KEPCO, KHNP to seek international arbitration over additional costs from UAE nuclear project

SEOUL, February 24 (AJP) - Korea Electric Power Corp. (KEPCO) and its subsidiary Korea Hydro & Nuclear Power (KHNP) are preparing for international arbitration over $1 billion of additional costs related to the Barakah nuclear power plant project in the United Arab Emirates. Negotiations between the two entities have stalled, sources said. Recent discussions between KEPCO’s chief executive, Kim Dong-chul, and KHNP’s president, Hwang Joo-ho, failed to resolve the

February 24, 2025

US commerce chief pledges fast-track support for Korean investors

SEOUL, February 24 (AJP) - U.S. Secretary of Commerce Howard Rutnik has vowed to streamline regulatory procedures for South Korean companies planning investments of $1 billion or more in the United States. The pledge came during a 40-minute meeting in Washington with a high-level South Korean business delegation, led by Chey Tae-won, chairman of SK Group and head of the Korea Chamber of Commerce and Industry. Executives from South Korean companies, including Samsung Electronics,

February 24, 2025

Trump targets foreign tech regulations, raising alarm in Seoul

SEOUL, February 24 (AJP) - A new memorandum signed by U.S. President Donald Trump is raising concerns in South Korea, as the directive calls for investigations into foreign governments that impose regulations on American technology firms. The move could threaten South Korea’s efforts to impose greater oversight on big tech companies. The directive, signed on Feb. 21, instructs the United States Trade Representative (USTR) to examine and, if necessary, implement retaliatory

February 24, 2025

Korean business delegation delivers trade concerns in US

SEOUL, February 21 (AJP) - A high-profile delegation of South Korean business leaders, led by Chey Tae-won, chairman of SK Group, met with senior White House officials and key congressional leaders this week. The 26-member delegation, organized by the Korea Chamber of Commerce and Industry, convened in Washington on Feb. 19 and 20 to discuss investment and cooperation across a range of strategic industries. Among the executives in attendance were Kim Won-kyung, president of Samsun

February 21, 2025

Hyundai Motor, GM to forge supply chain alliance amid tariff concerns

SEOUL, February 21 (AJP) - Hyundai Motor Group and General Motors are preparing to announce a comprehensive supply chain alliance as early as next month, industry sources said Friday. The agreement would allow both companies to share global production facilities and potentially mitigate the impact of a proposed 25 percent U.S. auto tariff under the Trump administration. Under the partnership, Hyundai Motor and Kia Corp. would manufacture vehicles at GM’s 11 U.S. facilitie

February 21, 2025

SK hynix chief warns of growing AI risks while highlighting semiconductor role

SEOUL, February 21 (AJP) - SK hynix President and Korea Semiconductor Industry Association Chairman Kwak Noh-jung emphasized the Korean semiconductor industry's critical role in the expanding artificial intelligence trend, expressing concerns about increasing risks from AI evolution. "As AI continues to evolve, it's clear that risks are growing more than ever," Kwak wrote on his social media after attending SEMICON Korea 2025. "Reflecting on the time spent a

February 21, 2025

Temu mandates data sharing for Korean users, raising privacy concerns

SEOUL, February 21 (AJP) - Chinese e-commerce platform Temu has updated its privacy policy to require South Korean users to share personal information — including addresses, phone numbers, and text messages — with 27 companies across six countries. Under the revised policy, unveiled Friday, users must consent to data sharing with third-party entities in South Korea, the United States, Singapore, Japan, Australia, and Indonesia as a prerequisite for accessing Temu&rsquo

February 21, 2025

South Korea's growth could sink to 1 percent, British firm warns

SEOUL, February 21 (AJP) - A London-based research firm has issued a dire warning about South Korea’s economic outlook, forecasting that the country’s growth rate could fall to just 1 percent this year — a sharp decline that underscores mounting political and financial pressures. In a report, Capital Economics revised its projection for South Korea’s real gross domestic product growth, lowering it from 1.1 percent to 1 percent. The firm cited a deepening po

February 21, 2025

Korean firms eye potential end to China's cultural ban with cautious optimism

SEOUL, February 20 (AJP) - South Korea’s business community is warily hopeful amid growing speculation that China may lift its long-standing, unofficial ban on Korean cultural content as early as May. The restrictions, imposed in retaliation for Seoul’s deployment of the U.S. Terminal High Altitude Area Defense (THAAD) system in 2017, dealt a severe blow to industries reliant on Chinese consumers. Among the hardest hit was AmorePacific, a major cosmetics firm, which

February 20, 2025

Korea's job growth slows to 6-year low as young, middle-aged workers struggle

SEOUL, February 20 (AJP) - South Korea’s labor market saw its slowest job growth in six years during the third quarter of 2024, as employment opportunities for workers in their 20s and 40s declined at an unprecedented rate, according to government data released Thursday. The number of jobs increased by 246,000 from a year earlier, marking the smallest third-quarter gain since 2018, Statistics Korea reported. The deceleration continues a downward trend from the 597,000 jobs add

February 20, 2025