US equity firm takes over Inspire Resort in Incheon following heavy losses

SEOUL, February 17 (AJP) - A U.S. private equity firm has assumed control of the Inspire Integrated Resort near Incheon International Airport after the property accumulated losses exceeding 150 billion won ($112 million) in its first year of operations. The resort, which opened in January 2024, was originally developed by Mohegan Gaming & Entertainment with an investment of 2 trillion won. The complex includes three five-star hotel buildings with a total of 1,275 rooms, a mult

February 17, 2025

Biotech firm DYD develops saliva-based diabetes test kit

SEOUL, February 17 (AJP) - South Korean biotechnology company DYD announced plans on Monday to introduce a diabetes diagnostic kit capable of detecting the disease through saliva samples in under one minute. The device aims to provide a less invasive alternative to traditional blood-based testing. The diagnostic kit measures glycated albumin, a key biomarker for diabetes, using semiconductor biosensor technology that integrates next-generation surface technology with antibody con

February 17, 2025

Korea's fresh fruit imports hit record high in 2024

SEOUL, February 17 (AJP) - South Korea’s imports of fresh fruit soared to a record $1.45 billion (2.1 trillion won) in 2024, marking a 20.1 percent increase from the previous year, according to data from the Korea Rural Economic Institute. The surge underscores the growing reliance on imported produce as domestic fruit production struggles with adverse weather conditions. The value of imported fresh fruit, including bananas, pineapples, mangoes, oranges, and blueberries,

February 17, 2025

South Korea launches safety certification system for EV batteries

SEOUL, February 17 (AJP) - The Korean government on Monday introduced a mandatory certification system for electric vehicle (EV) batteries, a move aimed at strengthening safety regulations following a high-profile battery fire last year. The new policy requires all EV batteries to undergo 12 stringent safety tests, including assessments for thermal shock, combustion resistance, and overheating prevention. These tests will be conducted by the Korea Automobile Testing & Researc

February 17, 2025

Korea launches center to attract foreign tech talent

SEOUL, February 17 (AJP) - In a bid to bolster its high-tech workforce, South Korea on Monday unveiled a new recruitment center aimed at attracting 1,000 advanced technology professionals from overseas by 2030. The effort is part of the government’s "K-Tech Pass" program, a sweeping initiative designed to address the growing demand for specialized talent in emerging technologies. The center, established under the Korea Trade-Investment Promotion Agency (KOTRA),

February 17, 2025

US conducting cross-border subsidy probe into Korean pharmaceutical capsules

SEOUL, February 17 (AJP) - The United States has launched a countervailing duty investigation into pharmaceutical hard capsules exported from Vietnam-based facilities operated by South Korean companies, the Korea Trade-Investment Promotion Agency (KOTRA) reported on Monday. The move comes as the Trump administration intensifies its sweeping tariff offensive, targeting both allies and adversaries. Trade analysts expect stricter enforcement of existing import regulations, including an

February 17, 2025

Global chipmakers race to secure HBM talent amid AI boom

SEOUL, February 17 (AJP) - SK hynix and Micron Technology are ramping up efforts to enhance their high-bandwidth memory (HBM) capabilities through internal restructuring and aggressive external recruitment, as demand for AI-driven HBM chips continues to rise. SK hynix has introduced an internal Career Growth Program focused on HBM design, advanced packaging development, AI infrastructure, and customer quality management. The company is also transferring DRAM process engineers to i

February 17, 2025

Korean business delegation heads to Washington amid trade tensions

SEOUL, February 17 (AJP) - A high-profile delegation of South Korean business leaders, led by Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), is set to visit Washington this week, marking the first major private-sector mission since President Donald Trump began his second term. The visit comes as the Trump administration signals plans to impose retaliatory tariffs on nations with value added tax (VAT) systems, a move that could affect South Korea’s

February 17, 2025

SK chief meets Viet Nam's communist party chief to discuss energy cooperation

SEOUL, February 16 (AJP) - SK Group Chairman Chey Tae-won has met with To Lam, general secretary of the Communist Party of Viet Nam, to discuss strengthening cooperation in the energy sector and fostering bilateral ties. Chey, who also serves as the chairman of the Korea Chamber of Commerce and Industry, met with Lam in Hanoi on Friday, according to a report by Viet Nam’s state-run news agency VNA. “SK Group possesses world-class capabilities in the energy sector, and

February 16, 2025

Trump to unveil automobile tariffs on April 2

SEOUL, February 15 (AJP) - U.S. President Donald Trump said Friday that he plans to unveil tariffs on imported automobiles on April 2, a move that could directly affect South Korea’s car exports to the U.S. Responding to a reporter’s question about the timeline for the auto tariffs, Trump asked his aide, "We're going to do it on April 2, I think. Is that right?" The official confirmed, "That's right." He made the remarks during a White Hous

February 15, 2025