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

SK On accelerates U.S. battery joint venture preparations amid localization push SEOUL, May 07 (AJP) - South Korean battery maker SK On is accelerating its battery joint venture projects in the United States, aligning with the growing emphasis on localization spurred by the United States' trade policies and new tariffs, according to industry officials on Wednesday. SK On, which is collaborating with global automakers on multiple large-scale ventures, is now focusing on expanding its footprint in the North American electric vehicle (EV) market. BlueOval SK, its joint venture with Ford Motor Company, recently completed the installation of exterior signage at its Kentucky Plant 1, bearing the slogan "Electrifying the Future of Mobility." The joint venture is building three factories in total, two in Kentucky and one in Tennessee. The first Kentucky plant is expected to become operational later this year, followed by the Tennessee facility in 2026. In the lead-up to production, groundwork is well underway. BlueOval SK has hired over 1,200 employees, including a team of 350 staff that is recently been deployed to the Tennessee plant. The team is currently preparing for mass production, conducting equipment checks, and operational readiness drills. Town hall meetings are also being held regularly to align employees with the company’s mission and production targets. Meanwhile, SK On’s partnership with Hyundai Motor Group in Bartow County, Georgia, is progressing toward a scheduled launch in the first half of next year. That facility, with an annual production capacity of 35 gigawatt-hours (GWh), is expected to supply batteries for approximately 300,000 electric vehicles. The project represents a $5 billion investment. The joint venture, known as HSAGP Energy, is actively recruiting and training future staff. In April, the company signed a partnership agreement with Georgia Quick Start and Chattahoochee Technical College at the Quick Start Training Complex in Cartersville. Under the program, new hires will receive hands-on and classroom training in production, maintenance, and key areas such as quality control and workplace safety. “SK On’s growing role in these joint ventures, especially after gaining operational experience with SK Battery America, has created strong local expectations,” said one industry official. “As tariffs make localization more urgent, these U.S. factories are set to become critical links in the North American EV supply chain.” 2025-05-07 14:13:02

Coupang posts record Q1 revenue, unveils major share buyback plan SEOUL, May 07 (AJP) - Coupang Inc. reported its strongest-ever first-quarter earnings on Wednesday, pulled by favorable exchange rates and strong customer engagement despite sluggish consumer spending and growing competition in the ecommerce sector. The South Korean e-commerce giant, listed on the New York Stock Exchange, posted 11.5 trillion won ($7.9 billion) in revenue for the January–March period, alongside a 340 percent jump in operating profit to 233.7 billion won. Net income reached 165.6 billion won, swinging back into the black from a 31.8 billion won loss in the same quarter last year. Operating margin improved to two percent from 0.6 percent a year ago, with earnings per share standing at $0.06. In an earnings call, Coupang founder and chairman Kim Bom attributed the performance to long-term investment and operational discipline. “This consistent trend of achieving both solid growth and margin expansion is the result of years of investment and effort to provide the best customer experience by minimizing costs,” he said. He also highlighted a shift in customer behavior, noting that the number of users purchasing from more than nine different product categories jumped by over 25 percent during the quarter. Coupang’s core Product Commerce Division -- which includes its signature Rocket Delivery, Rocket Fresh, Rocket Grocery, and Marketplace services -- continued to drive the business. Revenue from this segment rose 16 percent to 9.98 trillion won, while the number of active customers grew nine percent year-on-year to 23.4 million. Revenue per customer also climbed six percent to 427,080 won. Rocket Delivery and Rocket Fresh, which became household names during the pandemic, remain a staple for busy young professionals and families seeking next-day delivery for groceries and everyday essentials. The company’s growth businesses, including operations in Taiwan, Farfetch, and food delivery service Coupang Eats, saw a 78 percent year-on-year revenue increase to 1.51 trillion won. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) losses in that segment narrowed slightly to 244 billion won. Kim pointed to notable progress in Taiwan, where product variety expanded nearly fivefold following the launch of the premium WOW membership program in March and the rollout of “Coupang Friends,” a local delivery workforce, in April. Coupang also announced a share repurchase program worth up to 1.4 trillion won, nearly six times the size of its buyback initiative last year. “The share buyback is one of several tools we can use,” said CFO Gaurav Anand. “We believe it will allow us to create meaningful returns for shareholders by leveraging current market conditions.” Anand added that the company has not been significantly impacted by newly announced tariffs on U.S. imports and has seen no major shifts in consumer behavior due to global geopolitical developments. 2025-05-07 13:57:32

Teaser for 'Squid Game' finale unveiled ahead of release next month SEOUL, May 7 (AJP) - Netflix teased a trailer for the third and final season of its hit South Korean series "Squid Game" on Tuesday, ahead of its release next month. The 90-second clip immediately garnered over 208,000 views, just three hours after being unveiled on YouTube, reflecting fans' high expectations for the upcoming series. The teaser suggests that the deadly, high-stakes game continues with deeper and more intricate storylines, as contestants vie for an even more enticing prize. Released in September 2021, the first season of the dystopian thriller shattered multiple Netflix records as the most popular show of all time, accumulating about 1.65 billion viewing hours in less than a month. The series also made history the following year as the first non-English drama to win six Emmy Awards. The series' second season, released last December, also maintained its popularity on the platform, proving its enduring appeal to global viewers. Starring original cast members Lee Jung-jae and Lee Byung-hun along with returning actors like Yim Si-wan and Park Sung-hoon, the latest season with seven episodes is slated for release on June 27. 2025-05-07 13:37:00

UN to discuss North Korea's ongoing sanctions violations and ties with Russia SEOUL, May 07 (AJP) - The United Nations Security Council will convene on Wednesday to address North Korea’s continued breaches of non-proliferation resolutions, amid growing concerns over its expanding military ties with Russia. Seven member states - South Korea, the United States, Denmark, France, Panama, Slovenia, and the United Kingdom - requested the meeting. Discussions are expected to focus on North Korea’s continued breaches of Security Council resolutions, particularly in the absence of the panel of experts under the North Korea Sanctions Committee. The panel ceased operations in April 2024 after Russia vetoed a resolution to extend its mandate. Western members have criticized the panel’s termination, accusing Russia of attempting to conceal its military cooperation with Pyongyang. Since the panel’s dissolution, North Korea and Russia have signed a comprehensive strategic partnership treaty and have strengthened their military ties. South Korea’s National Intelligence Service said in October 2024 that approximately 12,000 North Korean troops had been deployed to Russia. North Korea denied the deployment for several months but officially admitted it last month. Seoul has maintained its position that North Korea’s supply of weapons and dispatch of its military to Russia constitutes a clear violation of U.N. resolutions and poses a serious threat to international security. Russia has argued that North Korea’s deployment falls within the framework of its treaty with North Korea and does not breach international law. Separately, 11 countries, including South Korea, the U.S., and Japan, launched a Multinational Sanctions Monitoring Team (MSMT) in October 2023 to fill the gap left by the disbanded panel. The team is expected to release its first report soon. 2025-05-07 13:35:26

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

Kim Moon-soo and Han Duck-soo to meet for talks on single candidacy SEOUL, May 07 (AJP) - People Power Party (PPP) presidential candidate Kim Moon-soo and independent contender Han Duck-soo are set to meet Wednesday evening to discuss the possibility of unifying their campaigns ahead of the June 3 presidential election. Both camps have confirmed that the meeting is scheduled for 6 p.m. on May 7, though the location will be disclosed later. With both men seen as key conservative figures, the discussion is drawing attention as a potential step toward forming a single candidacy to take on Democratic Party frontrunner Lee Jae-myung. Kim, who won the PPP nomination last week, had previously indicated he was open to unification when he was still in the running as a primary candidate. He floated the idea of holding a public debate and using polling to determine who should lead a joint ticket, and said he would take responsibility for driving that effort if named the party nominee. But since securing the nomination, tensions have grown. Kim pushed back against pressure from party leadership to move quickly on a deal, and over the weekend, he suspended his campaign schedule in protest. That makes Wednesday’s meeting with Han a possible turning point in the conservative camp’s efforts to coordinate. Meanwhile, the PPP is surveying party members Wednesay through an automated poll (ARS) to measure support for candidate unification. The poll also asks whether any merger should happen before or after official candidate registration, which begins May 10. The party’s general assembly of lawmakers is also scheduled for the day, with the question of a unified candidacy expected to dominate the agenda. 2025-05-07 10:28:16

Former PM seeks broad coalition as PPP in disarray over fielding unified candidate SEOUL, May 6 (AJP) - Former Prime Minister Han Duck-soo, who declared his presidential bid last week, met with ex-Prime Minister Lee Nak-yon in central Seoul on Tuesday in a flurry of moves to gain support and consolidate forces, with the presidential election now less than a month away. After a meeting, the two said they agreed to cooperate in forming a coalition to push for constitutional reform to change the current five-year, single-term presidency, as the country faces a "serious crisis of liberal democracy" due to attempts to "threaten the constitutional order and undermine the rule of law." They pointed out that the excessive power vested in the presidency, often criticized as an "imperial presidency," is at the core of the current political crisis. Earlier, Han pledged to come up with a proposal for constitutional revisions in his first year in office, finalize it in the second year, and hold presidential and general elections together in the third year, after which he would immediately step down, meaning he would serve only three years. The move is widely seen as an intent to end the quasi-imperial nature of the presidency and ensure a more balanced distribution of power across other branches of government. Lee, once a presidential contender from the main opposition Democratic Party (DP) during the previous election, who defected amid internal strife to form the splinter New Future Democratic Party early last year, vowed to "work together to find a new path forward through joint efforts" with Han. Their meeting came just a day after Han met with former Gyeonggi Province Governor Sohn Hak-kyu, as Han seeks to broaden discussions with various political circles in hopes of fielding a unified candidate to compete against Lee Jae-myung, the DP's presidential nominee, who remains far ahead of other candidates in most opinion polls. Han, currently running as an independent candidate, was expected to smoothly join the ruling People Power Party (PPP), but now faces an unexpected stumbling block, as the PPP's presidential nominee Kim Moon-soo, who had expressed willingness to team up with the seasoned diplomat, appears to have changed his mind soon after being tapped as the PPP's candidate through its internal primary process. Han has called for talks with Kim several times as the deadline for candidate registration for the election approaches this weekend, but Kim may want to drag his feet. Meanwhile, Kwon Young-se, the PPP's interim leader, said that the party is set to hold a vote on Wednesday to decide whether it should field a unified conservative candidate. He also urged Kim to resolve the matter before this Sunday, warning that failing to do so would be "betraying the public and party members," adding that he would "take responsibility and resign from the post if not." The snap election, set for June 3, comes due to the impeachment of disgraced former President Yoon Suk Yeol early last month over his botched Dec. 3 declaration of martial law late last year. 2025-05-06 17:47:25