Soaring arms prices, spurred by tariffs, complicate helicopter deal for South Korea

SEOUL, August 22 (AJP) - South Korea’s military is moving to acquire a new fleet of heavy-lift helicopters for its special operations forces, but rising costs for American defense systems, exacerbated by tariffs, are emerging as a major challenge. According to defense industry sources, the Defense Acquisition Program Administration (DAPA) initiated a foreign military purchase program on June 25. The project aims to procure new large transport helicopters for both the Army an

August 22, 2025

South Korea pushes for consolidation in ailing petrochemical sector

SEOUL, August 22 (AJP) - Faced with a deep-seated crisis in its petrochemical industry, the South Korean government has set a firm deadline for a major restructuring, a move that is expected to accelerate the vertical integration of refiners and chemical producers. The government's push for consolidation comes as the sector grapples with years of overexpansion and intense market pressures. Industry experts say the sector's current woes are not only the result of global

August 22, 2025

Pro-North Korean newspaper in Japan touts 'Made-in-Pyongyang' smartphones

SEOUL, August 22 (AJP) - A report in the Choson Sinbo, a pro-Pyongyang newspaper based in Japan, claims that North Korea's Jindallae Mobile Phone Factory is capable of producing hundreds of thousands of smartphones annually. The factory, located in Pyongyang's Mangyongdae district, was reportedly established in March 2018 and has a total floor area of 6,087 square meters. The report, published Aug. 20, highlights the facility’s output of dozens of types of

August 22, 2025

Hyundai Motor Group pours billions into US robotics venture

SEOUL, August 22 (AJP) - Hyundai Motor Group has injected nearly 6 trillion won, or about $4.3 billion, into HMG Global, an intermediate holding company in the United States that oversees the group’s robotics and new business ventures, including Boston Dynamics. The consistent capital infusions reflect Hyundai’s aggressive push into robotics and future technologies, even as the U.S. subsidiary continues to operate at a loss. According to Hyundai Motor’s latest

August 22, 2025

Argentine poultry imports banned after bird flu outbreak

SEOUL, August 22 (AJP) - South Korea has suspended imports of poultry and related products from Argentina after the South American nation confirmed an outbreak of highly pathogenic avian influenza at a commercial farm. The Ministry of Agriculture, Food and Rural Affairs said Friday the ban took effect on Aug. 17, the day Argentina reported the case. Shipments that departed Argentina after Aug. 3 will undergo heightened screening. The ministry emphasized that the move is unlikely

August 22, 2025

South Korea targets foreign speculators with ban on housing purchases

SEOUL, August 21 (AJP) - South Korea will ban nonresident foreigners from purchasing homes in Seoul and other major metropolitan areas, the Ministry of Land, Infrastructure and Transport announced Thursday. Beginning Aug. 26, foreign individuals, corporations and governments must obtain prior approval before acquiring residential property in designated areas. Buyers granted approval will be required to move in within four months and maintain residency for at least two years. The

August 21, 2025

Consumer complaints surge against South Korean fashion platforms

SEOUL, August 21 (AJP) - Consumer complaints against South Korea’s fast-growing online fashion platforms have soared more than 30 percent in the past year, the Korea Consumer Agency said Thursday. The agency said it had logged 1,650 complaints from 2022 through June this year against four of the country’s largest platforms — W Concept Korea, Musinsa, Ably Corporation and Kakao Style. The annual caseload nearly doubled in two years, jumping from 278 in 2022 to 44

August 21, 2025

Korean financial regulator inspects firms hit by ransomware attacks

SEOUL, August 21 (AJP) - South Korea’s top financial regulator has begun on-site inspections of companies struck by recent ransomware attacks, as concerns mount over the security of consumer data in the country’s financial sector. The Financial Supervisory Service dispatched examiners to SGI Seoul Guarantee, the nation’s leading guarantee insurance provider, and to Welrix F&I Loan, a lending affiliate of Welcome Financial Group, according to industry official

August 21, 2025

[K-Defense] South Korea moves to develop its own electronic warfare aircraft

SEOUL, August 21 (AJP) - South Korea has taken its first steps toward building a domestically produced electronic warfare aircraft, issuing a $1.38 billion tender that would place the country in a select club of nations able to jam and disable enemy radar systems. The Defense Acquisition Program Administration, South Korea’s arms procurement agency, set up the plan last month under the title “Electronic Warfare Aircraft (Block-I) System Development Project,” acco

August 21, 2025

Korean firms shift supply chains to Southeast Asia amid US-China tensions

SEOUL, August 21 (AJP) - South Korean manufacturers are deepening their presence in Southeast Asia, building factories and export hubs in Malaysia, Indonesia and Vietnam as they seek to reduce dependence on China and navigate shifting global trade rules. The push reflects both rising geopolitical risks and the draw of lower labor costs in a region that has emerged as one of the world’s most attractive alternatives to Chinese manufacturing. Southeast Asian governments are co

August 21, 2025