Journalist

김혜준
Candice Kim, Lim Jaeho
  • S. Korean government refutes US treasury secretarys claim about trade deal timeline
    S. Korean government refutes US treasury secretary's claim about trade deal timeline SEOUL, April 30 (AJP) - The South Korean government denied U.S. Treasury Secretary Scott Bessent's assertion that Seoul is seeking to conclude bilateral trade negotiations before its upcoming presidential election. In a joint ministerial statement, the Ministry of Economy and Finance said, “We have never conveyed or discussed any intention to finalize the framework of negotiations with the United States before the presidential election.” The ministry emphasized that, during recent “2+2” trade consultations, South Korean officials stressed the importance of considering domestic political circumstances and ensuring communication with the National Assembly throughout the negotiation process. “There is no change in our position to proceed with consultations according to procedure without rushing,” the ministry added. Bessent, speaking at a White House briefing on Tuesday, said that the outlines of trade talks with South Korea were gradually taking shape. He suggested that Seoul and Tokyo were seeking to establish basic agreements with Washington ahead of their respective elections in order to present diplomatic achievements to voters. He further asserted that both countries had demonstrated a “stronger willingness” to resolve trade issues before election campaigns began — a timeline South Korean officials say was never discussed or agreed upon. 2025-04-30 11:05:40
  • Consumer agency warns against free family photo schemes
    Consumer agency warns against 'free' family photo schemes SEOUL, April 29 (AJP) - The Korea Consumer Agency issued a warning on Tuesday against deceptive photography promotions that lure customers with promises of free family photo sessions, only to charge high fees for albums, frames, or access to original image files. The agency urged heightened vigilance during May, designated "Family Month" in South Korea, when demand for commemorative photographs traditionally surges. Consumer complaints tied to photography services have risen steadily in recent years, according to agency data. There were 312 complaints filed in 2022, 329 in 2023, and 472 in 2024. In the first quarter of 2025 alone, 115 complaints were reported. Of the 1,228 complaints received over the past three years and three months, roughly 15 percent involved cases where consumers were enticed by offers of "free" photography services, only to encounter unexpected costs. An analysis of 172 cases with verified financial details found that nearly half of consumers — 47.1 percent — ended up signing contracts worth more than 500,000 won, or about $374. The average contract price was 750,000 won, the agency said. In one instance, a customer who canceled a reservation seven days after booking a “free photo event” was denied a refund of a 50,000 won deposit. In another, a consumer was told that original photo files would only be released after purchasing frames, leading to unexpected additional charges. The Korea Consumer Agency advised consumers to thoroughly review potential costs and contract terms before making reservations or visiting photography studios. The agency also recommended that customers confirm which services carry additional fees before the shoot and retain copies of reservation messages, contracts, and other documents as evidence in the event of a dispute. 2025-04-29 16:02:30
  • Korea to launch two low-orbit communication satellites by 2030
    Korea to launch two low-orbit communication satellites by 2030 SEOUL, April 29 (AJP) - South Korea will invest 320 billion won, or about $230 million, by 2030 to develop low-Earth orbit (LEO) satellite communication systems, a critical technology for the next generation of mobile networks. The Ministry of Science and ICT, working alongside the newly established Aerospace Agency, said it had selected three organizations to spearhead the project. The goal is to develop domestic payload and core technologies and to launch two indigenous LEO satellites. The move reflects South Korea’s broader ambition to compete in advanced telecommunications infrastructure, as nations around the world race to deploy the technologies underpinning 6G mobile networks. The Electronics and Telecommunications Research Institute, a government-funded body, will lead development of satellite communication payloads and ground station core technologies. Solid, a communications company, will focus on terminal station technologies, while Korea Aerospace Industries will oversee spacecraft body development and system integration. The research institute will coordinate among the organizations to maintain what officials described as an “organic cooperation system.” Of the total investment, 25 billion won will be allocated this year. Companies such as SpaceX, through its Starlink constellation, and Eutelsat OneWeb, in partnership with Hanwha Systems, are preparing to introduce LEO satellite communication services in South Korea later this year. To accommodate these services, the ministry revised the national frequency allocation tables in February and amended the Radio Wave Act enforcement decree in April. These changes establish a legal framework to allow ground stations aboard ships, aircraft and vehicles. In a bid to streamline regulations, the government also introduced an "antenna permit deeming" system, eliminating the need for separate permits and reporting procedures for LEO satellite service users. 2025-04-29 15:54:59
  • HD Korea Shipbuilding secures $1.86 billion in container ship orders
    HD Korea Shipbuilding secures $1.86 billion in container ship orders SEOUL, April 29 (AJP) - HD Korea Shipbuilding & Offshore Engineering said Tuesday it has secured contracts for 22 container ships, valued at more than 2.53 trillion won, or about $1.86 billion, over a four-day span. The orders come amid a notable shift away from Chinese shipyards following new U.S. port fee announcements targeting Chinese-built vessels. The Korean shipbuilder signed contracts with a shipping company based in Oceania for four 8,400 TEU (twenty-foot equivalent unit) vessels worth 804.9 billion won, eight 2,800 TEU ships for 631.6 billion won, and six 1,800 TEU vessels totaling 380 billion won. Earlier last week, it also secured deals with an Asian shipping company for two 2,800 TEU vessels valued at 159.3 billion won, and two 16,000 TEU ships for 559.6 billion won. The newly ordered vessels will be constructed at HD Hyundai Mipo's shipyard in Ulsan and HD Hyundai Samho's shipyard in Yeongam, with deliveries scheduled through the first half of 2028. HD Hyundai Mipo alone has now secured orders for 16 ships this year, representing nearly half of all global container ship orders under 3,000 TEU capacity so far in 2025. Separately, Samsung Heavy Industries announced Monday that it had signed a deal with an Asian shipping company for two container ships worth 561.9 billion won, marking its first container ship order of the year. The container ship market has been largely dominated by Chinese shipbuilders in recent years. China's share of the global market rose to 70 percent last year, up from 52 percent in 2022, largely due to prices about 20 percent lower than those offered by South Korean competitors. Over the same period, Korean shipbuilders saw their market share fall from 32 percent to 16 percent. But the momentum appears to be shifting. The Trump administration’s decision to impose port fees of up to $250 per container on Chinese-built ships entering U.S. ports has prompted global shipping companies to redirect orders to South Korean shipyards. Amid the surge in demand, Korean shipbuilders are investing heavily to expand their production capacity. Hanwha Ocean, which secured a 2.33 trillion won contract in March to build six 24,000 TEU container ships, said it would invest 600 billion won to add a new ultra-large floating dock, capable of supporting 180,000 tons, and an offshore crane with a 6,500-ton lifting capacity at its Geoje shipyard. 2025-04-29 11:31:05
  • Korea sets up fund in Singapore to support SMEs
    Korea sets up fund in Singapore to support SMEs SEOUL, April 28 (AJP) - The Korea Venture Investment Corporation under the Ministry of SMEs and Startups has established a subsidiary in Singapore as part of an ambitious effort to create a $200 million fund, the ministry said on Monday. The new entity marks a significant step in Korea’s drive to globalize its venture capital ecosystem. The fund, which is expected to launch by the second quarter of 2026, will use the Singapore subsidiary as its operational base. Previously, KVIC maintained a representative office in Singapore, overseeing global funds and supporting Korean startups seeking to expand abroad and attract international investment. However, the new subsidiary will allow for a deeper integration with global capital markets. The ministry said it would soon begin recruiting local staff and applying for regulatory approvals necessary to operate a fund. Once established, the fund aims to bring together domestic venture capital firms and global investors. "We will move swiftly to complete the necessary steps to transform the Singapore subsidiary into a regional investment hub," said Kim Bong-deok from the Ministry of SMEs and Startups. "Our goal is to actively support Korean startups as they expand into Asia." 2025-04-28 16:01:44
  • Koreas KHNP poised to sign final contract for Czech nuclear project
    Korea's KHNP poised to sign final contract for Czech nuclear project SEOUL, April 28 (AJP) - Korea Hydro & Nuclear Power (KHNP) and Czech utility EDU II are expected to finalize a contract next month for the construction of new reactors at the Dukovany nuclear power plant, after clearing the last major regulatory hurdle, industry sources said on Monday. The Czech Republic’s Office for the Protection of Competition ruled last week that there were no legal grounds to challenge KHNP’s selection as the preferred bidder, dismissing an appeal from rival Électricité de France (EDF). The decision lifts the provisional measures that had delayed the signing process for months. EDF had contested the bidding results since KHNP was named preferred bidder last year, filing a series of objections that temporarily halted progress on the $1.6 billion project. Earlier this month, South Korean Industry Minister Ahn Duk-geun told lawmakers that "the documentation has been completed and legal reviews and board procedures are underway locally," adding that officials aim to conclude the contract by late April or early May, depending on local developments. If finalized, the Dukovany project would mark South Korea’s second major export of nuclear technology, following its 2009 deal to build the Barakah nuclear power plant in the United Arab Emirates. It would also be Korea’s first entry into Europe’s nuclear sector, long dominated by established players such as France’s EDF and Russia’s Rosatom. KHNP is leading a consortium known as “Team Korea,” which includes affiliates of Korea Electric Power Corporation, as well as private companies like Doosan Enerbility and Daewoo Engineering & Construction. While the final contract price remains under negotiation, the Czech government has estimated the cost of Dukovany Units 5 and 6 at approximately 400 billion Czech crowns, or 26 trillion Korean won. Should the project proceed smoothly, KHNP could also gain an advantage in future bids for two additional reactors at the Temelín site, where Czech authorities are considering an expansion. KHNP originally submitted proposals for all four units during the initial bidding phase. The Dukovany project also signals a broader strategic collaboration between South Korea and the United States in the European nuclear market. In January, KHNP and Westinghouse agreed to settle a two-year intellectual property dispute, pledging to cooperate on future projects under the “Team Chorus” alliance — a blend of “Team Korea” and U.S. capabilities. Industry analysts suggest Westinghouse may supply key components for the Czech reactors, following a model similar to the Barakah project, where American firms provided reactor coolant pumps, turbine generators, and digital control systems. 2025-04-28 14:33:35
  • POSCO, Hyundai Steel report disappointing first-quarter results
    POSCO, Hyundai Steel report disappointing first-quarter results SEOUL, April 25 (AJP) - South Korea’s top steelmakers, POSCO and Hyundai Steel, posted disappointing first-quarter results as a confluence of weak global demand, Chinese oversupply, and new U.S. tariffs weighed heavily on the industry. POSCO Holdings reported 14.96 trillion won ($11 billion) in revenue from its steel division and an operating profit of 450 billion won ($330 million), according to financial statements released Friday. Hyundai Steel swung to an operating loss of 19 billion won on sales of 5.56 trillion won, following a net profit a year earlier. The company also reported a net loss of 54.4 billion won for the quarter. Though POSCO’s profits rose 32 percent year-on-year — thanks in part to higher product prices and aggressive cost-cutting — they remain significantly below the 1.33 trillion won it posted during the peak of the steel cycle in early 2021. Hyundai Steel, meanwhile, saw its sales fall by 6.5 percent, a stark reflection of the industry's deepening malaise. A steep decline in construction activity, a key driver of steel demand, has hit both companies hard. Residential construction starts in South Korea totaled just 26.9 million square meters last year — roughly 70 percent of average levels — according to the Korea Construction Industry Research Institute. The drop has sharply reduced shipments of rebar and other construction-grade products. At the same time, Chinese steelmakers have flooded the market with low-priced exports, undercutting Korean producers by as much as 30 percent. In response, Hyundai Steel last July filed an anti-dumping petition against Chinese manufacturers of steel plate and hot-rolled coil. “Chinese oversupply is a structural threat to our competitiveness,” a Hyundai Steel official said, requesting anonymity to speak candidly. New U.S. trade policies have further exacerbated the industry’s woes. Under measures enacted in March, the Trump administration imposed a 25 percent tariff on all imported steel and aluminum products. As a result, Korean steel exports to the United States fell 10.6 percent year-on-year last month. Analysts warn the decline may deepen, given the typical lag between export contracts and shipments. Facing mounting pressures, both companies are accelerating overseas investments as a long-term hedge. POSCO is moving forward with a joint venture steel mill in India with JSW Group and has signaled increased collaboration with Hyundai Motor Group in the mobility sector. The company is also planning a co-investment in a U.S.-based steel mill to mitigate the impact of American tariffs. Hyundai Steel, for its part, announced plans last month to build an electric arc furnace integrated mill in Louisiana, with an annual capacity of 2.7 million tons. The plant will supply automotive-grade steel to Hyundai, Kia, and other global automakers. 2025-04-25 16:31:33
  • LG Electronics weighs US appliance price hikes amid tariff pressures
    LG Electronics weighs US appliance price hikes amid tariff pressures SEOUL, April 25 (AJP) - LG Electronics is weighing potential price increases for U.S.-bound home appliances if tariffs imposed by Washington surpass what the company considers sustainable, according to CEO Jo Joo-wan. Jo said that while the company is striving to offset the impact through operational efficiencies, it is preparing for a range of scenarios — including higher consumer prices. “We will absorb as much as possible through operational efficiencies,” Jo told reporters Thursday ahead of a special lecture at Seoul National University. “But if tariffs rise beyond manageable levels, we may be forced to increase prices.” The remarks come as the United States enforces a universal 10 percent tariff on imports, while reciprocal, country-specific tariffs remain temporarily suspended. However, LG is bracing for the possibility of broader levies and disruptions to its global supply chain. Currently, LG manufactures washers and dryers at its Tennessee plant, while producing refrigerators, cooking appliances, and televisions in Mexico, and additional home appliances in Vietnam. In the face of further tariff escalation, the company is contemplating relocating major production facilities to the United States, utilizing a swing production model to shift output across regions, or raising prices to offset increased costs. “Building a production base in the United States is considered a last resort,” Jo said, noting that price adjustments and production realignment would be prioritized first. “We should follow sequential scenarios.” During its first-quarter earnings call, LG said it had already developed a comprehensive tariff response strategy, including manufacturing cost improvements and customer consultations regarding potential price increases. Jo also indicated that the full financial impact of tariffs is expected to emerge in the second quarter, with minimal front-loading of purchases by U.S. consumers in the first quarter. “Whether performance deteriorates or improves due to tariffs, it will start from the second quarter,” he said. In the first quarter of 2025, LG reported consolidated revenue of 22.74 trillion won ($16.8 billion) and an operating profit of 1.26 trillion won ($930 million). Turning to the company’s plans for an initial public offering of its Indian subsidiary, Jo signaled a cautious approach amid global volatility. “Whether it’s June or later, we want to wait a few months given the significant global uncertainties,” he said. “Our goal is not just to raise capital — we want the company to be properly valued and to enhance shareholder value.” 2025-04-25 15:57:02
  • SK Telecom to divest entire Kakao stake in $300 million block deal
    SK Telecom to divest entire Kakao stake in $300 million block deal SEOUL, April 25 (AJP) - SK Telecom said Friday it will sell its entire stake in Kakao Corp. through a block deal valued at 413.3 billion won ($300 million). The sale involves 10.8 million shares of the internet company. SK Telecom said the move is aimed at securing funds for the full acquisition of SK Broadband, as well as investments in future growth areas, including artificial intelligence. SK Telecom signed a stock purchase agreement in November to acquire the remaining 24.8 percent stake in SK Broadband held by Taekwang Group and Mirae Asset Group, which own 16.75 percent and 8.01 percent of the broadband provider, respectively. The deal is valued at 1.15 trillion won, with shares priced at 11,511 won apiece. The transaction is expected to close by next month, making SK Broadband a wholly-owned subsidiary. Despite the divestment, SK Telecom said it intends to maintain its strategic partnership with Kakao. The two companies exchanged stakes worth 300 billion won in 2019 and have collaborated on cloud services and joint fund operations. “Close cooperation between the two companies, such as cloud business collaboration and joint fund operation, will remain unchanged,” an SK Telecom official said. 2025-04-25 13:43:12
  • Korea will negotiate with US to eliminate tariffs
    Korea will negotiate with US to eliminate tariffs SEOUL, April 25 (AJP) - South Korea and the United States have agreed to hold negotiations aimed at eliminating mutual tariffs and item-specific duties before a July 8 deadline, South Korean officials said Friday, following high-level trade talks in Washington. The talks come ahead of the expiration of a 90-day mutual tariff suspension instituted under U.S. President Donald Trump. The two nations now hope to forge a comprehensive agreement — referred to by South Korean officials as a “July package” — that would permanently eliminate the tariffs. Speaking at the South Korean Embassy following a “2+2 high-level trade consultation,” South Korea’s Deputy Prime Minister and Finance Minister, Choi Sang-mok, said the two countries had reached a “consensus” to focus negotiations on four priority areas: tariffs and non-tariff measures, economic security, investment cooperation, and currency policy. Trade Minister Ahn Duk-geun, who met separately with U.S. Trade Representative Jamieson Greer, said he again called for exemptions from all mutual tariffs and other related duties. Additional talks between Ahn and Greer are expected to take place in Seoul on the sidelines of the Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting, scheduled for May 15–16. Among the issues discussed, the automotive and shipbuilding sectors took center stage. “We focused our explanation particularly on the automotive sector, which would have the most negative effects on our economy,” Choi said. Ahn noted that there was “considerable consensus” on future cooperation in shipbuilding. U.S. Treasury Secretary Scott Bessent, offering a more accelerated timeline, suggested an agreement could come sooner than expected. “We had a very successful bilateral meeting with Korea today,” Bessent told reporters at the White House. “We can move faster than I thought. We will discuss technical conditions as early as next week, and could reach an ‘agreement on understanding’ during next week.” “The Koreans came early,” he added. “They brought their A game, and we will see if they deliver.” 2025-04-25 10:20:43