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S. Korea's security chief visits Washington for urgent talks as tariff deadline approaches SEOUL, July 21 (AJP) - South Korea's National Security Advisor Wi Sung-lac has arrived in Washington, D.C. on Sunday (local time), returning just 11 days after his previous trip, to prevent a looming trade conflict with the United States and finalize plans for a summit between South Korean President Lee Jae-myung and U.S. President Donald Trump. South Korean officials predict that Wi will meet U.S. Secretary of State Mark Rubio, who also serves as National Security Advisor. Wi's visit comes ahead of the August 1 deadline, when the U.S. is set to impose a 25 percent tariff on South Korean imports unless a new agreement is reached. Trump had released a letter addressed to Lee earlier this month, warning that South Korean goods would face steep tariffs unless trade terms were changed. "South Korea is making a lot of money, and they're very good, they're very good, but, you know, they should be paying for their own military," Trump said during a cabinet meeting at the White House on July 8. His remarks were interpreted in Seoul as an attempt to link trade negotiations with security issues, including defense cost‑sharing. Officials believe that Wi's trip is aimed at reaching a last-minute understanding to avoid what South Korea sees as a "tariff bomb." During his earlier visit in early July, Wi and Rubio reportedly agreed on the need for an early summit between Lee and Trump, though no date was set. 2025-07-21 14:50:31
Scorching heat returns with vengeance as monsoon season ends SEOUL, July 21 (AJP) - Scorching heat has returned, with temperatures soaring above 30 degrees Celsius across the country, as the monsoon season ended with a last bout of torrential rains that battered southern regions over the weekend. With recovery efforts from flooding and landslides still underway, temperatures climbed to as high as 34 degrees, prompting the Korea Meteorological Administration (KMA) to issue heat advisories for most parts of the country on Monday. Daytime highs reached 34 degrees in Daegu, Daejeon, and Gangneung, Gangwon Province, followed by 33 degrees in Gwangju and 31 degrees in Busan and Seoul. Tropical nights, when temperatures do not drop below 25 degrees, are also expected to persist for a while in several areas. The KMA advised people to refrain from outdoor activities during peak daytime hours, stay hydrated, and be mindful of heatstroke and food poisoning. "Scattered showers are forecast during the day in Seoul and other parts of the country, bringing a brief respite, but hot and humid weather will continue for the time being," a KMA official said. 2025-07-21 14:49:42
SK Ecoplant under scrutiny over alleged accounting irregularities linked to IPO SEOUL, July 21 (AJP) - SK Ecoplant, the environmental services arm of South Korea’s SK Group, is under scrutiny by financial regulators over allegations it inflated revenues at its U.S. subsidiary to bolster its valuation ahead of a planned initial public offering. The Financial Supervisory Service (FSS) is set to hold a key audit committee meeting on Thursday to review the results of a months-long investigation into the company’s accounting practices. A preliminary hearing held last week ended without a decision. Regulators have already recommended criminal prosecution, the dismissal of former executives, and fines amounting to billions of won after concluding that SK Ecoplant intentionally violated accounting standards. According to the FSS, SK Ecoplant overstated revenues at its U.S.-based fuel cell subsidiary in 2022 and 2023, thereby generating misleading consolidated financial statements that were presented to both investors and oversight authorities. Investigators believe the alleged misconduct was driven by the company’s effort to inflate its corporate value ahead of a promised IPO. In 2022, SK Ecoplant secured roughly 1 trillion won, or $720 million, in pre-IPO funding on the condition that it would go public by 2026. The case comes amid a broader regulatory crackdown on financial misconduct. Recently, authorities have referred several high-profile corporate figures — including HYBE founder Bang Si-hyuk and former executives of Meritz Fire & Marine Insurance — to prosecutors. The Securities and Futures Commission has warned of “devastating” penalties for executives found guilty of intentional accounting fraud. If the committee endorses the FSS’s recommendations, the SK Ecoplant case could be referred for criminal prosecution, potentially derailing SK Group’s IPO timeline for SK Ecoplant and delivering a setback to the conglomerate’s expansion in the energy sector. 2025-07-21 14:46:35
Gov't begins handing out cash vouchers to all South Koreans SEOUL, July 21 (AJP) - Starting Monday, all South Koreans are entitled to receive a handout ranging from 150,000 won to 550,000 won (US$108–$395), depending on their income brackets. Each eligible person can apply by Sept. 12 to receive 150,000 won in the form of cash vouchers, credit card points, or other gift options valid at local stores for three months, followed by an additional 100,000 won this fall, though the top 10 percent of earners will be excluded from the second round of payments. Additional support ranging from 30,000 won to 300,000 won may be provided to the underprivileged, the socially vulnerable, single-parent households and those living in certain rural areas, making some recipients eligible for up to 550,000 won in total. The vouchers can be used until Nov. 30 at most small neighborhood businesses such as local supermarkets, restaurants, convenience stores, and cafés, but they cannot be used at department stores, large supermarket chains, or other chain stores. Earlier President Lee Jae-myung said the handouts are part of efforts to boost consumption and revive the economy deteriorated in the wake of disgraced former President Yoon Suk Yeol's botched Dec. 3 declaration of martial law debacle last year. But some have criticized the universal, one-off payment as a politically motivated populist move, coming just shortly after Lee took office early last month. 2025-07-21 14:18:48
[[K-Tech]] LG CNS partners with Honeywell to jointly develop AI-powered automation systems SEOUL, July 21 (AJP) - South Korean IT solutions provider LG CNS said Monday it has entered into a partnership with Honeywell of the United States to develop artificial intelligence-based automation technologies tailored for American manufacturing. The collaboration was finalized during a July 8 meeting in Houston between Hyun Shin-gyoon, chief executive of LG CNS, and Pramesh Maheshwari, president of Honeywell Process Solutions. The two companies will jointly develop automation platforms that harness AI to improve production efficiency across a range of industries, including semiconductors, batteries and petrochemicals. The initiative aims to integrate LG CNS’s expertise in automation consulting and service delivery with Honeywell’s global footprint in sensor and control systems. Honeywell’s Process Solutions unit specializes in providing automation tools and software for complex manufacturing environments, particularly in the petrochemical and pharmaceutical sectors. Under the partnership, LG CNS will deploy its AI agents to analyze data captured by Honeywell’s distributed control systems. The real-time data analysis is intended to detect anomalies and trigger immediate corrective actions, helping manufacturers minimize downtime and optimize operations. "This cooperation is the first step for both companies to jointly address business innovation needs of U.S. manufacturing customers and seek technological solutions," Hyun said in a statement. The two companies also plan to develop advanced manufacturing execution systems — platforms that oversee equipment, processes and personnel in real time — to support digital transformation across industrial supply chains. LG CNS and Honeywell said they intend to extend their jointly developed technologies beyond the United States to global markets, including Europe, leveraging Honeywell’s network of more than 100 corporate clients. 2025-07-21 14:07:03
PHOTOS: Torrential rains, landslides devastate southern villages SEOUL, July 21 (AJP) - Heavy rainfall that battered South Korea from July 16 to 20 has resulted in at least 18 deaths and left 9 people missing, according to the Ministry of Interior and Safety. The southern province of South Gyeongsang bore the brunt of the casualties, with 10 fatalities reported in Sancheong, a county severely affected by landslides. Across 15 cities and provinces, the torrential downpours forced 14,166 residents from 9,887 households to evacuate their homes, seeking refuge from the widespread damage. 2025-07-21 13:57:18
Trump-era tax law threatens Hyundai's US EV sales, $2 billion at risk: analysis SEOUL, July 21 (AJP) - Hyundai Motor Group could lose up to $1.95 billion in U.S. electric vehicle sales following the enactment of Trump’s sweeping tax legislation, the One Big Beautiful Bill Act (OBBBA), according to the Federation of Korean Industries. The OBBBA, which took effect on July 4, abruptly ends key clean energy incentives introduced under former U.S. President Biden, including the $7,500 federal EV tax credit. The phase-out — now set to conclude by September, more than seven years ahead of schedule — threatens to upend Hyundai’s electric vehicle strategy in the world’s second-largest auto market. According to the FKI analysis, Hyundai’s U.S. EV sales could drop by as many as 45,828 units, a 37 percent decline from its 2024 sales of 123,861 units. The projected sales slump would translate to revenue losses of nearly $2 billion. The five affected models — the Hyundai Ioniq 5 and Ioniq 9, Kia EV6 and EV9, and Genesis Electrified GV70 — had only recently become eligible for the federal tax credit in January, raising hopes for a surge in demand. But the rollback of incentives under the OBBBA has heightened investment risk and clouded Hyundai’s longer-term outlook in the United States. “The legislation reflects Trump’s broader policy pivot,” the FKI said in its report, “which includes aggressive fiscal retrenchment, a hard line on border security, and a clear reversal of Biden-era clean energy policies.” The new law compounds mounting pricing pressures for Hyundai, which has already signaled it will postpone any near-term price hikes in the U.S. market. A report from DB Financial Investment suggested the company plans to sustain its pricing strategy and continue expanding market share through year’s end by drawing on its more than 30 trillion won ($21.6 billion) in accumulated cash reserves. Hanwha Investment & Securities analyst Kim Sung-rae estimates that tariffs imposed on 28 percent of Hyundai’s U.S. sales — roughly 1 million units in total — could add more than 2.6 trillion won ($1.87 billion) in costs this year alone. “Profitability is set to deteriorate further in the second half,” Kim warned, citing both the expiration of tax credits and elevated tariff burdens as key threats to margins. That pressure is already becoming evident in the company’s second-quarter performance. Hyundai’s sales for the quarter are expected to reach 46.52 trillion won, a modest 3.3 percent year-on-year increase, while operating profit is forecast to decline by 17.4 percent to 3.53 trillion won. Kia, its sister brand, is also expected to post a 17.6 percent drop in operating profit for the same period. In response to the shifting policy landscape, Hyundai and Kia are preparing to hold a global regional headquarters meeting later this month. 2025-07-21 11:02:52
[[K-Tech]] South Korea nears decision on landmark energy storage tender SEOUL, July 21 (AJP) - South Korea is poised to award its first large-scale energy storage system (ESS) tender this week, a 1 trillion won (approximately $720 million) project that has drawn fierce competition among the country’s top battery makers. The outcome could reshape the strategic priorities of an industry grappling with faltering global demand for electric vehicles. The Korea Power Exchange, under the Ministry of Trade, Industry and Energy, is expected to announce the winning bidder for the 540-megawatt ESS development project within days. The initiative forms a central pillar of the government’s plan to modernize the national power grid and bolster capacity for renewable energy integration. Consortiums led by LG Energy Solution, Samsung SDI, and SK On are expected to submit proposals featuring similar technical specifications but differentiated by cost structures, supply chain localization, and safety features. The tender arrives at a critical moment for South Korea’s battery manufacturers, many of which are contending with slowing EV sales globally. With growth plateauing as the sector moves from early adopters to more cost-sensitive mainstream buyers — a phenomenon some analysts call the “EV market chasm” — companies are increasingly eyeing ESS as a vital alternative growth engine. In response, the government has adopted a weighted evaluation framework that assigns 60 percent of scoring to pricing and 40 percent to non-price criteria. The latter includes domestic industrial contribution, fire and facility safety, and community acceptance, reflecting policymakers’ emphasis on supply chain security and public trust in grid infrastructure. LG Energy Solution and SK On are seen as competitive on both pricing and safety, thanks in part to their adoption of lithium iron phosphate (LFP) battery technology, known for its affordability and thermal stability. SK On, a relative newcomer to the ESS space, faces skepticism over its limited market experience and lack of a track record in high-volume grid deployments. Nevertheless, its LFP-based technology could offer advantages in safety and cost. Samsung SDI, in contrast, uses nickel-cobalt-aluminum (NCA) battery chemistry, which provides higher energy density but carries higher material costs and fire risk. Yet the company has emphasized its domestic manufacturing footprint — most ESS cells are produced at its Ulsan facility — and proprietary safety enhancements, potentially gaining ground in non-price categories, including community acceptance and domestic contribution. The project is the first of many under South Korea’s 11th Basic Plan for Electricity Supply and Demand, which calls for adding 23 gigawatts of ESS capacity by 2038. The stakes are high: the inaugural tender is expected to set benchmarks for future procurements, intensifying long-term competition among domestic battery firms. 2025-07-21 10:55:55
US tariffs on Chinese graphite open door for Korean supplier POSCO Future M SEOUL, July 21 (AJP) - The U.S. Department of Commerce has made a preliminary decision to impose a 93.5 percent anti-dumping tariff on anode-grade graphite imported from China, a move that could position South Korea’s POSCO Future M as a key beneficiary. The decision, announced on July 17, marks a notable shift from earlier actions that targeted specific companies — such as the more than 700 percent countervailing duties slapped on China’s Kaijin in May. This latest measure applies uniformly across all Chinese producers and is being described by U.S. battery industry officials as a “carpet-bombing” tactic that effectively blocks Chinese graphite from entering the U.S. market. The sweeping tariff aligns with the Trump administration’s broader strategy of reducing reliance on Chinese supply chains, particularly in critical sectors like clean energy. Under the Inflation Reduction Act (IRA), U.S. subsidies for electric vehicle battery components sourced from China are set to expire in 2027. Analysts view the new graphite tariff as a de facto acceleration of that timeline. Chinese companies currently dominate the global anode market, with BTR, Shanshan, Shinzoom, and Kaijin together accounting for more than 80 percent of global shipments. Anodes — typically made from natural or synthetic graphite — are a critical component in lithium-ion batteries used in electric vehicles, smartphones, and grid storage systems. Until now, major battery makers including Tesla, LG Energy Solution, SK On, Samsung SDI, and Panasonic have relied heavily on Chinese graphite. Now, the disruption of that supply stream could offer a rare market opening for POSCO Future M, the only non-Chinese company ranked among the global top 11 anode producers. The South Korean firm has long struggled to compete on price. Chinese natural graphite anodes are typically priced at around $2 per kilogram — some 40 to 50 percent lower than POSCO’s offerings. That cost disadvantage has weighed on production; the utilization rate at the company’s Sejong plant dropped from 67 percent in 2022 to below 40 percent in the first half of 2025. But with China’s price advantage erased by the tariff, POSCO Future M is now in a stronger position. Last year, the U.S. imported roughly $347 million worth of Chinese anodes. POSCO’s total anode revenue in 2024 amounted to around 150 billion won (approximately $115 million), suggesting even modest penetration of the U.S. market could yield a significant boost in earnings. Beyond anodes, POSCO Future M is also making inroads in cathode materials, another core component of lithium-ion batteries. On May 27, the company announced it had completed development of lithium manganese-rich (LMR) cathode materials and is preparing for mass production by the end of the year. LMR technology, which reduces reliance on expensive materials like nickel and cobalt by increasing manganese content, is viewed as a promising next-generation solution for cost-effective, high-energy-density battery storage. POSCO began developing the materials in 2023, and its accelerated progress suggests a broader ambition to establish itself as a full-spectrum battery materials supplier in a rapidly evolving market. 2025-07-21 10:49:08
Police find homemade bomb at suspect's home after fatal gun attack SEOUL, July 21 (AJP) - Police on Monday raided the home of a man in his 60s who had fatally shot his son the night before, retrieving a homemade explosive device. The suspect is now being questioned in connection with the rare firearm-related homicide, an unusual occurrence in South Korea, where private gun ownership is strictly regulated. According to the Seoul Metropolitan Police Agency, on July 21, a special operations team was dispatched to the suspect's apartment in northeastern Seoul, where they found and safely dismantled improvised explosive devices (IEDs). The materials included gasoline and paint thinner, rigged to a timer. The operation followed a confession from the suspect during police questioning that he had planted explosives in his residence. Authorities evacuated all 106 residents from the building and the nearby area before entering the apartment. Police said the explosives were neutralized at approximately 4:24 a.m. The suspect had been on the run after allegedly shooting his son, a man in his 30s, at an apartment in the western port city of Incheon around 9:30 p.m. Sunday. The victim was rushed to a nearby hospital but was pronounced dead shortly afterward. Gun-related crimes are extremely rare in South Korea, where civilian ownership of firearms is tightly controlled. Handguns and rifles are generally prohibited without special authorization, and most legal firearms, such as hunting rifles, are kept at police stations. The use of both a homemade firearm and explosives in this case has drawn widespread public concern and prompted a swift response from authorities. 2025-07-21 10:11:47