Korea's new finance minister pledges swift tariff talks with US

SEOUL, July 21 (AJP) - South Korea’s newly appointed Deputy Prime Minister and Finance Minister, Koo Yun-cheol, pledged on Monday to move swiftly in pursuing tariff negotiations with the United States, citing national interests and practical outcomes as top priorities. Speaking at his inaugural press briefing at the Government Complex in Sejong, Koo emphasized the urgency of the talks, which come amid a fast-approaching deadline for a proposed mutual tariff suspension by Washi

July 21, 2025

SK Ecoplant under scrutiny over alleged accounting irregularities linked to IPO

SEOUL, July 21 (AJP) - SK Ecoplant, the environmental services arm of South Korea’s SK Group, is under scrutiny by financial regulators over allegations it inflated revenues at its U.S. subsidiary to bolster its valuation ahead of a planned initial public offering. The Financial Supervisory Service (FSS) is set to hold a key audit committee meeting on Thursday to review the results of a months-long investigation into the company’s accounting practices. A preliminary hear

July 21, 2025

[K-Tech] LG CNS partners with Honeywell to jointly develop AI-powered automation systems

SEOUL, July 21 (AJP) - South Korean IT solutions provider LG CNS said Monday it has entered into a partnership with Honeywell of the United States to develop artificial intelligence-based automation technologies tailored for American manufacturing. The collaboration was finalized during a July 8 meeting in Houston between Hyun Shin-gyoon, chief executive of LG CNS, and Pramesh Maheshwari, president of Honeywell Process Solutions. The two companies will jointly develop automation

July 21, 2025

Trump-era tax law threatens Hyundai's US EV sales, $2 billion at risk: analysis

SEOUL, July 21 (AJP) - Hyundai Motor Group could lose up to $1.95 billion in U.S. electric vehicle sales following the enactment of Trump’s sweeping tax legislation, the One Big Beautiful Bill Act (OBBBA), according to the Federation of Korean Industries. The OBBBA, which took effect on July 4, abruptly ends key clean energy incentives introduced under former U.S. President Biden, including the $7,500 federal EV tax credit. The phase-out — now set to conclude by Septem

July 21, 2025

[K-Tech] South Korea nears decision on landmark energy storage tender

SEOUL, July 21 (AJP) - South Korea is poised to award its first large-scale energy storage system (ESS) tender this week, a 1 trillion won (approximately $720 million) project that has drawn fierce competition among the country’s top battery makers. The outcome could reshape the strategic priorities of an industry grappling with faltering global demand for electric vehicles. The Korea Power Exchange, under the Ministry of Trade, Industry and Energy, is expected to announce

July 21, 2025

US tariffs on Chinese graphite open door for Korean supplier POSCO Future M

SEOUL, July 21 (AJP) - The U.S. Department of Commerce has made a preliminary decision to impose a 93.5 percent anti-dumping tariff on anode-grade graphite imported from China, a move that could position South Korea’s POSCO Future M as a key beneficiary. The decision, announced on July 17, marks a notable shift from earlier actions that targeted specific companies — such as the more than 700 percent countervailing duties slapped on China’s Kaijin in May. This

July 21, 2025

Hyundai, Kia ranked among UK's top five in monthly sales for first time

SEOUL, July 20 (AJP) - Hyundai Motor and its affiliate Kia Corp. ranked among the top five in monthly auto sales in the U.K. for the first time last month, according to data released by the Society of Motor Manufacturers and Traders (SMMT) on Sunday. Hyundai sold 10,109 vehicles in June, up 9.9 percent from a year ago to rank fourth, while Kia trailed closely with 10,043 units, placing fifth. This marks the first time both Hyundai and Kia have simultaneously made it into the U.K.

July 20, 2025

[K-Tech] EV sales surge in South Korea, signaling shift toward mass adoption

SEOUL, July 18 (AJP) - Electric vehicle sales in South Korea soared by more than 40 percent in the first half of 2024, a surge that analysts say signals the country's EV market is beginning to break through the so-called “chasm” separating early adopters from the mainstream. A total of 93,569 new electric vehicles were registered between January and June, up 42.7 percent from 65,557 during the same period last year, according to data released Friday by the automotive

July 18, 2025

Kakao Pay abandons SSG Pay acquisition, pivots to AI investment

SEOUL, July 18 (AJP) - Kakao Pay has scrapped its planned acquisition of SSG Pay and Smile Pay, two mobile payment services owned by Shinsegae Group, as its parent company Kakao Group pivots sharply toward artificial intelligence-focused investments, according to industry sources on Friday. The decision marks a significant shift in Kakao Group’s broader strategic direction, which has seen the tech firm prioritize funding for its growing AI ambitions over expanding its fintec

July 18, 2025

[K-Tech] Hanwha Q Cells joins US petition to curb solar panel imports from Chinese-controlled firms

SEOUL, July 18 (AJP) - A coalition of solar manufacturers, including Hanwha Q Cells and First Solar, petitioned the U.S. Commerce Department on Friday to impose tariffs on solar panels imported from Indonesia, India and Laos, accusing Chinese-owned firms of circumventing existing trade restrictions by routing products through third countries. The petition, filed by the American Solar Manufacturing and Trade Coalition, alleges that Chinese manufacturers are exploiting lower-cost pr

July 18, 2025