Korean newspapers to file complaint against Naver over AI training

SEOUL, February 18 (AJP) - The Korean Association of Newspapers (KAN) announced plans to file a complaint with the nation’s antitrust agency against Naver, alleging the company used news content without permission to train its artificial intelligence models. The move follows Naver’s recent acknowledgment that it had utilized news articles to develop its generative AI services, including HyperCLOVA and HyperCLOVA X. “With this complaint, we aim to establish a fai

February 18, 2025

Samsung Electronics take measures to boost shareholder value

SEOUL, February 18 (AJP) - Samsung Electronics announced on Wednesday that it will cancel 3 trillion won ($2.2 billion) worth of treasury shares on Thursday and acquire an additional 3 trillion won in shares by mid-May, a move aimed at enhancing shareholder value. The decision follows the company’s November 2024 commitment to repurchase and partially cancel 10 trillion won worth of shares over one year. Of the newly approved 3 trillion won buyback, 2.5 trillion won will b

February 18, 2025

New Balance to establish Korean subsidiary in 2027

SEOUL, February 18 (AJP) - New Balance plans to establish a South Korean subsidiary in 2027, a move that could signal a shift away from its longstanding partnership with E-Land World, which has overseen the brand’s operations in South Korea since 2008. The Boston-based athletic wear manufacturer said it would extend its licensing agreement with E-Land World until 2030, covering children's footwear and apparel lines. The decision comes as New Balance solidifies its presence

February 18, 2025

South Korean firms showcase cutting-edge military solutions at defense expo in Abu Dhabi

SEOUL, February 18 (AJP) - South Korean firms are showcasing their advanced solutions at the largest defense exhibition in the Middle East, which kicked off in Abu Dhabi earlier this week. The week-long event, IDEX 2025, which kicked off on Monday, features 1,350 defense firms from 65 countries, bringing together more than 130,000 defense officials. Hyundai Rotem is showcasing a K2 tank variant tailored for the desert climate and terrain of the Middle East. Equipped with a fully

February 18, 2025

Korea's move to regulate platforms faces US trade pressure

SEOUL, February 18 (AJP) - South Korea’s attempt to rein in dominant online platforms has hit a roadblock, as recent trade threats from the Trump administration cast uncertainty over the initiative. The Korea Fair Trade Commission (KFTC) is reassessing its position on the Platform Competition Promotion Act (PCPA), a proposed law designed to curb unfair practices by major digital platforms. The bill has faced resistance from Washington, raising concerns over potential trade fri

February 18, 2025

SK hynix names head of newly-established subsidiary in US

SEOUL, February 18 (AJP) - SK hynix has appointed Lee Woong-sun as president of its newly established West Lafayette LLC subsidiary in Indiana, which will oversee the company's semiconductor packaging operations in the United States. The appointment follows SK hynix's announcement in April 2024 to invest $3.87 billion in building an advanced packaging facility for AI memory chips in West Lafayette, Indiana. The facility, scheduled to begin mass production of next-genera

February 18, 2025

Samsung chairman tops South Korea's dividend earnings in 2024

SEOUL, February 18 (AJP) - Samsung Electronics Chairman Lee Jae-yong received the highest dividend payout among South Korean business leaders in 2024, collecting 346.5 billion won ($260 million), according to a report by corporate analysis firm Leaders Index. Lee's dividend earnings rose by 22.8 billion won from 323.7 billion won in 2023, cementing his status as the country’s top dividend recipient. Hyundai Motor Group Honorary Chairman Chung Mong-koo ranked second wi

February 18, 2025

Nongshim to establish European headquarters in Amsterdam

SEOUL, February 18 (AJP) - South Korean food company Nongshim announced plans to establish its European headquarters in Amsterdam this March, a move aimed at bolstering its presence in the region's growing instant noodle market. According to Nongshim, the new subsidiary, Nongshim Europe B.V., will take advantage of the Netherlands' extensive logistics infrastructure, including the Port of Rotterdam — Europe's busiest — as well as the country's well-develo

February 18, 2025

US equity firm takes over Inspire Resort in Incheon following heavy losses

SEOUL, February 17 (AJP) - A U.S. private equity firm has assumed control of the Inspire Integrated Resort near Incheon International Airport after the property accumulated losses exceeding 150 billion won ($112 million) in its first year of operations. The resort, which opened in January 2024, was originally developed by Mohegan Gaming & Entertainment with an investment of 2 trillion won. The complex includes three five-star hotel buildings with a total of 1,275 rooms, a mult

February 17, 2025

Biotech firm DYD develops saliva-based diabetes test kit

SEOUL, February 17 (AJP) - South Korean biotechnology company DYD announced plans on Monday to introduce a diabetes diagnostic kit capable of detecting the disease through saliva samples in under one minute. The device aims to provide a less invasive alternative to traditional blood-based testing. The diagnostic kit measures glycated albumin, a key biomarker for diabetes, using semiconductor biosensor technology that integrates next-generation surface technology with antibody con

February 17, 2025