Industry

  • Hyundai Glovis invests $145 million to acquire Asiana Airlines cargo unit
    Hyundai Glovis invests $145 million to acquire Asiana Airlines' cargo unit SEOUL, June 17 (AJP) - Hyundai Glovis has stepped up its ambitions in global air logistics, committing 200.6 billion won (approximately $145 million) to a private equity fund backing Air Incheon’s acquisition of Asiana Airlines’ cargo division. The move strengthens Glovis’s position in the freight sector and grants it preemptive rights in the event of a future sale of the combined cargo carrier. The investment was disclosed in a regulatory filing on June 16 an June 17, 2025
  • S. Korea plans $14 billion second supplementary budget to boost economy
    S. Korea plans $14 billion second supplementary budget to boost economy SEOUL, June 17 (AJP) - The South Korean government is expected to introduce a 20 trillion won (approximately $14.6 billion) supplementary budget on Thursday, part of a broader effort to revitalize the nation’s faltering export-driven economy. The proposal, which would mark the second supplementary budget of 2025, is scheduled for submission at the cabinet meeting on June 19. It follows a 13.8 trillion won stimulus package announced in May and is aimed at boosting domestic cons June 17, 2025
  • Samsung starts key meetings to chart course through geopolitical, trade turbulence
    Samsung starts key meetings to chart course through geopolitical, trade turbulence SEOUL, June 17 (AJP) - Samsung Electronics on Tuesday convened its biannual global strategy meeting at its headquarters in Seoul, gathering top executives and international subsidiary heads to chart a path forward. The four-day meeting, held each June and December, provides a forum for the South Korean firm's leadership to assess challenges across markets and divisions, and coordinate marketing and production strategies for the months ahead. This week’s meetings are l June 17, 2025
  • Korean biotech firms showcase innovation at BIO International Convention
    Korean biotech firms showcase innovation at BIO International Convention SEOUL, June 17 (AJP) - Global biotechnology leaders and emerging innovators have convened in Boston as the 2025 BIO International Convention opened, drawing an estimated 20,000 industry professionals from across the world. The four-day event, held at the Boston Convention and Exhibition Center, marks the 32nd edition of the world’s largest biotechnology trade show. “BIO 2025 offers Korean biotech companies an unparalleled global platform to showcase their technologies June 17, 2025
  • S. Korean companies evacuate employees from Israel amid escalating conflict
    S. Korean companies evacuate employees from Israel amid escalating conflict SEOUL, June 17 (AJP) - As military tensions between Israel and Iran continue to escalate, South Korea’s largest technology firms are relocating employees and implementing precautionary measures to safeguard their personnel in the region. Samsung Electronics and LG Electronics confirmed Tuesday that they have withdrawn South Korean staff and their families from Israel, relocating them to neighboring Jordan in response to growing security concerns. Samsung, which maintains June 17, 2025
  • As energy demands soar, Korea turns to small modular reactors
    As energy demands soar, Korea turns to small modular reactors SEOUL, June 16 (AJP) - As global electricity demand rises at an unprecedented pace — fueled by the growth of artificial intelligence, data centers, and high-performance computing — nuclear power is experiencing a resurgence. At the center of this renewed interest are small modular reactors, or SMRs, a next-generation nuclear technology that is gaining traction across the globe. South Korea, long a major player in nuclear energy, is now moving decisively to claim a stak June 17, 2025
  • G20 nations discuss stronger EPR cooperation for circular economy
    G20 nations discuss stronger EPR cooperation for circular economy SEOUL, June 16 (AJP) - G20 member states and international organizations gathered on Jun. 10 for a high-level webinar to examine global cooperation on Extended Producer Responsibility (EPR) systems, a cornerstone policy tool for advancing the circular economy. The webinar, held under the G20 Resource Efficiency Dialogue (RED), was hosted by South Africa, the 2024 G20 presidency, and organized by the G20 Environment and Climate Sustainability Working Group (ECSWG). The session focu June 16, 2025
  • Korea Zinc sends first shipment of antimony to US
    Korea Zinc sends first shipment of antimony to US SEOUL, June 16 (AJP) - Korea Zinc, South Korea’s sole producer of antimony, a mineral deemed critical for national defense, has shipped its first direct export of the material to the United States, according to the company officials on Monday. Roughly 20 metric tons of antimony were recently loaded onto a cargo vessel bound for Baltimore, Maryland, marking a significant milestone in Washington’s efforts to diversify sources of critical minerals and reduce its reliance on June 16, 2025
  • Korean gaming group condemns Tencents reported Nexon takeover bid
    Korean gaming group condemns Tencent's reported Nexon takeover bid SEOUL, June 16 (AJP) - A South Korean gaming industry association on Monday strongly condemned a reported bid by Chinese technology giant Tencent to acquire Nexon, one of South Korea’s largest game developers, calling the move a threat to the country’s “industrial sovereignty” and urging the government to intervene. In a statement, the Korea Game Society criticized what it described as “systematic domination attempts” by foreign entities to gain c June 16, 2025
  • US tariffs on steel-based appliances rattle key industry players of South Korea
    US tariffs on steel-based appliances rattle key industry players of South Korea SEOUL, June 16 (AJP) - South Korean manufacturers are facing mounting trade pressures as the United States escalates its protectionist policies under the Trump administration. In a fresh blow to exporters, the U.S. will impose new 50 percent tariffs on home appliances made from steel derivatives starting June 23, expanding a web of duties that now encompasses everything from industrial metals to consumer goods — and potentially, automobiles. Samsung Electronics and LG Ele June 16, 2025