Industry

  • From streetwear to skincare, Seouls Seongsu-dong emerges as Koreas Style Capital
    From streetwear to skincare, Seoul's Seongsu-dong emerges as Korea's 'Style Capital' Editor's Note: This is the sixth article in our series exploring the evolving landscape of the Korean beauty industry and the products that captivate international visitors. SEOUL, July 08 (AJP) - In the heart of Seongsu-dong, a once-industrial neighborhood now transformed into one of Seoul’s trendiest enclaves, foreign visitors will find a curated showcase of South Korea’s rising fashion and beauty prowess — all under the banner of e-commerce powerhouse Musi July 9, 2025
  • HD Hyundai Infracore secures deal to supply engines for K2 battle tanks
    HD Hyundai Infracore secures deal to supply engines for K2 battle tanks SEOUL, July 08 (AJP) - HD Hyundai Infracore has signed a 92.3 billion won (approximately $66.5 million) contract with South Korea’s Defense Acquisition Program Administration to supply engines for the K2 main battle tank. The deal covers phased deliveries of DV27K engines through 2028. The DV27K is a domestically developed 1,500-horsepower powerplant capable of propelling the 56-ton K2 tank at speeds of up to 70 kilometers per hour. It features a high-efficiency combustio July 8, 2025
  • South Koreas economy stalls despite stimulus, KDI warns
    South Korea's economy stalls despite stimulus, KDI warns SEOUL, July 8 (AJP) - South Korea’s economy continues to lose steam despite the rollout of a supplementary budget earlier this year, the state-run Korea Development Institute said in its latest monthly report, highlighting persistent weakness in the construction sector and mounting external pressures. In its July economic trends report released Tuesday, the institute offered a downbeat assessment of the economy’s trajectory, stating that growth indicators remained &ldquo July 8, 2025
  • Insulin pump maker Sooil inks $21.6 million deal with Mediq
    Insulin pump maker Sooil inks $21.6 million deal with Mediq SEOUL, July 08 (AJP) - Sooil Development, a South Korean medical device company known for portable insulin pumps, says it has signed a four-year, 30 billion won (approximately $21.6 million) supply agreement with Mediq, Europe’s largest medical device distributor. The deal marks a significant step in Sooil’s effort to expand its footprint in Europe’s diabetes care market. Under the agreement, Sooil will supply Mediq with its Automated Insulin Delivery (AID) sy July 8, 2025
  • Trump says will impose 25 percent tariffs on all Korean goods starting August
    Trump says will impose 25 percent tariffs on all Korean goods starting August SEOUL, July 8 (AJP) - U.S. President Donald Trump has vowed to impose 25 percent tariffs on all South Korean goods starting Aug. 1, unless Seoul agrees to a new trade deal with the United States. In a letter posted to his social media platform, Trump gave the government of President Lee Jae Myung just three weeks to reach an agreement before the sweeping duties take effect. The announcement comes as his previous tariff measures are set to expire on Tuesday, heightening pressure o July 8, 2025
  • Samsung Electronics reports 55.9 percent drop in Q2 operating profit
    Samsung Electronics reports 55.9 percent drop in Q2 operating profit SEOUL, July 08 (AJP) - Samsung Electronics forecast a steep decline in its second-quarter operating profit, highlighting persistent challenges in the global tech industry despite signs of recovery in the semiconductor sector. The South Korean tech giant on Tuesday said it expects an operating profit of 4.6 trillion won, or approximately $3.5 billion, for the April to June period — down 55.9 percent from a year earlier. Revenue is projected to total 74 trillion won, a marg July 8, 2025
  • Hyundai Glovis deploys autonomous drones for inventory management at Georgia
    Hyundai Glovis deploys autonomous drones for inventory management at Georgia SEOUL, July 07 (AJP) - Hyundai Glovis said Monday it has introduced two autonomous drones at the Hyundai Motor Group Metaplant America (HMGMA) Consolidation Center in Ellabell, Georgia. The drones are being used to perform inventory inspections on semi-knockdown automotive parts, cutting average inspection times by more than 90 percent. Inspection cycles have been reduced from 300 minutes to just 30 minutes. Unlike conventional drones that rely on GPS, the Glovis system operates July 7, 2025
  • LG Electronics partners with Saudi institutions for extreme heat HVAC research
    LG Electronics partners with Saudi institutions for extreme heat HVAC research SEOUL, July 07 (AJP) - LG Electronics has entered into a joint research partnership with King Saud University, Pusan National University in South Korea, and Saudi-based distributor Shaker Group to develop HVAC technologies designed to withstand extreme heat in desert and tropical environments. The agreement, signed on July 3, will focus on testing LG’s residential and commercial air conditioning units in actual Saudi climate conditions. Researchers will collect data to enhan July 7, 2025
  • LG Electronics reports 46.6 percent drop in Q2 operating profit amid tariff pressures
    LG Electronics reports 46.6 percent drop in Q2 operating profit amid tariff pressures SEOUL, July 07 (AJP) - LG Electronics reported a 46.6 percent decline in second-quarter operating profit to 639.1 billion won ($491 million) as the South Korean appliance maker faced headwinds from the United States tariffs and weakened demand for televisions and IT products. Revenue fell 4.4 percent year-on-year to 20.74 trillion won in the April-June period, the company said in a preliminary earnings statement on Monday. The results reflect challenging operating conditions, in July 7, 2025
  • S. Korea, UK hold FTA upgrade talks in Seoul to strengthen partnership
    S. Korea, UK hold FTA upgrade talks in Seoul to strengthen partnership SEOUL, July 7 (AJP) - South Korea and the United Kingdom kicked off their fifth round of negotiations to upgrade their bilateral free trade agreement in Seoul, with about 60 delegates from both sides gathering in Seoul for five days of intensive talks. The negotiations, running from Monday through Friday, aim to modernize the Korea-UK FTA that was hastily signed after Britain's exit from the European Union. The original deal largely mirrored the terms of South Korea's existi July 7, 2025