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Forum marks first year of formalizing South Korea's diplomatic relations with Cuba Participants pose for a photo at a forum at Hankuk University of Foreign Studies in Seoul on Aug. 11, 2025. AJP Han Jun-gu SEOUL, August 12 (AJP) - Academic scholars, diplomats and other government officials gathered for a forum at Hankuk University of Foreign Studies in Seoul on Monday. Hosted by the university's Institute of Latin American Studies, the forum was held to celebrate the formalization of diplomatic relations between South Korea and Cuba about a year ago, with participants discussing ways to strengthen bilateral cooperation. The two countries barely knew each other until the early 1950s when Havana provided assistance during the 1950-53 Korean War, though short-lived diplomatic relations were severed soon after the Cuban Revolution in 1959. But mutual exchanges resumed in the late 1990s as the Caribbean country adopted a more pragmatic foreign policy. A breakthrough then came in February 2024, when the two countries agreed to establish formal relations, followed by the opening of embassies in Havana in January and in Seoul in June this year. Cuban Ambassador to Seoul Claudio Monzón delivers a congratulatory message at a forum at Hankuk University of Foreign Studies in Seoul on Aug. 11, 2025. AJP Han Jun-gu "This year has truly been a historic moment for both of our nations," said Cuban Ambassador to Seoul Claudio Monzón in his congratulatory remarks. "While we have already expanded cooperation in various fields, I believe there is still much more to be done. Academic cooperation such as this forum is one of the most important avenues for building our relationship." "Agriculture and energy sectors are the two key areas with the greatest potential for cooperation with Cuba," said Han Byung-gil, president of the Korean Council on Latin America and the Caribbean (KCLAC). "Cuba's historical and cultural familiarity with Latin American countries like Brazil could offer valuable insights, which we can adapt into a model suited for South Korea," he added. Many participants also expressed their hope that the forum would serve as a foundation for long-term collaboration between the two countries. 2025-08-12 13:57:40 -
Hyundai Steel signs deal for joint global CCUS hub project SEOUL, August 12 (AJP) - Hyundai Steel has signed a deal with several global steelmakers and related companies for a joint research project to identify hub sites for carbon capture, utilization and storage (CCUS), the company said on Monday. CCUS is a set of technologies that capture carbon dioxide generated during steelmaking, then either use it for various applications or permanently store it underground to prevent its release into the atmosphere. The project, led by global engineering and project management firm Hatch, aims to identify hub facilities capable of capturing and compressing CO2. The initial plan is to collect CO2 at onshore hubs before transporting it to offshore storage sites for long-term underground containment. A signing ceremony for the project was held in Singapore last Friday, with participants including Australia's BHP, U.S.-based Chevron, Japan's Mitsui & Co., and India's JSW Steel and AM/NS India, a joint venture between ArcelorMittal and Nippon Steel. Southeast Asia and northern Australia have been tipped as key candidate regions, with an 18-month study planned to explore the project's commercialization. If the project proves successful, Southeast Asia and Australia could secure large-scale CO2 processing infrastructure for Hyundai Steel and its partners, while South Korea's competitiveness in carbon reduction technology could gain momentum for further growth in the global market. A Hyundai Steel spokesman forecast, "The multi-consortium deal is expected to provide a valuable opportunity to explore various carbon reduction technologies including CCUS and expand the possibilities for achieving carbon neutrality. Collaboration with global market players will serve as an important stepping stone toward enhancing the sustainability of the steel industry." 2025-08-12 11:14:54 -
CJ CheilJedang posts sales drop amid slowdown in domestic consumption SEOUL, August 12 (AJP) - Food manufacturer CJ CheilJedang posted an operating profit of 353.1 billion won or approximately US$253.8 million in the second quarter, down about 7 percent as domestic consumption remains sluggish, despite robust sales in overseas markets. According to financial reports released on Tuesday, the country's largest food giant's consolidated revenue including sales from its logistics unit stood at 7.24 trillion won in the period between April and June, a slight decline of 1.5 billion won from a year ago. CJ's core food business division posted revenue of 2.69 trillion won, down just 1 percent, while operating profit fell 34 percent to 90.1 billion won. It attributed the setbacks to sluggish domestic consumption, with food sales dropping 5 percent to 1.32 trillion won as consumers kept their wallets shut at offline retail stores. However, online sales of processed food surged 24 percent, offering some relief from the decline at traditional brick-and-mortar stores. Overseas sales also rose 3 percent to 1.37 trillion won, driven by its flagship brand Bibigo gaining traction from major foreign markets. In particular, sales in North America reached 1.11 trillion won, with frozen rice up 19 percent, chicken rising 12 percent, and rolls increasing 18 percent. The biotechnology-based food business division also posted steady growth, with revenue rising 2 percent to 1.08 trillion won and operating profit climbing 8 percent to 102.4 billion won. CJ plans to accelerate its culinary expansion in the second half by building or enhancing production facilities overseas including Japan, while developing more diverse products to meet demand from health-conscious consumers here. 2025-08-12 10:30:10 -
Samsung seeks to capitalize on US push for domestic chip production SEOUL, August 11 (AJP) - Samsung Electronics aims to capitalize on rising U.S. demand for domestically produced advanced semiconductors, with plans to begin cutting-edge 2-nanometer production at its facility in Taylor, Texas starting next year while rival TSMC maintains a Taiwan-first strategy. The South Korean chipmaker is installing 2-nm production equipment at the plant with aims to start operations by 2026, according to industry sources on Sunday. Samsung and TSMC are the two global giants capable of mass-producing 2-nm chips, the latest foundry process technology set for commercialization in the second half of this year. Samsung will begin mass production using the 2-nm process for Tesla's next-generation AI chip dubbed "AI6" at the plant as early as next year. The facility will become Samsung's advanced foundry hub with over $37 billion in planned investment through 2030, focusing on cutting-edge processes unlike its traditional process-oriented Austin facility. Samsung's such approach appears to be a strategy to benefit from American tech giants' need to source semiconductors domestically amid President Donald Trump's threats of semiconductor tariffs. But unlike Samsung, TSMC plans to produce 2-nm technology chips at its Arizona facilities around 2028, more than two years after starting 2-nm production in Taiwan this year. It has allocated only 30 percent of its 2-nm capacity to its U.S. facilities, maintaining its "homeland-first strategy" linked to Taiwan's security considerations as a deterrent against potential Chinese invasion. Industry analysts expect companies like Qualcomm may shift some chip orders from TSMC to Samsung due to limited domestic production options, following Apple's recent decision to use Samsung-produced chips from its Austin plant. 2025-08-11 18:14:41 -
Lee's first pardon includes slew of 'controversial' political figures SEOUL, August 11 (AJP) - President Lee Jae-myung has decided to pardon a slew of politicians and several others to mark the 80th anniversary of Liberation Day which falls on this Friday, despite some public criticism that is likely to stir a fresh round of political disputes. The decision was made at a cabinet meeting chaired by Lee on Monday, just a day after his return from a weeklong summer vacation. According to the Ministry of Justice, the special amnesty aimed at "promoting unity in the country" covers some 836,687 individuals including some 2,000 minor offenders convicted of livelihood-related crimes and about 20 business moguls. Among those included is former Justice Minister and ex-leader of the minor Rebuilding Korea Party Cho Kuk. Cho's pardon comes less than a year after he was sentenced to two years in prison in December last year for corruption and document forgery related to his children's university admissions. Several figures accused of irregularities and other wrongdoings, including Cho's wife Chung Kyung-shim, former lawmakers Choe Kang-wook and Yoon Mee-hyang, and former Seoul education chief Cho Hee-yeon - were also pardoned or had their rights reinstated. Amid ominous signs over the much-anticipated inclusion of Cho, along with Yoon, the former head of a charity for victims of wartime sex slavery who was handed a three-year suspended sentence last year for embezzling money from donations, Lee's approval rating slid for the first time, hitting its lowest level since he took office in early June. According to pollster Realmeter's latest survey of 2,500 people conducted last week, his approval rating stood at 56.5 percent, down 6.8 percentage points from a week earlier. Cho and Yoon have been unremorseful, claiming their cases were politically-motivated from the previous administration. 2025-08-11 17:50:16 -
South Korea seeks tariff exemption for polysilicon exports to US SEOUL, August 11 (AJP) - South Korea is seeking an exemption from possible restrictions on polysilicon exports to the U.S. According to a document submitted to the U.S. Commerce Department early last week and disclosed in the Federal Register on Sunday, Seoul requested "special consideration" to exempt South Korean companies from potential import restrictions on polysilicon, a key material for solar panels and semiconductors. The request was made amid U.S. President Donald Trump's Section 232 trade investigation, which examines whether imports of polysilicon should face tariffs or other restrictions to protect what his administration considers a strategically important material for national security. The document explained that broad tariffs on this essential material could disrupt supply chains critical to both countries, emphasizing that South Korean companies are actively investing in the American solar and semiconductor industries, and highlighting that access to polysilicon is crucial for their operations and aligns with America's supply chain diversification goals. It also cited South Korean companies' massive investment in the U.S. including Hanwha Q Cells' solar panel manufacturing facility in Georgia and OCI's solar cell production facility in Texas. Government officials here also expressed concerns that polysilicon tariffs could increase semiconductor manufacturing costs in the U.S. and reduce the profitability of companies operating there, potentially undermining American reshoring goals. In a separate request, Hanwha Q Cells proposed that the U.S. impose a US$10 per kilogram on polysilicon imports while establishing tariff-rate quotas allowing 20,000 tons of duty-free imports annually from Germany and Malaysia. The company also suggested a tariff of 20 cents per watt on solar modules regardless of country of origin, while recommending TRQ allocations for solar ingots, wafers, and cells made from U.S., German, and Malaysian polysilicon. Hanwha sources all polysilicon for its U.S. operations from Malaysia and imports solar cells made from Malaysian polysilicon, both from South Korea and Malaysia, to manufacture modules in the U.S. Semiconductor polysilicon producer OCI similarly requested an exemption for semiconductor-grade polysilicon. The document also called for enhanced cooperation among U.S. allies to strengthen global supply chains, urging that the trade investigation be conducted in a "reasonable and predictable manner consistent with U.S. national security objectives." 2025-08-11 17:07:11 -
Top online bookstore suffers another ransomware attack SEOUL, August 11 (AJP) - Online bookstore Yes24 suffered another ransomware breach on Monday, just two months after its previous attack in June, raising alarming concerns about data security. The latest attack comes amid security experts' warnings that the country's largest bookstore's decision to negotiate with hackers during the initial June incident may have made it an easy target for future attacks. The firm said the incident occurred at around 4:30 a.m., but the system was fully recovered by 11:20 a.m., about seven hours after the attack. "We sincerely apologize for causing inconvenience to our customers once again," Yes24 said in its press release. Yes24 first suffered a ransomware attack on June 9, which paralyzed its app and internet services for about a week. The company faced criticism at the time for failing to immediately notify users about the breach and for its lack of transparency regarding the incident. Security experts expressed particular concern when it emerged that Yes24 had reportedly paid cryptocurrency to the attackers to resolve the situation, a move that violated relevant cybersecurity regulations. "The most critical problem is that Yes24 failed to establish an off-site backup system that stores key data in external storage or cloud services to prepare for ransomware infections," said the Ministry of Science and ICT and Korea Internet & Security Agency (KISA) in a report. Government agencies and security experts also warned of the risks posed by Yes24’s decision to negotiate with hackers, expressing concerns about the possible recurrence of attacks. Industry observers now worry that the "worst-case scenario" predicted in the earlier report, with Yes24 becoming a repeat target within just two months. These incidents raise concerns about broader cybersecurity vulnerabilities in South Korea, following recent massive attacks on SK Telecom and Seoul Guarantee Insurance, prompting calls for stronger response measures and improvements in backup infrastructure. According to KISA's report, one in four companies targeted by ransomware attacks lacked backup systems capable of rapid recovery, exposing widespread security risks among many businesses. Security experts warn that without decisive action, South Korean companies could become primary targets for international ransomware groups, stressing the need for a firm stance against cyberattacks. 2025-08-11 16:35:08 -
KHNP begins on-site survey for nuclear power plant project in Czech Republic SEOUL, August 11 (AJP) - Korea Hydro & Nuclear Power (KHNP) began the first stage of its project for building a nuclear power plant in Dukovany, Czech Republic by conducting an on-site survey with a launch ceremony last week. The year-long survey, scheduled to conclude by August next year, will examine the characteristics of the proposed construction site to provide essential data for the plant's design. The ceremony last Saturday was attended by KHNP President and CEO Hwang Joo-ho; Petr Zavodsky, CEO and Chairman of the Management Board of Elektrárna Dukovany II (EDU II), the Czech project subsidiary; Czech Minister of Industry and Trade Jozef Síkela; South Korean Ambassador to the Czech Republic Hong Young-ki; and executives from CEZ EP, the local survey contractor. Later in the day, in the nearby town of Trebic, KHNP also held events to extend its sponsorship under the town's regional council partnership program, which includes support for the local ice hockey team. KHNP has supported the Dukovany-based SK H.S.T. ice hockey team since 2018 as part of its efforts to build strong ties with the local community. "The on-site survey is the first stage of the project and the practical starting point for the APR1000 design," Hwang said. "It is a critical step to ensure the contract schedule is met, and we will carry out the survey thoroughly and systematically as planned." 2025-08-11 16:01:54 -
Consumers feel the pinch as grocery prices soar SEOUL, August 11 (AJP) - Grocery and food prices jumped 3.5 percent in July from a year earlier, marking the sharpest increase in recent months as the costs of rice, instant noodles and seafood soared, market data showed on Monday. An index gauging the prices of food and non-alcoholic beverages, compiled by the KOrean Statistical Information Service (KOSIS), climbed to 125.75 last month, adding pressure on households already strained by rising costs including a recent hike in public transportation fees. The country’s overall inflation rate also rose to 2.1 percent. Market watchers attribute the surge to this summer's unprecedented heat wave and torrential rains, which severely disrupted agricultural production, while processed food manufacturers pushed through a series of price hikes. Fishery and seafood products led the increase with a 7.2 percent spike, the steepest rise in two years. Most staple foods that frequently appear on dining tables saw particularly sharp increases. Prices for dried squid rocketed 42.9 percent, while croaker and mackerel, both commonly consumed in many households, jumped 13.4 percent and 12.6 percent, respectively. Rice, a dietary staple, rose 7.6 percent, the fastest increase since March 2024. Bread and cereal products surged 6.6 percent, seeing the highest increase in nearly two years, while instant noodles maintained a three-month streak of 6 percent. Confectionery and ice cream prices climbed 5 percent, while dairy products including milk, cheese and eggs rose 3.6 percent. Adding to consumer woes, subway commuters in Seoul now have to spend more on transportation as the base fare increased by 150 won to 1,550 won (approximately US$1.12) since late June, pushing daily round-trip costs above 3,000 won. Mounting costs across the board loom as the government considers raising electricity and gas bills in the second half, which would further squeeze household finances already grappling with higher food prices. 2025-08-11 15:27:18 -
Lee meets Viet Nam's top party leader in Seoul SEOUL, August 11 (AJP) - President Lee Jae-myung met with Viet Nam's top party leader in Seoul on Monday to discuss ways to strengthen bilateral relations. To Lam, the general secretary of the Communist Party, arrived in Seoul the previous day for a meeting with Lee, the first state visit by a foreign leader since Lee took office in early June. In a meeting at the presidential office in Yongsan, To began his talks by saying he was honored to be the first state guest of the newly-launched Lee administration and expressed confidence that Lee’s leadership would bring about a new milestone for South Korea. Lee responded by hailing Viet Nam as a "very important neighbor" and expressing hope of "further elevating" bilateral cooperation, stressing the Southeast Asian country's rapid economic growth as South Korea's third-largest trading partner. "Marking the 10th anniversary of signing a free trade agreement, the two countries agreed to corporate further to reach a goal of achieving bilateral trade volume to $150 billion by 2030," Lee said at a joint press briefing after the meeting. He also explained that the two countries agreed to increase investment and cooperate in various sectors including infrastructure, nuclear energy, and construction. Lee also added that around five million people travel between Seoul and Hanoi annually, and about 100,000 couples here are in marriages involving Vietnamese spouses, highlighting mutual exchanges across various sectors between the two countries. To invited Lee and first lady Kim Hye-kyung to visit Hanoi in the near future, and Lee requested his attendance at the upcoming Asia-Pacific Economic Cooperation (APEC) summit, which is scheduled to be held in the historic southern city of Gyeongju this fall. 2025-08-11 14:37:35