Korea's move to regulate platforms faces US trade pressure

SEOUL, February 18 (AJP) - South Korea’s attempt to rein in dominant online platforms has hit a roadblock, as recent trade threats from the Trump administration cast uncertainty over the initiative. The Korea Fair Trade Commission (KFTC) is reassessing its position on the Platform Competition Promotion Act (PCPA), a proposed law designed to curb unfair practices by major digital platforms. The bill has faced resistance from Washington, raising concerns over potential trade fri

February 18, 2025

SK hynix names head of newly-established subsidiary in US

SEOUL, February 18 (AJP) - SK hynix has appointed Lee Woong-sun as president of its newly established West Lafayette LLC subsidiary in Indiana, which will oversee the company's semiconductor packaging operations in the United States. The appointment follows SK hynix's announcement in April 2024 to invest $3.87 billion in building an advanced packaging facility for AI memory chips in West Lafayette, Indiana. The facility, scheduled to begin mass production of next-genera

February 18, 2025

Samsung chairman tops South Korea's dividend earnings in 2024

SEOUL, February 18 (AJP) - Samsung Electronics Chairman Lee Jae-yong received the highest dividend payout among South Korean business leaders in 2024, collecting 346.5 billion won ($260 million), according to a report by corporate analysis firm Leaders Index. Lee's dividend earnings rose by 22.8 billion won from 323.7 billion won in 2023, cementing his status as the country’s top dividend recipient. Hyundai Motor Group Honorary Chairman Chung Mong-koo ranked second wi

February 18, 2025

Nongshim to establish European headquarters in Amsterdam

SEOUL, February 18 (AJP) - South Korean food company Nongshim announced plans to establish its European headquarters in Amsterdam this March, a move aimed at bolstering its presence in the region's growing instant noodle market. According to Nongshim, the new subsidiary, Nongshim Europe B.V., will take advantage of the Netherlands' extensive logistics infrastructure, including the Port of Rotterdam — Europe's busiest — as well as the country's well-develo

February 18, 2025

US equity firm takes over Inspire Resort in Incheon following heavy losses

SEOUL, February 17 (AJP) - A U.S. private equity firm has assumed control of the Inspire Integrated Resort near Incheon International Airport after the property accumulated losses exceeding 150 billion won ($112 million) in its first year of operations. The resort, which opened in January 2024, was originally developed by Mohegan Gaming & Entertainment with an investment of 2 trillion won. The complex includes three five-star hotel buildings with a total of 1,275 rooms, a mult

February 17, 2025

Biotech firm DYD develops saliva-based diabetes test kit

SEOUL, February 17 (AJP) - South Korean biotechnology company DYD announced plans on Monday to introduce a diabetes diagnostic kit capable of detecting the disease through saliva samples in under one minute. The device aims to provide a less invasive alternative to traditional blood-based testing. The diagnostic kit measures glycated albumin, a key biomarker for diabetes, using semiconductor biosensor technology that integrates next-generation surface technology with antibody con

February 17, 2025

Korea's fresh fruit imports hit record high in 2024

SEOUL, February 17 (AJP) - South Korea’s imports of fresh fruit soared to a record $1.45 billion (2.1 trillion won) in 2024, marking a 20.1 percent increase from the previous year, according to data from the Korea Rural Economic Institute. The surge underscores the growing reliance on imported produce as domestic fruit production struggles with adverse weather conditions. The value of imported fresh fruit, including bananas, pineapples, mangoes, oranges, and blueberries,

February 17, 2025

South Korea launches safety certification system for EV batteries

SEOUL, February 17 (AJP) - The Korean government on Monday introduced a mandatory certification system for electric vehicle (EV) batteries, a move aimed at strengthening safety regulations following a high-profile battery fire last year. The new policy requires all EV batteries to undergo 12 stringent safety tests, including assessments for thermal shock, combustion resistance, and overheating prevention. These tests will be conducted by the Korea Automobile Testing & Researc

February 17, 2025

Korea launches center to attract foreign tech talent

SEOUL, February 17 (AJP) - In a bid to bolster its high-tech workforce, South Korea on Monday unveiled a new recruitment center aimed at attracting 1,000 advanced technology professionals from overseas by 2030. The effort is part of the government’s "K-Tech Pass" program, a sweeping initiative designed to address the growing demand for specialized talent in emerging technologies. The center, established under the Korea Trade-Investment Promotion Agency (KOTRA),

February 17, 2025

US conducting cross-border subsidy probe into Korean pharmaceutical capsules

SEOUL, February 17 (AJP) - The United States has launched a countervailing duty investigation into pharmaceutical hard capsules exported from Vietnam-based facilities operated by South Korean companies, the Korea Trade-Investment Promotion Agency (KOTRA) reported on Monday. The move comes as the Trump administration intensifies its sweeping tariff offensive, targeting both allies and adversaries. Trade analysts expect stricter enforcement of existing import regulations, including an

February 17, 2025