KAI pins hopes on $7 bn U.S. jet trainer program

SEOUL, September 17 (AJP) - Korea Aerospace Industries (KAI) is betting big on winning a $7 billion U.S. Navy contract to replace its aging T-45 trainer jets, leaning on its proven record with advanced trainers already in service worldwide. KAI has teamed up with Lockheed Martin to offer the TF-50N, a naval variant of the single-engine T-50 jet trainer that is in service or on order with seven countries. The U.S. Navy will receive proposals for its Undergraduate Jet Training Sy

September 17, 2025

South Korea's industry minister defends nuclear expansion amid policy rift

SEOUL, September 17 (AJP) - The battle over South Korea’s nuclear future flared again Tuesday, as Industry Minister Kim Jung-kwan insisted that two new reactors and one small modular reactor must be built, challenging President Lee Jae Myung’s push to emphasize renewable energy. Kim Jung-kwan, minister of trade, industry and energy, told reporters that two new reactors and one small modular reactor (SMR) must be built as planned, despite skepticism from President Lee a

September 17, 2025

SK On names European sales head

SK On, a major player in the global electric vehicle (EV) battery market, has created a new European sales division and appointed Thomas Eller as its head. The appointment of Eller, who has nearly two decades of experience at Continental and a history of working with top-tier automakers like BMW and Mercedes-Benz, signals SK On's intent to strengthen its presence in the critical European market. The company's strategy involves creating a "customized coopera

September 17, 2025

POSCO chairman leads South Korea-Australia economic cooperation

POSCO Group Chairman Jang In-hwa, acting as the South Korean chair for the South Korea-Australia Economic Cooperation Committee, is pushing for expanded cooperation beyond traditional economic ties. This push was the central theme of the 46th joint meeting of the committee, held at FKI Tower in Seoul. The gathering, attended by approximately 200 officials from both nations, including Australia-Korea Business Council chair Martin Ferguson, sought to strengthen ties in indust

September 17, 2025

South Korea prepares response to Mexico's tariff hike plan

The South Korean government is taking steps to address Mexico's planned tariff hikes, a move that threatens to disrupt supply chains and raise costs for major South Korean companies. The tariffs, which are part of Mexico's new legislative initiative, are expected to target 1,463 product classifications, a significant increase from previous measures. Affected items include auto parts, steel, home appliances, and textiles — all sectors where South Korean firms hav

September 17, 2025

Hyundai Motor joins international hydrogen energy conference in Japan

Hyundai Motor Group said Wednesday that it participated in the 7th Hydrogen Ministerial Meeting and the 1st Sustainable Fuel Ministerial Meeting held at the Hilton Hotel in Osaka, Japan, on Sept. 15. The Hydrogen Ministerial Meeting, initiated in 2018, gathers officials from major countries and international organizations to discuss hydrogen energy promotion and global cooperation. This year, it was held alongside the 1st Sustainable Fuel Ministerial Meeting, co-hosted by Japan

September 17, 2025

SK hynix dwarfs Korean peers in tax and KOSPI contribution

SEOUL, September 16 (AJP) - SK hynix continues to soar on global artificial intelligence boom, towering over its local archrival Samsung Electronics in both tax contributions and stock performance. The memory giant reported 2.77 trillion won (about $1.95 billion) in corporate tax payment for the first half of 2025, nearly tripling 908.9 billion won paid by No. 2 taxpayer, according to disclosures from Korea's top 50 listed companies. The hefty tax bill reflects SK hynix's

September 16, 2025

Labor shortage, not low wages, drives foreign hiring by SMEs in South Korea, survey shows

SEOUL, September 16 (AJP) - A recent survey by the Korea Federation of SMEs (KBIZ) reveals that more than nine out of ten small and medium-sized enterprises (SMEs) that employ foreign nationals do so primarily due to difficulties in hiring domestic workers. The survey, conducted in July on 503 businesses with 50 or more employees, found that 93.8 percent of respondents cited "difficulty in hiring domestic workers" as their primary reason for employing foreign workers.

September 16, 2025

Lee Chang-yong to become Korea's first central bank governor to deliver lecture at IMF

Bank of Korea Governor Lee Chang-yong is set to become the first South Korean central bank governor to deliver the prestigious Michel Camdessus Central Banking Lecture at the International Monetary Fund (IMF) in Washington, D.C. The lecture series, named after the IMF's longest-serving managing director, is a high-profile forum designed to foster collaboration with central banks and address key issues in monetary policy and the global economy. Past speakers have inc

September 16, 2025

South Korean auto exports hit record high despite global tariffs

South Korea's automobile industry is demonstrating remarkable resilience in the face of global economic pressures, reporting record-breaking exports and strong domestic performance for the second consecutive month. According to a report released by the Ministry of Trade, Industry and Energy, Tuesday, the sector's growth was driven by robust demand for eco-friendly vehicles and a successful pivot to new markets. Auto exports reached a record $5.5 billion in Augus

September 16, 2025