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New Agreements Needed for CPTPP Membership "If Mexican agricultural products come in, our farmers will face even more difficulties. While it is said to be necessary for the development of the Korean economy, I fear that the measures for farmers will be mere window dressing, just like during the Korea-China Free Trade Agreement (FTA) negotiations."This was the sentiment expressed by an agricultural industry representative during a recent meeting. The agricultural sector is closely monitoring the governments push for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Following a press conference attended by hundreds of farmers, large-scale protests are also being considered.The discussion was ignited by Minister of Trade, Industry and Energy Kim Jeong-kwan, who stated during a presidential briefing on August 4 that the government would consider joining the CPTPP to secure new markets in ASEAN and Mexico and to expand exports of K-content. He further formalized the discussion at a forum, asserting, "It is rather strange for a trading nation like Korea not to join the CPTPP."The agricultural sector, which had felt relieved after successfully blocking agricultural imports during tariff negotiations with the United States, was taken aback. Joining the CPTPP could allow agricultural and fishery products from countries without an FTA with Korea to enter at lower tariffs. Since Korea has not signed an FTA with countries like Mexico among the CPTPP members, there are concerns that products such as Mexican peppers and avocados could enter Korea duty-free.The potential acceleration of market opening during the CPTPP membership process is also heightening farmers concerns. The CPTPP has a higher rate of tariff elimination for agricultural products among member countries compared to existing FTAs, and it is more challenging to set exceptions. This raises fears that the impact on farmers could be greater than that of past bilateral FTAs.The concerns of the agricultural sector regarding CPTPP membership appear to be valid. Recent analyses suggest that the decrease in agricultural production could be greater than during the 2022 discussions on CPTPP membership, as the number of member countries and the scale of trade have both increased since then. Additionally, the fact that the fund for rural cooperation established during the Korea-China FTA negotiations only raised about 30% of its target amount remains a significant concern. This has led to widespread skepticism in the agricultural community about the effectiveness of any proposed measures.However, many experts believe that Koreas membership in the CPTPP is inevitable. Free trade agreements are seen as one of the avenues to maximize exports. Notably, Mexico is a key export market for major Korean products such as automobiles, auto parts, steel, and machinery, and it could serve as a gateway for Koreas entry into North America. This could signal a new direction for the Korean economy in search of growth engines beyond semiconductors.The economic benefits are also expected to be substantial. The Korea Institute for International Economic Policy (KIEP) previously analyzed that joining the CPTPP could increase Koreas real GDP by 0.33% to 0.35% and consumer welfare by $3 billion. The Korea Institute for Industrial Economics and Trade also projected that Koreas net exports could increase by an average of $600 million to $900 million annually over 15 years if it joins.Nevertheless, there should be no agreements that sacrifice the agricultural sector unilaterally, as it is a vital national industry responsible for the countrys food supply. Practical safety measures must be established to minimize the damage to farmers from market opening. The previous voluntary contributions to the rural cooperation fund have proven ineffective.There needs to be a new agreement that can be legislated. Currently, the United States is pushing for the Farm, Food, and National Security Act to elevate agriculture as a national industry. The Korean government can learn from this. If it pursues legislation and corresponding policies, persuading farmers may not be as difficult as it seems.Some experts emphasize the need to treat farmers like quasi-public servants. Given the importance of agriculture in the era of climate crisis, the government should more actively support their livelihoods, with suggestions including increasing direct payments.The significance of agriculture is growing in the context of the climate crisis. It is widely recognized that enhancing food self-sufficiency is crucial to avoid being swayed by external variables. If trade is restricted to protect farmers, economic growth could be hampered. It is essential to devise new measures for the development of the agricultural sector while also ensuring the creation of national wealth. Membership in the CPTPP is no longer a matter of avoidance or delay.* This article has been translated by AI. September 9, 2026 1 -
New '8-Week Rule' for Auto Insurance Takes Effect on September 10 Starting September 10, a new regulation known as the 8-week rule will require minor injury patients to undergo a review if they need treatment exceeding eight weeks following a traffic accident. The aim is to reduce excessive long-term treatment costs and alleviate the burden of rising auto insurance premiums. However, there are concerns that this could lead to a balloon effect, with increased focus on intensive treatment or higher injury classifications within the eight-week period.According to the insurance industry, the revised enforcement decree of the Automobile Damage Compensation Guarantee Act will take effect on September 10, applying to accidents occurring after that date.Under the new system, minor injury patients classified in injury grades 12 to 14 will need to provide documentation proving the necessity for treatment beyond eight weeks, including details on the severity of their injuries and treatment progress.If patients submit the required documentation to their insurance company within seven weeks of the accident, the insurer will forward it to the Automobile Damage Compensation Promotion Agency (ADCPA). The ADCPA will review the necessity for long-term treatment and appropriate treatment duration within seven days of receiving the documentation, notifying both the patient and the insurer. Patients who disagree with the decision can request a re-evaluation from the Dispute Mediation Committee within seven days of receiving the notification.Patients seeking treatment beyond four weeks will still need to submit a medical certificate as required by the insurer. However, the process has been strengthened to include additional reviews by the ADCPA for those needing treatment beyond eight weeks.The government has established this review process due to the rapid increase in treatment costs for minor injury patients. According to the Ministry of Land, Infrastructure and Transport, the number of minor injury patients decreased from 1.554 million in 2019 to 1.488 million in 2024. In contrast, treatment costs rose from 1 trillion won to 1.41 trillion won during the same period, reflecting an average annual increase of 7.0%.Auto insurance profitability is also declining. The Financial Supervisory Service reported that the loss ratio for auto insurance rose from 80.7% in 2023 to 83.8% in 2024, and further to 87.5% in 2025. The insurance industry shifted from a profit of 553.9 billion won in 2023 to a loss of 9.7 billion won in 2024, with losses expanding to 708 billion won last year.The Insurance Research Institute estimates that if the 8-week rule is successfully implemented, excessive long-term treatment could decrease, improving the loss ratio by 2 to 3 percentage points. Considering that the annual gross premium for auto insurance is around 20 trillion won, a 3 percentage point reduction in the loss ratio could lower insurance payouts by approximately 600 billion won. However, actual premium rates are also influenced by accident rates, maintenance costs, and parts prices, meaning that improvements in the loss ratio may not directly lead to lower premiums.It is expected that it will take time to assess the practical effects of the new system. The new regulations will only apply to accidents occurring after September 10, and there may be a balloon effect where patients increase the number of treatments or utilize expensive procedures within the eight-week period before being subject to review.There are also concerns that the number of patients diagnosed with grade 11 injuries may increase. Patients diagnosed with conditions such as concussions or herniated discs may avoid the 8-week rule, potentially leading to higher injury classifications. However, actual changes in diagnoses and insurance claims will need to be confirmed through statistics after the implementation of the new system.Critics have raised concerns that patients rights to treatment may be compromised. Even within the same injury grade, recovery times can vary based on factors such as age, pre-existing conditions, and disabilities, raising questions about the appropriateness of a uniform treatment duration for assessing the need for long-term care. The procedures for patients who fail to submit documentation on time or are denied recognition of their need for long-term treatment will also need to be evaluated to ensure the systems effectiveness.As a result, experts suggest that in addition to monitoring the number of long-term treatment patients, it is essential to examine the treatment costs and frequency of visits for patients within the eight-week period, as well as the proportion of patients by injury grade, to assess the effectiveness of the new system.An industry representative stated, We need to look not only at whether the number of long-term treatment patients decreases but also at whether the frequency of visits and treatment costs for patients within eight weeks, as well as the number of grade 11 diagnoses, are increasing. It is necessary to develop supplementary measures based on the results of the implementation to prevent balloon effects or new forms of insurance payout leakage.* This article has been translated by AI. September 9, 2026 1
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Hanwha Life Insurance Service Secures Patent for Auto Insurance Quote Accuracy Hanwha Life Insurance Service has obtained a patent for technology that automatically detects discrepancies between auto insurance comparison quotes and actual premiums.On September 9, Hanwha Life Insurance Service announced that it has secured a patent for a feature that automatically verifies the accuracy of insurance premiums during the auto insurance comparison process.In the field of insurance sales, agents use comparison systems to simultaneously check auto insurance premiums from various companies and recommend the most favorable products to customers. However, differences in discount criteria and rates among insurers, as well as the timing of when premium calculation information is reflected in the comparison system, have sometimes led to discrepancies between quoted amounts and final premiums.The technology developed by Hanwha Life Insurance Service compares the estimated premiums generated by the comparison system with the final calculated amounts from the insurers networks in real-time. If the two amounts differ, the system automatically alerts the agent, allowing them to verify the discrepancy before informing the customer.The company expects this will reduce the inconvenience of recalculating quotes or notifying customers of changes in amounts due to premium differences.Currently, Hanwha Life Insurance Service is operating this feature in partnership with Hanwha General Insurance. Plans are in place to gradually expand partnerships with other insurance companies to enhance the accuracy of comparison quotes.Lee Kyung-seop, head of the Personal Sales Division at Hanwha Life Insurance Service, stated, “This technology was developed to improve the accuracy of auto insurance comparison quotes and reduce customer inconvenience. We will continue to enhance related features to provide accurate and transparent insurance information.” September 9, 2026 1
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Kia Launches Customized Era for Purpose-Built Vehicles with PV5, PV7, and PV9 Kia is accelerating its entry into the personalized mobility market with a two-track strategy that includes advanced production technology at its purpose-built vehicle (PBV) dedicated smart factory and the production of customized conversion models. On September 9, Kia announced that it held a PBV production hub tech day at AutoLand Hwaseong in Gyeonggi Province the previous day. The events slogan was, Where all possibilities begin, Kia PBV production hub. During the event, Kia presented various advancements, including robotics technology applied across assembly, logistics, and inspection processes; a data-driven quality management system; a dedicated development system for conversion linked to base vehicle development; the current status of PBV conversion center operations; and support measures for external specialty vehicle manufacturers. The PV5 has sold over 39,000 units globally as of last month, demonstrating Kias vision for personalized mobility. Despite entering the competitive European light commercial vehicle market as a latecomer, inquiries about the large electrified PBV model PV7, set to launch next year, continue to grow. AutoLand Hwaseong will also be responsible for the production of the PV7 and PV9. Kia plans to establish itself as a PBV production hub that provides high-quality, customized vehicles based on advanced production technology and a flexible conversion system. Kia is implementing a multi-model flexible production system, optimal automation systems, and a data-driven next-generation quality management system at its PBV dedicated factory, Hwaseong EVO Plant. This approach aims to effectively respond to the diverse PBV demands based on customers various purposes and usage environments. Soeun Young, Executive Director of Kias AutoLand Hwaseong plant, stated, AutoLand Hwaseong is more than just a vehicle manufacturing plant; it is a PBV production hub that realizes the diverse ideas and needs of customers and partners into mobility solutions. We will continue to enhance smart manufacturing technologies and the conversion ecosystem to provide customers with broader choices and create various possibilities in mobility with our partners. Meanwhile, Kia will unveil the PV7 for the first time at the IAA Transportation 2026 event in Hanover, Germany, on September 14.* This article has been translated by AI. September 9, 2026 0
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Hyundai Motor Group to Advance Payments to Over 6,000 Suppliers Before Chuseok Hyundai Motor Group announced on September 9 that it will advance payments to its suppliers to alleviate their financial burdens ahead of the Chuseok holiday. The total amount of the payments is 2.2562 trillion won, which is up to 23 days earlier than the original payment dates.This early payment initiative involves major affiliates of Hyundai Motor Group, including Hyundai Motor, Kia, Hyundai Mobis, Hyundai Engineering & Construction, Hyundai Steel, Hyundai Glovis, Hyundai Transys, Hyundai Wia, Hyundai AutoEver, Hyundai Rotem, Hyundai Engineering, and Hyundai Kefico. The program targets over 6,000 suppliers dealing in parts, raw materials, and consumables.The move aims to ease the financial strain on suppliers, who face increased expenses for employee bonuses and various wages, as well as payments for raw materials, during the Chuseok season. This is intended to help stabilize their operations and contribute to the vitality of the local economy.Hyundai Motor Group has also encouraged first-tier suppliers to advance payments to second- and third-tier suppliers. This approach is designed to reduce financial uncertainty for these lower-tier suppliers and promote a positive cycle of early payments throughout the supply chain.Additionally, employees of Hyundai Motor Group will engage in various community support activities to ensure that their neighbors can enjoy a more abundant and warm Chuseok holiday. They plan to deliver essential goods and meals to vulnerable groups and participate in volunteer activities, as well as support traditional markets and local farmers.A representative from Hyundai Motor Group stated, In light of the concentrated financial demands during the Chuseok holiday, we are advancing payments to our suppliers and engaging in volunteer activities to support traditional markets and local farmers. We will continue to work towards creating a cooperative ecosystem where suppliers and the local community can grow and share value together. September 9, 2026 0
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Market Capitalization Rankings Shift Dramatically in One Year The market capitalization rankings in South Korea have undergone significant changes over the past year. More than half of the traded stocks have fluctuated by over 100 ranks. Among the top 100 companies by market capitalization, 11 new names have emerged, indicating substantial shifts in the valuations of listed firms. The stock that saw the most significant rise in ranking was Gaon Cable.According to the Korea Exchange, a comparison of market capitalization rankings for KOSPI and KOSDAQ listed companies from September 5 of last year to September 7 of this year revealed that out of 2,778 stocks traded at both points in time, 1,554 (55.9%) experienced changes of over 100 ranks.Of these, 699 stocks rose by more than 100 ranks, while 855 stocks fell by the same margin. Additionally, 972 stocks saw fluctuations of over 200 ranks, with 615 moving by more than 300 ranks and 287 changing by over 500 ranks.Notable changes were also observed among the top market capitalization companies. Over the past year, 11 companies in the top 100 rankings have been replaced.Jusung Engineering stood out with a remarkable rise, jumping from 246th place last year to 78th this year, a leap of 168 ranks into the top 100. Gaon Cable moved up from 301st to 89th, gaining 212 ranks.Daewoo Engineering & Construction also saw a significant increase, rising from 218th to 85th, a gain of 133 ranks. HD Hyundai Construction Equipment climbed from 211th to 91st, a rise of 120 ranks. LG Innotek, previously outside the top 100, moved up from 112th to 57th, while GS rose from 110th to 62nd, and Hyundai AutoEver advanced from 104th to 65th. Isu Petasys entered the top 100, moving from 103rd to 81st. Sanil Electric climbed from 130th to 98th, and Hanmi Pharmaceutical rose from 115th to 99th.Conversely, several companies have fallen out of the top 100. Peptron dropped from 73rd to 136th, a decline of 63 ranks, while Pharmarise fell from 81st to 131st. LG Display also slipped from 85th to 115th, exiting the top 100.The significant movements in market capitalization rankings over the past year suggest considerable differentiation in stock prices among companies. The frequent changes in the top 100 rankings reflect this trend.This trend continues in the current market. Kang Jin-hyuk, a senior researcher at Shinhan Investment Corp., noted, Bottom-up factors have improved market sentiment, leading to strong performances from major semiconductor stocks like Samsung Electronics and SK Hynix. In contrast, non-semiconductor sectors such as finance and automotive have shown weakness, while semiconductor materials, parts, and equipment stocks have performed well amid the AI infrastructure boom in the KOSDAQ.* This article has been translated by AI. September 8, 2026 1
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KOSPI closes below 7,000 as higher oil prices wipe out chip-led gains SEOUL, September 8 (AJP) - South Korean stocks gave up a strong early gain on Tuesday, with the country's benchmark index closing below 7,000 points as higher oil prices and caution ahead of U.S. inflation data offset gains in chip stocks and hopes for U.S. investment projects. The KOSPI closed at 6,954.52, down 0.58 percent from the previous session. The index opened above 7,000 and climbed steadily through much of the morning, reclaiming the level intraday for the first time in 15 trading sessions. It rose to an intraday high of 7,171.52 before reversing in the afternoon. Selling intensified near the close and pushed the index as low as 6,951.78. It finished at 6,954.52, nearly 220 points below its intraday high. The early rally was led by chip stocks as investors bet that OpenAI's new generative pre-trained transformer (GPT)-6 Astra model would boost memory demand. Samsung Electronics rose earlier in the session before slipping 0.19 percent to 269,500 won at the close. SK hynix climbed as high as 1,889,000 won, up nearly 6 percent intraday, before giving back most of its gains to finish 0.56 percent higher at 1,793,000 won. SK Square rose 0.53 percent to 1,131,000 won. Nuclear, power-equipment and construction shares also rallied on expectations that South Korean companies could participate in major U.S. power projects under Seoul's US$350 billion investment commitment. Reports have pointed to discussions over as many as eight large nuclear reactors and a gas-fired power project in Texas. Doosan Enerbility jumped as much as 6.37 percent to 93,500 won on hopes for those projects before paring gains to close 1.82 percent higher at 89,500 won. Buying remained strong in other nuclear and construction shares at the close. Daewoo E&C rose 8.47 percent to 19,970 won, while KEPCO E&C surged 16.60 percent to 142,600 won. The market lost momentum later in the day as international oil prices climbed further after an attack on a Saudi Aramco refinery. West Texas Intermediate futures rose above $93 a barrel, while Brent crude topped $97. Investors also turned cautious ahead of U.S. inflation data, with the producer price index due Thursday and the consumer price index on Friday. Despite the late selloff, foreign and institutional investors remained net buyers. Foreign investors bought a net 631.6 billion won ($470 million) and institutions purchased 642.7 billion won, while retail investors sold 3.03 trillion won. Electrical equipment fell 3.33 percent, IT services dropped 3.76 percent and electronic products lost 4.17 percent. Electronic equipment and devices were the weakest group, sliding 4.92 percent. Auto parts, air freight and logistics, and electrical products each fell about 2.9 percent. Losses were broad among other large-cap stocks. Samsung Electro-Mechanics tumbled 5.78 percent to 1,370,000 won. LG Energy Solution fell 3.86 percent to 348,500 won. Hyundai Motor dropped 2.04 percent to 385,000 won. Samsung Biologics declined 1.77 percent to 1,440,000 won, KB Financial fell 1.25 percent to 173,700 won and Samsung Life lost 1.28 percent to 308,000 won. Kia dropped 2.34 percent to 125,400 won, Hyundai Mobis slid 3.94 percent to 415,000 won and LG Electronics fell 4.21 percent to 205,000 won. The junior KOSDAQ followed a similar intraday pattern, reversing an early gain to close 1.25 percent lower at 811.88. It climbed as high as 830.21 in morning trading before turning lower in the afternoon. Institutions sold a net 217.9 billion won, while retail investors bought 149.1 billion won and foreign investors purchased 60.8 billion won. Losses were broad across the market. General services, pharmaceuticals and textiles and apparel stocks each fell more than 1 percent. Machinery and equipment, chemicals and manufacturing stocks also lost more than 1 percent. Metals and entertainment and culture shares ended slightly higher. Nuclear-related shares bucked the broader KOSDAQ decline. Orbitech, which provides nuclear services and inspection, hit the daily ceiling and closed 29.83 percent higher at 6,050 won. Woori Technology, which supplies control and monitoring systems for nuclear power plants, gained 8.15 percent to 11,810 won. Among semiconductor equipment and component shares, Jusung Engineering, which makes semiconductor deposition equipment rose 3.95 percent to 194,600 won. Simmtech, a maker of semiconductor package substrates gained 1.67 percent to 121,800 won. FADU, a fabless chipmaker specializing in SSD controllers and storage solutions, fell 1.78 percent to 104,800 won. Other chip equipment and component makers also finished lower. Wonik IPS fell 1.53 percent to 115,800 won. EO Technics dropped 2.08 percent to 446,500 won, while ISC declined 1.61 percent to 183,000 won. Losses were steeper in biotechnology and robotics shares. Alteogen, a biopharmaceutical company known for its drug-delivery platform technology, fell 3.15 percent to 277,000 won. HLB, which develops anticancer drugs, dropped 3.95 percent to 31,650 won, while Rainbow Robotics, a developer of collaborative and humanoid robot platforms, slid 3.35 percent to 433,000 won. In the currency market, the Korean won weakened to 1,345.2 per dollar from 1,340.5 a day earlier. Across the region, Japan's Nikkei 225 fell 1.70 percent to 65,269.33 as a stronger yen weighed on exporters. China's Shanghai Composite rose 0.20 percent to 3,940.55, supported by stronger August exports, while Hong Kong's Hang Seng Index slipped 0.38 percent to 25,317.43 amid caution over rising oil prices and Middle East tensions. With U.S. inflation data due later this week, investors are likely to remain sensitive to energy prices and any signals that could alter expectations for the Federal Reserve's interest-rate path. AJP Takeaways - South Korea's KOSPI closed at 6,954.52 on September 8, 2026, down 0.58 percent, after climbing as high as 7,171.52 earlier in the session before surging oil prices and caution ahead of U.S. inflation data erased the day's gains. - Semiconductor shares and U.S.-linked nuclear and power stocks led the early rally, with SK hynix reaching 1,889,000 won intraday and KEPCO Engineering & Construction closing 16.60 percent higher at 142,600 won. - Foreign investors bought a net 631.6 billion won ($470 million) of KOSPI shares and institutions purchased 642.7 billion won, while retail investors sold 3.03 trillion won as the market reversed sharply late in the session. September 8, 2026 1 -
Check This Week: Free Vehicle Inspections and Coupons from Five Major Automakers As the Chuseok holiday approaches, major automakers in South Korea are offering free vehicle inspections.According to the Korea Automobile Mobility Industry Association, five domestic automakers—Hyundai, Kia, GM Korea, Renault Korea, and KG Mobility (KGM)—will provide free vehicle inspection services ahead of the holiday.The inspection period for Hyundai, Kia, and Genesis customers is set for September 21 to 23. Hyundai and Genesis customers can access services at 1,203 Blue Hands locations nationwide, while Kia customers can visit 750 Auto Q centers. However, Hyundais direct-operated High-Tech Centers and Kias direct-operated service centers are excluded from this offer.To receive the inspection, customers must first obtain a coupon. Free inspection coupons will be issued on a first-come, first-served basis through the official applications of Hyundai, Kia, and Genesis from September 9 to 11. Hyundai and Genesis will start coupon downloads at 10 a.m. on September 9, with Genesis warning that coupons may run out quickly.The inspection will cover various items, including engine oil, brake fluid, coolant, battery, tire wear and pressure, air conditioning, lighting, brake pads, and washer fluid. It is important to note that while the inspection service is free, any repairs or parts replacements resulting from the inspection will not be covered.Other automakers are also participating in the free inspection initiative. GM Korea will offer services at three maintenance technology centers and 372 partner service centers from September 21 to 23, while KGM will provide inspections at two direct-operated service centers and 56 partner centers during the same period.Renault Korea will conduct free inspections over five days from September 17 to 23 at seven direct-operated service centers and 354 partner centers. The inspection items for these companies will include the engine, air conditioning, tires, brakes, coolant, various oils, wipers, and fuse status.The five automakers will also operate emergency response teams during the Chuseok holiday period. In the event of vehicle breakdowns or traffic accidents, they will provide quick service at nearby repair shops.* This article has been translated by AI. September 8, 2026 1
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Rising Yen Raises Concerns for Japanese Auto Industry The yens value rose to its highest level in about seven months on September 8, falling to the 152 yen per dollar range during trading. This strengthening of the yen has raised concerns about declining profitability in the Japanese automotive industry. With a significant portion of revenue generated overseas, the conversion of foreign earnings into yen results in lower amounts. Most companies had based their performance forecasts on a weaker yen, increasing the pressure from currency fluctuations.Toyota, the worlds largest automaker, is particularly sensitive to exchange rate changes. According to Bloomberg, the company estimates that for every 1 yen drop in the dollar-yen exchange rate, its annual operating profit decreases by approximately 50 billion yen (about $437 million). Toyota has assumed an average exchange rate of 160 yen per dollar for the current fiscal year ending in March 2027, indicating a significant gap from the current rate.Suzuki also projected last month that the yen would weaken further compared to May. Bloomberg reported that all Japanese automakers, except Nissan, have set their exchange rate forecasts for this years performance higher than the current rate. Nissan has set a lower average exchange rate of 150 yen per dollar for the fiscal year from April 2026 to March 2027.Japanese automakers have historically applied conservative exchange rates when setting performance forecasts to exceed or easily meet expectations in actual results. They have also mitigated currency risk by producing vehicles and parts directly in key overseas markets.In fact, Japanese automakers have benefited from a weaker yen in the past. The depreciation of the yen has helped offset some of the cost burdens from U.S. tariffs, high oil prices, and supply chain disruptions. Notably, at the end of June, the yens value fell to its lowest level since 1986, prompting the U.S. and Japan to jointly intervene in the foreign exchange market for the first time in 15 years.However, the recent strengthening of the yen has increased uncertainty for Japanese automakers performance. Masahiro Akita, a senior analyst at U.S. investment bank Bernstein, stated in a recent interview with CNBC that a 1% change in the yen typically impacts the operating profit of Japanese automakers by about 2%.* This article has been translated by AI. September 8, 2026 1
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KakaoBank Launches Comprehensive Auto Financing Comparison Service KakaoBank has introduced a new service that allows users to compare financing options for both used and new cars in one place.On September 8, KakaoBank announced the launch of its Auto Financing Comparison Service.Customers looking to purchase used cars can compare KakaoBanks used car loans with auto loans, installment plans, and personal loans from over 70 partner financial institutions to select their preferred options.For new car purchases, users can compare cashback offers and installment terms from various credit card companies. By entering the vehicle price, down payment, and installment period, customers can view cashback benefits and installment conditions offered by partner card companies.The service also includes long-term rental options. Users can access rental services from Hyundai Capital through the KakaoBank app, along with information on car insurance rates and other details necessary for vehicle purchases.Previously, customers had to individually search for loan and installment terms and cashback benefits from different financial and credit card companies when buying a car. KakaoBank has streamlined this process by allowing users to compare various auto financing products and benefits from multiple financial institutions within a single app.KakaoBank plans to enhance its competitiveness in the loan platform market by expanding its comparison services to include auto financing, following its offerings in personal loans and mortgage loans.A KakaoBank representative stated, We have created a service that allows users to easily compare and utilize auto financing information that was previously difficult to view at a glance. We will continue to expand products and services necessary for our customers financial lives.* This article has been translated by AI. September 8, 2026 1
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Choi In-wook, CEO of Joongonara, Discusses Decision to End Direct Cafe Transactions Choi In-wook, CEO of Joongonara, announced plans to eliminate direct transactions within Naver cafes to enhance safety in secondhand trading. We are pushing for a system overhaul using AI to eradicate fraud in secondhand transactions. We have made the decision to unify our safe payment system across apps and websites, he stated.Meeting in a shared office near Seolleung Station in Gangnam, Choi expressed confidence in the companys direction. Since his appointment in 2024, Joongonara has focused on developing technology and establishing a secure trading system to build customer trust. As a result, the company achieved profitability in the first half of this year, as of August.Joongonara is prioritizing the establishment of a proactive prevention system to stop fraud before it occurs, rather than relying on post-incident compensation. The company is working on an AI-based fraud pattern detection system that analyzes unusual signs and repetitive behavior patterns throughout the entire transaction process, from product registration to completion.The compensation system has also been strengthened. Since July, Joongonara has increased the limit of its Safe Compensation System from a maximum of 1 million won to 2 million won. The incidence of fraud in safe payment transactions is extremely low, at just 9 out of 10,000 transactions (0.09%). The proportion of advance payment fraud attempts has decreased by approximately 54% compared to before the app transition in May 2026.Technological enhancements have also improved transaction convenience. The introduction of an AI Image Auto-Inspection feature allows sellers to input details about exterior scratches, damage, and battery life, which AI analyzes from photos. As a result, products that underwent self-inspection saw nearly double the purchase conversion rate compared to those that did not, significantly reducing cancellation rates.As platform trust increases, the number of high-value transactions, including bicycles, MacBooks, and luxury watches priced over 4 million won, has more than doubled compared to the previous year. Joongonara plans to gradually introduce specialized services, such as a safe transaction map, customized delivery support, and no-show prevention features, focusing on categories like watches, leisure goods, luxury items, and professional equipment by the end of this year or next year.Logistics and payment convenience have also seen significant improvements. The app redesign has reduced average settlement time by 35%, and the automatic purchase confirmation period has been shortened from five days to three. Next month, the company will officially launch a Doorstep Delivery service that connects product sales, pickup, delivery, and settlement in one seamless process.* This article has been translated by AI. September 8, 2026 0
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Robotics may be the destination for Louisiana steel mill SEOUL, September 07 (AJP) - The $5.8 billion Louisiana mill backed by South Korea's two biggest steelmakers is designed primarily to feed America's auto industry, but its largest customer and investor Hyundai Motor Group has a deeper ambition for the metal — robotics. Hyundai Motor Group Chairman Chung Eui-sun said Sept. 4 that steel from Hyundai-POSCO Louisiana Steel (HPLS) should eventually find its way into Atlas, the humanoid robot being developed by group-owned Boston Dynamics. "I think we naturally should apply it," Chung said after the mill's groundbreaking ceremony in Donaldsonville, Louisiana. He went further, saying he hoped steel produced there could one day reach rockets made by companies such as SpaceX. The ambition is less of a leap than it sounds. Industry shorthand increasingly describes a humanoid as an electric vehicle standing on two legs. Both depend on batteries, motors, reducers, inverters and controllers, except a humanoid multiplies those systems across dozens of moving joints. Atlas stands 1.9 meters tall, weighs about 90 kilograms and has 56 degrees of freedom across its body. Each moving joint requires its own compact drive system. Reducer gears, splines and shafts need high-strength, durable specialty steel. Motors, meanwhile, depend on stacks of ultra-thin non-oriented electrical steel, from the same family of magnetic steel used in electric-vehicle motors. POSCO says electrical steel accounts for roughly 20 to 30 percent of a motor's manufacturing cost. Only five or six steelmakers worldwide, including POSCO, can stably mass-produce its thinnest high-performance grades. The bigger money sits in the finished robot joint. Actuators combine motors, gears, sensors and control systems to create the joints and muscles of a humanoid. Hyundai Motor Group says the components can account for about 60 percent of robot manufacturing costs. Hyundai Mobis has agreed to supply actuators for Atlas and is expected to become a central part of Hyundai Motor Group's effort to localize the robot supply chain in the United States. The group plans to establish U.S. actuator production capacity exceeding 350,000 units annually from 2028 alongside a robot manufacturing system capable of producing 30,000 units a year. More than 25,000 Atlas robots are expected to be deployed across Hyundai Motor and Kia manufacturing facilities, giving the group captive demand as it scales production. Louisiana is where that supply chain touches steelmaking. HPLS is designed to produce 2.7 million tons of steel annually from 2029, including 1.8 million tons of automotive steel and 900,000 tons of general-purpose products. Cars will account for the bulk of the mill's output because automotive steel is what anchors the $5.8 billion investment. Iron ore and natural gas will be used to produce direct-reduced iron, which will be melted with scrap in electric-arc furnaces before being cast into slabs and rolled into hot-rolled, cold-rolled and coated steel. Hyundai Steel says the process can reduce carbon emissions by about 70 percent compared with conventional blast-furnace production. The more specialized grades a humanoid requires sit elsewhere in the Korean steelmakers' portfolios for now. Electrical steel and specialty bar steel are not on HPLS' announced product list, which currently covers hot-rolled, cold-rolled and coated sheets. POSCO's 20 percent stake therefore adds another dimension to the partnership. Hyundai Steel owns 50 percent of HPLS, while Hyundai Motor and Kia each hold 15 percent. Chung has described the tie-up with POSCO as an opportunity to cooperate on future steel materials and next-generation batteries, extending a relationship traditionally centered on automobiles. Boston Dynamics is moving in much the same direction from the other end of the chain. "Every component has been designed for compatibility with automotive supply chains," Atlas General Manager Zack Jackowski said when the production version was unveiled at CES 2026. Boston Dynamics reduced the number of unique components in Atlas as it redesigned the humanoid for mass manufacturing, drawing on the scale and cost discipline of the auto industry. Steelmakers are following those same customers into AI. POSCO aims to increase steel sales to AI-related markets to 1 million tons by 2030 from about 380,000 tons last year, including electrical steel for power equipment and humanoid robots. Hyundai Steel is separately targeting growing demand from AI data centers and power infrastructure, with the company expecting the data-center share of its long-product sales to rise to about 6 percent from roughly 3 percent. Atlas could eventually complete the circle by working inside facilities that produce the materials and machines used to build it. Chung was cautious about how quickly that might happen. "Atlas is intended to do work that is difficult for people," he said, adding that feasibility testing would have to come first. September 7, 2026 1 -
Hyundai Wia to Supply First Fully Autonomous Forklifts in South Korea Hyundai Wia is set to supply fully autonomous forklifts for use in manufacturing environments.On September 7, Hyundai Wia announced that it will provide forklifts capable of fully automated loading and unloading. The first application of these autonomous forklifts will be at Kias AutoLand plant in Hwaseong in May 2027. These forklifts will autonomously navigate the factory, transporting goods loaded on pallets and performing loading and unloading tasks. The technology builds on Hyundai Wias experience in developing autonomous mobile robots (AMRs) currently in mass production.The forklifts utilize lidar sensors, vision sensors, and safety scanners to navigate the workspace and transport items. They also employ digital twin technology, which replicates the factory environment in a virtual space, allowing the forklifts to generate optimal travel routes.Hyundai Wia has focused on enhancing the key loading and unloading capabilities of the forklifts. Using vision sensors, the forklifts can accurately recognize the position of pallets and adjust for factors such as the trucks condition and the settling of vehicles during the loading process, as well as the movement of pallets based on ground conditions.Additionally, the forklifts incorporate a real-time data optimization technology using iterative closest point (ICP) algorithms. This allows them to recognize when a pallet has moved up to 250 millimeters from its target position or has tilted more than 10 degrees. The forklifts also feature an automatic posture correction function to adjust to the slope of container entry and exit points.The maximum load capacity of the autonomous forklifts is 4 tons, comparable to that of medium-sized forklifts commonly used in manufacturing. They are designed to operate at a maximum speed of approximately 6.5 kilometers per hour, prioritizing safety within the factory. Each side of the forklift is equipped with safety scanners to detect obstacles and halt operations in case of potential hazards.Hyundai Wia plans to expand its business globally by establishing a total solution for mobile robots, which includes the autonomous forklifts, currently commercialized AMRs, and parking robots.A Hyundai Wia representative stated, By supplying autonomous forklifts, we can further diversify our lineup of industrial robots used in manufacturing environments. Meanwhile, the global market for autonomous forklifts is rapidly growing due to increasing automation demands in manufacturing and logistics. According to market research firm MarketsandMarkets, the global autonomous forklift market is expected to expand from $3.17 billion this year to $6.07 billion by 2033, with an annual growth rate of 9.7%.* This article has been translated by AI. September 7, 2026 0
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Hyundai-POSCO eyes U.S. steel supply chain beyond cars to robots, rockets DONALDSONVILLE, Louisiana, September 05 (AJP) - Hyundai Motor Group is envisioning a U.S.-based steel supply chain stretching from cars to humanoid robots and even rockets, with its Chairman Chung Euisun saying steel from its new Louisiana mill could eventually be used in Boston Dynamics' Atlas and supplied to companies such as SpaceX. Speaking to reporters after the groundbreaking ceremony for Hyundai-POSCO Louisiana Steel (HPLS) in Donaldsonville, Louisiana, on Friday, Chung said steel produced at the plant should "of course" be used in Atlas, the humanoid robot being developed by Hyundai-owned Boston Dynamics. "I think we naturally should apply it," Chung said when asked whether steel produced at HPLS could be used in Atlas. "If we work harder going forward, I hope we can supply this steel even for rockets made by companies such as SpaceX." The comments point to ambitions beyond securing a local source of automotive steel for Hyundai Motor and Kia, extending potential demand for the Louisiana plant into robotics, aerospace and other advanced industries. HPLS will be Hyundai Steel's first steel mill in the United States and the country's first electric-arc-furnace-based mill specializing in automotive steel. The project carries a total investment of $5.8 billion, or roughly 8 trillion won, and is scheduled to begin commercial production in 2029. The plant will have annual production capacity of 2.7 million tons, including 1.8 million tons of automotive steel sheets and 900,000 tons of general-purpose steel products. Hyundai Steel holds a 50 percent stake in HPLS, while POSCO owns 20 percent. Hyundai Motor and Kia each hold 15 percent. The facility covers about 7.37 million square meters. Once operational, it is expected to supply Hyundai Motor's Alabama plant, Kia's Georgia plant and Hyundai Motor Group Metaplant America, while also targeting other automakers in the U.S. market. Hyundai Steel expects the mill to help address chronic shortages of higher-value automotive steel in the United States while building a more localized supply chain for the group's rapidly expanding U.S. manufacturing operations. Still, Chung stressed that avoiding U.S. steel tariffs was not the main reason for the investment. "Tariffs were not the objective," he said. "We are in a situation where we need to produce and use low-carbon and higher-value steel here in order to improve the quality of the vehicles we manufacture." "I think the advantages on both sides can create synergy." Asked how much the local production could save in tariff costs, Chung said the impact was difficult to quantify because U.S. trade policy continued to change. "Tariffs keep changing, so rather than being preoccupied with tariffs, it is more important to produce better products here and improve vehicle quality," he said. "That is where we intend to place more emphasis." The project nevertheless comes as U.S. trade barriers have reshaped the economics of exporting steel into the world's second-largest automobile market. The United States has historically imported more than 20 million tons of steel annually as domestic production falls short of demand, while locally produced hot-rolled steel commands some of the highest prices among major markets. Chung said local production of specialized and lower-carbon products could eventually replace a significant portion of those imports. "The United States currently imports about 20 million tons of steel," Chung said. "If high-value specialty steel and low-carbon steel are produced here, as much as 10 million tons of that demand could be covered, which would also benefit the United States." The chairman also emphasized the significance of bringing POSCO into the project, describing the Korean steelmaker as one of the world's leading producers and a long-time partner of Hyundai Motor Group. "We have worked with POSCO in many areas and have held in-depth discussions on future steel and next-generation batteries," Chung said. "I am pleased that we are investing together. If we conduct research in better ways and produce materials with higher quality and more advanced technology, I think it can be a win-win." HPLS will combine direct-reduced iron, or DRI, technology with electric-arc furnaces in an integrated production system running from raw materials to finished steel. In the first stage, iron ore and natural gas will be used to produce DRI. The material will then be fed into electric-arc furnaces together with scrap steel to produce molten steel. Continuous casting facilities will convert the molten metal into slabs, which will then move through hot-rolling and cold-rolling lines to become products including cold-rolled and coated automotive steel. Hyundai Steel says the process can cut carbon emissions by about 70 percent compared with conventional blast-furnace steelmaking, which relies heavily on coal. Chung described the combination of DRI and electric-arc furnaces as another technological challenge for the group. "Using electric furnaces allows us to produce low-carbon steel and reduce carbon emissions by about 70 percent," he said. "Combining that with DRI is a challenge involving new technology, and if it succeeds, it could be applied elsewhere." Hyundai Steel ultimately plans to replace natural gas used in the DRI process with hydrogen as part of a longer-term transition away from coal-based steelmaking. The company aims to convert its steel production toward hydrogen-based processes by 2050. The Louisiana investment has moved quickly since Chung announced Hyundai Motor Group's broader U.S. investment plans at the White House in March last year. Hyundai Steel established a dedicated North American steel business unit two months later and formed its Louisiana subsidiary in June. Hyundai Motor, Kia and POSCO began making equity investments in the project in January this year. The company has also signed major equipment contracts with Italy's Danieli and Germany's SMS, as well as agreements related to electricity supply and cold-rolling facilities. A specialized training center is being developed with River Parishes Community College and local institutions to prepare workers for the plant. The site near the Mississippi River offers access to rail lines and waterways capable of accommodating Panamax-class vessels. It also sits within reach of major auto plants across the U.S. South, including Hyundai and Kia facilities as well as factories operated by General Motors, Volkswagen and Honda. Chung was more cautious about another potential use for Atlas — deploying humanoid robots inside the steel mill itself. "We first need to conduct a lot of testing and see whether it is feasible," he said. "Atlas is intended to do work that is difficult for people, so we want to use robots for jobs that are hard for humans and supplement safety in those areas." Hyundai Motor Group has been accelerating efforts to incorporate robotics and other advanced technologies into manufacturing as it reorganizes operations around automation and artificial intelligence. Chung said the group is experimenting with organizational changes as well as new technology. Asked whether Hyundai Steel could build additional U.S. mills, Chung said the immediate priority was making the Louisiana project a success. "We are only just starting, so succeeding here is the most important thing," he said. "At this point, we are not yet considering other locations." AJP Takeaways - Hyundai Motor Group is building a U.S.-based steel supply chain that could extend beyond cars to Boston Dynamics’ Atlas humanoid robot and potentially SpaceX rockets. - The $5.8 billion Hyundai-POSCO Louisiana Steel mill is scheduled to begin production in 2029 with annual capacity of 2.7 million tons. -HPLS will combine direct-reduced iron and electric-arc furnaces, which Hyundai says could cut carbon emissions by about 70 percent versus conventional blast-furnace production. September 5, 2026 1 -
Canada's Prime Minister Carney Says Negotiations Possible When U.S. Is Ready Mark Carney, Canadas Prime Minister, stated that Canada is ready to engage in trade negotiations whenever the United States is prepared, countering claims from the Trump administration that Canada was responsible for the breakdown of talks last month. As both countries exchange tariffs and retaliatory duties, tensions are escalating with each side blaming the other for the failed negotiations.On September 3, during a press conference in Thunder Bay, Ontario, Carney emphasized, We will always defend what is best for Canadas national interest, adding that an agreement beneficial to Canadian workers, families, and businesses would also benefit American households, companies, and consumers. He noted, We are ready to sit down and negotiate when Americans are ready. However, Carney stressed that Canada would not agree to terms that could harm its automotive, steel, and aluminum industries.Carneys remarks were a direct response to assertions made by senior officials in the Trump administration, who claimed on August 21 that the failure of U.S.-Canada trade negotiations was due to Canada. U.S. Secretary of Commerce Howard Lutnick mentioned in a CNBC interview that Canadian trade representatives began introducing strange ideas on the final day of negotiations, questioning, What are you doing? He also asked one of the Canadian ministers, Do you really want to blow this negotiation?Following the breakdown of talks, President Trump imposed a 50% tariff on $20 billion worth of Canadian goods starting August 22. In retaliation, Canada announced a similar 50% tariff on $20 billion worth of U.S. products on the same day. Trump then threatened to impose a 50% tariff on Canadian automobiles, auto parts, and steel starting in January.Additionally, Trump has continued his antagonistic actions against Canada, signing an executive order to rename Lake Ontario, which lies between Ontario and New York, to Lake America. Following Carneys comments, Trump took to social media platform Truth Social, stating, It is very good for Canadian politicians like Prime Minister Carney to make Donald Trump their enemy. Then their economy will collapse, and they will see how badly it affects their politics. It will be worse for that Canadian politician than anything that has happened so far.Americans Favor Trade Negotiations with CanadaDespite the ongoing tensions, a significant portion of the American public believes that trade negotiations with Canada are necessary. With the midterm elections approaching, there is increasing pressure on President Trump to consider resuming trade talks with Canada. Imposing or increasing tariffs on Canada, a key trading partner, could lead to rising prices in the U.S., further deteriorating public sentiment.A recent Reuters/Ipsos poll released on September 1 indicated that about 70% of Americans believe the U.S. should show a willingness to reach an agreement with Canada, even if many of the U.S. demands are not met. Additionally, an Economist/YouGov poll released on September 2 found that nearly 60% of Americans opposed increasing tariffs on Canadian products.Kevin Chen, a researcher at the S. Rajaratnam School of International Studies in Singapore, commented to CNA that Canada is looking for opportunities to convert economic pain into significant political pressure on Trump. With the U.S. midterms just weeks away, Canada is targeting politically important states for its retaliatory measures. September 4, 2026 0