[K-Tech] LG Energy Solution secures 5.94 trillion won LFP battery deal with Tesla

SEOUL, July 31 (AJP) - LG Energy Solution announced Wednesday it has signed a 5.9442 trillion won (about $4.25 billion) supply contract for lithium iron phosphate (LFP) batteries, marking the company’s largest-ever energy storage system (ESS) order to date. The order represents 23.2 percent of LG Energy Solution’s 2023 revenue of 25.6 trillion won. The initial contract term spans three years starting August 1, with the possibility of extension to seven years based on cus

July 31, 2025

S. Korea, US agree to lower tariffs to 15 percent after investment and energy deal

SEOUL, July 31 (AJP) - South Korea and the United States have reached a comprehensive trade agreement that will lower mutual tariffs from 25 percent to 15 percent. The deal follows South Korea's pledge to invest $350 billion in the U.S. and purchase $100 billion worth of American energy products. The announcement was made on Jul. 30 (local time) by U.S. President Donald Trump. He met with the South Korean trade delegation at the White House before posting the details on his so

July 31, 2025

[K-Trade] S. Korea launches joint task force team to eradicate stock manipulation

SEOUL, July 30 (AJP) - A joint team of South Korean financial regulators was launched on Wednesday, in a bid to eradicate stock price manipulation that has been plaguing the market. The joint response team, comprised of officials from the Financial Services Commission (FSC), the Financial Supervisory Service, and the Korea Exchange, is to detect illegal and unfair trading practices. "We will mark 2025 as the first year of exterminating stock manipulation by showing the wrongdoe

July 30, 2025

[K-Trade] South Korean deputy PM meets US commerce chief on tariff talks

SEOUL, July 30 (AJP) - South Korean Deputy Prime Minister and Finance Minister Koo Yoon-cheol held two hours of trade discussions with the United States Commerce Secretary Howard Lutnick on Tuesday (local time), South Korea's Ministry of Economy and Finance said. The meeting took place immediately after Koo arrived in Washington, D.C., with Trade Minister Kim Jung-kwan and chief trade negotiator Yeo Han-koo. The talks come as South Korea faces a 25 percent U.S. tariff on its e

July 30, 2025

[K-Tech] Hanwha Ocean to secure $254 million order for very large crude oil carriers

SEOUL, July 29 (AJP) - Hanwha Ocean has secured a 353.6 billion won (approximately $254 million) order to build two Very Large Crude Carriers (VLCCs) for a shipowner based in the Oceania region, the company announced in a regulatory filing on Tuesday. The vessels will feature Hanwha Ocean’s proprietary fuel-saving technology designed to minimize carbon emissions, highlighting the company’s focus on eco-friendly shipbuilding solutions. With this latest deal, Hanwha O

July 30, 2025

[K-Tech] KITA urges nation to nurture fabless startups to boost semiconductor competitiveness

SEOUL, July 30 (AJP) - South Korea must foster fabless semiconductor startups to strengthen its position in the rapidly expanding system semiconductor market driven by artificial intelligence growth, a trade association report said Wednesday. The Korea International Trade Association (KITA) released a report highlighting the urgent need to develop the fabless ecosystem as non-memory semiconductors increasingly dominate global markets. Korea's share of the global system semico

July 30, 2025

IMF cuts Korea's 2025 growth outlook to 0.8 percent

SEOUL, July 30 (AJP) - The International Monetary Fund (IMF) has downgraded South Korea's 2025 economic growth forecast to below 1 percent, amid rising global trade uncertainty driven in part by the United States-related tariff tensions. According to the Ministry of Economy and Finance on Tuesday, the IMF, in its July World Economic Outlook (WEO), lowered South Korea's growth projection by 0.2 percentage points from its previous estimate to 0.8 percent. This revision stan

July 30, 2025

[K-Tech] Krafton's Q2 net profit tumbles 95 percent despite record sales for first half of the year

SEOUL, July 30 (AJP) - South Korean gaming giant Krafton, well-known for its flagship game “PUBG: Battlegrounds”, reported on Tuesday its second-quarter net income tumbled 95.4 percent due to increased operational costs. The company reported 15.5 billion won, around US$11.1 million, in net profit for the April to July period, down 95.4 percent compared to year-on-year, in a regulatory filing on Tuesday. Krafton attributed its sharp fall in net income to increased mark

July 30, 2025

[K-Tech] LG key wings' 2Q performance fall short of expectations

SEOUL, July 30 (AJP) - LG Electronics, LG Display, and LG Innotek, the core electronics wings of South Korea’s LG Group, posted underwhelming second-quarter results, falling short of market expectations amid headwinds including U.S. tariffs, high logistics costs, and exchange rate fluctuations. However, industry analysts anticipate a rebound in the second half, aided by seasonal demand in the IT sector and a product cycle led by Apple. According to industry data released Tuesd

July 30, 2025

Samsung chief heads to Washington as tariff talks deadline with US looms

SEOUL, July 29 (AJP) - Samsung Electronics Chairman Lee Jae-yong left for the U.S. on Tuesday to lend a hand in ongoing tariff negotiations between Seoul and Washington, according to industry sources. Lee's trip comes just a couple of days before the tariff deadline set by U.S. President Donald Trump looms later this week. Industry watchers expect Lee may offer Samsung's commitment to expanding investment in the semiconductor sector, as well as deepening cooperation in ar

July 29, 2025