SK Telecom begins SIM card replacement after cybersecurity breach

SEOUL, April 28 (AJP) - South Korea’s largest mobile carrier, SK Telecom, began offering free SIM card replacements at its 2,600 stores nationwide on Monday, following a major cybersecurity breach that exposed sensitive customer information. The breach, detected on April 18, involved malicious code that compromised unique identification numbers tied to customer SIM cards, the company said. SK Telecom, which serves roughly 23 million subscribers and hosts an additional 1.87

April 28, 2025

DeepSeek updates privacy policy after Korean regulatory review

SEOUL, April 28 (AJP) - Chinese artificial intelligence company DeepSeek published a Korean-language privacy policy on Monday, days after South Korean regulators raised concerns over the company’s handling of user data. Despite the update, DeepSeek’s services remain suspended in South Korea. The move follows a regulatory inspection by South Korea’s Personal Information Protection Commission (PIPC), which concluded last week that DeepSeek had failed to secure use

April 28, 2025

POSCO, Hyundai Steel report disappointing first-quarter results

SEOUL, April 25 (AJP) - South Korea’s top steelmakers, POSCO and Hyundai Steel, posted disappointing first-quarter results as a confluence of weak global demand, Chinese oversupply, and new U.S. tariffs weighed heavily on the industry. POSCO Holdings reported 14.96 trillion won ($11 billion) in revenue from its steel division and an operating profit of 450 billion won ($330 million), according to financial statements released Friday. Hyundai Steel swung to an operating lo

April 25, 2025

LG Electronics weighs US appliance price hikes amid tariff pressures

SEOUL, April 25 (AJP) - LG Electronics is weighing potential price increases for U.S.-bound home appliances if tariffs imposed by Washington surpass what the company considers sustainable, according to CEO Jo Joo-wan. Jo said that while the company is striving to offset the impact through operational efficiencies, it is preparing for a range of scenarios — including higher consumer prices. “We will absorb as much as possible through operational efficiencies,”

April 25, 2025

SK Telecom to divest entire Kakao stake in $300 million block deal

SEOUL, April 25 (AJP) - SK Telecom said Friday it will sell its entire stake in Kakao Corp. through a block deal valued at 413.3 billion won ($300 million). The sale involves 10.8 million shares of the internet company. SK Telecom said the move is aimed at securing funds for the full acquisition of SK Broadband, as well as investments in future growth areas, including artificial intelligence. SK Telecom signed a stock purchase agreement in November to acquire the remaining 2

April 25, 2025

Korea will negotiate with US to eliminate tariffs

SEOUL, April 25 (AJP) - South Korea and the United States have agreed to hold negotiations aimed at eliminating mutual tariffs and item-specific duties before a July 8 deadline, South Korean officials said Friday, following high-level trade talks in Washington. The talks come ahead of the expiration of a 90-day mutual tariff suspension instituted under U.S. President Donald Trump. The two nations now hope to forge a comprehensive agreement — referred to by South Korean offic

April 25, 2025

As Trump targets pharma, Korean biotech firms reassess US strategies

Editor's Note: This is the fourth in a series of stories examining how the Trump administration's economic policies affect South Korea's key industries. SEOUL, April 23 (AJP) - South Korean pharmaceutical companies are bracing for the fallout from U.S. President Donald Trump's tariffs and drug price reforms that could reshape the global pharmaceutical landscape and disrupt overseas supply chains. The Trump administration has launched a national security investigat

April 25, 2025

Harmful chemicals detected in children's toys from Chinese e-commerce platforms

SEOUL, April 24 (AJP) - Several children’s toys sold on major Chinese e-commerce platforms contain toxic substances at levels far exceeding safety standards, the Seoul Metropolitan Government announced on Thursday. City officials said they tested 25 toys purchased from global platforms including Temu, Shein, and AliExpress. Four products failed to meet domestic safety regulations, with one “keyring doll” found to contain phthalate plasticizer (DEHP) at concentratio

April 24, 2025

US auto tariffs to reduce Korean car production by 315,000 units

SEOUL, April 24 (AJP) - South Korea’s passenger vehicle production is projected to fall by more than 300,000 units over the next two years as a result of newly imposed U.S. automotive tariffs, according to a report released Thursday by S&P Global Mobility. The research firm estimates that South Korean output will drop by 112,000 vehicles in 2025 and a further 203,000 in 2026, as a 25 percent tariff introduced by the Trump administration begins to take its toll. S&P c

April 24, 2025

South Korea's economy shrinks in first quarter

SEOUL, April 24 (AJP) - South Korea’s economy contracted in the first quarter of 2025, weighed down by a prolonged political uncertainty and concerns about U.S. tariffs, according to preliminary data released by the Bank of Korea on Thursday. Gross domestic product fell 0.2 percent from the previous quarter, marking the country’s second economic contraction in just three quarters. The latest reading sharply contrasts with the central bank’s earlier forecast of 0.2

April 24, 2025