Korean shipbuilders set sights on lucrative US naval deals

SEOUL, January 23 (AJP) - South Korean shipbuilders are positioning themselves to secure high-value U.S. naval maintenance and repair contracts. U.S. President Donald Trump has expressed interest in collaborating with South Korea’s shipbuilding sector, emphasizing the importance of maintenance, repair, and operations (MRO) for U.S. naval vessels. During a phone call with South Korean President Yoon Suk Yeol in November, Trump praised the country’s “world-class n

January 23, 2025

Trump's drug pricing overhaul could reshape Korea's biosimilar, pharma sectors

SEOUL, January 23 (AJP) - The Trump administration is poised to implement sweeping changes to U.S. drug pricing and pharmaceutical supply chains, moves that could have profound implications for South Korea’s pharmaceutical and biotech industries. U.S. drug prices are under scrutiny due to patent monopolies and a lack of government-negotiated pricing. The administration is considering reintroducing the Most Favored Nation (MFN) model, which aims to align U.S. drug prices with t

January 23, 2025

Samsung unveils Galaxy S25 series with enhanced AI capabilities

SEOUL, January 23 (AJP) - Samsung Electronics unveiled its Galaxy S25 flagship smartphones at the Galaxy Unpacked event in San Jose on Thursday, showcasing cutting-edge artificial intelligence features and upgraded hardware. The Galaxy S25 series debuts One UI 7, Samsung's AI-optimized interface, which promises a more intuitive user experience through advanced language processing. Among its standout features is "Now Brief," an AI-driven tool that analyzes user habits

January 23, 2025

SM Group Chairman Woo attends both of Trump's presidential inaugurations

SEOUL, January 22 (AJP) - SM Group Chairman Woo Oh-hyun has attended both of Donald Trump’s presidential inaugurations, serving as a key private bridge for South Korea-U.S. economic diplomacy. Woo’s official invitations to Trump’s inaugurations highlight his influential role in fostering private economic exchanges between South Korea and the United States. Woo, who serves as an advisor to the Korea-U.S. Alliance Friendship Association, attended Trump’s

January 22, 2025

LG Display swings to profit in fourth quarter, driven by strong OLED sales

SEOUL, January 22 (AJP) - LG Display returned to profitability in the fourth quarter of 2024, reporting an operating profit of 83.1 billion won ($62.3 million), as its strategic pivot toward OLED technology began to bear fruit, the company announced Wednesday. Fourth-quarter revenue rose 6 percent year-on-year to 7.83 trillion won, with OLED products accounting for a record 60 percent of total sales. The growth was primarily driven by increased shipments of smartphone displays, un

January 22, 2025

Resort operator Daemyung Sono launches bid to take over T'way Air

SEOUL, January 22 (AJP) - Resort operator Daemyung Sono Hospitality Group announced on Wednesday its intent to acquire budget airliner T’way Air, signaling its ambitious foray into the aviation industry. Sono International, the group's holding company, issued a management proposal to T’way Air early this week, the firm said. Daemyung Sono’s push into aviation underscores its efforts to diversify beyond its core hospitality business. The move follows heigh

January 22, 2025

Korean builders eye global opportunities under Trump presidency

SEOUL, January 22 (AJP) - South Korean construction companies are assessing potential opportunities in international reconstruction projects under U.S. President Donald Trump’s administration, while grappling with challenges posed by interest rate hikes and exchange rate volatility. Industry analysts warn that high U.S. interest rates under Trump could weigh heavily on South Korea’s construction and real estate sectors. With the dollar-won exchange rate hovering around

January 22, 2025

Korea Zinc hostile takeover bid likely to succeed

SEOUL, January 22 (AJP) - A Seoul court ruling has dealt a significant blow to Korea Zinc Chairman Choi Yoon-bum’s efforts to retain control of the world’s largest zinc smelter, paving the way for rival Young Poong and private equity firm MBK Partners to seize management control. The Seoul Central District Court on Tuesday rejected Korea Zinc’s plan to introduce a cumulative voting system for board appointments, a move that would have allowed minority shareholders

January 22, 2025

Korean automakers, battery firms brace for fallout from Trump's trade policies

SEOUL, January 22 (AJP) - South Korea’s automakers and battery manufacturers are bracing for challenges after President Donald Trump announced sweeping policy reversals, including the termination of federal electric vehicle (EV) mandates and the imposition of a 25 percent tariff on imports from Canada and Mexico beginning next month. Trump’s rollback of Biden-era clean energy initiatives, notably the Inflation Reduction Act (IRA), threatens to upend subsidies critical to

January 22, 2025

Lee Jae-myung meets bank CEOs, calls for increased support for small businesses

SEOUL, January 21 (AJP) - South Korea's opposition leader Lee Jae-myung convened a meeting with the heads of the country’s major banks on Tuesday, urging them to provide stronger financial support for small business owners and self-employed workers. The gathering drew criticism from Lee's political rivals, who questioned the appropriateness of the meeting, suggesting it could be an attempt to bolster his profile ahead of a potential presidential bid. Lee, widely reg

January 21, 2025