Journalist

Lee Hyo-jeong
  • Mercedes-Benz chief visits Seoul to discuss deepening ties with LG, Samsung
    Mercedes-Benz chief visits Seoul to discuss deepening ties with LG, Samsung SEOUL, November 12 (AJP) - Ola Källenius, chairman of Mercedes-Benz Group, is set to meet with top South Korean corporate leaders in Seoul this week as the German automaker looks to expand partnerships in next-generation automotive technologies. Källenius’s visit highlights Mercedes-Benz’s strategic push to strengthen its supply chain and technology partnerships in Asia — particularly in South Korea, home to some of the world’s leading suppliers of batteries, displays, and high-performance chips essential to the future of mobility. Källenius will hold talks with senior executives from LG Group on Thursday at the company’s headquarters in Seoul, according to the group. The discussions are expected to center on collaboration in automotive electronics and software-defined vehicles, or SDVs — the emerging class of cars whose functions are increasingly controlled by software. Attending from LG will be Chief Executive Cho Joo-wan of LG Electronics, Kim Dong-myung of LG Energy Solution, Jeong Cheol-dong of LG Display, and Moon Hyuk-soo of LG Innotek. The companies are likely to discuss the supply of batteries, displays, sensors, and other key components that could underpin Mercedes-Benz’s future electric and digital vehicle platforms. Källenius last met with LG leaders about 18 months ago at a private “Tech Day” in Germany, where the two sides reaffirmed their commitment to cooperation. Following that meeting, he wrote on social media that Mercedes-Benz aimed “to deliver exceptional digital product experiences” and was “confident in setting new standards with LG as a strong partner.” The Mercedes-Benz chairman’s visit underscores the growing importance of South Korean technology companies in the global auto industry’s transition to electric and software-driven vehicles. In addition to his meetings with LG, Källenius is scheduled to meet Samsung Electronics Chairman Lee Jae-yong to explore opportunities in automotive semiconductors, batteries, and display technologies. Samsung SDI President Choi Joo-sun and Samsung Display President Lee Cheong are also expected to attend. He is also expected to meet Cho Hyun-sang, vice chairman of HS Hyosung, which operates HS Hyosung The Class, an official Mercedes-Benz dealer in South Korea. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-12 15:44:17
  • OPINION: Debates over raising retirement age emerge as South Korea becomes super-aged society
    OPINION: Debates over raising retirement age emerge as South Korea becomes super-aged society SEOUL, November 11 (AJP) - With South Korea now officially a "super-aged society," concerns are mounting over how to secure stable income for its rapidly growing elderly population. This has reignited discussions about further raising the retirement age, a decade after it was last set at 60 in 2013. Proposals to raise the retirement age to 65 have sparked mixed reactions, exposing generational and social divides over how and when such changes should take effect. The ruling Democratic Party (DP) aims to pass a bill this year to gradually raise the retirement age from 60 to 65, sparking heated debate as labor unions call for a unified implementation while employers voice concerns over rising labor costs. Major labor unions want the extension without wage cuts, as it is intended to help secure stable income for skilled senior workers. Employers, on the other hand, fear that raising the retirement age could increase labor costs and reduce employment opportunities for younger workers. With more older employees remaining in the workforce, companies may cut back on new hires to manage costs, which could disadvantage young job seekers. Statistical data reflect these concerns. The proportion of workers in their 20s among new hires has declined from 51.4 percent in the first quarter of 2022 to 46.9 percent during the same period this year, remaining below 50 percent for eight straight quarters. Employment for those aged 15 to 29, which peaked with an increase of 119,000 in 2022, fell by 144,000 last year. Small businesses, whose labor costs account for 18.1 percent of total sales, compared with 9.4 percent for large companies, face a heavier financial burden. Extending the retirement age without adequate preparation could generate friction among generations, labor unions, and employers. Such a change is more than a numerical adjustment, requiring careful consideration of multiple factors including business conditions, hiring capacity, wage structures, and opportunities for younger workers. Amid the country's ultra-low birthrates and aging population, delaying retirement is becoming increasingly inevitable. However, policies implemented hastily could lead to unintended consequences. It is crucial to reconcile the differing views of labor and management and build broad social consensus. With the labor market rapidly evolving in the era of artificial intelligence (AI), various forms of employment including remote work, part-time or reduced-hour work, and other flexible arrangements should be considered. Rather than fixating on setting the retirement age at 65, what matters is providing work opportunities for those who wish to continue working to maintain a steady income after retirement. The government, labor, and management should work together to ensure that extending the retirement age neither curtails opportunities for young workers nor burdens small businesses. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 10:20:10
  • After APEC glow, Korean businesses confront hard reality of regulatory bomb
    After APEC glow, Korean businesses confront hard reality of 'regulatory bomb' SEOUL, November 07 (AJP) - Just days after South Korea wrapped up the Asia-Pacific Economic Cooperation summit and concluded tariff negotiations with the United States, the nation’s business community is facing a surge of new domestic regulations — a shift that many executives describe as abrupt and burdensome. The government and the ruling party are moving quickly to advance legislation that would raise the retirement age to 65, accelerate national greenhouse gas reduction targets, and curb industrial energy consumption. Business groups say the measures could stifle competitiveness and investment. “It’s like a regulatory bomb has been dropped right after the APEC summit,” said one executive at a major conglomerate on condition of anonymity. “The mood changed overnight.” During the APEC summit, some of South Korea’s largest corporations — including Samsung, Hyundai, SK, and LG — played visible roles in supporting President Lee Jae Myung’s diplomatic agenda. Executives joined U.S. investment discussions and shipbuilding cooperation talks, aligning their business strategies with the government’s foreign policy push. But less than a week after the summit, many are now grappling with proposals that they say could weigh heavily on growth. The ruling Democratic Party’s plan to finalize the legislation for the retirement age extension by the end of the year has drawn particular criticism. Companies warn that such a move could further strain hiring for younger workers and deepen labor market polarization. The government’s plan to reduce greenhouse gas emissions by up to 60 percent by 2035 has also raised alarm among manufacturers, who argue that the target overlooks worsening economic conditions, including oversupply from China and sluggish domestic demand. Adding to the unease is a proposal to cut industrial energy consumption by 0.1 percent over the next five years — a goal businesses say clashes with the surging electricity needs of data centers, artificial intelligence, and semiconductor plants. “Rather than simply extending the retirement age, it would be more effective to strengthen reemployment systems tied to wage and productivity adjustments,” said Kim Sang-bong, an economics professor at Hansung University. “The government should listen to industry concerns and refine these policies through cooperation, not confrontation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-07 14:09:04
  • Samsung Electronics acquires German heating, air conditioning firm
    Samsung Electronics acquires German heating, air conditioning firm SEOUL, November 06 (AJP) - Samsung Electronics said on Thursday that it had completed its acquisition of FlaktGroup, a German heating, ventilation and air conditioning (HVAC) company, in a move to strengthen its presence in industrial solutions. FlaktGroup, founded more than a century ago, is one of Europe’s largest HVAC companies, supplying central air-conditioning and precision cooling systems for data centers, hospitals and large commercial buildings across more than 65 countries. The company operates over 10 manufacturing sites and manages subsidiaries such as Woods, SEMCO and SE-Elektronic, which specialize in ventilation, air-conditioning and building control technologies. Samsung did not disclose the financial terms of the deal but said it plans to keep the Flakt brand intact, allowing the German company’s management and workforce to continue operating independently. The acquisition signals Samsung’s intent to make HVAC systems a key driver of growth in its business-to-business portfolio. By integrating Flakt’s engineering expertise and global network with Samsung’s AI-powered SmartThings Pro building management platform, the company said it aims to offer more energy-efficient and intelligent solutions for industrial and commercial clients. “The acquisition of Flakt is a strategic decision for Samsung to lead the global HVAC market and provide innovative solutions to customers,” said Noh Tae-moon, acting head of Samsung’s DX division, in a statement. “By combining Flakt’s technology with Samsung’s AI platform, we aim to become an industry leader in the global HVAC market.” The move also positions Samsung to tap into the surging demand for precision cooling systems in hyperscale data centers — a sector growing rapidly as advances in artificial intelligence, cloud computing and telecommunications drive the need for more energy-efficient thermal management. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:13:11
  • Korea showcases its chipmaking future at SEDEX 2025
    Korea showcases its chipmaking future at SEDEX 2025 SEOUL, October 22 (AJP) - South Korea opened its largest semiconductor exhibition on Wednesday, bringing together industry leaders, engineers, and policymakers. The Semiconductor Expo, or SEDEX 2025, runs through Friday at COEX in Seoul and features more than 280 companies — including Samsung Electronics, SK hynix, Jusung Engineering, Dongjin Semichem, PSK, and Wonik — across more than 700 booths. Organizers expect roughly 60,000 visitors over the three-day event. This year’s exhibition focuses on how the industry can push technological boundaries and strengthen collaboration across the semiconductor ecosystem in the age of artificial intelligence. Samsung Electronics is highlighting its newest high-bandwidth memory, the HBM4, along with the Exynos 2600 mobile application processor built with cutting-edge 2-nanometer technology. SK hynix is presenting its own lineup of AI memory solutions, including HBM4, high-capacity DDR5, Compute Express Link (CXL) modules, and high-performance enterprise solid-state drives. Keynote speakers include Song Jae-hyuk, Samsung’s chief technology officer and head of the Korea Semiconductor Industry Association, and Sung Yun-mo, a former industry and energy minister and now a professor at Chung-Ang University. “SEDEX 2025 showcases the relentless innovation of Korea’s semiconductor companies,” said Kim Jeong-hoi, vice chairman of the Korea Semiconductor Industry Association. “The collaboration and creativity on display here reflect the future direction of our industry.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-22 14:18:38
  • Epson unveils new Lifestudio projectors to tap booming home entertainment market
    Epson unveils new 'Lifestudio' projectors to tap booming home entertainment market SEOUL, October 21 (AJP) - Epson introduced a new line of home projectors on Tuesday, betting that South Korea’s growing appetite for streaming and large-screen entertainment will help sustain demand for high-end home viewing devices. At a press event in Seoul, Jun Morohoshi, head of Epson Korea, announced the launch of the Lifestudio Series, which features nine new projector models designed to blend functionality with lifestyle appeal. “South Korea is a key market with growing demand for OTT services and home entertainment,” Morohoshi said. “We aim to usher in a new era of home projectors with our latest products.” The Lifestudio brand, Epson’s latest push in the home entertainment sector, seeks to position projectors not merely as display tools but as central lifestyle devices. The domestic projector market — which surged during the pandemic as consumers spent more time at home — is regaining momentum with the expansion of streaming services and a renewed preference for cinematic viewing experiences. Epson currently holds a 51.7 percent share of the global projector market, maintaining the top spot for 24 consecutive years, and leads in South Korea with a 42 percent share, according to company data. The new Lifestudio Series includes both compact mini projectors and ultra-short-throw models, available in five colors with adjustable stands. A key feature of the lineup is Epson’s new Triple Core Engine technology, which provides enhanced brightness and color accuracy. The system broadens the visible color spectrum while minimizing brightness loss, producing vivid and realistic images even in well-lit environments. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-21 14:04:33
  • Posco International opens EV material plant in Poland
    Posco International opens EV material plant in Poland SEOUL, October 02 (AJP) - Posco International has opened a new factory in Poland to produce drive motor cores, a critical component for electric vehicles. The plant, located on a 100,000-square-meter site, will begin trial production this month, with full-scale operations scheduled for December. Drive motor cores, often described as the “heart” of an electric vehicle, form the core of the motor that powers the car. Posco International’s version incorporates non-oriented electrical steel made by its parent, Posco Group, and the company’s own Emfree technology, designed to boost energy efficiency while reducing noise and vibration. The Polish plant will have capacity to produce 1.2 million drive motor cores annually, enabling the company to supply parts for Hyundai and Kia vehicles built in Europe, with plans to expand to automakers including Volkswagen. By 2030, Posco International expects its facilities in South Korea, Mexico, Poland and India to collectively supply cores for 7.5 million vehicles a year. The company has already secured contracts to provide drive motor cores for 35 million vehicles through 2033. It is targeting a 10 percent share of the global market for the component by the end of the decade. Revenue from the business is forecast to rise from 450 billion won this year to 1.5 trillion won by 2030. “The Polish plant is a key base for capturing the European EV market,” Lee Gye-in, president of Posco International, said in a statement. “Posco Group will lead the future mobility market with its integrated capabilities in EV steel, battery materials and components.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-02 10:13:41
  • Chipmaking Team Korea joins OpenAIs $500 Billion AI initiative
    Chipmaking Team Korea joins OpenAI's $500 Billion AI initiative SEOUL, October 01 (AJP) - South Korea’s chipmaking giants Samsung Electronics and SK hynix have signed a preliminary agreement with OpenAI to join the $500 billion “Stargate” initiative aimed at proliferating next-generation AI data centers worldwide. Under the letter of intent, Samsung and SK hynix are prepared to commit as much as 8 trillion won ($6 billion) a month to the project, which is co-led by SoftBank and Oracle. The partnership extends beyond memory supply to include affiliates Samsung SDS, Samsung C&T, Samsung Heavy Industries, and SK Telecom. The Korean suppliers will provide high-performance, low-power semiconductors such as high-bandwidth memory (HBM). Samsung Electronics, the world’s top memory maker, has the capacity to produce up to 650,000 wafers monthly, while SK hynix dominates the HBM market as the chief supplier to Nvidia. OpenAI has requested a monthly supply of up to 900,000 DRAM wafers—more than double the world’s current HBM output capacity. If finalized, the deal would mark the largest semiconductor contract in South Korean history. The agreement was signed by Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and OpenAI CEO Sam Altman at SK’s Seorin headquarters in central Seoul. Altman is expected to return later this month for the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, joining Nvidia CEO Jensen Huang and Apple CEO Tim Cook. President Lee Jae-myung also met with Altman on Wednesday to discuss bilateral cooperation in AI transformation and ecosystem development. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 21:38:58
  • Samsung Chairman Lee Jae-yongs stock wealth surges $2.7 billion
    Samsung Chairman Lee Jae-yong's stock wealth surges $2.7 billion SEOUL, October 01 (AJP) - Samsung Electronics Chairman Lee Jae-yong added more than 3.7 trillion won ($2.7 billion) to his stock wealth in the third quarter, cementing his position as South Korea’s richest corporate leader by equity holdings, according to new data released Tuesday. The Korea CXO Institute reported that the market value of Lee’s shares rose 24.4 percent from 15.25 trillion won at the end of June to 18.98 trillion won by the end of September, driven by a rebound in Samsung Electronics’ share price. Lee tops a group of 16 South Korean executives whose individual stock holdings exceed 1 trillion won. He is followed by Seo Jung-jin, honorary chairman of Celltrion, with 11.13 trillion won, and Kim Beom-su, founder of Kakao, with 6.28 trillion won. Hyundai Motor Group Chairman Chung Eui-sun and HYBE’s Bang Si-hyuk round out the top five. Overall, the combined stock wealth of 45 major business leaders climbed from 74 trillion won at the end of June to 78.3 trillion won by September, an increase of more than 4.27 trillion won. Other notable gains included Cho Hyun-joon of Hyosung, whose holdings rose 23.4 percent to 2.25 trillion won, and Lee Yong-han of Wonik, who saw the largest percentage jump, with his stock value nearly doubling to 3.26 trillion won. Not all leaders benefited. Chung Mong-kyu of HDC saw his stock wealth fall 24.6 percent to 4.62 trillion won, while HYBE’s Bang Si-hyuk recorded the steepest monetary loss, with his holdings shrinking by 565.5 billion won to 3.5 trillion won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 14:30:46
  • LG Elec eyes $1.8 bn Indian IPO, third largest in India for 2025
    LG Elec eyes $1.8 bn Indian IPO, third largest in India for 2025 SEOUL, October 01 (AJP) - The Indian unit of South Korea’s household white-goods giant LG Electronics has set its initial public offering (IPO) price band at ₹1,108 to ₹1,140 per share, targeting up to $1.8 billion in proceeds. The listing, scheduled for Oct. 14, marks the third-largest IPO in India this year and second largest Korean IPO in the country following last year’s $3.3 billion Hyundai Motor India listing. Like Hyundai, LG’s IPO will be structured entirely as an offer for sale (OFS), with the Korean parent divesting a 15 percent stake—over 101 million shares—in its Indian subsidiary. Under the OFS format, no new equity will be issued, meaning the Indian unit itself will not receive funds from the flotation. If priced at the upper end of the band, LG Electronics India would command a valuation of over $12 billion. Proceeds will be channeled into future growth strategies at the group level, including equity investments, mergers and acquisitions, and B2B expansion aimed at bolstering long-term competitiveness. Some of the funds may also return to shareholders. India’s fast-growing home appliance market underpins LG’s confidence. Despite its 1.4 billion population, penetration of refrigerators, washing machines, and air conditioners remains relatively low, leaving substantial room for growth. Since its entry in 1997, LG has built an extensive local presence with two manufacturing bases, 51 regional offices, and more than 780 branded shops. A third factory at Sri City is underway to expand production capacity. Analysts expect LG to leverage IPO proceeds into strategic investments and partnerships, including backing promising startups and pursuing M&A opportunities, as it positions itself for the next decade of competition in India’s booming consumer market. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 11:07:52