Lee Jae-myung courts business leaders, pledging support for growth Lee Jae-myung, the presidential candidate of the main opposition Democratic Party (DP) speaks at a meeting with South Korean business leaders at the Korea Chamber of Commerce and Industry in Seoul on May 8, 2025. Joint Press Corps SEOUL, May 8 (AJP) - Lee Jae-myung, the Democratic Party’s presidential candidate, met Thursday with leaders of South Korea’s major business groups, stressing the central role of the private sector in reviving the nation’s faltering economy. “Companies are at the center of economic revival,” Lee told a gathering at the Korea Chamber of Commerce and Industry in Seoul, which included the heads of five influential business federations. “The era when government leads economic and industrial issues has already passed. We must trust the expertise and capabilities of the private sector, with government providing solid support.” The forum brought together some of South Korea’s most powerful corporate figures, including Chey Tae-won, chairman of the Korea Chamber of Commerce and SK Group; Sohn Kyung-shik, chairman of the Korea Enterprises Federation; Ryu Jin of the Federation of Korean Industries; Yoon Jin-sik of the Korea International Trade Association; and Choi Jin-sik, who leads the Federation of Middle Market Enterprises of Korea. Lee has in recent months sought to position himself as pragmatic on economic matters. On Thursday, he praised South Korea’s rapid transformation from a post-colonial nation into an industrial and democratic powerhouse, crediting the private sector for its role in driving exports and economic development. Still, the mood among business leaders was cautious. Many expressed concerns over persistent stagnation in consumption, investment, and exports, as well as heightened geopolitical tensions on the Korean Peninsula. “Our economic situation is very difficult,” said Sohn, the business federation chairman. “Diplomatic issues remain unresolved, and economic momentum is weakening.” Ryu of the Federation of Korean Industries called for bold government action to support emerging industries. “Aerospace, artificial intelligence, robotics, biotechnology, next-generation shipbuilding, defense industries, and smart farming all urgently require active government backing,” he said. He also pointed to the need for infrastructure investment and tax reform to reduce the burden on businesses. In recent weeks, Lee has faced scrutiny over his proposal to introduce a 4.5-day workweek, raising concerns among business leaders about potential labor disruptions. Addressing those concerns, he sought to reassure his audience that no such measure would be implemented unilaterally. “Some worry that I might suddenly push this through using emergency fiscal measures,” he said. “That’s not possible. It requires thorough dialogue and preparation between labor and management.” 2025-05-08 15:38:40

In shift from oil, Saudi Aramco bets on clean energy Khursaniyah Plant operated by Saudi Aramco/ Courtesy of Saudi Aramco Editor's Note: This article is the 17th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, May 7 (AJP) - Saudi Aramco, the oil behemoth that has long fueled the Saudi economy, is increasingly steering its focus toward cleaner technologies, signaling a significant pivot in one of the world’s most carbon-intensive industries. On April 21, Aramco, through its subsidiary Saudi Aramco Technologies Company (SATC), announced a joint development agreement with China’s BYD, one of the world’s leading electric vehicle manufacturers. The partnership aims to advance technologies related to new energy vehicles, including those that improve powertrain efficiency and reduce emissions. “The collaboration between SATC and BYD aims to support energy efficiency improvements, and it builds on Aramco’s extensive research and development of new energy solutions,” said Ali A. Al-Meshari, a senior vice president at Aramco. The move is part of a broader strategy to diversify beyond crude oil and position itself as a global leader in low-carbon and chemical innovation. “Aramco is exploring a number of ways to potentially optimize transport efficiency, from innovative lower-carbon fuels to advanced powertrain concepts,” Al-Meshari added. Founded in 1933 through a concession agreement between the Saudi government and Standard Oil of California, Aramco has grown into one of the most profitable companies in the world. Its first commercial oil production came in 1938 at the Dammam No. 7 well, known as the “Prosperity Well.” The company was rebranded as the Arabian American Oil Company (Aramco) in 1944, and by 1962 it had produced 5 billion barrels of crude oil. Saudi Arabia assumed full ownership of Aramco in 1980. The company was formally renamed Saudi Arabian Oil Company, or Saudi Aramco, in 1988. Under the leadership of Ali I. Al-Naimi, its first Saudi president and later the nation’s oil minister, Aramco began expanding its global footprint, acquiring refining and marketing assets across Asia and Europe. Its first major international acquisition came in 1991 with a 35 percent stake in South Korea’s SsangYong Oil Refining Company, later renamed S-Oil. That was followed by interests in the Philippines’ Petron Corporation and Greece’s Motor Oil (Hellas). In 2024, Aramco reported net income of $106.2 billion, down from $121.3 billion in 2023, reflecting a 12.4 percent decline. The company cited production cuts of 500,000 barrels per day that began in April 2023, part of broader measures by the Organization of the Petroleum Exporting Countries (OPEC) to manage global supply. Revenue fell modestly to $434.6 billion, while operating profit dropped 10.8 percent to $206.5 billion. Despite the earnings dip, Aramco has underscored its commitment to emissions reduction and sustainability. "We are leveraging the Kingdom's advantage in solar and wind resources and geology to capture any and all value additive opportunities,” said Aramco CEO Amin H. Nasser. “Renewables are a key component of our decarbonization levers.” The company has also aligned its strategy with Saudi Arabia’s Vision 2030, an ambitious plan to reduce the kingdom’s dependence on oil and diversify its economy. As part of that effort, Aramco recently signed a non-binding agreement with Ma’aden, the region’s largest mining firm, to begin lithium production by 2027 — a key step toward building a local electric vehicle supply chain. Aramco has also taken a stake in MidOcean Energy, a move intended to build its capabilities in liquefied natural gas. The company is reportedly investing around 10 percent of its total capital expenditure into a dedicated green energy division known as the New Energies Organization, focused on lower-carbon solutions. In South Korea, Aramco is advancing the Shaheen project, a major petrochemical venture under S-Oil that is expected to come online in late 2026. With a price tag of $6.64 billion, Shaheen aims to produce high volumes of ethylene, propylene, butadiene, and benzene — chemicals essential to modern manufacturing — while prioritizing energy efficiency and emissions reductions. The project is viewed as a potential catalyst for South Korea’s declining petrochemical sector, and is expected to secure long-term supply agreements with the Onsan National Industrial Complex in Ulsan. As Aramco transforms itself from a petroleum powerhouse into a more diversified energy and chemicals firm, its decisions are likely to reverberate across the global energy landscape. For both Saudi Arabia and its international partners, such as China and South Korea, the company’s new trajectory may prove critical in shaping the future of energy security and sustainability. 2025-05-08 10:27:48

Samsung's Harman acquires premium audio brand B&W in $350 mln deal A prototype automobile incorporating Harman International Industries technology showcased at the CES 2025/ Courtesy of Samsung Electronics SEOUL, May 7 (AJP) - Samsung Electronics' subsidiary Harman International Industries has agreed to acquire the consumer audio business of United States-based med-tech firm Masimo for $350 million, marking Samsung's largest acquisition since purchasing Harman itself for about $8 billion in 2016. The deal, revealed on Wednesday, will bring several luxury audio brands under Harman's umbrella, including the prestigious British loudspeaker manufacturer Bowers & Wilkins (B&W), Denon, Definitive Technology, Marantz, and Polk Audio. Founded in 1966, B&W has built a reputation for its distinctive designs, premium materials, and exceptional sound quality that has garnered acclaim from audio professionals and enthusiasts worldwide. The acquisition is expected to bolster Harman's already formidable position in the global audio market, where it currently holds about 60 percent market share in portable audio with brands such as JBL, Harman Kardon, and AKG. "Built on a shared legacy of innovation and excellence in audio technology, this combined family of brands, together with the talented employees of both companies, will deliver complementary audio products, strengthen our value proposition and offer more choices to consumers," said Dave Rogers, president of Harman's lifestyle division. Masimo vice chairman Quentin Koffey also expressed great satisfaction in the deal, saying, "Finding the right home for this business has been a stated priority of the new board from day one, and this transaction represents an important milestone." Samsung Electronics indicated that the deal carries strategic significance beyond the audio market, potentially enhancing sound technology across its mobile devices, televisions, and home appliances through expanded synergies. The South Korean tech giant has already incorporated Harman's design and engineering expertise into various fields since acquiring the company, including connected car systems for automakers, audio and visual products, enterprise automation solutions, and services supporting the internet of things. Samsung had previously said during its March annual shareholders meeting that the company would pursue meaningful mergers and acquisitions to address investor concerns about growth, the firm determined to produce tangible results this year. 2025-05-07 14:16:44

KHNP pledges to comply with Czech court order blocking nuclear deal Dukovany Nuclear Power Station/ AFP-Yonhap SEOUL, May 7 (AJP) - Korea Hydro & Nuclear Power (KHNP) said Wednesday it would honor legal proceedings in the Czech Republic, following a court decision to block the signing of a multibillion-dollar nuclear power contract. A regional court in Brno issued an injunction on Tuesday, just one day before KHNP and Czech utility Elektrarna Dukovany II (EDU II) were scheduled to finalize a deal to build two nuclear reactors at the Dukovany site. The move comes as part of an ongoing legal dispute involving French energy firm Électricité de France (EDF), which filed a complaint challenging KHNP’s selection as the preferred bidder. The Czech Republic’s competition authority dismissed EDF’s appeal in late April, but the Brno court will now examine the case. “We respect the legal procedures of the Czech Republic and will fully comply with all related laws and regulations,” KHNP said in a statement. The company leads the South Korean consortium bidding for the project, often referred to as “Team Korea.” KHNP also defended the integrity of the tender process, saying it had been conducted “fairly, transparently, and in accordance with the law” under the supervision of the Czech government, national power company CEZ, and EDU II. The company expressed disappointment over what it described as ongoing efforts by a competitor to overturn the bidding result. 2025-05-07 10:40:00

S. Korean government secures $9.6 billion extra budget SEOUL, May 01 (AJP) - South Korea’s ruling and opposition parties agreed on Thursday to pass a 13.8 trillion-won ($9.6 billion) supplementary budget aimed at revitalizing the economy. Officials from the ruling People Power Party and the main opposition Democratic Party said they had reached a deal to approve the budget at a parliamentary plenary session scheduled for later on Thursday. As part of the agreement, the parties allocated 400 billion won for the issuance of local currency vouchers to support small merchants and the self-employed — a significant reduction from the 1 trillion won originally proposed by the Democratic Party. The agreement also includes 170 billion won to fund discounts on agricultural, livestock and fisheries products in an effort to stabilize consumer prices. 2025-05-01 13:44:40

Han Dong-hoon decries move to consolidate candidacy with acting president SEOUL, May 01 (AJP) - Han Dong-hoon, one of two finalists in the ruling People Power Party’s presidential primary, on Thursday criticized growing calls among party lawmakers to consolidate the party’s candidacy with Acting President and Prime Minister Han Duck-soo, accusing them of prioritizing their political survival over winning the election. “For some individuals, the goal is not victory in the presidential election but the preservation of their vested interests,” Han said in a radio interview. His comments contrasted sharply with those of his rival, Kim Moon-soo, a former labor minister, who has expressed openness to unification talks with the acting president. The party will choose its candidate between Han Dong-hoon and Kim Moon-soo at the national convention on May 3. The PPP has been mired in turmoil since the impeachment of President Yoon Suk Yeol, with many party members fearing they have little chance of winning the early election triggered by Yoon's ouster. Amid these concerns, a growing number of party leaders and lawmakers have pushed for a unified candidacy with Acting President Han, who maintains strong support among pro-Yoon factions. Han Dong-hoon warned that such moves were both misguided and dangerous. “Some believe that even if we lose the election, it will be enough to maintain control of the party and secure nominations,” he said. “This is a grave mistake. If we lose to Lee Jae-myung of the Democratic Party, we will face severe political retaliation.” Han also shared a newspaper column on Facebook that claimed senior PPP members were desperate to block his nomination, fearing it would threaten their influence in future elections. He further criticized reports that party leaders were considering changing the PPP's name — a move reportedly floated in response to demands from Democratic Party-affiliated figures, including Lee Nak-yon, as a condition for an electoral alliance. “It is shocking that there are attempts to sell out the pride of our party members and secretly change the party’s name,” Han said. “Discussions about a name change must come from within the party. We must not allow outside forces to dictate our future.” Han said he was willing to do whatever was necessary to secure victory but drew a line at outside influence. “I will not allow the party to be manipulated by figures affiliated with the Democratic Party or the former Moon Jae-in administration,” he said. “It is extremely disappointing to see the leadership behaving this way.” 2025-05-01 11:46:47

From stadiums to stores, baseball fever grips South Korea "KBO Bread" series by SPC Samlip/ Yonhap SEOUL, April 29 (AJP) - After a long day at work, Kim Jong-chul, 54, makes a ritual stop — not at a stadium, but at the bakery section of his neighborhood convenience store. The lifelong LG Twins fan isn’t there for the pastries. "It's not really the bread I'm after," Kim said with a grin, tearing into a blueberry jam-filled pastry to retrieve a coveted sticker featuring one of his team's players. "I'm determined to collect all 21 stickers for my home team." Kim is one of millions caught up in South Korea's latest baseball craze, where fandom now stretches far beyond the ballpark. SPC Samlip’s line of KBO-themed breads, each containing collectible portrait stickers of players, has become a runaway success, selling three million units within 10 days of its release. Companies across the country are scrambling to align themselves with the surging popularity of the Korean Baseball Organization League, which is experiencing an unprecedented boom. Just one month into the season, the league shattered attendance records, drawing more than two million fans and filling stadiums to capacity during the opening series. After surpassing 10 million spectators in 2024, the KBO's momentum shows no signs of slowing, eclipsing even its pre-pandemic heights. For fans, the growing commercialization is not a distraction, but another way to deepen their connection to the game. A GS25 convenience store collaborating with Hanwha Eagles/ Courtesy of GS Retail Convenience store chains have eagerly joined the frenzy. CU partnered with the Doosan Bears and Yonsei University Dairy to launch baseball-themed cream buns, selling over 120,000 units in their first week. Each bun is wrapped in team logos and inspirational slogans, reinforcing baseball's transformation from a sport into a lifestyle brand. "Professional baseball isn't merely entertainment anymore — it's a cultural movement," said an industry insider. "Fans aren’t just watching games. They're living them." GS25, another major convenience chain, has gone a step further, converting select stores into baseball-themed spaces, complete with locker room decor and exclusive team merchandise. The effort appears to be paying off: GS25 reported a 20 percent year-over-year increase in sales at these locations. Elsewhere, major brands are capitalizing on the baseball boom. Lotte World Adventure, a prominent theme park, is offering discounts of up to 42 percent for Lotte Giants season ticket holders throughout April. Galleria Department Store collaborated with the Hanwha Eagles to mark the team's 40th anniversary, opening a popup store that promptly sold out of limited-edition apparel. Even the KBO itself has entered the merchandising fray, partnering with fashion platform Musinsa to launch a popup store in Seoul's Seongsu neighborhood earlier this month. The store, open for five days, combined baseball memorabilia with retail promotions from brands like Domino's Pizza and Lotte Chilsung Beverages, recreating the festive atmosphere of a ballpark. Fans participated in interactive events, from batting and pitching challenges to personality quizzes designed to match their fan types. Outside, a massive dome tent, styled like a baseball, anchored the store's outdoor plaza, surrounded by flags representing all ten KBO teams. Domino's even reimagined its pizzas, designing elongated pies for easy one-handed eating — perfect for fans juggling food and cheering. "Baseball in Korea is a cherished ritual," said a Dominos spokesperson. "We wanted to add another layer to that tradition." Analysts say the sport's renaissance is fueled largely by a younger, more diverse fanbase — especially women in their 20s and 30s. A KBO survey of 8,000 spectators found that 64.3 percent reported greater interest in the league compared to last year. Among women in their 20s, that figure jumped to 77.9 percent. "I've been cheering for the Samsung Lions since I was eight," said Yang, a 21-year-old university student living in Seoul. She vividly recalled the moment she fell in love with the game: a bottom-of-the-ninth comeback by Samsung Lions legend Lee Seung-yuop. Yang's devotion extends beyond the stands. She proudly showed off her collection of Lions shirts and cheering accessories. "Wearing the team colors makes us one," she said. Recognizing the trend, teams are shifting marketing strategies to court younger female fans. "As young fans, especially women, continue to increase, we are committed to communicating with them and tailoring our marketing activities accordingly," an LG Twins spokesperson said. 2025-04-29 17:16:18

Korea, US to form working groups on trade, tariffs this week First Vice Industry Minister Park Sung-taek speaks at a meeting on U.S. tariffs, April 7, 2025. Courtesy of the Ministry of Trade, Industry and Energy SEOUL, April 29 (AJP) - South Korea and the United States will establish a series of working groups this week to refine their trade agenda, setting the stage for substantive negotiations expected to begin next week, officials here said Tuesday. At a government briefing in Sejong City, Park Sung-taek, South Korea’s first vice industry minister, said the country’s trade policy director would travel to Washington in the coming days to conduct final working-level consultations. “We plan to establish about six working groups across three areas and proceed with official technical consultations next week,” Park said. The two sides agreed to form the working groups following their "2+2" ministerial consultations in Washington on April 24. Talks will center on four key agenda items: tariff and non-tariff barriers, economic security, investment cooperation, and currency policies. Park added that Jamieson Greer, the United States Trade Representative, would visit South Korea in mid-May to assess the progress of the technical discussions and chart the next steps. Negotiators face significant challenges. Among them are persistent U.S. concerns over South Korea’s restrictions on beef imports from cattle older than 30 months — a longstanding source of friction. Although U.S. Treasury Secretary Scott Bessent suggested that a preliminary “trade understanding agreement” could be reached as early as next week, Park dismissed the possibility of any deal before South Korea’s incoming administration takes office. “Since this is a package deal encompassing various agenda items, it’s impossible to complete the decision-making process by June,” Park said. In parallel, Washington is pushing for South Korean participation in an Alaska liquefied natural gas project whose commercial prospects remain uncertain. High-level meetings are scheduled for June, as the United States seeks investment commitments from both South Korea and Japan. 2025-04-29 11:24:52

IMF pushes back Korea's $40,000 per capita GDP forecast to 2029 Getty Images Bank SEOUL, April 28 (AJP) - The International Monetary Fund has delayed its forecast for when South Korea will reach $40,000 in per capita gross domestic product, pushing the milestone back two years from 2027 to 2029. In its latest World Economic Outlook report, released this month, the IMF projected that South Korea’s per capita GDP would fall to $34,642 this year — a 4.1 percent decline from last year’s $36,129 — slipping below 2022 levels. The downgrade reflects mounting concerns over South Korea’s economic trajectory amid persistent political uncertainty and sluggish domestic demand, making the symbolic $40,000 benchmark more elusive. Under the revised forecast, South Korea’s per capita GDP is expected to inch up to $35,880 next year, $37,367 in 2027, and $38,850 in 2028, before finally surpassing the $40,000 mark at $40,341 in 2029. The adjustment marks a notable shift from the IMF’s outlook just six months ago. In October, the fund predicted that South Korea would reach $41,031 in per capita GDP by 2027, with the 2029 figure projected at $44,347. The IMF’s broader economic projections for South Korea paint a similarly cautious picture. Real GDP growth is forecast to remain at a modest 1.0 percent this year, gradually recovering to 2.1 percent by 2027 before tapering off to around 1.8 percent by 2030. 2025-04-28 16:08:49

SK Telecom begins SIM card replacement after cybersecurity breach Users of SK Telecom wait in line in front of a store in Seoul for free SIM card change, April. 28, 2025. Yonhap SEOUL, April 28 (AJP) - South Korea’s largest mobile carrier, SK Telecom, began offering free SIM card replacements at its 2,600 stores nationwide on Monday, following a major cybersecurity breach that exposed sensitive customer information. The breach, detected on April 18, involved malicious code that compromised unique identification numbers tied to customer SIM cards, the company said. SK Telecom, which serves roughly 23 million subscribers and hosts an additional 1.87 million users through budget carriers on its network, said it has about one million SIM cards in stock and plans to secure another five million by the end of next month. Analysts warned that shortages and service disruptions could arise as the company moves to replace SIM cards for as many as 25 million customers. Customers can obtain replacement SIM cards at T World stores or airport roaming centers. Anticipating heavy demand, the company urged customers to make online reservations in advance to avoid long waits. “We expect considerable inconvenience if customers rush to stores simultaneously,” an SK Telecom spokesperson said. In the days before launching the replacement program, SK Telecom had encouraged users to sign up for its SIM protection service, developed in cooperation with the Seoul Metropolitan Police Agency’s cybercrime unit. The service is designed to prevent unauthorized access even if SIM information is stolen or duplicated. Following the breach, SK Telecom said it had raised its fraud detection system to its highest alert level to block suspicious authentication attempts. The company added that no instances of actual financial or identity theft had been reported to date. Investigations by the Korea Internet & Security Agency and police authorities are ongoing. Despite these measures, concerns continue to mount across sectors. The Financial Supervisory Service has advised banks and other institutions to consider using additional authentication methods beyond mobile verification. Several insurance companies have temporarily suspended mobile-based authentication services linked to SK Telecom users. On Sunday, South Korea’s Acting President and Prime Minister Han Duck-soo instructed the Ministry of Science and ICT to conduct a thorough review of SK Telecom’s response to the incident. “We sincerely apologize for the inconvenience caused to our customers due to this cyber intrusion,” the company said in a statement. “We will do our utmost to address customer concerns and resolve this incident as quickly as possible.” 2025-04-28 11:11:17