Chinese e-commerce firms eye S. Korea amid US tariff uncertainty

SEOUL, March 24 (AJP) - Growing uncertainty over potential changes to U.S. trade policy is fueling concern in South Korea that Chinese e-commerce giants may deepen their foothold in the Korean market, potentially triggering wider economic repercussions. Last month, the Trump administration announced plans to scrap the long-standing “de minimis” exemption for imports from China, Canada and Mexico — a duty-free threshold that currently allows goods valued under $80

March 24, 2025

Chinese premium EV maker Zeekr enters Korean market

SEOUL, March 24 (AJP) - Zeekr, a premium electric vehicle brand under China’s Geely Automotive Group, has formally entered the South Korean market, signaling a deeper push into the global EV industry and following in the footsteps of budget rival BYD. According to corporate registration filings with South Korea’s Supreme Court, Zeekr has established a local subsidiary, Zeekr Intelligent Technology Korea. The company's stated objectives include the import, distri

March 24, 2025

LG OLED TVs sweep Consumer Reports rankings

SEOUL, March 24 (AJP) - LG Electronics has swept the latest television rankings from Consumer Reports, securing all ten of the top spots with its OLED Evo models — a remarkable feat that underscores the company's growing dominance in the premium TV segment in the United States. According to the firm on Monday, all ten top-rated televisions in the influential consumer guide earned scores of 88 points or higher, with LG’s 55-, 65-, and 77-inch OLED Evo G4 models each

March 24, 2025

Korean Air seals $32 billion deal with Boeing, GE for fleet modernization

SEOUL, March 22 (AJP) - Korean Air has inked a major agreement with Boeing and GE Aerospace, securing a total of about $35 billion in aircraft and engines as part of an ambitious fleet modernization initiative. The deal, which represents Korean Air's largest procurement by value, includes 20 Boeing 777-9 and 20 Boeing 787-10 aircraft to be delivered by 2033, with an option for 10 additional aircraft. The agreement is valued at $24.9 billion. In a parallel arrangement, Korean

March 22, 2025

Korean industry minister seeks exemption as Trump's deadline for reciprocal tariffs looms

SEOUL, March 22 (AJP) - South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun said that it would be difficult for South Korea to avoid the impact of reciprocal tariffs announced by U.S. President Donald Trump, scheduled to take effect on April 2. During talks with U.S. Secretary of Commerce Howard Lutnik in Washington D.C., Ahn emphasized the close interconnection between the two countries' industrial ecosystems, particularly in advanced technology sectors. &

March 22, 2025

Lotte World Tower to go dark Saturday night for Earth Hour campaign

SEOUL, March 21 (AJP) - Lotte World Tower, South Korea’s tallest building, will go dark for 60 minutes on Saturday night as part of Earth Hour, a global environmental campaign organized by the World Wildlife Fund. Lotte Property & Development, which manages the 123-story skyscraper, said the tower will switch off its exterior lighting at 8:30 p.m. local time. Approximately 50 affiliated companies and tenants will also participate in the initiative, which aims to raise awar

March 21, 2025

Alaska governor will meet Korean energy firms for LNG project

SEOUL, March 21 (AJP) - Governor Mike Dunleavy of Alaska will arrive in South Korea next week, seeking to forge partnerships for the state’s monumental liquefied natural gas (LNG) project, a $44 billion undertaking that would reshape energy flows across the Pacific. During a two-day visit, March 24-25, Governor Dunleavy is scheduled to meet with South Korea’s Minister of Trade, Industry and Energy, Ahn Duk-geun, and hold discussions with key executives from South Korean

March 21, 2025

Korean firms target US biosimilar market as drug patents expire

SEOUL, March 21 (AJP) - As blockbuster drug patents begin to expire across the United States, South Korean biotechnology companies are making a calculated push into the lucrative U.S. biosimilar market — an arena projected to reach $26 billion this year. The expiration of patents for more than a dozen high-revenue biologics — many of which generate over $1 billion annually — has turned the American pharmaceutical landscape into a fierce battleground for biosimilars

March 21, 2025

Hanwha Aerospace to raise $2.45 billion, targeting US, European defense markets

SEOUL, March 21 (AJP) - Hanwha Aerospace has announced plans for a 3.6 trillion won ($2.45 billion) capital increase, marking the largest such offering in the history of the country’s stock market. The company said it intends to use the funds to establish manufacturing facilities abroad and pursue strategic investments in overseas partnerships, with a particular emphasis on European and U.S. markets. The capital raise underscores Hanwha Aerospace’s ambitions to solidi

March 21, 2025

Scrutiny intensifies on MBK Partners chief amid Homeplus crisis

SEOUL, March 20 (AJP) - South Korea's Financial Supervisory Service (FSS) has launched an investigation into private equity firm MBK Partners over its role in the court-supervised restructuring of the retail chain Homeplus. FSS Governor Lee Bok-hyun said Wednesday the regulator's task force had begun an inspection of MBK, the majority shareholder of Homeplus. The inquiry follows heightened concerns about MBK's transparency, particularly after Chairman Kim Byung-ju failed

March 20, 2025