South Korea's SNT Group to establish US production base in Louisiana

SEOUL, August 29 (AJP) - South Korea's SNT Group said Friday that it had purchased an 82-acre site in Louisiana for a new manufacturing complex. The facility, covering roughly 330,000 square meters, will be developed in phases and is intended to serve as SNT’s integrated North American production base. The project will be led by SNT Motiv, the group’s automotive components arm, and will also involve SNT Energy, its energy equipment unit. Louisiana was chosen for

August 29, 2025

Samsung gains ground in Japan's iPhone-dominated market

SEOUL, August 29 (AJP) - Samsung, after years of lagging behind, is starting to carve out a bigger foothold in Japan, where Apple has long towered over the smartphone market. Samsung's Galaxy S25 series — introduced earlier this year with a slate of artificial intelligence features — has helped lift its fortunes in Japan. Samsung’s shipments surged 60 percent in the second quarter from a year earlier, according to new data from Counterpoint Research releas

August 29, 2025

Business sentiment in South Korea remains pessimistic for 42nd month

SEOUL, August 29 (AJP) - South Korea’s corporate outlook sank further into pessimism for the 42nd straight month, weighed down by U.S. trade measures that have struck at the heart of its semiconductor and steel industries, the nation’s largest business group said Friday. A survey of the country’s 600 biggest companies by the Federation of Korean Industries showed the Business Survey Index for September at 93.2, below the 100 threshold that separates optimism from p

August 29, 2025

Ulsan breaks ground on AI data center with SK Telecom, Amazon

SEOUL, August 29 (AJP) - The industrial city of Ulsan is positioning itself as a national hub for artificial intelligence, breaking ground Friday on a large-scale AI data center in partnership with SK Telecom and Amazon Web Services. The ceremony, held at the Mipo National Industrial Complex, was attended by Ulsan Mayor Kim Doo-gyeom, SK Telecom’s chief executive, Yoo Young-sang, officials from SK and AWS, lawmakers, and representatives from academia and local industries.

August 29, 2025

South Korea becomes anchor in US plan to revive shipbuilding industry

SEOUL, August 28 (AJP) - What began as a series of bruising trade talks between Washington and Seoul ended in an unexpected sector: shipbuilding. The negotiations, initially centered on tariffs, culminated in a $150 billion partnership aimed at reviving America’s depleted maritime industry with South Korean know-how. On Aug. 25, President Donald Trump hosted President Lee Jae Myung of South Korea at the White House, just a month after the latest round of negotiations. At their

August 29, 2025

Korean businesses cite finance, taxes, labor rules as major growth hurdles

SEOUL, August 28 (AJP) - Despite government efforts to streamline regulations, South Korean companies continue to struggle with financing, tax burdens and labor rules, according to a new report. The Korea Chamber of Commerce and Industry (KCCI) said Thursday that nearly 71 percent of firms surveyed in the World Bank Enterprise Survey identified those three areas as their biggest obstacles. Limited access to finance was cited by 34 percent of companies, followed by taxation at 2

August 28, 2025

SK Telecom slapped record fine over data breach affecting 23 million users

SEOUL, August 28 (AJP) - South Korea’s privacy watchdog has imposed a record fine on SK Telecom after a massive data breach that exposed the personal information of more than 23 million mobile subscribers. The Personal Information Protection Commission said on Thursday that it decided to levy a fine of 134.8 billion won, or about $97 million, on the country’s largest wireless carrier. The breach compromised sensitive information from all 23.2 million users of SK Tel

August 28, 2025

Bank of Korea holds key rate steady as housing market concerns continue

SEOUL, August 28 (AJP) - The Bank of Korea left its benchmark interest rate unchanged at 2.5 percent on Thursday, pausing its easing cycle for a second month as policymakers weighed mounting risks from rising household debt. The central bank’s monetary policy committee said it would maintain the current rate while monitoring domestic and global conditions, citing persistent volatility in Seoul’s housing market and elevated borrowing levels. The decision follows four r

August 28, 2025

LG H&H weighs sale of beverage unit amid broader restructuring push

SEOUL, August 28 (AJP) - LG Household & Health Care, South Korea’s leading consumer goods company, is weighing the sale of its beverage subsidiary Haitai HTB. The company has tapped Samjong KPMG as lead adviser to evaluate options for Haitai HTB, formerly Haitai Beverage, as part of a broader review of its drinks division. Haitai HTB, best known for its Sunkist and Cocopalm juices, generated 414 billion won ($301 million) in revenue and 3.6 billion won in operating prof

August 28, 2025

OpenAI to launch Seoul office in September

SEOUL, August 28 (AJP) - OpenAI, the San Francisco company behind ChatGPT, will open a branch office in Seoul next month, underscoring its push to cement a foothold in Asia’s artificial intelligence market. The new office, OpenAI Korea, will be located on Teheran-ro in Gangnam, Seoul’s financial and technology corridor. The company is scheduled to hold a press conference on Sept. 10 to mark the opening, according to industry officials. Jason Kwon, OpenAI’s chi

August 28, 2025