Support bills for steel, petrochemical sectors set for parliamentary vote in South Korea

SEOUL, November 21 (AJP) - Special legislation designed to bolster South Korea’s steel and petrochemical industries cleared a key parliamentary committee on Friday, paving the way for final approval next week. The National Assembly's Industry, Trade and Energy Committee passed the so-called K-Steel Act and the Petrochemical Support Act with bipartisan backing. The measures, which advanced through a subcommittee on Nov. 19, are expected to win passage in a full National

November 21, 2025

South Korea's biggest lenders move to curb home purchase loans

SEOUL, November 21 (AJP) - KB Kookmin Bank and Hana Bank, two of South Korea’s largest lenders, said they will suspend new home purchase loans through the end of the year, a move that is expected to be followed by other major banks and could create a year-end “loan cliff” for prospective buyers. According to industry officials, KB Kookmin Bank will stop accepting new mortgage applications for home purchases beginning Nov. 22 on its online platforms and No

November 21, 2025

Korea's Hanwha and Emirati defense group EDGE upgrade air defense partnership

Hanwha Aerospace signs MOU with UAE’s EDGE Group to expand defense AI cooperation SEOUL, November 21 (AJP) - South Korea's defense firm Hanwha Aerospace and Emirati state-owned defense conglomerate EDGE Group on Friday announced they have signed a memorandum of understanding (MoU) to expand joint develpment across advanced air and missile defense, long-range precision strike, unmanned systems, and defense AI. Under the agreement signed during the Dubai Airshow

November 21, 2025

Polestar CEO touts Busan plant as key export hub for North America

SEOUL, November 21 (AJP) - Michael Loscheller, chief executive of Polestar, stressed the strategic value of the company’s new production base in Busan, describing it as a critical link between Asian manufacturing and North American demand. Speaking to reporters in Seoul on Nov. 20, Loscheller said the plant has begun trial production of the Polestar 4 destined for North American markets. The facility, operated by Renault Korea, underwent a major upgrade this year to pre

November 21, 2025

Asian shares tumble on renewed U.S. tech rout, exposing regional market fragility

SEOUL, November 21 (AJP) - Asian markets slid on Friday as a fresh selloff in U.S. tech reignited “AI bubble” fears and laid bare how deeply regional sentiment is tethered to Wall Street’s semiconductor cycle. Overnight, all three major U.S. indexes fell. Nvidia cooled 3.15 percent to $180.64, reversing its brief rebound. AMD plunged 7.84 percent to $206.02, while Micron Technology tumbled 10.87 percent to $201.37, clinging just above the psychologically importan

November 21, 2025

Coupang reports data breach affecting 4,500 customers

SEOUL, November 21 (AJP) - Coupang, South Korea's leading e-commerce giant, said Friday it has detected a data breach affecting 4,500 customers. It informed customers the previous day that unauthorized access to personal information including names, email addresses, and order and delivery details was detected on Tuesday. After discovering the breach, Coupang blocked the access route used by the unknown third party. The company added that there is currently no evidence the s

November 21, 2025

Hyundai's Casper Electric wins Germany's Golden Steering Wheel Awards

SEOUL, November 21 (AJP) - Hyundai Motor’s Casper Electric has been named the “Best Car Under 25,000 Euros” at the 2025 Golden Steering Wheel Awards, one of Europe’s most influential automotive honors, the company said Friday. The award underscores the model’s rising prominence in Germany’s fiercely competitive small electric vehicle segment. Hyundai has been steadily broadening its EV lineup, building on the success of the Ioniq 5, and the Ca

November 21, 2025

South Korea's halt on state asset sales strains debt-laden public firms

SEOUL, November 21 (AJP) - President Lee Jae Myung’s order to halt the sale of state-owned assets over concerns of potential undervaluation has left major public agencies scrambling for alternatives, despite growing fiscal pressures and the need to offload underperforming holdings. According to industry officials, Korea National Oil Corp. (KNOC) has suspended its long-running effort to sell Harvest, a Canadian oil and gas producer it acquired in 2009. KNOC, which has rem

November 21, 2025

KITA expands global network with new offices in Vietnam, Brazil

SEOUL, November 21 (AJP) - The Korea International Trade Association (KITA) has opened new offices in Hanoi and São Paulo, advancing its strategy to deepen ties with emerging markets across the Global South. KITA held an opening ceremony for its Hanoi office on Nov. 20 at the Lotte Hotel Hanoi. The event drew some 90 officials, including KITA Chairman Yoon Jin-sik, Vu Ba Phu, director general of Vietnam’s Trade Promotion Agency, and Jang Ho-seung, South Korea’

November 21, 2025

Korea celebrates defense advance and explores sustainability strategy: Aju Defense Forum '25

SEOUL, November 20 (AJP) - South Korea’s defense industry is enjoying an unprecedented heyday as demand for self-defense in a nation still technically at war converges with its rapidly advancing technological capabilities. Amid simultaneous military confrontations in Ukraine and the Middle East, Korea’s defense exports have tripled and are likely to easily top 30 trillion won ($20 billion) this year. Yet despite the rediscovery of Korea’s firepower —

November 20, 2025