White House touts Hyundai Steel's potential US investment in levying steel tariffs

SEOUL, February 13 (AJP) - A day after U.S. President Donald Trump imposed a sweeping 25 percent tariff on imported steel and aluminum, the White House highlighted Hyundai Steel’s potential investment in the United States, framing it as a step to bolster American manufacturing. In a fact sheet, the White House stated that Trump’s decision to eliminate loopholes and exceptions would “strengthen the U.S. steel and aluminum industries.” The statement also n

February 13, 2025

LG Electronics stakes its future on premium tech, global expansion

Editor's Note: This article is the sixth 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 12 (AJP) - For more than a decade, LG Electronics has held its position as the world’s leading OLED television manufacturer, a distinction it has maintained for 11 consecutive years. But beyond its dominance in consumer electronics, the South Kor

February 13, 2025

Hanwha Hotels & Resorts to acquire Ourhome for 8.7 trillion won

SEOUL, February 12 (AJP) - Hanwha Hotels & Resorts announced Wednesday it will acquire a 58.62 percent stake in South Korean food service company Ourhome for 8.7 trillion won ($6.5 billion). The company said in a regulatory filing that it will initially acquire 50.62 percent of shares from major shareholders, including former Vice Chairman Koo Bon-sung and Chairwoman Koo Mi-hyun. The remaining 8 percent owned by Koo Bon-sung will be purchased through a third party, it said.

February 12, 2025

CES Insight & Innovation Awards honor top Korean innovators

SEOUL, February 12 (AJP) - The 2025 CES Insight & Innovation Awards recognized leading Korean companies that have demonstrated technological excellence and global competitiveness at CES 2025. Hosted by Aju News Corporation and its English-language news agency AJP, the event took place at the Korea Press Center in Seoul, celebrating businesses that are driving innovation across industries. This year’s awardees include Koo Ja-kwan, chairman of Samkoo INC, recognized fo

February 12, 2025

CES Insight & Innovation Awards highlights Korea's global tech competitiveness

SEOUL, February 12 (AJP) - The 2025 CES Insight & Innovation Awards, an event recognizing outstanding South Korean companies making a mark in the global market, took place on Wednesday at the Korea Press Center in Seoul. Hosted by Aju News Corporation and its English-language news agency AJP, the event aimed to shed light on innovative Korean businesses and provide insights into the latest technology trends showcased at CES 2025. The awards ceremony was accompanied by the CES

February 12, 2025

Meta in talks to acquire Korean AI chip startup Furiosa AI

SEOUL, February 12 (AJP) - Meta Platforms Inc. is engaged in discussions to acquire South Korean artificial intelligence chip startup Furiosa AI, potentially strengthening its semiconductor capabilities amid the global AI competition, sources familiar with the deal said Wednesday. Founded in 2017 by former Samsung Electronics and AMD engineer June Paik, Furiosa AI specializes in developing AI inference processors for data center servers. The Seoul-based company debuted its first

February 12, 2025

Seoul unveils ambitious makeover plan for Dongdaemun areas

SEOUL, February 12 (AJP) - The Seoul Metropolitan Government on Wednesday announced an ambitious master plan to rejuvenate the areas surrounding the Dongdaemun Design Plaza (DDP), a former stronghold of South Korea’s fashion industry that has struggled in recent years. The initiative, set to begin next month and slated for completion by late 2026, aims to breathe new life into the aging commercial hub through a series of urban renewal projects and infrastructure upgrades. T

February 12, 2025

South Korea launches tax probe into wedding studios, postnatal centers

SEOUL, February 12 (AJP) - The National Tax Service has opened investigations into 46 businesses suspected of tax evasion, including 24 wedding service providers, 12 postnatal care centers, and 10 English-language kindergartens, the office said Tuesday. The probe targets businesses that allegedly concealed income by directing customers to make additional payments beyond basic contract fees through multiple accounts held under borrowed names. One prominent photo studio was found to

February 12, 2025

South Korea-Cuba diplomatic relations mark one year, but trade remains stagnant

SEOUL, February 12 (AJP) - Nearly a year after establishing diplomatic relations, South Korea and Cuba have yet to see a significant expansion in trade, with annual commerce hovering around $20 million. The primary hurdle remains the longstanding U.S. sanctions on Cuba, which continue to constrain the Caribbean nation’s access to global markets. Trade volumes between South Korea and Cuba have shown little improvement since they formalized ties on Feb. 14 last year. The econ

February 12, 2025

LocknLock showcases innovative products at trade fair in Germany

SEOUL, February 12 (AJP) - Utensil maker LocknLock showcased its key products at Ambiente, a weeklong trade fair in Frankfurt, Germany, which kicked off last Friday. The world's largest fair for consumer goods annually attracts participants from 176 countries, serving as a global stage for emerging industry trends. LocknLock's booth featured its latest trendy products including airtight containers, fridge organizers, lunchboxes, and drinkware such as tumblers and coffee m

February 12, 2025