Hanmi Science leadership dispute ends as founder's widow takes helm

SEOUL, February 14 (AJP) - A protracted leadership dispute at Hanmi Science, the holding company of South Korean pharmaceutical firm Hanmi, has drawn to a close with the appointment of Song Young-sook as its sole chief executive officer. The board of directors announced Friday that Song, the widow of Hanmi’s late founder, Im Sung-ki, will replace Im Jong-hoon as CEO. The decision comes nine months after Song stepped down from her position as co-CEO last May. In a further

February 14, 2025

US bill on naval ship construction could open doors for Korea's shipbuilders

SEOUL, February 14 (AJP) - South Korea’s shipbuilding industry is expressing cautious optimism following the introduction of a bill by Republican U.S. senators that would permit naval vessels to be built by allied nations. Since 1965, U.S. law has required all military ships and key components to be constructed domestically by American workers. However, the proposed legislation would allow the U.S. to contract naval shipbuilding to nations with which it has a mutual defen

February 14, 2025

Korean shipbuilder unveils nuclear-powered container ship design

SEOUL, February 14 (AJP) - HD Korea Shipbuilding & Offshore Engineering has unveiled its first design for a nuclear-powered container ship, incorporating Small Modular Reactor (SMR) technology, at the Houston Maritime Nuclear Summit. The vessel, which has received an approval from the American Bureau of Shipping, eliminates the need for internal combustion engines and fuel tanks, repurposing the traditional engine room space for additional container storage. The design also fe

February 14, 2025

Social media linked to surge in overseas shopping fraud

SEOUL, February 14 (AJP) - A sharp rise in online shopping fraud linked to overseas direct purchases has been reported by South Korea’s consumer watchdog, with a majority of cases originating from social media advertisements. The Korea Consumer Agency said Friday it found that 82.3 percent of fraud victims accessed fraudulent shopping sites through social media content or targeted advertisements. Instagram was the most common platform associated with these scams, accounti

February 14, 2025

Acting president signals willingness to discuss extra budget

SEOUL, February 13 (AJP) - Acting President Choi Sang-mok said Thursday that the government is open to discussions on a proposed supplementary budget, as concerns grow over economic uncertainty. “With a national policy consultation meeting on the agenda, it would be useful to discuss the fundamental principles of the supplementary budget,” Choi, who also serves as deputy prime minister and minister of economy and finance, said during a National Assembly session on econ

February 13, 2025

Trump's tariff war threatens South Korea's economic backbone

SEOUL, February 13 (AJP) - U.S. President Donald Trump’s escalating trade war is sending shockwaves through South Korea’s export-driven economy, as tariffs now extend beyond steel and aluminum to key industries such as automobiles and semiconductors. Trump announced Sunday that the United States would impose a 25 percent tariff on all steel and aluminum imports from March 12, without exception. He also signaled that additional tariffs on automobiles, semiconductors,

February 13, 2025

White House touts Hyundai Steel's potential US investment in levying steel tariffs

SEOUL, February 13 (AJP) - A day after U.S. President Donald Trump imposed a sweeping 25 percent tariff on imported steel and aluminum, the White House highlighted Hyundai Steel’s potential investment in the United States, framing it as a step to bolster American manufacturing. In a fact sheet, the White House stated that Trump’s decision to eliminate loopholes and exceptions would “strengthen the U.S. steel and aluminum industries.” The statement also n

February 13, 2025

LG Electronics stakes its future on premium tech, global expansion

Editor's Note: This article is the sixth installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, February 12 (AJP) - For more than a decade, LG Electronics has held its position as the world’s leading OLED television manufacturer, a distinction it has maintained for 11 consecutive years. But beyond its dominance in consumer electronics, the South Kor

February 13, 2025

Hanwha Hotels & Resorts to acquire Ourhome for 8.7 trillion won

SEOUL, February 12 (AJP) - Hanwha Hotels & Resorts announced Wednesday it will acquire a 58.62 percent stake in South Korean food service company Ourhome for 8.7 trillion won ($6.5 billion). The company said in a regulatory filing that it will initially acquire 50.62 percent of shares from major shareholders, including former Vice Chairman Koo Bon-sung and Chairwoman Koo Mi-hyun. The remaining 8 percent owned by Koo Bon-sung will be purchased through a third party, it said.

February 12, 2025

CES Insight & Innovation Awards honor top Korean innovators

SEOUL, February 12 (AJP) - The 2025 CES Insight & Innovation Awards recognized leading Korean companies that have demonstrated technological excellence and global competitiveness at CES 2025. Hosted by Aju News Corporation and its English-language news agency AJP, the event took place at the Korea Press Center in Seoul, celebrating businesses that are driving innovation across industries. This year’s awardees include Koo Ja-kwan, chairman of Samkoo INC, recognized fo

February 12, 2025