Industry

  • Embattled Korean food mogul apologizes to shareholders over controversies
    Embattled Korean food mogul apologizes to shareholders over controversies SEOUL, March 28 (AJP) - Celebrity chef and CEO of Theborn Korea, Baek Jong-won, apologized to shareholders Friday for recent controversies surrounding his restaurant franchise. Speaking at the company's first meeting with shareholders since being listed on South Korea's main stock exchange in November, Baek said he was reflecting on his failure to manage the business more thoroughly. The apology comes as Theborn Korea has faced a string of problems in recent months. The March 28, 2025
  • Hyundai expands US production capacity to 1.2 million vehicles
    Hyundai expands US production capacity to 1.2 million vehicles SEOUL, March 28 (AJP) - Hyundai Motor Group has formally inaugurated its newest manufacturing facility in the United States , establishing an annual production capacity of 1 million vehicles across its American operations. The new plant, Hyundai Motor Group Metaplant America (HMGMA), is located in Ellabell, Georgia, and is the centerpiece of the South Korean automaker’s ambitious strategy to expand its footprint in the U.S. electric vehicle market. The $8 billion facility March 28, 2025
  • As sellers go unpaid, questions mount around luxury platform Balaans finances
    As sellers go unpaid, questions mount around luxury platform Balaan's finances SEOUL, March 28 (AJP) - Balaan, a South Korean luxury goods platform, is facing mounting scrutiny over its financial stability after reports emerged of delayed payments to sellers and increasing concerns over the company’s liquidity. Tensions flared on Thursday when a group of sellers gathered at Balaan’s headquarters in Gangnam, Seoul, demanding overdue payments. The protest follows a series of unsettling developments that have led some industry analysts to draw pa March 28, 2025
  • Firms pledge donations to support wildfire recovery efforts
    Firms pledge donations to support wildfire recovery efforts SEOUL, March 27 (AJP) - An increasing number of South Korean companies have pledged significant donations to support recovery efforts after a series of wildfires ravaged communities. Samsung Group said it would contribute 3 billion won, or about $2.2 million, through the Korean Red Cross. The funds, pooled from eight of its affiliates — including Samsung Electronics, Samsung Display, and Samsung Life Insurance — will go toward relief and reconstruction in the hardest-h March 27, 2025
  • Homeplus extends discount events amid cash flow concerns
    Homeplus extends discount events amid cash flow concerns SEOUL, March 27 (AJP) - Homeplus, a major South Korean retail chain currently under court-managed restructuring, has announced a new weeklong sales event — its third in a month — as it seeks to stabilize operations and reassure customers amid mounting financial pressure. Branded the "Founding Customer Appreciation Festival," the promotion will run from March 27 to April 2 and follows two earlier discount campaigns: the annual “Homerun is Back” sal March 27, 2025
  • Trump announces 25% tariff on imported cars, raising concerns for Korean automakers
    Trump announces 25% tariff on imported cars, raising concerns for Korean automakers SEOUL, March 27 (AJP) - The United States will impose a 25 percent tariff on all imported vehicles not manufactured domestically, a measure that could have significant ramifications for South Korean automakers, particularly Hyundai Motor Group. “What we’re going to be doing is a 25 percent tariff on all cars that are not made in the United States,” U.S. President Donald Trump said during a press conference in the Oval Office. “If they are made in the United March 27, 2025
  • Sony evolves from post-war repair shop to global entertainment empire
    Sony evolves from post-war repair shop to global entertainment empire Editor's Note: This article is the 12th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 26 (AJP) - In the decades since its humble beginnings amid the rubble of postwar Japan, Sony has grown into a sprawling multinational force that sits at the crossroads of technology, entertainment, and gaming. The company’s reach today spans image sens March 27, 2025
  • LG Electronics ready to expand US production if Mexico faces tariffs
    LG Electronics ready to expand US production if Mexico faces tariffs SEOUL, March 26 (AJP) - LG Electronics is prepared to swiftly scale up production at its U.S. manufacturing facilities should the Trump administration impose new tariffs on Mexico, a key manufacturing base for the South Korean electronics giant, its CEO said. “As a last resort against tariffs, we have prepared the Tennessee factory site to produce everything from refrigerators to ovens,” said Jo Joo-wan, LG’s chief executive, during the company’s annual sha March 26, 2025
  • MBK, Homeplus, Lotte Card under FTC probe
    MBK, Homeplus, Lotte Card under FTC probe SEOUL, March 26 (AJP) - The Fair Trade Commission has launched an investigation into MBK Partners, Homeplus, and Lotte Card over allegations of unfair internal transactions, sources said Wednesday. Regulators dispatched investigators to the offices of the three companies on Tuesday to collect documents and other materials potentially related to violations of the country’s fair trade laws. At the center of the inquiry is whether Lotte Card offered preferential corporate ca March 26, 2025
  • Samsungs Lee Jae-yong visits BYD, signaling renewed China outreach
    Samsung's Lee Jae-yong visits BYD, signaling renewed China outreach SEOUL, March 25 (AJP) - Samsung Electronics Chairman Lee Jae-yong visited the headquarters of Chinese electric vehicle maker BYD in Shenzhen on Monday, stepping up his recent outreach in China just days after meeting with Xiaomi founder Lei Jun. BYD Chairman Wang Chuanfu personally welcomed Lee at the company’s offices, a BYD spokesperson confirmed, though declined to elaborate on their discussions. The visit highlights the growing strategic interest between the world&rsq March 25, 2025