Nearly 20,000 firms became 1st-time exporters last year, highest in 5 years SEOUL, August 3 (AJP) - Nearly 20,000 South Korean companies exported goods for the first time last year, the highest number in five years, according to data released by the Korea Customs Service (KCS) on Monday. The number of first-time exporters with no export record in the previous three years rose 3.7 percent from a year earlier to 19,746 in 2025, while their combined exports increased 13.2 percent to US$6.9 billion, the highest level since 2019. By product, machinery and com August 3, 2026

Shift Up defends AI-made music video after gamer backlash SEOUL, August 03 (AJP) - South Korean game developer Shift Up has defended a promotional music video created with generative artificial intelligence after players in Korea and abroad criticized its use of the technology and the quality of the finished product. The studio on July 31 released the song "Wanna be in LOVE" and an accompanying music video on social media, previewing a soundtrack for its forthcoming title "Stellar Blade: Blood Rain." The clip shows t August 3, 2026

Hyundai Steel's Q2 profit slides 43% on year despite quarterly rebound SEOUL, August 03 (AJP) - Hyundai Steel, South Korea's second-largest steelmaker, revealed that its second-quarter operating profit tumbled about 43 percent from a year earlier. According to regulatory filings released Monday, the steelmaker posted an operating profit of 57.7 billion won ($40.3 million) for the three months ended June, down 43.3 percent from a year earlier. Net profit came in at 12.1 billion won, while revenue edged up 2.7 percent on year to 6.11 trillion won. August 3, 2026

Lee maps Korea's AI supply chain from Silicon Valley to Latin America SEOUL, August 03 (AJP) - President Lee Jae Myung returned to Seoul on Monday from an 11-day trip that broadened South Korea's AI supply chain map to Latin America, securing commitments on rare earths, copper, lithium and crude oil needed to underpin the country's ambition of becoming an artificial intelligence powerhouse. The tour effectively connected both ends of the AI ecosystem. In San Francisco, Lee sought partnerships with Nvidia, Broadcom, OpenAI and Anthropic to stre August 3, 2026

Hyundai, Kia post record US sales in July SEOUL, August 3 (AJP) - Hyundai Motor and affiliate Kia posted record U.S. sales in July, fueled by strong demand for hybrid vehicles. According to figures released by the automakers on Monday, their combined U.S. sales totaled 165,284 vehicles in July, up 5 percent from a year earlier. Hyundai Motor including its luxury brand Genesis sold 89,427 units, while Kia sold 75,857 units, with both companies achieving their highest-ever sales for the month. Sales of Hyundai's E August 3, 2026

South Korea to open mine clearance work to private sector SEOUL, August 03 (AJP) - South Korea will allow qualified private organizations to take part in mine detection and clearance work as part of a new five-year plan to reform how the country manages landmines no longer needed for military purposes, the defense ministry said Monday. The Ministry of National Defense said it has finalized its first five-year mine action plan, which will run from 2027 to 2031. Under the plan, mine clearance will no longer be treated mainly as a military August 3, 2026

Jeju Air to replace aging fleet with more efficient jets SEOUL, August 3 (AJP) - Jeju Air has added its 13th Boeing 737-8 aircraft, with plans to purchase two more by the end of this year, the budget airline said on Monday. Jeju Air said it is the only South Korean low-cost carrier that owns its aircraft, and with the latest addition, next-generation aircraft now make up 30.2 percent of its passenger fleet. It is part of the carrier's strategic move to replace its Boeing 737-800NG aircraft with Boeing 737-8 jets to reduce costs, August 3, 2026

LG Electronics pushes deeper into Asia commercial laundry market with Thailand franchise deal SEOUL, August 03 (AJP) - LG Electronics is accelerating its push into Asia's commercial laundry market after securing a supply deal with one of Thailand's largest laundromat chains, extending its business-to-business expansion beyond its established North American and European markets. The company said Trendy Wash selected its commercial laundry products based on their durability, energy efficiency and centralized store management capabilities. LG is also expanding its August 3, 2026

S-Oil returns to profit in second quarter on firm refining margins SEOUL, August 03 (AJP) - South Korea's S-Oil swung to a second-quarter operating profit as robust refining margins and record lubricant spreads outweighed a sharp drop in crude prices. According to regulatory filings released Monday, operating profit came in at 965.0 billion won ($674.2 million) for the three months ended June, reversing a year-earlier operating loss of 344.0 billion won. Revenue climbed 40.9 percent from a year earlier to 11.34 trillion won, lifted by elevat August 3, 2026

Korea seeks emergency power to slash leverage on single-stock funds SEOUL, August 02 (AJP) - South Korea's financial regulators are moving to arm themselves with emergency authority to unilaterally cut the leverage ratio on single-stock funds, escalating a campaign to tame the wild swings that have gripped the country's stock market. Industry sources say Sunday that the Financial Services Commission and the Financial Supervisory Service they would push an amendment to the capital markets act that would allow authorities to act swiftly to sta August 2, 2026