Majority of South Korean firms look to reenter Russian market once war ends

SEOUL, August 12 (AJP) - Amid Russia's prolonged war against Ukraine, a majority of South Korean companies that previously operated in Russia hope to return to the market, a new survey suggests. According to a report based on the survey of some 528 companies and released on Tuesday by the Korea International Trade Association (KITA), some 79.2 percent of South Korean firms that halted exports to Moscow due to the war expressed their intention to return to the market. The main

August 12, 2025

Forum marks first year of formalizing South Korea's diplomatic relations with Cuba

Participants pose for a photo at a forum at Hankuk University of Foreign Studies in Seoul on Aug. 11, 2025. AJP Han Jun-gu SEOUL, August 12 (AJP) - Academic scholars, diplomats and other government officials gathered for a forum at Hankuk University of Foreign Studies in Seoul on Monday. Hosted by the university's Institute of Latin American Studies, the forum was held to celebrate the formalization of diplomatic relations between South Korea and Cuba about a year ago, with participa

August 12, 2025

Hyundai Steel signs deal for joint global CCUS hub project

SEOUL, August 12 (AJP) - Hyundai Steel has signed a deal with several global steelmakers and related companies for a joint research project to identify hub sites for carbon capture, utilization and storage (CCUS), the company said on Monday. CCUS is a set of technologies that capture carbon dioxide generated during steelmaking, then either use it for various applications or permanently store it underground to prevent its release into the atmosphere. The project, led by global eng

August 12, 2025

CJ CheilJedang posts sales drop amid slowdown in domestic consumption

SEOUL, August 12 (AJP) - Food manufacturer CJ CheilJedang posted an operating profit of 353.1 billion won or approximately US$253.8 million in the second quarter, down about 7 percent as domestic consumption remains sluggish, despite robust sales in overseas markets. According to financial reports released on Tuesday, the country's largest food giant's consolidated revenue including sales from its logistics unit stood at 7.24 trillion won in the period between April and June

August 12, 2025

Samsung seeks to capitalize on US push for domestic chip production

SEOUL, August 11 (AJP) - Samsung Electronics aims to capitalize on rising U.S. demand for domestically produced advanced semiconductors, with plans to begin cutting-edge 2-nanometer production at its facility in Taylor, Texas starting next year while rival TSMC maintains a Taiwan-first strategy. The South Korean chipmaker is installing 2-nm production equipment at the plant with aims to start operations by 2026, according to industry sources on Sunday. Samsung and TSMC are the tw

August 11, 2025

Lee's first pardon includes slew of 'controversial' political figures

SEOUL, August 11 (AJP) - President Lee Jae-myung has decided to pardon a slew of politicians and several others to mark the 80th anniversary of Liberation Day which falls on this Friday, despite some public criticism that is likely to stir a fresh round of political disputes. The decision was made at a cabinet meeting chaired by Lee on Monday, just a day after his return from a weeklong summer vacation. According to the Ministry of Justice, the special amnesty aimed at "prom

August 11, 2025

South Korea seeks tariff exemption for polysilicon exports to US

SEOUL, August 11 (AJP) - South Korea is seeking an exemption from possible restrictions on polysilicon exports to the U.S. According to a document submitted to the U.S. Commerce Department early last week and disclosed in the Federal Register on Sunday, Seoul requested "special consideration" to exempt South Korean companies from potential import restrictions on polysilicon, a key material for solar panels and semiconductors. The request was made amid U.S. President Don

August 11, 2025

Top online bookstore suffers another ransomware attack

SEOUL, August 11 (AJP) - Online bookstore Yes24 suffered another ransomware breach on Monday, just two months after its previous attack in June, raising alarming concerns about data security. The latest attack comes amid security experts' warnings that the country's largest bookstore's decision to negotiate with hackers during the initial June incident may have made it an easy target for future attacks. The firm said the incident occurred at around 4:30 a.m., but the

August 11, 2025

KHNP begins on-site survey for nuclear power plant project in Czech Republic

SEOUL, August 11 (AJP) - Korea Hydro & Nuclear Power (KHNP) began the first stage of its project for building a nuclear power plant in Dukovany, Czech Republic by conducting an on-site survey with a launch ceremony last week. The year-long survey, scheduled to conclude by August next year, will examine the characteristics of the proposed construction site to provide essential data for the plant's design. The ceremony last Saturday was attended by KHNP President and CEO Hw

August 11, 2025

Consumers feel the pinch as grocery prices soar

SEOUL, August 11 (AJP) - Grocery and food prices jumped 3.5 percent in July from a year earlier, marking the sharpest increase in recent months as the costs of rice, instant noodles and seafood soared, market data showed on Monday. An index gauging the prices of food and non-alcoholic beverages, compiled by the KOrean Statistical Information Service (KOSIS), climbed to 125.75 last month, adding pressure on households already strained by rising costs including a recent hike in public

August 11, 2025