is seen as a strategic move to inject momentum into the Lee administrat

June 30, 2025

'Squid Game' Season 3 spurs retail frenzy in South Korea

SEOUL, June 30 (AJP) - As Squid Game returns to screens for its third season, South Korea’s retail sector is turning the Netflix juggernaut into a merchandising powerhouse, deploying immersive pop-ups, collectible goods, and brand collaborations to capture the momentum of the global hit. From convenience store chains to luxury department stores, businesses are rushing to stake their claim in what has become one of the year’s most aggressively commercialized entertainme

June 30, 2025

POSCO to launch lithium extraction project in US

SEOUL, June 30 (AJP) - POSCO Holdings said on Monday that it plans to produce lithium in the United States for the first time, positioning itself at the forefront of efforts to localize battery material supply chains in North America. In a memorandum of understanding signed with Australia’s Anson Resources, POSCO will build and operate a demonstration plant in Green River City, Utah, deploying its proprietary direct lithium extraction (DLE) technology. The agreement marks the

June 30, 2025

Technocrat-turned-executive to guide Korea's energy policy

SEOUL, June 30 (AJP) - In a move signaling South Korea’s deepening commitment to pragmatic industrial policy, President Lee Jae-myung on Sunday nominated Kim Jung-kwan, a technocrat-turned-corporate strategist, as the next Minister of Trade, Industry and Energy. The choice of Kim, currently president of Doosan Enerbility, places a seasoned public servant with cross-sector experience at the helm of a ministry central to Korea’s energy transition and industrial competiti

June 30, 2025

Regulators target Aekyung, SK Chemicals over humidifier disinfectant scandal

SEOUL, June 30 (AJP) - South Korea’s antitrust regulator has launched enforcement proceedings against Aekyung Industrial and SK Chemicals after the two companies failed to comply with orders to publicly acknowledge their responsibility in one of the country’s deadliest consumer product scandals. The Fair Trade Commission (KFTC) has issued examination reports recommending prosecution for both firms, according to industry sources. In 2018, the commission imposed fines t

June 30, 2025

Loan cap in South Korea risks deepening housing inequality

SEOUL, June 29 (AJP) - A sweeping new lending regulation which took effect Friday is shaking South Korea’s housing market, drawing mixed reactions from economists and homebuyers alike. The rule, which caps home mortgage loans at 600 million won (approximately $430,000), is intended to curb speculative buying and stabilize soaring home prices in Seoul. But critics warn it could further squeeze middle-class buyers out of the market. Under the new regulation, even high-in

June 29, 2025

South Korea-US tariff negotiations intensify as July deadline approaches with specific American demands

SEOUL, June 28 (AJP) - South Korea and the United States engaged in detailed tariff negotiations from Jun. 22 to 27 in Washington DC, with American officials presenting specific demands ranging from beef import regulations to participation in Alaska's liquefied natural gas projects, government sources said on Saturday. The third round of technical discussions between Trade Minister Yeo Han-gu and US counterparts comes as the Jul. 8 deadline for mutual tariff relief approaches, ma

June 28, 2025

Samsung Electronics surpasses 10,000 GWh renewable energy usage in 2024, introduces first domestic PPA contracts

SEOUL, June 28 (AJP) - Samsung Electronics' renewable energy consumption exceeded 10,000 gigawatt-hours for the first time in 2024, reaching 10,069 GWh and representing an 8.4 percent increase from the previous year, the company reported on Friday. The milestone was disclosed in Samsung's 2025 Sustainability Management Report, which detailed the company's environmental, social and governance performance alongside its expanding commitment to clean energy adoption across

June 28, 2025

Apple's EU fee cuts spotlight South Korea's unfulfilled promise to curb app store 'commission abuse'

SEOUL, June 27 (AJP) - Electronics giant Apple's decision to slash app store fees in Europe is putting fresh pressure on South Korea's government to deliver on President Lee Jae Myung's campaign promise to tackle what critics call "commission abuse" by big tech platforms. The iPhone maker announced sweeping changes to its European app store policies on Thursday, cutting maximum commission rates from 30 percent to 15 percent and allowing developers to promote al

June 27, 2025

Musinsa'high-end concept store sees 60 percent surge in foreign customer sales in first half

SEOUL, June 27 (AJP) - Foreign customer transactions at Musinsa Empty Seongsu, the high-end fashion concept store operated by South Korean fashion platform Musinsa, surged 61 percent in the first half of 2025 compared to the same period last year, the company announced on Friday. International visitors now account for approximately 56 percent of total offline sales at the Seongsu location, Seoul's iconic hipster district, highlighting the store as a must-visit fashion destinati

June 27, 2025