Small business ownership continues to shrink in S. Korea, raising alarm over structural gaps

SEOUL, July 28 (AJP) - The share of small business owners in South Korea continues to shrink despite an uptick in government support. According to the latest figures from Statistics Korea, small business owners made up just 19.4 percent of all employed individuals as of the end of June, or 5.64 million people — a drop of 0.3 percentage points from January and 1.2 points from a year earlier. The decline marks a continuation of a long-term slide, falling below the 20 percen

July 28, 2025

Shipbuilding emerges as key leverage for Seoul in trade talks with Washington

SEOUL, July 27 (AJP) - As the clock ticks down to the Aug. 1 deadline for tariff exemptions, South Korea is intensifying its push for a comprehensive trade agreement with the United States. High-level talks are scheduled for this week, with key officials from both nations expected to hold separate meetings to finalize negotiations. South Korea's Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol is slated to meet with his American counterpart, Scott Bes

July 27, 2025

Korea-US trade talks end second day without agreement, more internal discussions needed

SEOUL, July 26 (AJP) - Korean Industry Minister Kim Jeong-kwan and U.S. Commerce Secretary Howard Lutnick concluded their second day of intensive trade negotiations Saturday at Lutnick's private residence in New York, according to trade sources Saturday. The talks followed Thursday's meeting at the Commerce Department in Washington as both sides work toward reaching an agreement before the August 1 deadline for reciprocal tariff implementation. Kim presented revised propos

July 26, 2025

LG Electronics to boost Mexico, U.S. production to counter tariffs

SEOUL, July 26 (AJP) - LG Electronics said Friday it will expand production in Mexico and the United States to respond to reciprocal tariffs taking effect August 1, while considering price increases as part of its strategy to counter rising costs. The South Korean appliance maker outlined its tariff response plans during a second-quarter earnings conference call, warning that policy volatility and weakening consumer sentiment are dampening home appliance demand outlook. The compan

July 26, 2025

Amorepacific's Aestura brand expands to Canada and Australia markets

SEOUL, July 26 (AJP) - Amorepacific's dermatological skincare brand Aestura announced Friday it will launch in Canada and Australia in August, expanding its global presence following its February entry into the U.S. market. The Korean beauty company will distribute products through Sephora stores in both countries as part of its exclusive partnership with the global cosmetics retailer. The brand will focus on its Atobarrier 365 product line in the new markets, launching eight

July 26, 2025

[K-Tech] LG Energy Solution returns to profitability without US subsidies

SEOUL, July 25 (AJP) - LG Energy Solution has swung back to profitability without relying on U.S. subsidies for the first time in six quarters, an achievement the South Korean battery maker attributed to rising North American production and aggressive cost-reduction efforts. The company reported on Friday that it posted a provisional operating profit of 492.2 billion won, or roughly $355 million, in the second quarter — up 152 percent from a year earlier. Net income reach

July 25, 2025

Korea pushes for rapid AI infrastructure buildout to compete globally

SEOUL, July 25 (AJP) - South Korea must fast-track the construction of domestic AI data centers and secure tens of thousands of high-performance graphics processing units (GPUs) within the next two years if it is to join the ranks of the world’s top three artificial intelligence powers, the country’s science minister said. During a visit to Naver’s AI data center in Sejong, Science and ICT Minister Bae Kyoung-hoon outlined the government’s ambitious plans t

July 25, 2025

South Korea fails to bridge tariff divide with US ahead of looming deadline

SEOUL, July 25 (AJP) - South Korean and U.S. trade officials failed to reach a breakthrough on tariff negotiations during high-stakes talks in Washington on Friday, leaving Seoul with limited time to secure a deal before a key deadline next week. South Korean Industry Minister Kim Jeong-kwan and Trade Representative Yeo Han-gu met with U.S. Commerce Secretary Howard Lutnick for 80 minutes, but the discussions ended without agreement, according to a statement from South Korea&rsquo

July 25, 2025

Hyundai Mobis posts strong second quarter despite global headwinds

SEOUL, July 25 (AJP) - Hyundai Mobis reported robust second-quarter earnings on Friday, buoyed by the expansion of its electrification business in North America and a favorable foreign exchange environment that helped lift margins across its core auto parts operations. The South Korean auto parts firm posted revenue of 15.94 trillion won, or about $11 billion, for the April–June period, up 8.7 percent from a year earlier. Operating profit jumped 36.8 percent to 870 billion w

July 25, 2025

South Korea lags in government support for waste battery recycling

SEOUL, July 24 (AJP) - South Korea risks falling behind in the rapidly expanding global waste battery recycling industry due to insufficient government support, the Korea Enterprises Federation warned Thursday, urging bold policy and financial intervention to secure the nation's competitiveness in a critical sector. According to a new report by the business lobby group, the global market for recycling end-of-life batteries is projected to grow at an average annual rate of 17 p

July 24, 2025