Hyundai Glovis invests $145 million to acquire Asiana Airlines' cargo unit

SEOUL, June 17 (AJP) - Hyundai Glovis has stepped up its ambitions in global air logistics, committing 200.6 billion won (approximately $145 million) to a private equity fund backing Air Incheon’s acquisition of Asiana Airlines’ cargo division. The move strengthens Glovis’s position in the freight sector and grants it preemptive rights in the event of a future sale of the combined cargo carrier. The investment was disclosed in a regulatory filing on June 16 an

June 17, 2025

TRAVEL: A taste of Busan's past and future at Jagalchi Market

SEOUL, June 17 (AJP) - Nestled along the vibrant Nampo-dong beachfront in Busan, Jagalchi Market stands as an enduring symbol of the city's rich maritime heritage. For well over a century, this bustling hub has drawn both local residents and a steady stream of international visitors, making it an essential stop for anyone exploring Busan. The market’s origins trace back to 1922, when a consignment sales center for the Busan Fisheries Cooperative was established on thi

June 17, 2025

S. Korea plans $14 billion second supplementary budget to boost economy

SEOUL, June 17 (AJP) - The South Korean government is expected to introduce a 20 trillion won (approximately $14.6 billion) supplementary budget on Thursday, part of a broader effort to revitalize the nation’s faltering export-driven economy. The proposal, which would mark the second supplementary budget of 2025, is scheduled for submission at the cabinet meeting on June 19. It follows a 13.8 trillion won stimulus package announced in May and is aimed at boosting domestic cons

June 17, 2025

South Korea slides in global competitiveness ranking

SEOUL, June 17 (AJP) - South Korea fell seven notches to 27th place in global competitiveness rankings, according to a report released by the International Institute for Management Development (IMD) on Tuesday. The annual report by the Swiss business school, which ranks some 69 countries around the world based on four key categories — economic performance, government efficiency, business efficiency, and infrastructure — placed South Korea at 27th, down from 20th last yea

June 17, 2025

Samsung starts key meetings to chart course through geopolitical, trade turbulence

SEOUL, June 17 (AJP) - Samsung Electronics on Tuesday convened its biannual global strategy meeting at its headquarters in Seoul, gathering top executives and international subsidiary heads to chart a path forward. The four-day meeting, held each June and December, provides a forum for the South Korean firm's leadership to assess challenges across markets and divisions, and coordinate marketing and production strategies for the months ahead. This week’s meetings are l

June 17, 2025

Korean biotech firms showcase innovation at BIO International Convention

SEOUL, June 17 (AJP) - Global biotechnology leaders and emerging innovators have convened in Boston as the 2025 BIO International Convention opened, drawing an estimated 20,000 industry professionals from across the world. The four-day event, held at the Boston Convention and Exhibition Center, marks the 32nd edition of the world’s largest biotechnology trade show. “BIO 2025 offers Korean biotech companies an unparalleled global platform to showcase their technologies

June 17, 2025

S. Korean companies evacuate employees from Israel amid escalating conflict

SEOUL, June 17 (AJP) - As military tensions between Israel and Iran continue to escalate, South Korea’s largest technology firms are relocating employees and implementing precautionary measures to safeguard their personnel in the region. Samsung Electronics and LG Electronics confirmed Tuesday that they have withdrawn South Korean staff and their families from Israel, relocating them to neighboring Jordan in response to growing security concerns. Samsung, which maintains

June 17, 2025

As energy demands soar, Korea turns to small modular reactors

SEOUL, June 16 (AJP) - As global electricity demand rises at an unprecedented pace — fueled by the growth of artificial intelligence, data centers, and high-performance computing — nuclear power is experiencing a resurgence. At the center of this renewed interest are small modular reactors, or SMRs, a next-generation nuclear technology that is gaining traction across the globe. South Korea, long a major player in nuclear energy, is now moving decisively to claim a stak

June 17, 2025

G20 nations discuss stronger EPR cooperation for circular economy

SEOUL, June 16 (AJP) - G20 member states and international organizations gathered on Jun. 10 for a high-level webinar to examine global cooperation on Extended Producer Responsibility (EPR) systems, a cornerstone policy tool for advancing the circular economy. The webinar, held under the G20 Resource Efficiency Dialogue (RED), was hosted by South Africa, the 2024 G20 presidency, and organized by the G20 Environment and Climate Sustainability Working Group (ECSWG). The session focu

June 16, 2025

Lee embarks on first overseas trip to Canada for G7 summit

SEOUL, June 16 (AJP) - President Lee Jae-myung on Monday left for Canada along with first lady Kim Hye-kyung to attend the Group of Seven (G7) summit. This marks his first overseas trip since taking office earlier this month, making him the fastest among South Korean presidents to do so, unlike his predecessors who usually spent two to three months settling in before traveling abroad. The G7 summit brings together leaders of the G7 countries — Canada, France, Germany, Italy, J

June 16, 2025