Trump's tariff plan will hit many South Korean firms hard

SEOUL, November 27 (AJP) - U.S. President-elect Donald Trump's pledge to impose 25 percent tariffs on Mexico and Canada on his first day of presidency has sparked concerns among South Korean companies that heavily invested in the region. Donald Trump made the announcement on Monday on his social media Truth Social, saying he would impose the tariffs on Mexico and Canada, "Until such time as drugs, in particular Fentanyl, and all illegal aliens stop this invasion of our coun

November 27, 2024

GI Innovation selected for national drug development projects

SEOUL, November 27 (AJP) - South Korean pharmaceutical company GI Innovation has been chosen to participate in national drug development projects funded by the Korea Drug Development Fund (KDDF). This initiative aims to bolster the nation's pharmaceutical industry and enhance public health by supporting the entire drug development pipeline. On Tuesday, GI Innovation announced that its first project will center on the immunotherapy agent GI-102. The two-year research endeavo

November 27, 2024

Exports of dried seaweed set new record as global demand soars

SEOUL, November 26 (AJP) - Exports of dried seaweed hit a new record, driven by the surging popularity of South Korean food and culture overseas, the Ministry of Oceans and Fisheries said on Tuesday. Dried sheets of seaweed, or gim, which are hugely popular here as a side dish, are rapidly gaining traction overseas and occupying supermarket shelves. According to the ministry, outbound shipments of dried seaweed reached US$850 million during the first 10 months of this year, surpa

November 26, 2024

Bank branches, ATMs shrink as digital banking grows

SEOUL, November 26 (AJP) - South Korea's banking landscape is undergoing a significant transformation, with a sharp decline in both physical branches and automated teller machines (ATMs). According to the Financial Supervisory Service (FSS), Tuesday, the country lost 1,189 bank branches over the past five years, leaving 5,690 operational as of last month. Additionally, the number of ATMs dwindled by 9,307 during the same period, reaching 27,157. The closure of branches and

November 26, 2024

Hyundai, Toyota chiefs meet to discuss hydrogen collaboration

SEOUL, November 25 (AJP) - The leaders of South Korea's largest automaker Hyundai Motor Co. and Japan's Toyota Motor Corp. met for the second time in a month to discuss potential cooperation in hydrogen vehicle technology, marking a significant shift in the relationship between the world's first and third-largest automakers. Hyundai Motor Group Chairman Chung Eui-sun and Toyota Chairman Akio Toyoda convened at the final round of 2024 World Rally Championship held in Toyo

November 25, 2024

First Korean-style industrial complex will open in northern Viet Nam

SEOUL, November 25 (AJP) - South Korea has completed its first Korean-style industrial complex in northern Viet Nam, covering about 1.43 million square meters. The complex will serve as an export hub for Korean firms. The project was developed through a joint venture, with South Korean entities, including Korea Land and Housing Corporation (LH) and Korea Overseas Infrastructure and Urban Development Corporation (KIND), holding a 75 percent stake, and Viet Nam's TDH EcoLand hol

November 25, 2024

LG Innotek to spend $270 million to boost production lines in Viet Nam

SEOUL, November 22 (AJP) - South Korea's LG Innotek, the supplier of camera modules to Apple iPhones, announced on Thursday it will make 375.9 billion won (US$270 million) additional investment in Viet Nam. This is part of a plan the company unveiled last year to invest 1.3 trillion won to expand its production subsidiary in Hai Phong. The Hai Phong production subsidiary mainly manufactures camera modules, and the additional production lines are scheduled for completion in

November 22, 2024

SK Hynix begins mass production of world's first 321-layer NAND memory

SEOUL, November 21 (AJP) - SK Hynix announced on Thursday it has started mass production of the industry's first 321-layer 1-terabit Triple Level Cell (TLC) 4D NAND flash memory, with plans to supply the product to customers in the first half of 2025. The development is expected to consolidate the firm's position as a key player in the AI memory market. It is well-positioned to capitalize on the growing demand for AI memory solutions with its strong focus on HBM, coupled w

November 21, 2024

Samsung Electronics, SK Hynix in talks with Biden administration to finalize semiconductor subsidies

SEOUL, November 21 (AJP) - The Biden administration is speeding up the disbursement of subsidies under the CHIPS Act to finish them within his term, with attention on the upcoming approval of subsidies for Samsung Electronics and SK Hynix, Korean conglomerates that committed to invest in the U.S. Concerns that President-elect Donald Trump, who has criticized the CHIPS Act several times, may attempt to neutralize the law after his inauguration in January have prompted these expedi

November 21, 2024

Hyundai Motor's first foreign CEO is strategic choice in bracing for Trump presidency

SEOUL, November 21 (AJP) - Hyundai Motor Company has named Jose Munoz as its new CEO, a move widely interpreted as a strategic response to the potential implications of a second Trump presidency in the United States. Munoz, who joined Hyundai in 2019 as President and Global COO, has a proven track record of success in North America. Under his leadership, Hyundai's market share in the region rose from 3.9% to 5.6% between 2018 and 2023. The company credits him with strengthenin

November 21, 2024