Charter flight to bring home Korean workers held in US

SEOUL, September 07 (AJP) - The South Korean government said on Sunday that it had successfully negotiated the release of over 300 of its citizens who were detained by American immigration authorities at a construction site in Georgia. The workers were building a joint battery plant for Hyundai Motor Group and LG Energy Solution. Lee Hun-sik, the chief of staff to President Lee Jae Myung, announced that “negotiations for the release of the detained workers have been compl

September 7, 2025

Rare lung disease drug fails to secure health insurance coverage in Korea

SEOUL, September 06 (AJP) - A breakthrough medication for a rare lung disease has been denied health insurance coverage in South Korea, leaving desperate patients to bear the full cost of treatment. According to the Health Insurance Review & Assessment Service on Saturday, the Tyvaso inhalation solution was rejected on Thursday during its ninth pharmaceutical benefit evaluation committee meeting of 2025. The drug, developed by U.S. based United Therapeutics Corporation and do

September 6, 2025

South Korea-US trade complaints double as Trump tariffs undermine FTA benefits

SEOUL, September 06 (AJP) - South Korean exporters are grappling with mounting trade barriers as complaints about US market access surged to twice last year's levels, undermining benefits from the bilateral free trade agreement amid Washington's protectionist pivot. Trade grievances filed with South Korea's FTA support center jumped to 1,526 cases in the first seven months of this year, already surpassing the full-year 2024 total of 1,380 cases, according to data from th

September 6, 2025

US immigration raid at Hyundai Motor, LG Energy Solution battery plant comes amid ongoing economic cooperation

SEOUL, September 06 (AJP) - U.S. immigration authorities arrested 475 people including about 300 South Korean nationals at a Hyundai Motor Group battery plant construction site in Georgia, creating diplomatic tensions just weeks after Seoul pledged billions in American investments. The sweeping raid Friday (local time) at the 3000-acre Hyundai Motor Group-LG Energy Solution joint venture facility came as the two countries were conducting follow-up negotiations on tariffs and investm

September 6, 2025

LG Electronics targets doubling Europe appliance revenue within five years

SEOUL, September 05 (AJP) - LG Electronics outlined plans to double its European home appliance revenue within five years and become the region's leading appliance brand, according to statements made Friday (KST) during a media briefing at IFA 2025 in Berlin. Home and Living Solutions division head Ryu Jae-chul presented the company's European market strategy focusing on B2B, direct-to-consumer sales, and non-hardware services to achieve sustainable growth. The European ap

September 5, 2025

South Korea launches task force to develop AI-powered smart cities

SEOUL, September 05 (AJP) - South Korea's Ministry of Land, Infrastructure and Transport has established a dedicated task force to spearhead the development of artificial intelligence-driven cities, marking a significant step beyond traditional smart city initiatives. The newly formed task force held its inaugural meeting on Friday, bringing together departments specializing in urban development, architecture, and mobility alongside key research institutes and public corporation

September 5, 2025

SK hynix maintains DRAM market lead over Samsung in second quarter

SEOUL, September 05 (AJP) - SK hynix retained its position as the world's largest DRAM manufacturer in the second quarter of 2025, widening its lead over Samsung Electronics as high-bandwidth memory (HBM) demand continued to drive growth, according to data released Friday by market research firm Omdia. Global DRAM industry revenue increased 17.3 percent quarter-over-quarter to $30.92 billion, driven by rising contract prices and increased HBM shipments. SK hynix expanded its D

September 5, 2025

South Korea's credit card firms post profit drop as delinquency hits decade high

SEOUL, September 05 (AJP) - South Korea's credit card companies saw their combined net profits sink more than 18 percent in the first half of the year, with delinquency rates climbing to their highest point in over a decade, according to data released Friday by the Financial Supervisory Service (FSS). Net profits stood at 1.2251 trillion won ($8.79 billion) for the January–June period, down 18.3 percent from a year earlier. The slide came even as revenue rose by 331.1 bi

September 5, 2025

South Korea's egg prices surge ahead of traditional holiday Chuseok amid supply shortage

SEOUL, September 05 (AJP) - South Korea's egg prices are expected to climb further as the Chuseok, traditional Korean thanksgiving holiday season, is set to take place in early October. Also, supply constraints stemming from extreme summer heat continue to squeeze the market. The Korea Rural Economic Institute projected Friday wholesale egg prices would reach 1,900 to 1,950 won (around $1.43 to $1.47) per 10 extra-large eggs in September, marking a potential 15.7 percent increas

September 5, 2025

LG Electronics to supply cooling systems for AI data center in US

SEOUL, September 04 (AJP) - LG Electronics said Thursday it had secured a major contract to provide cooling solutions for a large artificial intelligence data center in the United States. Jo Joo-wan, the company’s chief executive, announced the win on LinkedIn, saying LG would supply chillers with advanced “free-cooling” capabilities. He didn't mention the value of the contract. “This demonstrates both our technological competitiveness and our abilit

September 4, 2025