Insulin pump maker Sooil inks $21.6 million deal with Mediq

SEOUL, July 08 (AJP) - Sooil Development, a South Korean medical device company known for portable insulin pumps, says it has signed a four-year, 30 billion won (approximately $21.6 million) supply agreement with Mediq, Europe’s largest medical device distributor. The deal marks a significant step in Sooil’s effort to expand its footprint in Europe’s diabetes care market. Under the agreement, Sooil will supply Mediq with its Automated Insulin Delivery (AID) sy

July 8, 2025

Trump says will impose 25 percent tariffs on all Korean goods starting August

SEOUL, July 8 (AJP) - U.S. President Donald Trump has vowed to impose 25 percent tariffs on all South Korean goods starting Aug. 1, unless Seoul agrees to a new trade deal with the United States. In a letter posted to his social media platform, Trump gave the government of President Lee Jae Myung just three weeks to reach an agreement before the sweeping duties take effect. The announcement comes as his previous tariff measures are set to expire on Tuesday, heightening pressure o

July 8, 2025

Samsung Electronics reports 55.9 percent drop in Q2 operating profit

SEOUL, July 08 (AJP) - Samsung Electronics forecast a steep decline in its second-quarter operating profit, highlighting persistent challenges in the global tech industry despite signs of recovery in the semiconductor sector. The South Korean tech giant on Tuesday said it expects an operating profit of 4.6 trillion won, or approximately $3.5 billion, for the April to June period — down 55.9 percent from a year earlier. Revenue is projected to total 74 trillion won, a marg

July 8, 2025

Hyundai Glovis deploys autonomous drones for inventory management at Georgia

SEOUL, July 07 (AJP) - Hyundai Glovis said Monday it has introduced two autonomous drones at the Hyundai Motor Group Metaplant America (HMGMA) Consolidation Center in Ellabell, Georgia. The drones are being used to perform inventory inspections on semi-knockdown automotive parts, cutting average inspection times by more than 90 percent. Inspection cycles have been reduced from 300 minutes to just 30 minutes. Unlike conventional drones that rely on GPS, the Glovis system operates

July 7, 2025

LG Electronics partners with Saudi institutions for extreme heat HVAC research

SEOUL, July 07 (AJP) - LG Electronics has entered into a joint research partnership with King Saud University, Pusan National University in South Korea, and Saudi-based distributor Shaker Group to develop HVAC technologies designed to withstand extreme heat in desert and tropical environments. The agreement, signed on July 3, will focus on testing LG’s residential and commercial air conditioning units in actual Saudi climate conditions. Researchers will collect data to enhan

July 7, 2025

LG Electronics reports 46.6 percent drop in Q2 operating profit amid tariff pressures

SEOUL, July 07 (AJP) - LG Electronics reported a 46.6 percent decline in second-quarter operating profit to 639.1 billion won ($491 million) as the South Korean appliance maker faced headwinds from the United States tariffs and weakened demand for televisions and IT products. Revenue fell 4.4 percent year-on-year to 20.74 trillion won in the April-June period, the company said in a preliminary earnings statement on Monday. The results reflect challenging operating conditions, in

July 7, 2025

S. Korea, UK hold FTA upgrade talks in Seoul to strengthen partnership

SEOUL, July 7 (AJP) - South Korea and the United Kingdom kicked off their fifth round of negotiations to upgrade their bilateral free trade agreement in Seoul, with about 60 delegates from both sides gathering in Seoul for five days of intensive talks. The negotiations, running from Monday through Friday, aim to modernize the Korea-UK FTA that was hastily signed after Britain's exit from the European Union. The original deal largely mirrored the terms of South Korea's existi

July 7, 2025

S. Korea's convenience stores bet on private brands to fight stagnation

SEOUL, July 07 (AJP) - By the end of 2024, South Korea had 54,852 convenience stores nationwide. That breaks down to roughly one store for every 1,000 people. In urban areas, it is not unusual to see three or four different franchises on the same block, a clear sign of how dense and competitive the market has become. With growth slowing, the country's biggest chains, CU, GS25, 7-Eleven Korea, and Emart24, are turning to private brands (PBs) to stay relevant and improve margins.

July 7, 2025

S. Korea to launch campaign to lower wedding costs

SEOUL, July 7 (AJP) - The South Korean government announced Sunday that it will launch a national campaign to address the soaring cost of weddings and shift public perceptions around the issue. The initiative follows President Lee Jae-myung's campaign pledge to ease the financial burdens associated with marriage. High wedding costs are often cited as one of the reasons young people are delaying marriage and starting families. The Fair Trade Commission (FTC) recently commi

July 7, 2025

S. Korean game companies jump on Squid Game season 3 buzz

SEOUL, July 07 (AJP) - With "Squid Game" back for a third season, the global hit is once again making waves, and South Korea's gaming industry is moving fast to ride the momentum. According to Netflix’s Top 10 chart as of July 6, "Squid Game: Season 3" ranked first among non-English TV series, pulling in more than 60.1 million views in its first week. That popularity has translated into new game content from major South Korean developers, giving fans a

July 7, 2025