GM Korea labor and management to visit U.S. headquarters amid tariff concerns

SEOUL, March 08 (AJP) - Labor and management representatives of GM Korea will visit General Motors' U.S. headquarters next week to address concerns about the company's future in South Korea amid fears of withdrawal triggered by President Donald Trump's tariff threats. According to the Korean Metal Workers' Union GM Korea branch on Saturday, the delegation will visit GM's headquarters in Michigan and several local factories from March 15 to 22. CEO Hector Villa

March 8, 2025

Korean shipbuilders face obstacles as US seeks icebreakers for Alaska LNG project

SEOUL, March 7 (AJP) - As the United States looks to expand its liquefied natural gas (LNG) capabilities in Alaska, South Korean shipbuilders are finding themselves at the center of a complex geopolitical and economic equation. The request for specialized icebreakers — essential for navigating Arctic waters — has emerged as a key point of leverage in ongoing trade negotiations between Washington and Seoul. The Alaska LNG project, a multibillion-dollar endeavor requiri

March 7, 2025

Forum highlights surging data center demand powered by AI boom

SEOUL, March 07 (AJP) - Industry leaders gathered in Seoul on Thursday to discuss the rapid evolution of data centers, as artificial intelligence infrastructure fuels unprecedented power demands across the country. "Despite land and power constraints, data center capacity in the Greater Seoul Area reached 520 megawatts in the second half of 2024, marking a 15 percent year-on-year increase," said John Pritchard, head of Cushman & Wakefield’s data center advisory

March 7, 2025

South Korea posts current account surplus for 21st straight month in January

SEOUL, March 07 (AJP) - South Korea posted a current account surplus for the 21st consecutive month in January, even as exports declined for the first time in 16 months, the central bank reported on Friday. The surplus reached $2.94 billion in January, closely aligning with the $3.05 billion recorded a year earlier but sharply lower than December’s $12.37 billion, according to preliminary data from the Bank of Korea. "In January, customs-based exports typically contr

March 7, 2025

Calls grow for legal action against MBK Partners over Homeplus crisis

SEOUL, March 7 (AJP) - South Korea’s main opposition Democratic Party has called for legal action against MBK Partners, a private equity firm, after its portfolio company, Homeplus, unexpectedly filed for court-supervised rehabilitation, alleging fraudulent intent. “It has been confirmed that Homeplus was selling corporate bonds to both institutional and individual investors right up until they entered the corporate rehabilitation process,” Cho Seung-rae, the party

March 7, 2025

Instant noodles lead South Korea's surging food exports

SEOUL, March 6 (AJP) - South Korea's food exports have doubled over the past decade, reaching $7.02 billion last year, with instant noodles driving the growth, seeing an impressive annual increase of 20.1 percent. According to a report released on Wednesday by the Korea Chamber of Commerce and Industry (KCCI), food exports have maintained an average annual increase of 8 percent since 2015, with a slight surge in the last five years. Instant noodles dominated exports with $1.3

March 6, 2025

Battle of weight-loss drugs heats up in South Korea

SEOUL, March 06 (AJP) - A high-stakes competition in the weight-loss drug market is set to unfold in South Korea this year as Eli Lilly prepares to launch its GLP-1 medication, Mounjaro, a treatment that has demonstrated stronger weight-reduction effects than Novo Nordisk’s Wegovy, which debuted in the country late last year. According to medical sources, Eli Lilly is poised to introduce Mounjaro in its “single-dose vial” form as early as the first half of this y

March 6, 2025

Tax office investigates political YouTubers for potential tax evasion

SEOUL, March 6 (AJP) - South Korea’s National Tax Service (NTS) has begun scrutinizing political YouTubers over potential tax evasion, following concerns raised in the National Assembly regarding their fundraising practices. “If specific evidence of tax evasion is detected through financial intelligence data and foreign exchange transaction records, we plan to respond with rigorous tax audits,” an NTS official said. Despite ongoing monitoring, the agency has yet

March 6, 2025

South Korea to set up 50 trillion won fund to support high-tech industries

SEOUL, March 6 (AJP) - The South Korean government plans to inject 50 trillion won ($34.6 billion) over the next five years into key high-tech industries, including semiconductors, biotechnology, and artificial intelligence, through a newly established strategic fund. The initiative, led by the Ministry of Economy and Finance, will be managed within the state-run Korea Development Bank (KDB). The fund will be financed through government-guaranteed bonds, marking a significant push t

March 6, 2025

HD Hyundai rides shipbuilding super cycle with strategic moves

Editor's Note: This article is the ninth installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 06 (AJP) - HD Hyundai Heavy Industries, a dominant force in global shipbuilding, recently secured a $314 million contract with Malaysia’s MISC for two Very Large Ethane Carriers (VLECs), reinforcing its leadership in high-value vessel construction.

March 6, 2025