Latest by
-
South Korea, U.S. trade chiefs to meet in Washington amid deadlock in tariff-related negotiations SEOUL, October 12 (AJP) - South Korea and the U.S. will hold ministerial-level talks later this week amid an impasse in tariff-related negotiations between the two countries. Finance Minister Koo Yun-cheol is scheduled to meet with U.S. Treasury Secretary Scott Besant on the sidelines of the G20 Finance Ministers and Central Bank Governors' Meeting and the International Monetary Fund (IMF)'s annual gathering in Washington, D.C., which are set to take place from Monday through Oct. 18, according to the Ministry of Economy and Finance on Sunday. The exact date of their meeting has yet to be decided, but the two countries are expected to work together to iron out differences amid a deadlock over the details of South Korean companies' US$350 billion investment plans in the U.S., agreed upon in late July as part of a broader trade deal to lower reciprocal tariffs from 25 percent to 15 percent. U.S. President Donald Trump late last month demanded that South Korea fulfill its massive investment pledge to Washington in full and "upfront," but South Korea has expressed concerns about potential market instability here, further stalling the two allies' trade negotiations, as the two sides remain unable to formalize a memorandum of understanding. South Korean President Lee Jae Myung also earlier warned that a lump-sum cash payment without protective measures such as currency swap deals could lead to a repeat of the 1997 Asian financial meltdown. 2025-10-12 15:07:00 -
Xi vows to strengthen ties with North Korea in letter to Kim Jong-un SEOUL, October 12 (AJP) - Chinese President Xi Jinping reaffirmed his commitment to strengthening strategic communication and cooperation with North Korea in a letter to North Korean leader Kim Jong-un, state media reported on Sunday. According to the state-run Korean Central News Agency, Kim received the letter on Oct. 9, which was a reply to his earlier message to Xi on Oct. 1 in celebration of the 76th anniversary of China's National Day. In the letter, Xi stressed the enduring bilateral relationship, describing the two countries as "great neighbors, friends, and comrades who help each other." He also expressed China's willingness to deepen friendly exchanges with North Korea while enhancing strategic cooperation to confront international and regional issues. KCNA also reported that North Korean premier Pak Tae-song met with Li Qiang, China's premier and second-ranking leader, who made a rare visit to the North last week on behalf of Xi to attend a massive military parade marking the 80th anniversary of the founding of the country's sole ruling Workers' Party. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-12 14:11:38 -
North Korea unveils new ICBM at late-night military parade SEOUL, October 12 (AJP) - North Korea unveiled its latest intercontinental ballistic missile (ICBM) at a massive military parade marking the 80th anniversary of the founding of its sole ruling Workers' Party, state media reported on Saturday. According to the state-run Korean Central News Agency (KCNA), the new Hwasong-20 ICBM, hailed as "the most powerful nuclear strategic weapon system," made its first public appearance at the parade the previous day, signaling the North's intent to accelerate its nuclear arsenal and continue to develop missiles and other weapons capable of reaching the U.S. mainland. Despite rain that some speculated might disrupt the event, the late-night parade went ahead as planned, with leader Kim Jong-un joined by high-ranking officials and dignitaries from China, Russia, Viet Nam, and other countries, showcasing strengthened ties with the country's key allies. The rare appearance of foreign leaders at the parade came about a month after Kim appeared along with Chinese President Xi Jinping and Russian President Vladimir Putin at a similar large-scale military parade in Beijing earlier last month, in a show of unity against the West. In a speech at the parade, Kim Jong-un said his military "should continue to grow into an invincible entity that destroys all threats," without directly mentioning the U.S. or South Korea. Other weapons on display included short-range ballistic missiles, cruise missiles, howitzers, and battle tanks, as well as hypersonic missiles, which North Korea has previously claimed are capable of striking targets in the South. The unveiling of the Hwasong-20 follows North Korea's announcement last month of a successful test of a new high-thrust solid-fuel engine, which KCNA said was the ninth and final test in the development of "next-generation" ICBMs. The engine reportedly has a maximum thrust of 1,971 kilonewtons, indicating progress toward developing a missile capable of carrying multiple warheads. 2025-10-12 10:08:24 -
Shares of South Korean power equipment suppliers surge despite US tariff uncertainty SEOUL, October 10 (AJP) - South Korea's leading power equipment suppliers saw their share prices surge sharply despite stalled tariff-related negotiations with the U.S. Shares of HD Hyundai Electric rose 5.12 percent to close at 657,000 Korean won, as KOSPI trading resumed on Friday after a weeklong break for the country's biggest Chuseok holiday. Its market competitors also saw strong gains, with shares of Hyosung Heavy Industries jumping 5.52 percent and those of LS Electric climbing 4.14 percent. Iljin Electric, the last of the "big four" in the country's power equipment market, also saw the steepest gain at 6.11 percent. Brokerage firm LS Securities forecast that HD Hyundai Electric is expected to post 1.03 trillion won (approximately US$848 million) in revenue and 230.6 billion won in operating profit (around $162 million) for the third quarter of this year. Buoyed by the optimistic market outlook, the firm also raised its forecast for Hyundai Electric, expecting its shares could climb up to 20 percent from 640,000 won (US$450) to 800,000 won (US$563). Friday's rally in stocks of these power equipment suppliers, buoyed by market optimism, began after Washington signaled its intent to replace its aging U.S. power grid. According to the U.S. Department of Energy (DOE), about two-thirds of power transformers currently in use there require replacement. The average age of these transformers is 38 years, and nearly seven in ten are reportedly more than 25 years old. The DOE aims to replace outdated transformers with units capable of handling voltages above 345 kV, known as extra-high-voltage (EHV) systems. Washington apparently sees the replacement as crucial for artificial intelligence-related facilities, which demand massive amounts of electricity. The move is expected to benefit South Korean suppliers, recognized for their proven reliability and competitive prices. According to a report by the Korea Trade-Investment Promotion Agency (KOTRA), South Korea was the top exporter to the U.S. market for small transformers with 650 kVA or below in 2024, accounting for 31.2 percent. 2025-10-10 17:37:48 -
KOSPI reaches new high after weeklong holiday SEOUL, October 10 (AJP) - The benchmark KOSPI surpassed the 3,600 level for the first time on Friday, following a sharp opening after a weeklong break for the country's biggest Chuseok holiday. KOSPI hit a record intraday high of 3,617.86 and closed at 3,610.60, up 61.39 points or 1.73 percent, from the previous session. The record rally was fueled by foreign investors, who snapped up a net 1.06 trillion won in shares. Among the top market-cap stocks, Samsung Electronics rose 6.07 percent to close at 94,400 Korean won (US$66.48), SK Hynix gained 8.22 percent to 427,000 won ($300.70), Doosan Enerbility jumped 14.97 percent to 74,400 won ($52.39), and Naver increased 5.73 percent to 267,000 won ($188.03). On the other hand, shares of LG Energy Solution fell 9.90 percent to close at 359,500 won ($253.17), while those of Hanwha Aerospace dropped 5.01 percent to 1,040,000 won ($732.39), seeing relatively steep declines. The junior Kosdaq closed at 859.49, up 5.24 points or 0.61 percent from the previous trading session. 2025-10-10 16:51:44 -
South Korea set to face Brazil in friendly in Seoul SEOUL, October 10 (AJP) - South Korea is set to face Brazil in a friendly match in Seoul on Friday night. Led by Hong Myung-bo, the South Korean national team, ranked 23rd in the latest FIFA rankings, will take on the sixth-ranked team at 8:00 p.m. at Seoul World Cup Stadium. Past statistics show that South Korea has struggled against the South American powerhouse, winning just once in eight encounters. Their most recent match ended in a 4-1 defeat in the round of 16 at the 2022 Qatar World Cup. Friday's match would be momentous s captain Son Heung-min could set a new record for the most international appearances by a South Korean player, surpassing the current record of 136 matches held jointly by former players and coaches Cha Bum-kun and Hong Myung-bo. At a press conference the previous day, Son expressed gratitude for his 15-year career with the national team, saying, "It's an honor to stand alongside legends like Hong and Cha. Facing Brazil on the field would be a joy." Hong praised Son's dedication, saying, "Son has consistently performed at his best despite a demanding schedule in Europe. I hope he breaks all my records." The match will be broadcast on TV Chosun, tvN, and Coupang Play. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-10 16:16:19 -
North Korea likely to show off latest weapons at nighttime military parade SEOUL, October 10 (AJP) - North Korea is expected to hold a military parade on Friday night to mark the 80th anniversary of the founding of the renegade country's Workers' Party. The Joint Chiefs of Staff said North Korea is currently conducting rehearsals indicating the parade is likely to be a nighttime event. North Korea is expected to showcase its latest weapons and military arsenal including intercontinental ballistic missiles, although it remains to be seen as they are still covered with tarps. Since October 2020, North Korea has held all seven of its military parades at night. The JCS said rain is forecast for later in the day, which could disrupt aerial displays but not the parade itself. Earlier in the day, the state-run Korean Central News Agency reported that its leader Kim Jong-un vowed to turn his country into the "best socialist paradise in the world" during an event at a multi-purpose stadium in Pyongyang the previous day. "I will surely turn this country into a more affluent and beautiful land and into the best socialist paradise in the world," KCNA quoted Kim as saying. Li Qiang, China's premier and second-ranking leader, Dmitry Medvedev, deputy chair of Russia's Security Council and a close aide to Russian President Vladimir Putin, and Vietnamese leader Tô Lâm attended the event, which was followed by fireworks and a mass calisthenics performance. 2025-10-10 15:24:03 -
Fines imposed on Apple, Google remain unpaid amid regulatory lapses SEOUL, October 10 (AJP) - Global tech companies such as Apple and Google have avoided fines totaling 63 billion won (about US$47 million) for nearly two years in South Korea, as authorities have failed to enforce the penalties. According to data submitted to lawmaker Choi Soo-jin of the main opposition People Power Party from the Korea Communications Commission (KCC), the watchdog slapped fines on both companies in October 2023 for forcing in-app payment systems, overcharging domestic developers, and other breaches of relevant laws. But the KCC has been unable to collect the fines, as a slew of controversies and disputes involving former head Lee Jin-sook hindered the process, and its recent restructuring is likely to cause further delays. "Failing to take proper action in a timely manner has resulted in no changes to business practices. Imposing fines is necessary to curb excessive fees and monopolistic practices while protecting both developers and consumers," Choi said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-10 14:36:40 -
Stock markets open higher after weeklong Chuseok holiday SEOUL, October 10 (AJP) - South Korean stock markets opened sharply higher on Friday after a weeklong break for the country's biggest Chuseok holiday. The benchmark KOSPI opened at 3,598.11, up 1.38 percent, while the junior Kosdaq rose 0.54 percent to 858.86. Within just several minutes of trading, the KOSPI climbed to 3,606.86, reaching the 3,600 level for the first time. Before the holiday that began last Friday, the KOSPI closed at a record high of 3,549.21 on Oct. 2. While South Korean stock markets were closed, U.S. stocks rose, led by artificial intelligence-related shares, which seemed to boost Friday's strong opening here. By around 9:00 a.m., Samsung Electronics and SK Hynix, the market's two largest companies, were trading at 93,900 won ($66.13) and 425,500 won ($299.65), posting solid gains. But the won opened at 1,423.8 to the greenback, down 23.8 won from the previous session, its weakest level in roughly five months since May 14 when it fell to 1,421.3. During the holiday, the won traded around 1,420 in the offshore non-deliverable forward (NDF) market, continuing its decline. The weakening won appears to stem from ongoing uncertainty over U.S. tariff-related investment projects. The yen also tumbled, sliding to an eight-month low of around 153 per dollar, after Japan's ruling Liberal Democratic Party picked far-right winger Sanae Takaichi as its new leader over the weekend, making her likely to become the island country's first female prime minister. Takaichi is expected to continue the expansionary policies of the late former Prime Minister Shinzo Abe, who pursued large-scale quantitative easing and increased fiscal spending under his monetary approach known as "Abenomics." 2025-10-10 11:11:18 -
Hyundai Motor's hydrogen truck included among TIME magazine's 'best inventions' this year SEOUL, October 10 (AJP) - Hyundai Motor's hydrogen electric truck has been named one of TIME magazine's "Best Inventions" for this year, the automaker said on Friday. The Xcient is an autonomous hydrogen-electric truck developed in collaboration with PlusAI, an American autonomous driving technology company based in California. The vehicle combines Hyundai's hydrogen platform with PlusAI's Level 4 self-driving software, SuperDrive. As the world's first mass-produced hydrogen fuel cell, heavy-duty truck, it is equipped with a 350 kW motor, a 180 kW fuel cell stack, and a 72 kWh high-voltage battery. Since its launch in 2020, it has been sold in major global markets including Germany, Switzerland, and the U.S., achieving a cumulative mileage of 15 million kilometers. In the U.S., it has been tested at Hyundai's plants and logistics hubs in Georgia and northern California. Hyundai expects the Xcient to drive the popularity of hydrogen trucks and spur infrastructure development, thanks to its fast charging, long range, and zero emissions. "Our collaboration with PlusAI to build a sustainable long-haul freight ecosystem has led to the Xcient's recognition by TIME," said Park Cheol-yeon, a Hyundai executive. The U.S. magazine annually recognizes innovations that make "the world better, smarter, and more fun." This year's list features 300 "groundbreaking inventions," evaluated on key factors such as "originality, efficacy, ambition, and impact." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-10 10:13:04