Korea's new finance minister pledges swift tariff talks with US SEOUL, July 21 (AJP) - South Korea’s newly appointed Deputy Prime Minister and Finance Minister, Koo Yun-cheol, pledged on Monday to move swiftly in pursuing tariff negotiations with the United States, citing national interests and practical outcomes as top priorities. Speaking at his inaugural press briefing at the Government Complex in Sejong, Koo emphasized the urgency of the talks, which come amid a fast-approaching deadline for a proposed mutual tariff suspension by Washington. “We are coordinating with the United States,” Koo said in response to questions about a potential visit to Washington. “Once arrangements are finalized, I will meet with them as soon as possible to explain Korea's situation and seek understanding for successful tariff negotiations that serve our national interests.” South Korean officials are under mounting pressure to reach an agreement before the August 1 deadline floated by the U.S. According to government sources, Koo could travel to Washington as early as this week in a bid to meet the timeline. During his visit, Koo is expected to meet with U.S. Treasury Secretary Scott Bessent, with discussions likely to center on trade policy, foreign exchange issues and broader economic cooperation between the two allies. At home, Koo named taming inflation as his most pressing domestic challenge, pointing in particular to rising consumer prices driven by recent flood damage across the country. Earlier in the day, in a meeting with ministry officials, Koo urged public officials to act as “core employees of Korea Inc.,” encouraging them to embrace a problem-solving ethos and to build trust with the public through responsive and efficient service. He also promised incentives for civil servants who put forward innovative ideas with measurable impact, and committed to cutting back on formalities such as face-to-face reporting. He also added that artificial intelligence would be increasingly integrated into ministry operations. “I want to create an environment where any staff member, regardless of rank, can contribute ideas directly to leadership,” Koo said. 2025-07-21 16:23:18

SK Ecoplant under scrutiny over alleged accounting irregularities linked to IPO SEOUL, July 21 (AJP) - SK Ecoplant, the environmental services arm of South Korea’s SK Group, is under scrutiny by financial regulators over allegations it inflated revenues at its U.S. subsidiary to bolster its valuation ahead of a planned initial public offering. The Financial Supervisory Service (FSS) is set to hold a key audit committee meeting on Thursday to review the results of a months-long investigation into the company’s accounting practices. A preliminary hearing held last week ended without a decision. Regulators have already recommended criminal prosecution, the dismissal of former executives, and fines amounting to billions of won after concluding that SK Ecoplant intentionally violated accounting standards. According to the FSS, SK Ecoplant overstated revenues at its U.S.-based fuel cell subsidiary in 2022 and 2023, thereby generating misleading consolidated financial statements that were presented to both investors and oversight authorities. Investigators believe the alleged misconduct was driven by the company’s effort to inflate its corporate value ahead of a promised IPO. In 2022, SK Ecoplant secured roughly 1 trillion won, or $720 million, in pre-IPO funding on the condition that it would go public by 2026. The case comes amid a broader regulatory crackdown on financial misconduct. Recently, authorities have referred several high-profile corporate figures — including HYBE founder Bang Si-hyuk and former executives of Meritz Fire & Marine Insurance — to prosecutors. The Securities and Futures Commission has warned of “devastating” penalties for executives found guilty of intentional accounting fraud. If the committee endorses the FSS’s recommendations, the SK Ecoplant case could be referred for criminal prosecution, potentially derailing SK Group’s IPO timeline for SK Ecoplant and delivering a setback to the conglomerate’s expansion in the energy sector. 2025-07-21 14:46:35

[[K-Tech]] LG CNS partners with Honeywell to jointly develop AI-powered automation systems SEOUL, July 21 (AJP) - South Korean IT solutions provider LG CNS said Monday it has entered into a partnership with Honeywell of the United States to develop artificial intelligence-based automation technologies tailored for American manufacturing. The collaboration was finalized during a July 8 meeting in Houston between Hyun Shin-gyoon, chief executive of LG CNS, and Pramesh Maheshwari, president of Honeywell Process Solutions. The two companies will jointly develop automation platforms that harness AI to improve production efficiency across a range of industries, including semiconductors, batteries and petrochemicals. The initiative aims to integrate LG CNS’s expertise in automation consulting and service delivery with Honeywell’s global footprint in sensor and control systems. Honeywell’s Process Solutions unit specializes in providing automation tools and software for complex manufacturing environments, particularly in the petrochemical and pharmaceutical sectors. Under the partnership, LG CNS will deploy its AI agents to analyze data captured by Honeywell’s distributed control systems. The real-time data analysis is intended to detect anomalies and trigger immediate corrective actions, helping manufacturers minimize downtime and optimize operations. "This cooperation is the first step for both companies to jointly address business innovation needs of U.S. manufacturing customers and seek technological solutions," Hyun said in a statement. The two companies also plan to develop advanced manufacturing execution systems — platforms that oversee equipment, processes and personnel in real time — to support digital transformation across industrial supply chains. LG CNS and Honeywell said they intend to extend their jointly developed technologies beyond the United States to global markets, including Europe, leveraging Honeywell’s network of more than 100 corporate clients. 2025-07-21 14:07:03

[[K-Tech]] South Korea nears decision on landmark energy storage tender SEOUL, July 21 (AJP) - South Korea is poised to award its first large-scale energy storage system (ESS) tender this week, a 1 trillion won (approximately $720 million) project that has drawn fierce competition among the country’s top battery makers. The outcome could reshape the strategic priorities of an industry grappling with faltering global demand for electric vehicles. The Korea Power Exchange, under the Ministry of Trade, Industry and Energy, is expected to announce the winning bidder for the 540-megawatt ESS development project within days. The initiative forms a central pillar of the government’s plan to modernize the national power grid and bolster capacity for renewable energy integration. Consortiums led by LG Energy Solution, Samsung SDI, and SK On are expected to submit proposals featuring similar technical specifications but differentiated by cost structures, supply chain localization, and safety features. The tender arrives at a critical moment for South Korea’s battery manufacturers, many of which are contending with slowing EV sales globally. With growth plateauing as the sector moves from early adopters to more cost-sensitive mainstream buyers — a phenomenon some analysts call the “EV market chasm” — companies are increasingly eyeing ESS as a vital alternative growth engine. In response, the government has adopted a weighted evaluation framework that assigns 60 percent of scoring to pricing and 40 percent to non-price criteria. The latter includes domestic industrial contribution, fire and facility safety, and community acceptance, reflecting policymakers’ emphasis on supply chain security and public trust in grid infrastructure. LG Energy Solution and SK On are seen as competitive on both pricing and safety, thanks in part to their adoption of lithium iron phosphate (LFP) battery technology, known for its affordability and thermal stability. SK On, a relative newcomer to the ESS space, faces skepticism over its limited market experience and lack of a track record in high-volume grid deployments. Nevertheless, its LFP-based technology could offer advantages in safety and cost. Samsung SDI, in contrast, uses nickel-cobalt-aluminum (NCA) battery chemistry, which provides higher energy density but carries higher material costs and fire risk. Yet the company has emphasized its domestic manufacturing footprint — most ESS cells are produced at its Ulsan facility — and proprietary safety enhancements, potentially gaining ground in non-price categories, including community acceptance and domestic contribution. The project is the first of many under South Korea’s 11th Basic Plan for Electricity Supply and Demand, which calls for adding 23 gigawatts of ESS capacity by 2038. The stakes are high: the inaugural tender is expected to set benchmarks for future procurements, intensifying long-term competition among domestic battery firms. 2025-07-21 10:55:55

South Korea's special prosecutor indicts impeached president on martial law charges SEOUL, July 19 (AJP) - South Korea's special prosecutor team on Saturday indicted former President Yoon Suk Yeol on charges related to his failed attempt to impose martial law last December, marking the third time the embattled leader faces prosecution. The special investigation team, led by Special Prosecutor Cho Eun-suk, said it filed formal charges against Yoon while he remains in detention, including abuse of power and obstruction of rights. The charges stem from his brief declaration of emergency martial law on December 3, which sparked nationwide protests and ultimately led to his impeachment. The indictment alleges Yoon violated cabinet members' deliberation rights, ordered the retroactive drafting of martial law documents, and issued false public statements about the emergency decree. Prosecutors also accuse him of instructing the deletion of encrypted phone records and obstructing the execution of arrest warrants. Notably absent from Saturday's charges were allegations of foreign exchange law violations, which remain under active investigation. The special prosecutor's office indicated it would pursue those charges separately as the probe continues. This marks Yoon's third indictment since the martial law crisis began, following earlier charges by the prosecution's special investigation headquarters for leading an insurrection in January and abuse of power in May after his removal from office. Yoon began boycotting all criminal justice procedures after an arrest warrant was issued early on July 10 on charges including obstruction of official duties and abuse of power. He skipped a scheduled insurrection trial that morning citing deteriorating health and ignored the prosecution's summons for questioning on July 11. When Yoon refused to leave his solitary cell at Seoul Detention Center on Monday, the special prosecution team ordered forced extraction. However, detention center officials declined to use physical force against the former president, citing his previous presidential status. The team's next forced extraction attempt on Tuesday also failed due to the detention center's passive response. Prosecutors subsequently summoned detention center officials to investigate the circumstances of the failed attempts. On Wednesday, prosecutors visited Seoul Detention Center again to forcibly question Yoon directly, but postponed the attempt when Yoon filed an appeal against his detention. The court rejected Yoon's detention appeal on Friday, dismissing his legal team's claims about double jeopardy and health conditions, paving way for prosecutors to proceed with forced questioning. While some observers speculated that the special prosecution team would attempt forced extraction again for direct questioning of Yoon, prosecutors determined that further investigation attempts would be meaningless and opted for early indictment without extending the detention period. The decision also appears to be based on the judgment that prosecutors secured some statements related to the charges during Yoon's direct remarks at the detention appeal hearing. Park Ji-young, a deputy to Special Prosecutor Cho Eun-suk, said the team decided to file charges following internal discussions after the detention appeal rejection. "We determined that sufficient additional investigation and evidence collection from witnesses and others had been conducted since the arrest warrant was issued, and that extending the detention period would not guarantee effective questioning of former President Yoon," Park said. He added that the prosecution regrets that related investigation of Yoon could not be conducted after the arrest warrant was issued. "Former President Yoon's behavior during the investigation process will be presented at trial and reflected in sentencing," Park said. 2025-07-19 15:54:39

Lee administration's first cabinet hearings draw criticism over lack of scrutiny SEOUL, July 19 (AJP) - South Korea's first cabinet confirmation hearings under President Lee Jae Myung concluded Friday amid widespread criticism that the process lacked proper verification of ministerial nominees. The five-day ‘super week’ hearings examined 16 cabinet nominees from July 14 to 18, but opposition lawmakers and critics described the proceedings as ineffective and superficial. The ruling party focused on defending candidates while the opposition struggled with internal conflicts and special prosecutor investigations. The main opposition People Power Party labeled five nominees as "unqualified" and demanded their withdrawal, including Kang Sun-woo for gender equality, Chung Dong-young for unification, Lee Jin-sook for education, Kwon Oh-eul for veterans affairs and Kim Young-hoon for labor ministries. However, all nominees appear likely to be confirmed without withdrawals. Both parties reached consensus on five nominees, adopting hearing reports for Bae Kyung-hoon for science and technology, Koo Yun-cheol for economy and finance, Cho Hyun for foreign affairs, Kim Jung-kwan for trade and industry, and Yoon Ho-jung for interior ministries. The unanimous decisions came after the opposition agreed to cooperate on trade negotiations with the United States. Yoon Ho-jung's report was adopted on the hearing day itself due to concerns about disaster response gaps following recent flooding. Justice Minister nominee Jung Sung-ho's report was adopted through a party-line vote after partisan clashes, including only the ruling party's assessment of qualification. At Friday's floor leaders' meeting, ruling Democratic Party leader Kim Byung-kee said all nominees should proceed without withdrawals, stating there were "no disqualifying issues." The ruling party treated confirmations as foregone conclusions throughout the hearings, while the opposition showed resistance against the legislative majority. Some nominees adopted a strategy of avoiding direct answers during questioning. Education Minister nominee Lee Jin-sook was later found to have notes suggesting she avoid direct answers and give evasive responses to difficult questions. Gender equality Minister nominee Kang Sun-woo repeatedly apologized for staff abuse allegations, becoming emotional during testimony. However, additional controversies emerged regarding false explanations and property disclosure omissions. Health Minister nominee Jeong Eun-kyeong's hearing received less attention despite opposition attacks, with the ruling party defending her while dismissing alleged criticism of profiting from trading stocks related to the COVID-19 as "fake news." Three more confirmation hearings remain scheduled, including the Constitutional Court Chief Justice nominee Kim Sang-hwan on July 21 and Land Minister nominee Kim Yun-duk and Culture Minister nominee Chae Hwi-young on July 29, with real estate and wealth controversies expected to dominate discussions. 2025-07-19 13:41:08

South Korea braces for fourth day of torrential rains as casualties mount SEOUL, July 19 (AJP) - Torrential rains that began pounding South Korea's central regions four days ago continued to wreak havoc across the nation, with casualties and infrastructure damage mounting. The Central Disaster and Safety Countermeasures Headquarters reported Saturday morning that the death toll remained at four, with two people still missing. The fatalities occurred in Gyeonggi Province's Osan city and South Chungcheong Province's Seosan and Dangjin cities, while two residents remain unaccounted for in Gwangju's North District. Infrastructure damage surged dramatically as floodwaters paved destruction across the peninsula. Public facilities took massive blow with 729 reported incidents, including 388 flooded roads, 133 cases of soil erosion, and 57 collapsed river structures. Private property damage reached 1,014 cases, encompassing 64 flooded buildings and 59 inundated agricultural areas. The relentless downpour forced around 7,000 residents from nearly 5,000 households across 72 municipalities in 13 provinces to flee their homes temporarily. Of those evacuated, about 2,800 people from roughly 2,000 households remained unable to return home as of Saturday morning. The transportation network buckled under the assault as well, with seven major railway lines suspended including the Gyeongbu line connecting Seoul to Busan and the Honam line linking Daejeon to Mokpo. Rail authorities halted services on additional routes spanning the peninsula's key arteries. Road networks faced widespread disruption as floodwater submerged 57 riverside roads, 12 underground passages, and 302 small bridges. Authorities also restricted access to 255 riverside areas, 170 riverside parking lots, and 22 camping sites. "Currently, heavy rain advisories and warnings are in effect across most of the nation, with very intense rainfall of 30 to 80 millimeters per hour expanding and intensifying the alerts," the disaster headquarters said. 2025-07-19 10:13:08

[[K-Tech]] EV sales surge in South Korea, signaling shift toward mass adoption SEOUL, July 18 (AJP) - Electric vehicle sales in South Korea soared by more than 40 percent in the first half of 2024, a surge that analysts say signals the country's EV market is beginning to break through the so-called “chasm” separating early adopters from the mainstream. A total of 93,569 new electric vehicles were registered between January and June, up 42.7 percent from 65,557 during the same period last year, according to data released Friday by the automotive data platform Car Is You. The increase of over 28,000 units year-on-year marks one of the strongest six-month performances for the industry to date. Analysts attribute the rapid expansion to a combination of demographic shifts, government subsidies, and a significant buildout of charging infrastructure. The growth was largely driven by buyers in their 30s and 40s — a key indicator that EVs are no longer confined to a niche segment. Consumers in their 40s accounted for the largest portion of private EV ownership, with 22,532 units, or 35.3 percent of total registrations. Drivers in their 30s followed with 16,130 vehicles, making up 25.2 percent of the market. Even drivers in their 20s showed increasing interest, registering 3,531 vehicles. The generational appeal of newer models was evident in the popularity of Kia’s compact electric SUV, the EV3. The vehicle ranked first among EV buyers in their 20s with 910 units sold, second among those in their 30s with 1,920, and also second among drivers in their 40s, who registered 2,218 EV3s. Industry observers point to a range of government incentives and infrastructure upgrades as key catalysts. Several local governments have increased financial support for EV purchases this year, helping to offset upfront costs. At the same time, the expansion of both slow and fast-charging stations has eased concerns about convenience and range. As of June, South Korea had 417,437 EV chargers in operation, nearly 1.5 times the number available two years ago, according to data released Friday by the Ministry of Environment. Analysts say the latest figures suggest that South Korea's EV market has entered a new phase — one characterized not by curiosity or novelty, but by widespread consumer buy-in. 2025-07-18 16:11:12

Lotte chairman orders sweeping overhaul as conglomerate confronts deepening crisis SEOUL, July 18 (AJP) - Shin Dong-bin, the chairman of South Korea’s Lotte Group, has ordered a sweeping business overhaul, calling for structural reform and long-term innovation as the retail-to-chemicals conglomerate faces what analysts describe as the most serious crisis in its history. The directive came during a rare two-day forum that concluded Thursday at the Lotte Human Resources Development Center in Osan, south of Seoul. The meeting brought together some 80 senior executives, including Shin’s eldest son, Executive Vice President Shin Yoo-yeol, in what insiders say was the most comprehensive top-level review since the group’s founding. At the center of Lotte’s woes is its petrochemicals arm. Lotte Chemical’s operating profit plunged nearly 64 percent year-on-year — from 2.59 trillion won ($1.9 billion) in 2023 to 916.8 billion won in 2024 — amid a sharp downturn in demand, rising raw material costs, and intensifying competition from Chinese producers. The group has begun liquidating non-core assets to ease financial pressure. It has reportedly pledged its iconic Lotte World Tower as collateral and sold its operations in Pakistan. It is also considering a merger of its naphtha cracking center with HD Hyundai Chemical to achieve cost synergies. “CEOs must anticipate how the business environment will evolve over the next decade and act with speed and precision,” Shin told executives, emphasizing a shift toward what he termed "PEST perspective management" — a framework focused on political, economic, social and technological change. The restructuring plan calls for Lotte Chemical to significantly reduce its reliance on low-margin basic materials, which currently account for more than 60 percent of revenue. The company will instead prioritize the expansion of high-value-added products, which now make up roughly 30 percent of sales. Lotte’s retail division is also set for a strategic overhaul. As legacy department stores and supermarkets lose ground to online platforms and a surge in competition from Chinese players, the company will pursue a “selection and concentration” strategy — focusing on core assets while exiting or consolidating weaker units. “The fatal mistake in corporate management is ignoring known problems — or worse, failing to recognize problems at all,” Shin said. “We must be prepared for the world five to ten years from now.” 2025-07-18 15:15:25

President Lee appoints former Doosan chairman to lead trade mission to Washington SEOUL, July 17 (AJP) - South Korean President Lee Jae Myung has tapped Park Yong-maan, the former chairman of Doosan Group, to head a special envoy delegation to the United States, ruling party officials said Thursday. The delegation, which is set to depart for Washington next week, includes Democratic Party lawmaker Han Jun-ho and Kim Woo-young, a former senior political aide. Park will serve as the chief envoy. The appointment comes at a critical moment in U.S.–South Korea trade relations, with Trump's tariffs set to take effect on August 1. Park, known for his deep ties to American business and policy circles, is expected to play a central role in advancing negotiations and easing tensions between the two allies. The choice of Park underscores President Lee’s continued reliance on private-sector leaders in shaping national policy. Since taking office, Lee has brought several former corporate executives into top government posts, reinforcing his industry-driven approach to governance. Among them are Ha Jung-woo, former head of AI innovation at Naver Cloud, who now serves as the presidential office’s first chief of AI Future Planning, and Han Seong-sook, former CEO of internet giant Naver, who was appointed Minister of SMEs and Startups. Park’s rapport with President Lee dates back to the 2022 presidential campaign, when the two held a series of private discussions that laid the foundation for a working relationship. Han Jun-ho served as Lee’s campaign operations chief, while Kim Woo-young was political coordination director during Lee’s leadership of the Democratic Party — both considered trusted members of the president’s inner circle. The Washington mission is part of a broader push by the Lee administration to reinforce South Korea’s global standing amid shifting trade and geopolitical dynamics. The presidential office has dispatched or is planning envoy missions to 14 countries, including Japan and China. 2025-07-17 15:36:40