South Korea unveils $10.2 billion emergency support for tariff-hit exporters

SEOUL, September 03 (AJP) - The South Korean government on Wednesday announced a sweeping 13.6 trillion won ($10.2 billion) relief package aimed at helping exporters weather U.S. tariffs, while expanding trade financing to a record 270 trillion won ($203 billion). The measures, unveiled during a joint meeting of economic ministers and industry officials, are designed to offset the burden of recently negotiated tariffs with Washington. Under the agreement, South Korea and the Un

September 3, 2025

Hyundai Motor union launches first strike in seven years amid wage standoff

SEOUL, September 3 (AJP) - Hyundai Motor Company’s labor union began a partial strike on Wednesday, ending a rare seven-year stretch of labor peace at South Korea’s largest automaker as wage talks collapsed. The union stages two-hour work stoppages during morning and afternoon shifts at the company’s domestic plants on Wednesday and Thursday, and plans to extend the walkout to four hours on Friday. The action halts production across Hyundai’s key facilities i

September 3, 2025

Elderly poverty in South Korea projected to spike by 2050 without pension reform

SEOUL, September 2 (AJP) - South Korea's elderly poverty rate could soar to more than 40 percent within the next 25 years if the current pension system remains unchanged, according to a government-affiliated research report disclosed on Tuesday. The report, released last December by researchers at the National Pension Research Institute, projected that under the existing system, which sets the income replacement rate at 40 percent and the contribution rate at 9 percent, the el

September 2, 2025

UNICEF sends 2.7 million vaccines to North Korea this year to restore routine immunization

SEOUL, September 02 (AJP) - North Korea has received nearly 2.72 million vaccine doses this year through UNICEF, restoring nationwide immunization services disrupted during the pandemic, A United Nations official told AJP through a written interview. Roland Kupka, UNICEF's interim representative to North Korea, said that three chartered flights delivered 1.57 million Pentavalent, 678,000 Measles-Rubella (MR), and 469,000 Inactivated Polio Vaccine (IPV) as of August this year.

September 2, 2025

Lotte Biologics signs manufacturing deal for immunotherapy drug with US firm

SEOUL, September 02 (AJP) - Lotte Biologics said Tuesday it had signed a manufacturing agreement with a U.S. biotechnology company to produce an experimental immunotherapy. The deal, which runs through 2030, covers late-stage clinical trials and potential commercialization of the drug candidate, which is being tested across multiple disease indications. The name of the client company was not disclosed under confidentiality terms. Lotte Biologics, a unit of the Lotte conglomerat

September 2, 2025

Korea's chaebol families add nearly $25 billion in wealth in first half of 2025

SEOUL, September 02 (AJP) - The fortunes of South Korea’s largest business dynasties swelled in the first half of the year, buoyed by rising share prices in their sprawling corporate empires, according to data released Tuesday. Combined assets held by the owner families of the country’s 50 biggest conglomerates rose by nearly 33 trillion won, or about $24.8 billion, between January and August, research firm Leaders Index said. Their holdings were valued at 144.4 tri

September 2, 2025

Hanwha showcases submarines, weapons systems in bid for Polish defense contracts

SEOUL, September 02 (AJP) - Hanwha Group said Tuesday its three defense affiliates were taking part in Eastern Europe’s largest arms fair this week, as the South Korean conglomerate looks to strengthen its foothold in Poland and compete for a major submarine modernization program. From Sept. 2 to 5, Hanwha Aerospace, Hanwha Systems and Hanwha Ocean are exhibiting at the 33rd International Defense Industry Exhibition, or MSPO 2025, in Kielce, Poland. The companies have set

September 2, 2025

[K-Tech] UNIST develops AI system to spot microscopic assembly defects in seconds

SEOUL, September 02 (AJP) - The Ulsan National Institute of Science and Technology said Tuesday it had developed an artificial intelligence-based inspection system that can detect microscopic assembly defects in less than three seconds, a breakthrough that could speed up manufacturing and cut costs across multiple industries. The system, designed by a team led by Professor Jung Im-doo of the university’s Department of Mechanical Engineering, uses a “smart jig” &m

September 2, 2025

KAIST uncovers hidden mechanism in next-generation memory technology

SEOUL, September 02 (AJP) - Researchers at the Korea Advanced Institute of Science and Technology (KAIST) have successfully visualized, for the first time, how tiny particles inside memory devices move and interact when data is written and erased. The discovery could help make future memory chips faster, smaller, and more reliable — a major breakthrough for next-generation computing and artificial intelligence. On September 2, 2025, KAIST announced that two research teams, l

September 2, 2025

President Lee to speak at UN General Assembly later this month

SEOUL, September 2 (AJP) - South Korean President Lee Jae Myung will attend the United Nations General Assembly in New York later this month. According to the presidential office, Lee will deliver a keynote address on September 23 and chair an open debate of the Security Council the following day. In his keynote speech, Lee will share South Korea's experience of overcoming difficulties after the Korean War, as well as recovery and development in politics and the economy, and

September 2, 2025