GM Korea faces crisis amid tariff woes, market slump

SEOUL, September 23 (AJP) - GM Korea is grappling with significant financial challenges stemming from steep U.S. tariffs and a struggling domestic market. The company, led by President Hector Villarreal, is facing criticism for its passive business strategy and a lack of proactive measures to secure its long-term future in the country. The most immediate threat to GM Korea's viability is a 25 percent U.S. import tariff imposed in April. Industry estimates suggest the compan

September 23, 2025

K-dessert course featured in dramas excites international sweet tooth

SEOUL, September 22 (AJP) - Korean traditional flavors — black sesame, mugwort, jujube, gardenia, and rice — are folded into the filling of the Joseon macaron, a reimagined treat that delights the palates of haughty Chinese envoys on screen and the cravings of global audiences off screen in the hit Korean drama Bon Appétit, Your Majesty. The global craze for Korean cuisine has spilled beyond savory dishes into desserts and pastries, cleverly catering to both healt

September 22, 2025

South Korea vows govt intervention to fight hackers

SEOUL, September 22 (AJP) - The South Korean government has vowed proactive intervention to fight cyberattacks and protect consumer privacy as nationwide consumer services reel from a string of data breaches. Prime Minister Kim Min-seok, presiding over an emergency cabinet meeting on Monday, ordered a comprehensive overhaul of telecommunications and financial services regulations to better address the growing threat. "Realizing a digital transition and building an AI power

September 22, 2025

After Homeplus scandal, Lotte Card hack puts spotlight on MBK Partners

SEOUL, September 22 (AJP) - A major data breach at Lotte Card has intensified scrutiny of MBK Partners, one of Asia’s largest private equity firms, which already faces mounting criticism over its troubled ownership of Homeplus, South Korea’s second-largest retail chain. The two incidents have stoked concerns that MBK, which manages more than $30 billion in assets, has prioritized short-term financial returns at the expense of adequate investment in security and corpora

September 22, 2025

Multinational interest revives Korea's dream of becoming gas producer

SEOUL, September 22 (AJP) - A beleaguered deep-sea gas development campaign in the East Sea has been revived after BP plc. and a few unspecified foreign names submitted offers to tap reserves off the east coast of South Korea. State-run Korea National Oil Corporation (KNOC) published on Sunday that several multinational energy firms filed letters of intent by the deadline on Sunday, resuscitating the campaign shunned by local companies due to association with former disgraced presid

September 22, 2025

Defense chiefs of South Korea, Saudi Arabia hold talks in Riyadh

SEOUL, September 22 (AJP) - South Korea and Saudi Arabia pledged to strengthen their defense partnership during high-level talks in Riyadh, the South Korean defense ministry said Monday. South Korea's Defense Minister Ahn Gyu-baek described his talks with Prince Abdullah bin Bandar, Saudi Arabia’s National Guard minister, on Saturday as “a meaningful first step” in expanding military collaboration. The trip marked his first visit to the Middle East since as

September 22, 2025

Hanwha honors US Korean War veterans with industrial tour, tribute

SEOUL, September 22 (AJP) - Three major South Korean defense companies joined the government last week in honoring American veterans of the Korean War. Hanwha Aerospace, Hanwha Systems and Hanwha Ocean, in partnership with the Ministry of Patriots and Veterans Affairs, hosted 85 veterans and family members from Sept. 18 to 20 as part of the ministry’s long-running “Revisit Korea Program.” Established in 1975, the initiative invites U.S. veterans back to the

September 22, 2025

South Korean leader warns US demands could risk crisis without currency safeguards

SEOUL, September 22 (AJP) - South Korea's President Lee Jae Myung said he is determined to resolve long-standing tariff and trade frictions with the United States as quickly as possible, framing the issue as central to the viability of South Korea’s massive investment push in the American economy. In an interview with Reuters published Monday, Lee highlighted differences between Seoul and Washington over how to guarantee the commercial feasibility of a planned $350 billi

September 22, 2025

Korea's tariffs on US exports soar, marking world's fastest growth

SEOUL, September 22 (AJP) - South Korea's tariffs on U.S. exports surged to nearly 5 trillion won ($3.3 billion) in the second quarter, marking the fastest growth among the top 10 exporting countries to the U.S. The finding was released in a report Monday by the Korea Chamber of Commerce and Industry (KCCI). The report highlights a significant financial burden on South Korean exporters, with tariffs growing 46 times compared to the fourth quarter of last year — the

September 22, 2025

South Korea hit hardest by US tariffs in 2nd quarter

SEOUL, September 21 (AJP) - South Korea was hit hardest by tariffs on its exports among major U.S. trading partners in the second quarter of this year, an analysis suggests. The Korea Chamber of Commerce & Industry (KCCI) said Sunday that tariffs on the country's exports to the U.S. increased by US$3.23 billion during the period between April and June, ranking sixth behind China ($25.93 billion), Mexico ($5.52 billion), Japan ($4.78 billion), Germany ($3.57 billion), and Vie

September 21, 2025