Korean power equipment makers expand in Europe SEOUL, July 03 (AJP) - South Korean manufacturers of power infrastructure equipment are accelerating their push into European markets, seizing on surging demand for data center power systems and aging grid replacement across the continent. The expansion comes amid growing European concerns over energy security and infrastructure resilience. A series of recent power disruptions — including major blackouts in Spain and Portugal in April — coupled with intensifying summer heat waves have underscored vulnerabilities in Europe’s aging electrical networks. On June 29, HD Hyundai Electric signed a supply agreement with Bulk Infrastructure, a Norwegian data and telecommunications company. The agreement grants Hyundai Electric preferred bidding rights on high-voltage transformers and circuit breakers for Bulk’s future data center projects. The deal builds on an earlier contract signed in June 2024 to deliver two 400-kilovolt ultra-high voltage transformers for a Norwegian data center project scheduled for completion in the second half of 2026, Hyundai Electric officials said Thursday. Hyundai Electric has also ramped up its role in Europe’s broader grid modernization efforts, which are being driven by the continent’s accelerating transition to renewable energy. In May, the company won a contract to supply four 400kV transformers to SP Energy Networks in Scotland, followed by a 40 billion won (approximately $29 million) deal in June to provide equipment to Denmark’s state-owned utility, Energinet. Both contracts support infrastructure upgrades needed to accommodate rising solar and wind power generation. Hyosung Heavy Industries, another major South Korean player, is also expanding its European footprint. In May, the company signed an 85 billion won contract with Scottish Power to supply ultra-high voltage transformers designed to transmit electricity from wind farms in rural Scotland to population centers. Hyosung became the first South Korean firm to supply transformers to German transmission operators in the first quarter of this year, following earlier contract wins in France, Germany, Norway and Spain. 2025-07-03 16:49:35

Shilla Duty Free, Paradise City partner to attract foreign tourists SEOUL, July 02 (AJP) - Shilla Duty Free has joined forces with Paradise City, a major integrated resort and casino complex, to launch a collaborative marketing campaign aimed at boosting foreign tourist traffic, the companies announced Wednesday. The agreement outlines a strategic partnership that will combine the two companies’ strengths in duty-free retail and hospitality to enhance services for international visitors. As part of the arrangement, Shilla Duty Free will offer exclusive promotions tied to Paradise City experiences, while Paradise City will provide access to Shilla Duty Free benefits for foreign tourists visiting its resort. The initiative includes a series of perks for Paradise Casino members, who will be eligible for upgraded Shilla Duty Free memberships, prepaid cards redeemable in stores, and discount vouchers. Depending on casino membership status, benefits will extend up to Shilla’s highest-tier “black” membership. 2025-07-02 16:30:47

Musinsa to sell fashion, beauty products targeting young consumers at GS25 stores SEOUL, July 02 (AJP) - South Korean fashion platform Musinsa is expanding its collaboration with GS25, one of the country’s largest convenience store chains, introducing a new lineup of summer apparel and debuting its first beauty products at retail locations nationwide, the company announced Wednesday. The partnership extension includes five new items from the Musinsa Standard Express collection — the company’s casual sub-label tailored for retail distribution — and marks the launch of Little Whizzy, a new beauty line under Musinsa’s youth-focused cosmetics brand Whizzy. Musinsa said it will roll out two new Cool Standard T-shirts, along with three styles of summer shorts — nylon banding, basketball sweat, and boxer-fit — designed to emphasize comfort and breathability during Korea’s hot season. The latest collection will be available at 5,000 GS25 stores beginning in July, expanding from the 3,000 locations that carried the initial March release. Purchasers will also be eligible to receive randomly issued discount coupons, some offering up to 90 percent off. The collaboration is now moving beyond fashion with the debut of Little Whizzy, a compact beauty line priced at 3,000 won (approximately $2.15) per item. The launch includes seven lip and eyeshadow products, such as “Bouncy Gloss” tints designed for vivid color and high shine, and pocket-sized two-tone eyeshadow duos intended for everyday portability — a feature designed to resonate with younger, on-the-go consumers. Musinsa, best known for its online streetwear and fashion marketplace, has been increasingly exploring offline and cross-sector strategies to engage younger audiences. 2025-07-02 16:24:36

Inflation hits five-month high in South Korea as food prices climb SEOUL, July 02 (AJP) - South Korea’s consumer inflation edged higher in June, returning to the 2 percent range after a brief dip, as rising food and seafood prices fueled by warming ocean temperatures drove costs upward, government data showed Wednesday. The Consumer Price Index rose 2.2 percent year-on-year, up from 1.9 percent in May, according to Statistics Korea. The index reached 116.31, based on 2020 prices set at 100 — the fastest rate of inflation since January. Processed food prices led the acceleration, jumping 4.6 percent from a year earlier, the highest since November 2023. The category alone contributed 0.39 percentage points to headline inflation. Among the standouts: bread rose 6.4 percent, coffee surged 12.4 percent, and ham and bacon were up 8.1 percent. Instant noodles — the subject of political scrutiny after recent presidential comments — climbed 6.9 percent, the steepest rise since September last year. Seafood prices also spiked, rising 7.4 percent year-on-year, the sharpest increase since March 2023. Mackerel soared 16.1 percent, croaker rose 10.6 percent, and squid gained 6.3 percent — trends attributed in part to changing ocean conditions driven by climate change. The Ministry of Economy and Finance reiterated its commitment to managing price pressures, pointing to heightened weather-related risks and volatile international energy markets. Officials said they would continue discount programs for agricultural and fishery goods and maintain tariff quotas on key food imports. As part of a broader 46 billion won price stabilization package announced last month, the government has expanded summer cabbage reserves from 23,000 tons to 36,000 tons and will introduce new quota tariffs covering 10,000 tons of mackerel between July and December. 2025-07-02 14:24:54

President Lee names key Cabinet picks, tapping bureaucratic, political veterans SEOUL, June 29 (AJP) - President Lee Jae-myung on Sunday unveiled a slate of high-profile cabinet nominees, selecting experienced bureaucrats and longtime political allies to lead his administration through a pivotal early phase. The appointments include key posts overseeing the economy, judicial reform, education, and national safety. Koo Yun-cheol, a veteran technocrat and former chief of the Office for Government Policy Coordination, was tapped as Deputy Prime Minister and Minister of Economy and Finance. Koo is expected to play a central role in steering the administration’s economic strategy. Lee also nominated five-term Democratic Party lawmaker Jeong Seong-ho, a longtime confidant, as Minister of Justice. Jeong is slated to lead the administration’s efforts on judicial and prosecutorial reform, one of Lee’s central campaign pledges. Another five-term Democratic Party veteran, lawmaker Yun Ho-jung, was named Minister of the Interior and Safety. Yun, who served as chief strategist for Lee’s presidential campaign, will oversee the government’s broad restructuring of the nation’s investigative agencies, including the police. The nominations reflect Lee’s reliance on trusted political allies and career officials with deep administrative experience. Jeong, in particular, is seen as one of Lee’s closest associates, having supported him since his initial presidential bid in 2017. Despite representing the conservative-leaning northern Gyeonggi constituencies of Dongducheon, Yangju, and Yeoncheon, Jeong has secured five consecutive terms, signaling strong local support and bipartisan credibility. He also served as chair of the talent recruitment committee for Lee’s campaign, helping shape the framework for the new cabinet and presidential office appointments. Yun, who represents Guri in Gyeonggi Province, similarly brings longstanding loyalty to the administration, having directed Lee’s campaign operations throughout the race. For education minister and deputy prime minister, Lee nominated Lee Jin-sook, the former president of Chungnam National University. She is expected to helm efforts to modernize South Korea’s education system amid demographic decline and rising concerns over academic inequality. Kim Jung-kwan, president of Doosan Enerbility, was named Minister of Trade, Industry and Energy. Jeong Eun-kyeong, the former commissioner of the Korea Disease Control and Prevention Agency, was nominated as Minister of Health and Welfare. Jeong gained national recognition during the Moon Jae-in administration for her leading role in South Korea’s COVID-19 response. As part of the announcement, former prosecutor Bong Wook was appointed as the senior presidential secretary for civil affairs, and Jeon Seong-hwan was appointed as senior secretary to the president for public engagement and social cohesion. 2025-06-29 16:26:56

Loan cap in South Korea risks deepening housing inequality SEOUL, June 29 (AJP) - A sweeping new lending regulation which took effect Friday is shaking South Korea’s housing market, drawing mixed reactions from economists and homebuyers alike. The rule, which caps home mortgage loans at 600 million won (approximately $430,000), is intended to curb speculative buying and stabilize soaring home prices in Seoul. But critics warn it could further squeeze middle-class buyers out of the market. Under the new regulation, even high-income households that qualify for the maximum loan would still need at least 860 million won in cash to purchase an average apartment in Seoul, where prices now hover around 1.46 billion won. The measure effectively limits access to the city’s real estate market to wealthier individuals with significant liquidity. The policy is expected to affect more than 1.27 million households — roughly 74 percent of Seoul’s 1.71 million apartment units — according to government data. Until now, buyers in high-priced districts such as Gangnam and Seocho, where average apartment prices exceed 3 billion won, were allowed to borrow up to 50 percent of a property's value. That translated to loans of 1.5 billion won or more. Going forward, however, financing will be capped at just 600 million won, requiring buyers to bring upwards of 2.5 billion won in cash to secure a property. Analysts say the rule is likely to entrench existing inequality in the market, limiting entry to high-income professionals and so-called “cash-rich” buyers. “We’re seeing the emergence of a housing market that caters almost exclusively to the wealthy,” said one housing policy researcher in Seoul. “This could deepen socioeconomic divisions.” At the same time, there are growing concerns about a potential “exodus” of demand from central Seoul to outlying districts, including the greater Gyeonggi Province and Incheon, where housing is more affordable. While the regulation may suppress demand in the short term, some economists warn of a balloon effect, as buyers shift their focus to lower- and mid-priced areas in search of alternatives. In the immediate term, a slowdown in transactions across the capital region appears inevitable. The new policy also ties loan issuance to actual occupancy, further narrowing the pool of eligible buyers to end-users rather than investors or multiple-home owners. Some in the industry are sounding alarms about potential workarounds and unintended consequences. “There’s a high likelihood of people turning to secondary lenders or even illegal channels,” said a realtor in Seoul’s Banpo-dong. “As the rules tighten, so do the methods to evade them.” 2025-06-29 14:06:38

PHOTOS: Special counsel team opens inquiry into Yoon Suk Yeol SEOUL, June 29 (AJP) - A special counsel team concluded its initial round of questioning with former President Yoon Suk Yeol, Sunday, as part of an ongoing investigation into alleged insurrection related to his declaration of martial law on Dec. 3. Yoon was allowed to leave after 15 hours of interrogation. Prosecutors, however, plans to summon him again at 9 a.m. Monday for further inquiry. The session marked a striking moment of reversal for Yoon, who was questioned for the first time inside the very prosecutors’ office where he once served — and where he rose to national prominence leading a special counsel probe into former President Park Geun-hye’s corruption scandal. 2025-06-29 10:05:42

South Korea-US tariff negotiations intensify as July deadline approaches with specific American demands SEOUL, June 28 (AJP) - South Korea and the United States engaged in detailed tariff negotiations from Jun. 22 to 27 in Washington DC, with American officials presenting specific demands ranging from beef import regulations to participation in Alaska's liquefied natural gas projects, government sources said on Saturday. The third round of technical discussions between Trade Minister Yeo Han-gu and US counterparts comes as the Jul. 8 deadline for mutual tariff relief approaches, marking a critical juncture for the Lee Jae-myung administration's first major trade negotiations with Washington. American negotiators outlined concrete requirements for addressing what they characterize as trade barriers, including relaxing South Korea's 30-month age limit on beef imports and removing restrictions on Google's precision mapping data exports. US officials argued that reducing Korea's trade surplus requires eliminating such non-tariff barriers while expanding purchases of American goods and services. The demands represent a more detailed version of issues previously raised in annual trade barrier reports, with particular emphasis on agricultural and digital sector reforms. Korean negotiators emphasized the unfairness of imposing 25 percent mutual tariffs on a country that maintains virtually tariff-free trade through existing free trade agreements, arguing that minimizing tariffs on interconnected supply chain items like steel and automobiles would actually support America's manufacturing renaissance goals. While expressing willingness to engage constructively on information technology and manufacturing standards, Korean officials highlighted that South Korea already serves as America's largest beef import market, seeking to address what they termed misunderstandings about existing trade relationships. The White House separately requested Korean participation in Alaska's LNG development project, with Energy Council Chairman Doug Burgum meeting Minister Yeo to discuss what officials described as President Trump's priority energy initiative. A senior government official noted that among various American energy projects, the Alaska LNG development represents the administration's singular focus, though participation would require careful evaluation given the project's commercial risks and scale. The negotiations face a critical decision point in July, with the US indicating possible deadline extensions until September for countries presenting favorable proposals while maintaining pressure on others to conclude talks promptly. Trade experts suggest that resolving the 25 percent tariffs crucial to Korea's trade-dependent economy will require high-level political decisions on which American demands to accommodate, with the outcome likely determined through eventual summit-level discussions between the two countries' leaders. 2025-06-28 17:35:46

Samsung Electronics surpasses 10,000 GWh renewable energy usage in 2024, introduces first domestic PPA contracts SEOUL, June 28 (AJP) - Samsung Electronics' renewable energy consumption exceeded 10,000 gigawatt-hours for the first time in 2024, reaching 10,069 GWh and representing an 8.4 percent increase from the previous year, the company reported on Friday. The milestone was disclosed in Samsung's 2025 Sustainability Management Report, which detailed the company's environmental, social and governance performance alongside its expanding commitment to clean energy adoption across global operations. The company's renewable energy conversion rate improved to 31.4 percent in 2024, up from 31.0 percent in 2023 and 30.7 percent in 2022, demonstrating steady progress toward its carbon neutrality targets. The Device Experience division achieved a 93.4 percent renewable energy conversion rate, while the Device Solutions semiconductor division reached 24.8 percent. Samsung also introduced its first domestic power purchase agreements for solar energy, marking a significant expansion of its renewable energy infrastructure. Samsung established multiple PPA contracts throughout 2024 to accelerate renewable energy adoption. The DX division completed 5.8 megawatt solar PPA facilities at manufacturing sites in Gwangju and Gumi in March, with an additional 10 MW contract signed for the Gwangju facility in February 2025. The DS division secured 115 MW of solar PPA contracts for domestic operations in June and signed a 10-year agreement with Korea Water Resources Corporation for 254 MW from the Sihwa Lake tidal power plant. The company also reported energy efficiency improvements across its product lineup, with seven representative models showing 31.5 percent reduced power consumption compared to 2019 models with equivalent specifications and performance. Samsung's domestic workforce reached a record high of 125,297 employees by the end of 2024, an increase of approximately 4,500 from 2023, while total global headcount declined to 262,647 due to overseas workforce reductions. The achievements support Samsung's environmental strategy announced in September 2022, targeting carbon neutrality for the DX division by 2030 and company-wide carbon neutrality by 2050. 2025-06-28 16:06:11

Special prosecutor to question former President Yoon over martial law case on Saturday SEOUL, June 28 (AJP) - Special prosecutor Jo Eun-seok questioned former President Yoon Suk-yeol on Saturday as a suspect in connection with the Dec. 3 martial law declaration and related charges, after Yoon arrived at the Seoul High Prosecutors' Office through the main entrance at 9:55 AM. The questioning marks the first time the former leader has been investigated at the prosecution office where he once worked for over two decades, coming 16 days after the special prosecutor's office launched its investigation into allegations of insurrection and foreign exchange violations. Yoon appeared as a suspect facing charges of obstruction of official duties and abuse of authority under the Presidential Security Service Act. The charges include allegedly instructing his security detail to prevent his arrest during a January warrant execution attempt and ordering the deletion of information from encrypted phones used by former military commanders following the martial law declaration on Dec. 7, 2024. Yoon declined to answer reporters' questions about why he chose not to use the underground parking garage or whether he would exercise his right to remain silent, entering the building directly with his lawyers Song Jin-ho and Chae Myung-sung. Despite initial requests from Yoon's legal team to arrive privately through an underground parking garage to avoid media exposure, the former president ultimately complied with prosecutors' requirements for a public appearance through the main entrance. The special prosecutor's office had maintained that previous presidents who faced investigation all appeared before cameras, citing precedents involving former presidents Roh Moo-hyun, Lee Myung-bak, and Park Geun-hye who all had their prosecution appearances publicly documented. The special prosecutor's investigation has proceeded rapidly since its establishment on Jun. 12, moving faster than two other special prosecutor offices launched simultaneously. The office has already secured additional indictments to extend detention periods for key figures including former Defense Minister Kim Yong-hyun and is pursuing arrest procedures for former military intelligence commanders. Following Friday's questioning, prosecutors will determine whether to conduct additional investigations or proceed with formal custody procedures for the former president. 2025-06-28 10:23:53