Hyundai E&C enters Finnish nuclear market, eyes more opportunities in northern Europe SEOUL, June 25 (AJP) - Hyundai Engineering & Construction has taken a significant step into Northern Europe’s nuclear energy sector, signing a preliminary agreement to participate in a potential new nuclear power plant in Finland. The South Korean builder announced it had entered into an Early Works Agreement (EWA) on June 19 with Finland’s state-owned utility Fortum and Westinghouse Electric Company, the U.S.-based nuclear technology firm, in Helsinki. The agreement allows the consortium to begin preparatory work for a large-scale nuclear project, laying the groundwork for what could become a full-scale engineering, procurement, and construction (EPC) contract. The deal marks Hyundai E&C’s formal entry into the Finnish nuclear energy market and positions the company to play a central role in the deployment of Westinghouse’s AP1000 reactor, an advanced design featuring passive safety systems and modular construction. The AP1000 is already licensed and operating in the United States and China, with additional projects underway globally. “This partnership strengthens our role as a global EPC player and deepens our presence in the European energy market,” said Choi Young, head of Hyundai’s New Energy Division, who attended the signing ceremony at Fortum’s headquarters in Helsinki. Also present were Fortum Vice President Laurent Leveugle and Elias Gedeon, Senior Vice President at Westinghouse. The EWA enables the consortium to initiate key groundwork activities, including site assessment, permitting review, and detailed planning. It follows a two-year feasibility study led by Fortum, which in March named the Hyundai–Westinghouse team as its preferred partner for the project. For Hyundai, the Finland agreement is part of a broader push across Europe’s resurgent nuclear sector. The company is already engaged in Bulgaria’s Kozloduy 7 and 8 reactor planning and is actively pursuing projects in Slovenia and Sweden. The expansion builds on a 2022 strategic agreement with Westinghouse to jointly pursue AP1000 projects worldwide. 2025-06-25 11:07:21

South Korea urged to deepen mineral ties with Africa SEOUL, June 24 (AJP) - As tensions between the United States and China continue to roil global supply chains, especially those critical to the electric vehicle industry, South Korea is being urged to strengthen its strategic engagement with Africa to secure vital battery minerals. A report released Tuesday by the Korea International Trade Association (KITA) warns that growing geopolitical fragmentation threatens the stability of supply routes for key materials such as lithium, cobalt, graphite, and manganese. These minerals are indispensable to the production of EV batteries, and much of the world’s reserves are concentrated in Africa. The report notes that competition among major economies to establish footholds on the continent has intensified, driven by Africa’s mineral wealth, its young and expanding labor force, and its governments’ commitment to industrial development. China, with a long track record of diplomatic investment in Africa, has made the region central to its foreign policy. Chinese foreign ministers traditionally make their first overseas visits of the year to African nations, and the Belt and Road Initiative has directed billions of dollars into infrastructure supporting mineral extraction and transport. Japan is deepening its own footprint through a combination of technical assistance and equity investments by trading conglomerates. South Korea, while lacking the financial heft or diplomatic reach of these larger players, holds unique advantages in battery technology and manufacturing, the KITA report argues. The report said that Korea’s battery industry is confronting a dual threat: China’s growing control over mineral supply chains, and the United States’ accelerating push to reduce dependency on Chinese materials. “Africa presents an increasingly vital diversification route,” the report said. “But a piecemeal approach won’t suffice. Strategic, coordinated engagement is essential.” The call comes at a pivotal moment for South Korea, whose leading battery makers — including LG Energy Solution, Samsung SDI, and SK On — are expanding rapidly abroad but remain exposed to mounting supply-side uncertainties. 2025-06-24 17:03:39

Visa hurdles threaten operations at Korean battery plants in US SEOUL, June 24 (AJP) - South Korea’s major battery makers are facing mounting obstacles in operating their U.S.-based plants, as tightening American entry regulations delay the dispatch of skilled workers. LG Energy Solution, Samsung SDI and SK On have all experienced repeated denials or prolonged delays in sending technicians to their American factories, according to industry sources. The difficulties stem from what companies describe as a de facto policy shift: U.S. authorities now view the use of the Electronic System for Travel Authorization, or ESTA, for short-term business trips as unauthorized employment, subjecting travelers to heightened scrutiny at the border. These restrictions are creating bottlenecks at a critical moment. Early-stage factory operations, including equipment calibration, quality assurance and technical knowledge transfer, often depend on months of on-site support from experienced engineers. Company officials complain that delays in deploying such personnel could disrupt production timelines, compromise product quality and damage the credibility of Korean manufacturers operating in the United States. They argue that it’s not just a visa issue, but a threat to the entire supply chain. The stakes are particularly high given the role of these U.S. facilities in helping the Korean firms meet local content requirements of the U.S. Those rules tie generous tax incentives to domestic manufacturing thresholds — meaning any operational delays could also jeopardize subsidies for electric vehicle batteries and related components. Alternative visa pathways offer little relief. The H-1B program, typically used for foreign professionals, is capped and allocated via a competitive lottery. The B-1 business visa, meanwhile, often takes months to process — an ill fit for the fast-moving demands of global manufacturing. The affected firms have called for a dedicated visa quota system modeled on arrangements Washington has with close partners such as Singapore and Australia. They argue that such a framework should be established under the Korea-U.S. Free Trade Agreement to reflect the scale and strategic importance of bilateral industrial cooperation. South Korea’s Ministry of Foreign Affairs has confirmed that it is in active talks with the U.S. Embassy in Seoul and consular officials across the United States. The government is also pushing for passage of the “Partner with Korea Act,” a bill in the U.S. Congress that would create a Korea-specific professional visa category aimed at easing cross-border business operations. For now, battery makers are scrambling to work around the constraints — juggling travel plans, appealing denials, and seeking emergency visas wherever possible. But they say the long-term solution must come through policy change, not improvisation. 2025-06-24 10:38:33

Hanwha Systems to cooperate with Northrop Grumman on air, missile defense system SEOUL, June 23 (AJP) - South Korean defense company Hanwha Systems has signed a memorandum of understanding with Northrop Grumman of the United States to jointly develop technologies for Integrated Air and Missile Defense (IAMD) systems, Hanwha said Monday. The agreement aims to combine Northrop Grumman’s globally deployed Integrated Battle Command System (IBCS) with Hanwha’s expertise in command-and-control systems. The two firms plan to cooperate on both domestic and international defense programs, seeking to address the growing complexity of modern aerial threats. The partnership comes as global demand for air defense solutions surges, fueled by the rising use of ballistic missiles, drones and long-range artillery in conflicts from Ukraine to the Middle East. Northrop Grumman’s IBCS integrates sensors and weapons systems across air, land and sea domains, enabling real-time information sharing and coordinated responses to airborne threats. The system is currently being deployed in the United States and Europe. Hanwha Systems brings to the table its experience in developing South Korea’s key command infrastructure. The company is also a major provider of multifunction radar technologies for layered defense. Park Sung-kyun, who leads the Defense Electronics Division at Hanwha Systems, said the company is embracing bold changes as it seeks to evolve into a global defense leader. “We will continue to actively develop cutting-edge weapons systems driven by innovative technology,” he said. 2025-06-23 15:18:46

SK Group to build hyperscale AI data center SEOUL, June 23 (AJP) - SK Group is investing in a hyperscale data center that seeks to reduce the nation’s reliance on foreign technology providers in a move aimed at advancing South Korea’s pursuit of sovereign artificial intelligence capabilities. Through a strategic partnership with Amazon Web Services, SK plans to build a 100-megawatt AI-specialized facility in the southern industrial city of Ulsan. Slated to begin operations in 2027, the project marks one of the country’s first significant steps toward establishing a self-reliant AI infrastructure. The facility is designed to support AI model training, inference, and deployment, offering a domestic backbone for emerging technologies that have so far depended heavily on overseas platforms. “This is more than just a data center,” President Lee Jae-myung said during a recent visit to Ulsan. “It is a milestone for regional innovation and a symbol of our commitment to decentralizing advanced technology beyond Seoul.” SK Group’s involvement goes far beyond financial investment. The conglomerate is overseeing site development, semiconductor system integration, and energy provisioning for the facility. To meet the immense power demands of AI workloads, the data center will be supplied by an on-site liquefied natural gas and liquefied petroleum gas hybrid power plant, operated by SK Gas. The gigawatt-scale plant is expected to ensure both energy security and sustainability. Chey Tae-won, chairman of SK Group, emphasized the broader implications for national policy. “Sovereign AI isn’t possible without long-term public-private collaboration,” he said. “The government must play a dual role — as both a policy driver and a leading consumer of homegrown AI technologies.” The Ulsan data center is part of a growing effort by South Korea to localize the critical infrastructure behind artificial intelligence — from compute and chips to power and storage. The initiative reflects increasing global interest in AI sovereignty, as governments and corporations seek to safeguard sensitive technologies from geopolitical disruptions. 2025-06-23 10:44:34

KOSPI surpasses 3,000 for first time since 2021 SEOUL, June 20 (AJP) - South Korea's benchmark stock index, KOSPI, closed above the 3,000-point mark on Friday for the first time in more than three years, signaling renewed investor confidence in the nation's economic outlook. The local currency also strengthened significantly against the U.S. dollar. The KOSPI rose 44.1 points, or 1.48 percent, to close at 3,021.84. This marked the first time the index finished above 3,000 since Dec. 28, 2021. The KOSPI originally crossed this milestone for the first time in its history on Jan. 6, 2021. Analysts attributed the upward momentum to a combination of increased global market liquidity and optimism surrounding the fiscal policies of the Lee Jae-myung administration. President Lee, who took office on June 4, has pledged to push the KOSPI toward a 5,000-point era and address the "Korea discount," a long-standing tendency for investors to undervalue South Korean assets due to geopolitical risks or other systemic issues. Specific sectors saw strong gains, particularly semiconductor, information technology, and battery shares. Samsung Electronics edged up 0.51 percent to 59,500 won, while its rival chipmaker SK hynix jumped 4.47 percent to 257,000 won. South Korea's largest search engine, Naver, soared 6.94 percent to 269,500 won, and Kakao, the operator of the nation's dominant mobile messenger, rallied 10.26 percent to 66,600 won. In currency markets, the local won was quoted at 1,365.6 won against the U.S. dollar at 3:30 p.m., a sharp appreciation of 14.6 won from the previous session's close. 2025-06-20 16:58:01

HD Hyundai deepens investment in Bill Gates–backed nuclear start-up SEOUL, June 19 (AJP) - HD Hyundai said Thursday it has strengthened its partnership with TerraPower, joining a $650 million funding round led by the U.S. nuclear firm. The fresh capital infusion will help finance construction of the first commercial Natrium reactor in the United States and support broader international deployment of TerraPower’s small modular reactor (SMR) technology, according to the company. Founded in 2006 by Bill Gates, TerraPower is developing the Natrium system, a next-generation SMR that combines a sodium-cooled fast reactor with a molten salt-based energy storage system. The dual-technology design allows for both stable baseload electricity and adaptable output to meet shifting power demand. Thursday’s announcement marks a deepening of HD Hyundai’s strategic investment in TerraPower. The South Korean firm first entered the partnership in 2022, when its shipbuilding unit, HD Korea Shipbuilding & Offshore Engineering, invested $30 million in the nuclear start-up. In December 2024, HD Hyundai signed a reactor vessel supply contract for the inaugural Natrium plant. That was followed by a formal agreement in March 2025 to co-develop the manufacturing infrastructure necessary to scale future deployments. As interest in SMRs accelerates, driven by both climate imperatives and energy security concerns, TerraPower aims to position itself as a leading provider of scalable, cost-effective nuclear solutions. 2025-06-19 16:28:20

Fed holds rates, prompting caution in Seoul about monetary easing SEOUL, June 19 (AJP) - The U.S. Federal Reserve has opted to keep interest rates unchanged for a fourth consecutive meeting, a decision that is expected to prompt South Korea’s central bank to adopt a more cautious approach to monetary easing in the month ahead. The Fed’s decision, made during the June 17–18 Federal Open Market Committee (FOMC) meeting, leaves the U.S. benchmark rate at 4.25 to 4.50 percent. The Bank of Korea (BOK), which lowered its key rate to 2.50 percent in May from 2.75 percent, has now widened the rate gap with the United States to a record 2 percentage points. Analysts warn that further unilateral cuts by the BOK could heighten the risk of capital outflows and add pressure to the already volatile won-dollar exchange rate. The growing divergence in monetary policy comes at a delicate time for South Korea’s financial system. After months of stagnation, the country's household lending is again on the rise. Many observers now expect the BOK to hold rates steady at its next meeting in July as it reassesses financial stability risks. In Washington, the Fed is holding firm against growing political pressure to accelerate rate cuts, despite calls from President Donald Trump and Treasury Secretary Scott Besant to ease monetary policy more aggressively. Citing persistent inflation risks, particularly those linked to recent tariff increases, Fed Chair Jerome Powell emphasized the need for restraint. “Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs, because someone has to pay for the tariffs,” Powell said during a press conference on Wednesday. “All through that chain, people will be trying not to be the ones who take up the cost, but ultimately, the cost of the tariff has to be paid. And some of it will fall on the end consumer.” In South Korea, BOK Governor Rhee Chang-yong echoed Powell’s cautious tone in a June 12 speech marking the central bank’s 75th anniversary. While noting that the won-dollar exchange rate had recently stabilized in the mid-1,300 won range, Rhee warned that renewed volatility remained a risk amid global monetary uncertainty and ongoing trade disputes. He defended the May rate cut as necessary to support an economy that had suffered through more than a year of near-zero or negative growth. Rhee expressed particular concern about Korea’s overheated real estate market, warning that aggressive easing could fuel price inflation in the capital region without delivering a broad-based economic rebound. 2025-06-19 14:54:25

Hyundai Card launches 'Black Card' in Korea for ultra-wealthy SEOUL, June 19 (AJP) - Hyundai Card has introduced the American Express Centurion Card — commonly known as the “Black Card” — in South Korea for the first time, marking a bold entry into the ultra-premium credit card segment long dominated by global issuers. Recognized worldwide for its exclusivity and luxury, the Centurion Card represents the pinnacle of the AMEX hierarchy, sitting above the Platinum, Gold, and Green cards. The launch follows Hyundai Card’s 2023 rollout of those lower-tier AMEX products and signifies a new chapter in the company’s high-end market strategy. Issued through Hyundai Card’s exclusive partnership with American Express, the Centurion comes with an annual fee of 7 million won (approximately $5,000), plus an additional 2 million won for each supplementary card. Cardholders are assigned a personal concierge, or “Centurion Manager,” who provides white-glove service ranging from luxury travel bookings and fine dining reservations to private jet and exotic car arrangements. The card’s design — crafted from black metal and embossed with AMEX’s signature Roman Centurion in gold — has become a global symbol of status. In the United States, rumored users include figures such as Donald Trump, Bill Gates, and pop stars Jay-Z and Ariana Grande. In Korea, celebrities such as singer IU and BLACKPINK’s Lisa are said to be among the card’s earliest domestic recipients. This marks the first time the Centurion Card has been issued in South Korea, though it has long been available in other parts of Asia, including Japan and Hong Kong. The card is currently issued in about 30 countries worldwide. With this launch, Hyundai Card now offers the full American Express suite — from Green to Gold, Platinum, and Centurion — and cements its position at the top of the nation’s premium credit card market. 2025-06-19 13:06:54

POSTECH, LG unveil breakthrough in 6G communication SEOUL, June 18 (AJP) - South Korea’s Pohang University of Science and Technology (POSTECH) and LG Electronics have jointly announced the development of the world’s first multimodal, multitask semantic communication system — a major step toward realizing the promise of 6G. The announcement was made at the IEEE International Conference on Communications (ICC 2025), held in Montreal. The technology, a product of collaboration between Professor Lee Nam-yoon's electrical engineering team at POSTECH and LG’s Chief Technology Office, represents a significant evolution in how machines process and exchange information. Traditional wireless systems, including current 4G and 5G networks, rely on the sequential transmission of raw data. By contrast, semantic communication uses artificial intelligence to understand and transmit only the most essential, contextually relevant information needed for a specific task. The newly unveiled system takes this approach a step further. While earlier semantic communication models were typically limited to single-task operations, the new framework is capable of processing and transmitting multiple types of data — including video, text, and audio — across several tasks simultaneously. The technology operates in real time and remains effective even under restricted bandwidth or congested network conditions. In practical terms, this means an autonomous vehicle, for example, might no longer need to send full video streams to identify hazards. Instead, it could transmit a simplified semantic alert — such as “pedestrian approaching” — reducing data loads and enhancing reaction speeds. Experts say the innovation could lay the foundation for AI-powered radio access networks, or AI-RAN, that are expected to play a central role in the 6G era. These systems are designed to support ultra-low latency and high-efficiency communication, with potential applications in robotics, industrial automation, and advanced mobility technologies. Officials from POSTECH and LG called the development a “foundational step” toward building the infrastructure necessary for a future in which intelligent networks will manage complex digital environments through adaptive, purpose-driven communication. 2025-06-18 10:43:47