South Korea's LS Cable considers Virginia site for rare earth magnet factory

SEOUL, December 15 (AJP) - South Korea's LS Cable said Monday it is considering building a rare earth permanent magnet factory in the United States. The company is currently reviewing Chesapeake, Virginia, as a potential site for the investment and is in talks with state authorities. Rare earth permanent magnets are critical components in advanced industries, including electric vehicles, wind turbines and defense systems such as fighter jets. China accounts for about 85 p

December 15, 2025

Samsung, Hyundai, LG and SK chart AI-driven growth strategies for 2026

SEOUL, December 14 (AJP) - South Korea's four largest conglomerates are racing to finalize their 2025 business strategies, with artificial intelligence emerging as the linchpin of their growth plans amid persistent economic uncertainty. Samsung Electronics will convene its biannual global strategy meeting on Dec. 16, bringing together senior executives and overseas subsidiary heads to chart next year's direction. The company, pursuing a transformation into an "AI-dri

December 14, 2025

Korean seaweed rides high as U.S. tariff exemption adds fuel to export boom

SEOUL, December 14 (AJP) - South Korea's seaweed exports are on track to shatter records this year, and a newly announced U.S. tariff exemption is set to accelerate the momentum for the country's beloved K-gim. A White House fact sheet released last month listed seasoned seaweed as the sole seafood product to receive duty-free treatment, effectively slashing the previous 15 percent levy to zero, the Ministry of Oceans and Fisheries said Sunday. The exemption took effect on N

December 14, 2025

Samsung C&T partners with Poland's Synthos to expand SMR business in Europe

SEOUL, December 14 (AJP) - Samsung C&T has signed a memorandum of understanding with Polish small modular reactor (SMR) developer Synthos Green Energy to jointly pursue SMR projects across Central and Eastern Europe, the South Korean construction giant said Sunday. Under the agreement, the two companies will collaborate on expanding SMR business into the Czech Republic, Hungary, Lithuania, Bulgaria and Romania, while also working together on feasibility studies, site surveys and

December 14, 2025

Coupang user numbers rebound slightly despite massive data breach affecting 33.7 million accounts

SEOUL, December 14 (AJP) - South Korean e-commerce giant Coupang has seen its user base recover and expand modestly despite a colossal data breach that compromised 33.7 million accounts, underscoring the powerful grip the company maintains over the nation's online shoppers. Weekly active users on Coupang's main shopping app reached 29.9 million during the first week of December, up about 4.1 percent from 28.8 million a month earlier, according to data from retail analytics f

December 14, 2025

South Korea, Japan join U.S.-led 'Pax Silica' alliance to secure AI chip supply chains

SEOUL, December 13 (AJP) -South Korea and Japan on Saturday joined a new U.S.-led strategic grouping that goes beyond the so-called “Chip 4” alliance, bringing together the core microchip and artificial intelligence supply chain — from critical minerals and energy to chipmaking equipment, design and advanced manufacturing — across the Asia-Pacific and allied economies. The initiative, branded Pax Silica, reflects Washington’s growing push to reinfor

December 13, 2025

Seoul taps sovereign funds to bankroll AI and next-generation tech

SEOUL, December 12 (AJP) - South Korea launching three-digit-billion-dollar government-sponsored growth fund investing AI and next-gen technology companies through equity and projecting financing is working on a separate wealth fund to systematically groom non-listed unicorn darlings. During a televised policy briefing to President Lee Jae Myung on Thursday, Deputy Prime Minister and Finance Minister Koo Yun-cheol outlined plans for a fund modeled on Singapore’s Temase

December 12, 2025

Asian markets rally on US optimism; Korean won volatile amid yen carry trade concerns

SEOUL, December 12 (AJP) - Asian equity markets rallied across the board on Friday, lifted by optimism from Wall Street after U.S. Federal Reserve Chair Jerome Powell’s hawkish rate cut was interpreted as a signal that the American economy may avoid a recession. Despite the market rebound, currency volatility persisted. The Korean won closed at 1,476.3 per dollar as of 4 p.m., up 3.8 won from the previous session, amid concerns that it could again test the 1,480 level. Fears

December 12, 2025

Ballet en Grand Jeté in Korea, blending graceful workout and fashion

SEOUL, December 12 (AJP) - Once confined to the cultural elite, ballet in South Korea is stepping firmly into the mainstream — embraced as both a graceful workout and a fashion-forward lifestyle, propelled by star dancers, celebrities and social media. The shift is visible on major stages and smartphone screens alike. Leading male principals such as Kim Ki-min of the Mariinsky Ballet and Jeon Min-chul have gone viral on TikTok and Instagram, recasting ballet as aspirational

December 12, 2025

Seoul, Beijing resume high-level trade talks after 7-year hiatus

SEOUL, December 12 (AJP) - South Korea’s Trade Minister Kim Jung-kwan met Chinese Commerce Minister Wang Wentao in Beijing on Friday, marking the first bilateral ministerial trade meeting between the two countries in seven years. The talks followed the recent South Korea–China summit and focused on restoring trade momentum. The ministers agreed to resume regular high-level consultations to strengthen economic cooperation. Seeking to expand economic engagement beyo

December 12, 2025