Korean government unveils plan for national AI service, major R&D expansion

SEOUL, June 18 (AJP) - South Korea's Ministry of Science and ICT announced sweeping plans on Wednesday to accelerate the nation’s artificial intelligence capabilities, pledging to launch a state-sponsored AI service and boost research and development funding by more than 4 trillion won (approximately $2.9 billion). In a policy briefing to the National Policy Planning Committee at the Government Complex in Sejong, ministry officials outlined a strategy that favors promotion

June 18, 2025

Eco-friendly vehicles outpace gasoline cars in S. Korea for first time

SEOUL, June 18 (AJP) - For the first time, sales of eco-friendly vehicles have overtaken those of internal combustion engine (ICE) cars in South Korea, signaling a pivotal shift in one of Asia’s most technologically advanced auto markets. According to data released by the Ministry of Trade, Industry and Energy, sales of electric, hydrogen fuel cell, and hybrid vehicles accounted for 52 percent of domestic auto sales in May. A total of 73,511 eco-friendly units were sold, out

June 18, 2025

Hanwha Ocean eyes Brazil oil platform deal

SEOUL, June 17 (AJP) - Hanwha Ocean is preparing a bid for a major Brazilian offshore oil platform project, signaling its return to the high-stakes Floating Production Storage and Offloading (FPSO) market. The company’s participation in the Petrobras-led P-86 project marks its first FPSO tender. It also reflects a broader strategic pivot toward high-value offshore energy infrastructure as the global industry recovers from years of volatility and underinvestment. Hanwha Oc

June 17, 2025

Hyundai Glovis invests $145 million to acquire Asiana Airlines' cargo unit

SEOUL, June 17 (AJP) - Hyundai Glovis has stepped up its ambitions in global air logistics, committing 200.6 billion won (approximately $145 million) to a private equity fund backing Air Incheon’s acquisition of Asiana Airlines’ cargo division. The move strengthens Glovis’s position in the freight sector and grants it preemptive rights in the event of a future sale of the combined cargo carrier. The investment was disclosed in a regulatory filing on June 16 an

June 17, 2025

S. Korea plans $14 billion second supplementary budget to boost economy

SEOUL, June 17 (AJP) - The South Korean government is expected to introduce a 20 trillion won (approximately $14.6 billion) supplementary budget on Thursday, part of a broader effort to revitalize the nation’s faltering export-driven economy. The proposal, which would mark the second supplementary budget of 2025, is scheduled for submission at the cabinet meeting on June 19. It follows a 13.8 trillion won stimulus package announced in May and is aimed at boosting domestic cons

June 17, 2025

Samsung starts key meetings to chart course through geopolitical, trade turbulence

SEOUL, June 17 (AJP) - Samsung Electronics on Tuesday convened its biannual global strategy meeting at its headquarters in Seoul, gathering top executives and international subsidiary heads to chart a path forward. The four-day meeting, held each June and December, provides a forum for the South Korean firm's leadership to assess challenges across markets and divisions, and coordinate marketing and production strategies for the months ahead. This week’s meetings are l

June 17, 2025

Korean biotech firms showcase innovation at BIO International Convention

SEOUL, June 17 (AJP) - Global biotechnology leaders and emerging innovators have convened in Boston as the 2025 BIO International Convention opened, drawing an estimated 20,000 industry professionals from across the world. The four-day event, held at the Boston Convention and Exhibition Center, marks the 32nd edition of the world’s largest biotechnology trade show. “BIO 2025 offers Korean biotech companies an unparalleled global platform to showcase their technologies

June 17, 2025

S. Korean companies evacuate employees from Israel amid escalating conflict

SEOUL, June 17 (AJP) - As military tensions between Israel and Iran continue to escalate, South Korea’s largest technology firms are relocating employees and implementing precautionary measures to safeguard their personnel in the region. Samsung Electronics and LG Electronics confirmed Tuesday that they have withdrawn South Korean staff and their families from Israel, relocating them to neighboring Jordan in response to growing security concerns. Samsung, which maintains

June 17, 2025

As energy demands soar, Korea turns to small modular reactors

SEOUL, June 16 (AJP) - As global electricity demand rises at an unprecedented pace — fueled by the growth of artificial intelligence, data centers, and high-performance computing — nuclear power is experiencing a resurgence. At the center of this renewed interest are small modular reactors, or SMRs, a next-generation nuclear technology that is gaining traction across the globe. South Korea, long a major player in nuclear energy, is now moving decisively to claim a stak

June 17, 2025

G20 nations discuss stronger EPR cooperation for circular economy

SEOUL, June 16 (AJP) - G20 member states and international organizations gathered on Jun. 10 for a high-level webinar to examine global cooperation on Extended Producer Responsibility (EPR) systems, a cornerstone policy tool for advancing the circular economy. The webinar, held under the G20 Resource Efficiency Dialogue (RED), was hosted by South Africa, the 2024 G20 presidency, and organized by the G20 Environment and Climate Sustainability Working Group (ECSWG). The session focu

June 16, 2025