Industry

  • South Korea signals fresh push to join Asia-Pacific trade bloc
    South Korea signals fresh push to join Asia-Pacific trade bloc SEOUL, September 3 (AJP) - The South Korean government said on Wednesday that it would consider joining a sweeping Asia-Pacific trade pact, reviving long-dormant discussions as the country looks to diversify export markets amid heightened uncertainty over U.S. trade policy. The announcement came during an economic ministers’ meeting led by Deputy Prime Minister and Finance Minister Koo Yoon-cheol, where officials also outlined support measures for exporters hit by recent tarif September 3, 2025
  • LG Energy Solution lands major battery deal with Mercedes-Benz
    LG Energy Solution lands major battery deal with Mercedes-Benz SEOUL, September 03 (AJP) - LG Energy Solution said Wednesday that it had signed a major supply agreement with Mercedes-Benz to provide electric vehicle batteries for the German automaker’s European and U.S. operations. The deal, disclosed in a regulatory filing, covers two contracts. In Europe, LG Energy Solution will deliver 32 gigawatt-hours of batteries from August 2028 through late 2035. In the United States, it will supply 75 gigawatt-hours beginning in July 2029 and c September 3, 2025
  • Hyundai, Kia power Korean EV market to strong rebound
    Hyundai, Kia power Korean EV market to strong rebound SEOUL, September 03 (AJP) - South Korea’s electric vehicle market is showing signs of revival this year, fueled by a wave of new models from Hyundai and Kia after several years of declining sales. From January through July, registrations of new electric vehicles reached 118,047, according to data released Wednesday by the Ministry of Land, Infrastructure and Transport. The figure represents a 46.7 percent increase from the same period a year earlier and pushed cumulative September 3, 2025
  • South Koreas economy rebounds on strong exports, consumer spending
    South Korea's economy rebounds on strong exports, consumer spending SEOUL, September 3 (AJP) - South Korea’s economy returned to growth in the second quarter, lifted by a revival in consumer spending and a surge in exports, the central bank said Wednesday. Gross domestic product expanded 0.7 percent from the previous quarter, according to revised figures from the Bank of Korea. That was slightly higher than the 0.6 percent preliminary estimate issued in July and a reversal from the 0.2 percent contraction recorded in the first three months of September 3, 2025
  • Gold prices soar on US rate cut expectations, geopolitical strains
    Gold prices soar on US rate cut expectations, geopolitical strains SEOUL, September 03 (AJP) - Gold prices surged to fresh records on Tuesday (local time), fueled by mounting expectations of U.S. Federal Reserve interest rate cuts and heightened geopolitical uncertainty. Spot gold climbed to $3,530 an ounce on Sept. 2, topping the previous peak of $3,500 set in April. Futures contracts on the Commodity Exchange rose even higher, touching about $3,600 an ounce during the session. The rally comes as investors increasingly bet that the Fed will l September 3, 2025
  • South Korea unveils $10.2 billion emergency support for tariff-hit exporters
    South Korea unveils $10.2 billion emergency support for tariff-hit exporters SEOUL, September 03 (AJP) - The South Korean government on Wednesday announced a sweeping 13.6 trillion won ($10.2 billion) relief package aimed at helping exporters weather U.S. tariffs, while expanding trade financing to a record 270 trillion won ($203 billion). The measures, unveiled during a joint meeting of economic ministers and industry officials, are designed to offset the burden of recently negotiated tariffs with Washington. Under the agreement, South Korea and the Un September 3, 2025
  • Hyundai Motor union launches first strike in seven years amid wage standoff
    Hyundai Motor union launches first strike in seven years amid wage standoff SEOUL, September 3 (AJP) - Hyundai Motor Company’s labor union began a partial strike on Wednesday, ending a rare seven-year stretch of labor peace at South Korea’s largest automaker as wage talks collapsed. The union stages two-hour work stoppages during morning and afternoon shifts at the company’s domestic plants on Wednesday and Thursday, and plans to extend the walkout to four hours on Friday. The action halts production across Hyundai’s key facilities i September 3, 2025
  • Lotte Biologics signs manufacturing deal for immunotherapy drug with US firm
    Lotte Biologics signs manufacturing deal for immunotherapy drug with US firm SEOUL, September 02 (AJP) - Lotte Biologics said Tuesday it had signed a manufacturing agreement with a U.S. biotechnology company to produce an experimental immunotherapy. The deal, which runs through 2030, covers late-stage clinical trials and potential commercialization of the drug candidate, which is being tested across multiple disease indications. The name of the client company was not disclosed under confidentiality terms. Lotte Biologics, a unit of the Lotte conglomerat September 2, 2025
  • Koreas chaebol families add nearly $25 billion in wealth in first half of 2025
    Korea's chaebol families add nearly $25 billion in wealth in first half of 2025 SEOUL, September 02 (AJP) - The fortunes of South Korea’s largest business dynasties swelled in the first half of the year, buoyed by rising share prices in their sprawling corporate empires, according to data released Tuesday. Combined assets held by the owner families of the country’s 50 biggest conglomerates rose by nearly 33 trillion won, or about $24.8 billion, between January and August, research firm Leaders Index said. Their holdings were valued at 144.4 tri September 2, 2025
  • Hanwha showcases submarines, weapons systems in bid for Polish defense contracts
    Hanwha showcases submarines, weapons systems in bid for Polish defense contracts SEOUL, September 02 (AJP) - Hanwha Group said Tuesday its three defense affiliates were taking part in Eastern Europe’s largest arms fair this week, as the South Korean conglomerate looks to strengthen its foothold in Poland and compete for a major submarine modernization program. From Sept. 2 to 5, Hanwha Aerospace, Hanwha Systems and Hanwha Ocean are exhibiting at the 33rd International Defense Industry Exhibition, or MSPO 2025, in Kielce, Poland. The companies have set September 2, 2025