AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Hankook Tire Installs 5MW Solar Power System at Geumsan Plant, Reducing Carbon Emissions by 3,061 Tons Annually
    Hankook Tire Installs 5MW Solar Power System at Geumsan Plant, Reducing Carbon Emissions by 3,061 Tons Annually Hankook Tire is enhancing its Geumsan plant as a hub for eco-friendly energy production. On September 3, Hankook Tire announced the installation of a self-consumption solar power system with a capacity of approximately 5 megawatts at its Geumsan plant in South Chungcheong Province. The solar power systems, with capacities of 2,692 kW and 2,377 kW, were installed on the roofs of the raw materials and finished goods warehouses, respectively. The facility is expected to generate about 6.66 GWh of renewable energy annually, leading to a reduction in greenhouse gas emissions of approximately 3,061 tons of CO₂ each year. This project was selected for support under the carbon-neutral facility program for companies subject to the emissions trading system by the Korea Environment Corporation. Hankook Tire is already utilizing solar power systems at its major overseas production sites. The Chongqing plant in China operates a solar power system with a capacity of about 1 MW, while a self-consumption solar power system with a capacity of approximately 0.66 MW is in use at the parking lot of the plant in Gaohung, China. Additionally, in February, Hankook Tire signed a long-term power purchase agreement (PPA) with renewable energy company Goldenfix Capital for a total of 430 GWh over ten years at its Hungary plant. This agreement aims to replace about 20% of the plant's annual electricity consumption with renewable energy.* This article has been translated by AI. 2026-09-03 09:20:00
  • Build in America or pay, Lutnick warns chipmakers again
    "Build in America or pay," Lutnick warns chipmakers again SEOUL, September 03 (AJP) -U.S. Commerce Secretary Howard Lutnick reiterated that the Trump administration is preparing a new round of semiconductor tariffs designed to push foreign chipmakers to expand production in the United States. “I think what you're going to see is targeted, thoughtful tariff policy that basically says if you build here, you don't pay, but if you don't build here, expect to pay to enter the greatest market in the world,” Lutnick told CNBC's Squawk Box on Wednesday. “All of the companies know they're coming,” he added. The remarks were a repeated warning of a broader semiconductor tariff plan that had been under discussion inside the administration. Washington is said to be considering extending tariffs beyond imported chips to products containing them, including laptops, gaming consoles and data-center servers. Trump has already imposed a 25 percent Section 232 tariff on certain advanced computing chips since Jan. 15, while exempting imports used in U.S. data centers and other applications deemed to support the domestic technology supply chain. The latest proposal would potentially expand that approach across a much wider range of semiconductor imports. The policy could carry particular implications for South Korea's Samsung Electronics and SK hynix, which are expanding heavily in the United States but have so far stopped short of establishing dedicated advanced memory wafer production there. SK hynix last week broke ground on a more than $4 billion high-bandwidth memory facility in Indiana, where advanced HBM packaging and research will be conducted. The underlying memory wafers will continue to be produced in South Korea before being shipped to the U.S. plant for packaging. Samsung is meanwhile preparing its Taylor, Texas semiconductor complex around leading-edge logic foundry production rather than a dedicated DRAM or NAND memory fab. The distinction could become important if Washington ties tariff exemptions to the type and volume of chips actually manufactured on U.S. soil rather than companies' overall American investment. South Korea secured a provision in its trade agreement with Washington stating that any future U.S. Section 232 semiconductor tariffs should give Korean products treatment “no less favorable” than that offered under a future agreement covering a comparable volume of semiconductor trade. The tariff push also raises a potential conflict with Washington's effort to accelerate its AI industry, which remains heavily dependent on advanced chips and memory manufactured in Asia. Samsung and SK hynix are behind nearly eight out of 10 high-bandwidth memory powering AI processors in data centers. AJP Takeaways · "Build in America or pay” — Lutnick again signaled that Washington is preparing broader semiconductor tariffs, with exemptions likely tied to U.S. production commitments. · Samsung, SK hynix still face a memory gap — Both are investing heavily in the U.S., but neither currently produces advanced DRAM or HBM wafers there, leaving them exposed if tariff relief depends on where the chips themselves are fabricated. · Korea has protection, but the details matter — Seoul secured “no less favorable” treatment under its trade deal with Washington, but the impact will depend on how the U.S. defines qualifying investment and domestic production. 2026-09-03 09:17:30
  • September 28 is Not a Holiday: Reasons for Shorter Chuseok Break
    September 28 is Not a Holiday: Reasons for Shorter Chuseok Break As Chuseok approaches in three weeks, attention is turning to the holiday schedule and the application of substitute holidays.This year, Chuseok falls on Friday, September 25. The legal holidays are Thursday, September 24, the day before Chuseok, and Saturday, September 26, with Sunday, September 27, following. For those working a five-day week, the holiday will officially last from September 24 to 27.Although September 26, the day after Chuseok, coincides with a Saturday, there will be no substitute holiday on Monday, September 28.According to the current regulations on public holidays, substitute holidays for Chuseok and Seollal occur only when they overlap with a Sunday or another public holiday that is not a Saturday or Sunday. Therefore, this year's Chuseok holiday is officially from September 24 to 27.As the holiday approaches, preparations for travel to and from hometowns are intensifying.Train ticket reservations for Chuseok began on September 3. On September 3 and 4, advance reservations are available for seniors aged 65 and older, registered disabled individuals, veterans eligible for transportation support, and pregnant women. General public reservations will be open from September 7 to 11. The tickets are for trains operating from September 23 to 27.This year marks the first holiday ticket reservations since the integration of high-speed rail services, and only Korail integrated members can participate. Existing Korail members will be automatically converted, but those who were only registered with SR must complete the transition to integrated membership.To ease the burden on travelers using personal vehicles, the government has decided to waive highway tolls from September 24 to 27 during the Chuseok holiday.Discounts have also begun to reduce the cost of holiday shopping. The Ministry of Agriculture, Food and Rural Affairs is running a promotion from September 3 to 23, offering up to 40% off all domestic agricultural and livestock products at large and small supermarkets. A record 59 billion won will be invested for this Chuseok, and there will be no limit on discounts per person during the promotional period.In traditional markets, from September 16 to 20, customers who purchase agricultural and livestock products will receive 30% of their purchase amount back in Onnuri gift certificates. Additionally, agricultural discount gift certificates will be sold at 20% less than their face value. The purchase period for general consumers for these agricultural discount gift certificates is from September 14 to 20.* This article has been translated by AI. 2026-09-03 09:16:00
  • Government Considers Additional Support Amid Middle East Conflict
    Government Considers Additional Support Amid Middle East Conflict The government is exploring additional support measures, including expanding discounts on agricultural, livestock, and fishery products for Chuseok, to alleviate the burden on citizens due to the ongoing conflict in the Middle East. It plans to expedite support for youth employment and vulnerable borrowers while addressing concerns over crude oil and naphtha supply and financial market instability.Heo Jang, the Second Vice Minister of Finance, convened an emergency economic meeting at the Government Seoul Building on September 3 to review the progress of five response teams focusing on macroeconomics, prices, energy supply, financial stability, and welfare management.Heo stated, "The uncertainty surrounding the Middle East conflict continues due to the resumption of military clashes between the U.S. and Iran. It is essential for each response team to maintain high alertness and closely monitor and respond to the situation and its impacts across various sectors."As part of its Chuseok livelihood stability measures, the government is implementing a record 103 billion won in discounts on agricultural, livestock, and fishery products, along with a supply of 183,000 tons of essential goods. It is also actively considering additional measures to further ease the burden on citizens.The government is accelerating the implementation of previously announced plans to restore youth employment and support vulnerable borrowers amid the ongoing repercussions of the Middle East conflict.In the energy sector, the government has confirmed that it has secured crude oil and naphtha supplies for September and October at approximately 90% of last year's average levels. To address supply gaps caused by rerouted shipping routes, it resumed supply support using strategic reserves on August 24.For financial market stability, as of September 1, the government has disbursed 18.7 trillion won through policy finance support programs and 10.5 trillion won through bond and money market stabilization programs.In the welfare sector, the government is conducting a survey to identify and provide tailored support to 160,000 individuals, including those in financial distress. This survey began on August 24 and will continue until October 16.The government will also continue to monitor U.S. sanctions against Iran and trends in energy supply and logistics. Relevant ministries are focused on minimizing the impact of Middle East risks on the domestic real economy and financial markets while keeping an eye on the supply and price fluctuations of key raw materials.* This article has been translated by AI. 2026-09-03 09:12:00
  • Hana Bank Launches Real Estate Value-Enhancement Platform for Underutilized Properties
    Hana Bank Launches Real Estate Value-Enhancement Platform for Underutilized Properties Hana Bank is set to provide a comprehensive solution aimed at increasing the asset value of commercial and aging real estate.On September 3, Hana Bank announced the launch of its 'Hana Real Estate Value-Enhancement Platform,' which will assess the utilization of commercial and aging properties and connect clients with specialized firms in various fields.The platform will analyze clients' real estate assets and link them with experts in planning, design, construction, leasing, and space management tailored to the specific characteristics and demands of each property.To facilitate this initiative, Hana Bank signed strategic partnership agreements with five real estate-related firms on September 2 at its headquarters in Euljiro, Seoul.The partners include Kyungdong Housing, a company specializing in building remodeling and value enhancement; The PCM Advisor, a real estate development and project management firm; MGRV, the operator of the co-living brand 'Mangrove'; Share It, a company providing solutions for pop-up stores and commercial vacant spaces; and Fast Five, a shared office provider.Hana Bank plans to support the entire process from diagnosing the location and potential of underutilized properties to space planning, construction, leasing, and operation. This approach aims to lower the barriers to entry in real estate development and utilization while enhancing the value of clients' real estate assets.Lee Eun-jung, head of Hana Bank's WM Division, stated, "This value-enhancement platform goes beyond simple buying and selling advice to provide asset management services that address real estate utilization concerns and offer practical solutions. We will continue to identify specialized firms in various fields to meet our clients' diverse needs."* This article has been translated by AI. 2026-09-03 09:08:20
  • Hyundai Mobis Expands Electric Vehicle Production in Slovakia
    Hyundai Mobis Expands Electric Vehicle Production in Slovakia Hyundai Mobis is strengthening its presence in the European electric vehicle market. Following the establishment of battery system production in the Czech Republic and Spain, the company has set up a production base for the PE system, known as the "heart of electric vehicles," in Slovakia, expanding its supply chain for electrification components in Europe.On September 2, local time, Hyundai Mobis held a ceremony to mark the opening of its new PE system plant in Nováky, Slovakia. The PE system is a key driving component for electric vehicles, integrating the electric motor, inverter, and reducer.Attendees at the event included Hyundai Mobis President Lee Kyu-seok, Slovak Prime Minister Robert Fico, Minister of Economy Denisa Sakova, Trenčín Governor Jaroslav Baška, officials from the European Commission, and representatives from major partners, totaling over 100 participants.The newly opened Nováky plant is Hyundai Mobis's first PE system production facility in Europe. Spanning approximately 106,000 square meters, equivalent to 15 soccer fields, the plant has a total floor area of 8,500 square meters and is equipped to produce 280,000 PE systems annually. Hyundai Mobis has invested about 250 billion won to secure this production capacity, aiming to meet the demand of local automakers.President Lee stated, "With more investment and effort, we will establish the Nováky PE system plant as a core hub for electrification in Europe. Hyundai Mobis's PE systems will lead the European electrification market with global automakers' strategic models equipped with our technology."The Nováky plant is the third electrification production base in Europe, following the battery system plants in the Czech Republic and Spain. Hyundai Mobis plans to secure manufacturing capabilities for key electric vehicle components such as the BSA and PE system locally while building an ecosystem for electrification components through major production bases in Ulsan, Daegu, Chungju, Pyeongtaek, as well as in the United States, Czech Republic, Spain, and Indonesia.Hyundai Mobis is also focusing on the growth potential of the European electric vehicle market, the second largest in the world after China. Establishing an electrification plant in Slovakia, where global automakers like Kia, Volkswagen, Stellantis, and Volvo have concentrated their production facilities, is part of a strategy to enhance local competitiveness in securing orders.The company aims to expand its orders for electrification components from global automakers, increasing the proportion of non-affiliated sales. Previously, during a CEO Investor Day, Hyundai Mobis set a goal to raise the share of sales from global customers to 40% by 2033.In the second quarter of this year, Hyundai Mobis reported consolidated sales of 16.3247 trillion won and an operating profit of 975.2 billion won, marking increases of 2.4% and 12.1%, respectively, compared to the same period last year. The growth was driven by increased sales to overseas automakers and the expansion of high-value-added electronic component supplies.* This article has been translated by AI. 2026-09-03 09:08:00
  • K-Beauty Expansion in North America: Korea Trade Insurance Corporation Provides $50 Million to Cosmax
    K-Beauty Expansion in North America: Korea Trade Insurance Corporation Provides $50 Million to Cosmax The Korea Trade Insurance Corporation (K-Sure) is stepping up to support the expansion of Cosmax, a global cosmetics manufacturer, in the United States.On September 3, K-Sure announced it will provide $50 million in working capital to Cosmax's U.S. subsidiary. This funding aims to address increased local demand driven by new customer acquisitions and expanded orders from existing clients.Cosmax's U.S. subsidiary reported a 57% increase in revenue in the first half of this year compared to the same period last year.K-Sure expects that this financial support will enable Cosmax to respond promptly to the surging local demand and strengthen its presence in the North American market.In addition to this support, K-Sure is expanding its assistance to the cultural and consumer goods sectors to promote the global spread of K-Beauty and K-content as part of 'K-Culture.'Including this latest support, K-Sure has provided over $200 million in financial assistance to K-Culture companies' overseas subsidiaries this year.Jang Young-jin, president of K-Sure, stated, "Rapid financial supply is essential for K-Culture to establish itself in the global market. We will spare no effort in supporting leading K-Culture companies to showcase their capabilities on the world stage."* This article has been translated by AI. 2026-09-03 09:08:00
  • KB Kookmin Bank Accelerates AI Integration Starting with Executives
    KB Kookmin Bank Accelerates AI Integration Starting with Executives KB Kookmin Bank is leading the way in the practical use of generative artificial intelligence (AI) among its executives, accelerating a company-wide initiative for AI-driven innovation.On September 3, KB Kookmin Bank announced that it conducted practical training for executives and department heads on utilizing generative AI 'Copilot' in their work.This training was designed in-house by KB Kookmin Bank without external outsourcing. Participants engaged in creating draft business plans for 2027 using generative AI, moving beyond basic AI functionality training to practical application.CEO Lee Hwan-joo also took part in the training. By having executives utilize AI in their work and experience its benefits firsthand, the bank aims to foster a top-down approach to organizational AI transformation.Additionally, the bank is laying the groundwork for a culture of AI utilization across the organization. It has established an 'AI Center of Excellence' to lead AI agent development by assigning dedicated AI personnel to each business group and incorporating AI utilization metrics into organizational and individual evaluations.KB Kookmin Bank is also operating an 'AI Academy' to cultivate AI expertise and has introduced an 'AI Challenge Program' to share employees' experiences and best practices in AI usage. In the future, the bank plans to expand Copilot licenses and training to operational staff in each department and pilot its application in the second half of the year for business planning.A representative from KB Kookmin Bank stated, "Leaders must first utilize AI in their work and experience its effects for a culture of AI utilization to spread rapidly throughout the organization. We will continue to enhance our employees' AI capabilities." 2026-09-03 09:04:20
  • Artist Seok Chang-woo to Illuminate Gwanghwamun with Media Art
    Artist Seok Chang-woo to Illuminate Gwanghwamun with Media Art The Korea Cultural and Arts Foundation for the Disabled announced on September 3 that veteran artist Seok Chang-woo will participate in the large-scale media art exhibition 'OUTfront: Kiaf × MEDIA ART SEOUL,' which runs until September 19 in various locations across downtown Seoul.This special exhibition, organized in collaboration with the Seoul Metropolitan Government, Kiaf Seoul, and the Gwanghwamun Free Expression Zone, will be simultaneously broadcast at eight sites in the city, including Atelier Nodeul, Atelier Gwanghwa, the Haechimadang Media Wall, KT Building, Segwang Building, Koreana Hotel, Dong-A Ilbo Building, and Ilmin Museum of Art.Seok Chang-woo, a disabled artist who lost both arms in an industrial accident, will showcase his work alongside artists Park Je-seong, Han Seung-gu, and Jeon Hye-joo. Utilizing prosthetic arms, Seok captures fleeting movements through ink sketching. His dynamic lines and narratives of life are integrated into his media art piece titled 'Breath of Ink,' which will be displayed at the Haechimadang Media Wall until December 19.Bang Gwi-hee, chairperson of the Korea Cultural and Arts Foundation for the Disabled, stated, “It is meaningful to promote the exceptional artistic capabilities of disabled artists to the public and the world through this collaborative exhibition with Kiaf, a leading art fair in Korea. We will continue to support disabled artists in their diverse artistic endeavors.”Additionally, a solo exhibition titled 'Question Mark at Fingertips' will be held from October 29 to December 5 at the Modu Art Space in Jung-gu, showcasing Seok's new and representative works. More information about this exhibition will be provided later on the Korea Cultural and Arts Foundation for the Disabled's Modu Art Space website.Modu Art Space is the first standard exhibition space in the country dedicated to supporting the creation and presentation of works by disabled artists, ensuring that both disabled and non-disabled individuals can enjoy art. 2026-09-03 09:04:00
  • U.S. Control of Venezuelan Oil Could Complicate Chinas Debt Recovery
    U.S. Control of Venezuelan Oil Could Complicate China's Debt Recovery The United States has effectively taken control of Venezuela's oil fields, complicating China's ability to recover its loans.The Donald Trump administration has signed a major oil agreement with Delcy Rodriguez, the Venezuelan government official, which was approved by the Venezuelan parliament on September 1. Under the agreement, North American Blue Energy Partners (NABEP), Venezuela's second-largest private oil company, will receive a 100-year lease on 17 oil fields. These fields contain an estimated 65 billion barrels of oil, surpassing the total proven reserves of the United States, which stands at 46 billion barrels. The U.S. government, through the Department of Defense's Strategic Capital Office, will acquire a 35% stake in NABEP and will receive 20% of the extracted oil at production cost for supply to its refineries.Some of the 17 oil fields were previously managed by China. Since 2000, China has reportedly provided over $100 billion in loans to Venezuela, all secured by oil. The loans are repaid through oil deliveries, and it is estimated that China holds more than $10 billion in outstanding loans.According to the U.S. Energy Information Administration (EIA), Venezuela has proven reserves of 303 billion barrels, making it the world's largest oil producer, accounting for 17% of global reserves. S&P Global reported that in August, about half of Venezuela's daily oil exports of 1.1 million barrels were sent to the United States, with the remainder going to India and the Caribbean. In contrast, China, once the largest buyer of Venezuelan oil, has not imported any in recent months.On September 3, Hong Kong's South China Morning Post reported that Chui Shoujun, a professor at Renmin University of China, stated, "The U.S. has effectively taken control of Venezuela's oil, making it unlikely for China to recover its loans." He noted that PetroChina, a state-owned energy company that had established joint ventures in Venezuela to produce oil for loan repayment, is expected to incur the most significant losses.Dylan Lo, an associate professor at Nanyang Technological University in Singapore, explained that this agreement will result in substantial losses for China. He noted that while China has previously purchased Venezuelan oil at discounted prices, it will now have to negotiate prices in the international market. Additionally, independent Chinese refineries, known as 'teapots,' which have been buying Venezuelan oil under U.S. sanctions, are expected to face margin pressures going forward.Meanwhile, Chinese Foreign Ministry spokesperson Guo Jikun stated during a regular briefing on September 1 that "cooperation between China and Venezuela is protected by international law and the laws of both countries," emphasizing that China's legitimate rights and interests in Venezuela must be safeguarded.* This article has been translated by AI. 2026-09-03 09:00:20