China clears Unitree's $618 million Shanghai IPO in record time SEOUL, July 03 (AJP) - China's securities regulator has approved humanoid robot maker Unitree Robotics' initial public offering on Shanghai's STAR Market, clearing the company's final regulatory hurdle less than four months after it filed. The China Securities Regulatory Commission announced the approval on its website on Friday, according to industry sources. The clearance hands Unitree its "admission ticket" to become the first embodied AI company to list July 3, 2026

Canada-led global defense bank may include South Korea SEOUL, July 03 (AJP) - Canada plans to announce a group of about 10 countries expected to join a proposed global defense bank at next week’s NATO summit in Türkiye, with South Korea among the potential members, Reuters reported Thursday. Isabelle Hudon, chief executive of the Business Development Bank of Canada and Canada’s lead negotiator for the initiative, said Ottawa was working toward unveiling the founding members of the Defence, Security and Resilience Bank, July 3, 2026

Court terminates Homeplus rehabilitation bid SEOUL, July 03 (AJP) - The Seoul Bankruptcy Court terminated the corporate rehabilitation proceedings of Homeplus on Friday, putting South Korea's second-largest retail chain on a path toward bankruptcy unless a buyer steps forward in the coming weeks. Rehabilitation Division 4 of the court, headed by Jung Jun-young, president of the Seoul Bankruptcy Court, who presided over the case, ruled that the revised restructuring plan Homeplus submitted on June 30 was unlikely to succe July 3, 2026

Musinsa's overseas K-beauty sales jump 4.6-fold SEOUL, July 03 (AJP) - South Korean fashion platform Musinsa said on Friday that transactions in its global beauty business surged 4.6-fold in the first half of the year, driven by growing overseas demand for K-beauty products and an increase in cross-category purchases by fashion shoppers. The company's global store, which serves customers across 13 overseas markets including the United States, Japan and Southeast Asia, recorded a 361 percent increase in beauty transact July 3, 2026

Console prices climb in South Korea as chip shortage bites SEOUL, July 03 (AJP) - Nintendo, Sony and Microsoft have all raised console prices in South Korea, as a surge in memory chip costs ripples through the global electronics supply chain and pushes gaming hardware further out of reach for consumers. Nintendo Korea announced that its flagship console Switch 2 will rise to 758,000 won ($491.2) from 648,000 won starting September 1, a jump of about 17 percent. The company had already raised prices on its original Switch lineup in May. & July 3, 2026

Anthropic explores Samsung's 2nm process for custom AI chip SEOUL, July 03 (AJP) - Artificial intelligence startup Anthropic is considering Samsung Electronics' 2-nanometer manufacturing process for its first custom AI chip, potentially handing the South Korean company another marquee customer in its bid to challenge Taiwan Semiconductor Manufacturing Co.'s dominance of advanced chip production. U.S. technology publication The Information, citing people familiar with the matter, reported that Anthropic is evaluating Samsung Foundry July 3, 2026

Celltrion posts record preliminary second-quarter profit on biosimilar demand SEOUL, July 03 (AJP) - Celltrion announced that its preliminary second-quarter operating profit surged 77.3 percent from a year earlier to 430 billion won ($280 million), the biosimilar maker's strongest quarterly showing on record, pending final audited results. According to regulatory filings released Friday, preliminary revenue climbed 35.2 percent to 1.3 trillion won, with the operating margin widening to about 33 percent from 25 percent a year earlier as newer, higher-margi July 3, 2026

Hanwha cuts petrochemical prices amid Gulf cost pressures SEOUL, July 02 (AJP) - Hanwha Solutions said Thursday it will cut prices for major petrochemical products by up to 250,000 won ($161) per ton to ease cost pressures on plastics manufacturers after supply disruptions caused by the Iran war. The company will lower prices for products including polyethylene and polyvinyl chloride by between 100,000 won and 250,000 won per ton. Hanwha Solutions said the move is intended to share savings from government support for naphtha and other k July 2, 2026

AMCHAM launches AI leadership council to leverage alliance for AI supremacy SEOUL, July 02 (AJP) - The American Chamber of Commerce in Korea launched a new AI Leadership Council on Thursday, bringing together senior executives from major global technology, finance, manufacturing and mobility companies as South Korea seeks to sharpen its position in the intensifying global race for artificial intelligence. The council was unveiled at the AMCHAM AI Forum 2026, held at the Grand Hyatt Seoul under the theme “Powering Korea’s AI Future: Partnership July 2, 2026

Hyundai, Kia set record US sales in first half SEOUL, July 2 (AJP) - Hyundai Motor sold a record number of vehicles in the U.S. in the first half of this year, the automaker said on Thursday. Combined sales of Hyundai and its affiliate Kia totaled 920,383 vehicles in the first six months of this year, up 3 percent from a year earlier. Hyundai including its luxury brand Genesis sold 489,656 vehicles, while Kia sold 430,727. The record sales were attributed to an increase in sales of eco-friendly vehicles, which jumped 47 July 2, 2026