POSCO bets on innovation as tariffs, Chinese steel shake industry

Editor's Note: This article is the seventh installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, February 19 (AJP) - For the 15th consecutive year, South Korean steelmaker POSCO has retained its title as the "World's Most Competitive Steelmaker," according to global steel analysis firm World Steel Dynamics. POSCO ranked as the world’s

February 20, 2025

Samsung weighs fees for mobile payment service

SEOUL, February 19 (AJP) - Samsung Electronics is moving to introduce fees for its Samsung Pay mobile payment service this year, following Apple Pay's growing presence in South Korea's digital payments market, according to financial industry sources Wednesday. Samsung Electronics, which has not charged card companies any fees since launching Samsung Pay in 2015, recently met with lawmakers and card companies to discuss implementing service fees. The discussions come as

February 19, 2025

Korean government eyes railway underground project to revive construction sector

SEOUL, February 19 (AJP) - The South Korean government on Wednesday unveiled a 4.3 trillion won ($2.98 billion) initiative to move railway infrastructure underground in three major cities, an effort aimed at revitalizing the country’s struggling construction sector. Announced during an economic policy meeting at the Government Complex Seoul, the initiative is part of a broader social overhead capital (SOC) strategy. The project will cover railway sections in Busan, Daejeon, an

February 19, 2025

SK Telecom replaces ChatGPT with in-house AI for call summaries

SEOUL, February 19 (AJP) - SK Telecom announced Wednesday it has fully transitioned to its in-house developed A.X artificial intelligence model for call summarization features, completely replacing external models like ChatGPT. "By using our in-house AI model for the call summary service, which handles up to 50 million uses daily, we have significantly reduced API costs previously paid to overseas AI model developers like OpenAI," said Kim Tae-yoon, SK Telecom's vice

February 19, 2025

Political uncertainty stalls Korea's plan to develop next-generation reactors

SEOUL, February 19 (AJP) - South Korea’s ambitious plans for Small Modular Reactor (SMR) development have encountered setbacks as political disputes stall progress, while global competitors advance in the next-generation nuclear market. SMRs have emerged as a transformative force in power generation, offering cost-effectiveness and enhanced safety features, with expenses projected to be reduced by up to 33 percent compared with aging coal plants. According to industry exper

February 19, 2025

TikTok booms in Korea despite privacy concerns linked to DeepSeek

SEOUL, February 19 (AJP) - ByteDance’s TikTok has solidified its foothold in South Korea’s social media landscape, surpassing Facebook in combined monthly active users, even as concerns mount over data transfers linked to DeepSeek, a Chinese artificial intelligence app. According to data from mobile analytics firm Mobile Index, the short-video platform and its lightweight counterpart, TikTok and TikTok Lite, recorded approximately 4.9 million and 4.8 million monthly acti

February 19, 2025

Korean newspapers to file complaint against Naver over AI training

SEOUL, February 18 (AJP) - The Korean Association of Newspapers (KAN) announced plans to file a complaint with the nation’s antitrust agency against Naver, alleging the company used news content without permission to train its artificial intelligence models. The move follows Naver’s recent acknowledgment that it had utilized news articles to develop its generative AI services, including HyperCLOVA and HyperCLOVA X. “With this complaint, we aim to establish a fai

February 18, 2025

Samsung Electronics take measures to boost shareholder value

SEOUL, February 18 (AJP) - Samsung Electronics announced on Wednesday that it will cancel 3 trillion won ($2.2 billion) worth of treasury shares on Thursday and acquire an additional 3 trillion won in shares by mid-May, a move aimed at enhancing shareholder value. The decision follows the company’s November 2024 commitment to repurchase and partially cancel 10 trillion won worth of shares over one year. Of the newly approved 3 trillion won buyback, 2.5 trillion won will b

February 18, 2025

New Balance to establish Korean subsidiary in 2027

SEOUL, February 18 (AJP) - New Balance plans to establish a South Korean subsidiary in 2027, a move that could signal a shift away from its longstanding partnership with E-Land World, which has overseen the brand’s operations in South Korea since 2008. The Boston-based athletic wear manufacturer said it would extend its licensing agreement with E-Land World until 2030, covering children's footwear and apparel lines. The decision comes as New Balance solidifies its presence

February 18, 2025

South Korean firms showcase cutting-edge military solutions at defense expo in Abu Dhabi

SEOUL, February 18 (AJP) - South Korean firms are showcasing their advanced solutions at the largest defense exhibition in the Middle East, which kicked off in Abu Dhabi earlier this week. The week-long event, IDEX 2025, which kicked off on Monday, features 1,350 defense firms from 65 countries, bringing together more than 130,000 defense officials. Hyundai Rotem is showcasing a K2 tank variant tailored for the desert climate and terrain of the Middle East. Equipped with a fully

February 18, 2025