Samsung SDI signs battery supply deal with German energy firm

SEOUL, June 11 (AJP) - Battery manufacturer Samsung SDI said on Wednesday that it has signed a new supply agreement with Tesvolt, a leading German energy storage company. While the company did not disclose the value or exact timing of the deal, a Samsung SDI spokesperson confirmed that executives from both firms met on May 8 regarding the agreement. The contract will see Samsung SDI deliver its flagship battery solution, the Samsung Battery Box, to Tesvolt by the end of June. The

June 11, 2025

Poland set to acquire 180 more K2 tanks from South Korea

SEOUL, June 11 (AJP) - Defense manufacturer Hyundai Rotem is close to finalizing a multibillion-dollar arms agreement with Poland, paving the way for the delivery of an additional 180 K2 main battle tanks. Valued at approximately 9 trillion won, or around $6 billion, the contract is expected to be signed by late June or early July, industry sourced close to the deal said Wednesday. If concluded, it would mark the largest single arms export deal in South Korea’s history an

June 11, 2025

PHOTOS: Global rhythms converge in Busan for dance festival

BUSAN, June 10 (AJP) - The 21st Busan International Dance Festival (BIDF) recently concluded, transforming the city into a vibrant hub of global dance from June 4 to 8. Performances captivated audiences at the Busan Cinema Center Theatre, a specially erected stage on Haeundae Beach, and other venues. This year's festival drew a diverse array of talent, featuring 30 dance companies from nine countries, including South Korea, Hungary, France, Canada, Japan, Singapore, Argenti

June 10, 2025

Lee invites Xi to APEC summit in first phone talks

SEOUL, June 10 (AJP) - President Lee Jae-myung spoke with Chinese President Xi Jinping over the phone on Tuesday. It was Lee's first conversation with Xi and his third with a foreign leader since taking office, after he talked with U.S. President Donald Trump last week and Japanese Prime Minister Shigeru Ishiba the previous day. In their phone conversation which lasted about 30 minutes, Xi congratulated Lee on his election earlier this month while expressing his hopes for &qu

June 10, 2025

Samsung Electronics sees surge in AI appliance sales

SEOUL, June 10 (AJP) - Samsung Electronics reported a sharp rise in sales of its flagship artificial intelligence-powered home appliances in the first five months of 2025. The company said sales of its AI-enhanced air conditioners, refrigerators, and washing machines grew significantly year-over-year between January and May, underscoring growing consumer appetite for connected, adaptive home devices. Sales of Samsung’s AI air conditioners — including both stand-alon

June 10, 2025

PHOTOS: Fire at historic Seoul temple extinguished

SEOUL, June 10 (AJP) - A fire that broke out Tuesday within the revered Jogyesa Temple compound in central Seoul was extinguished without any reported casualties, authorities said. The blaze originated in the international conference hall on the second floor of the Korean Buddhism History and Culture Memorial Hall, a building adjacent to the main temple. Firefighters brought the flames under control approximately 90 minutes after they began. Around 142 personnel and 35 fire veh

June 10, 2025

South Korea set to face Kuwait in final Asian qualifier after securing World Cup berth

SEOUL, June 10 (AJP) - South Korea is set to face Kuwait in a home match in Seoul on Tuesday evening, which serves as the final round of Asian qualifiers for next year's FIFA World Cup. After beating Iraq 2-0 in an away match last week, the country has already secured its berth for the quadrennial event, which will be co-hosted by Canada, Mexico and the U.S. next summer. Grouped with Iraq, Jordan, Kuwait, Oman and Palestine, South Korea has secured 19 points from five wins an

June 10, 2025

Musinsa aims to be gateway for Korean fashion abroad

SEOUL, June 10 (AJP) - South Korean fashion platform Musinsa on Tuesday unveiled an ambitious international expansion strategy, aiming to position itself as the leading conduit for domestic fashion brands seeking global markets. At a press briefing held at Dongdaemun Design Plaza in Seoul, CEO Park Jun-mo said the time is ripe for Korean fashion to capitalize on the global popularity of Korean culture. He noted that despite the international success of K-pop, television dramas, an

June 10, 2025

President Lee to meet corporate leaders this week

SEOUL, June 10 (AJP) - President Lee Jae-myung is set to hold his first meeting with the heads of largest conglomerates this week. The meetings are expected to take place Thursday or Friday at the presidential office in Yongsan, ahead of Lee’s departure for the Group of Seven summit in Canada, scheduled for June 15 to 17. The agenda is expected to focus on current economic challenges and the administration’s policy priorities. According to business people briefed on

June 10, 2025

Bank of Korea sounds alarm as won-backed stablecoin momentum builds

SEOUL, June 10 (AJP) - As interest in won-denominated stablecoins intensifies, the Bank of Korea is cautioning that a premature rollout could jeopardize the nation’s monetary stability. Central bank officials say that without carefully designed regulations, stablecoins could pose systemic risks and weaken the South Korean currency's status as legal tender. In response, the Bank of Korea will host a high-profile conference on July 1 to address the implications of stablec

June 10, 2025