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

Major Korean banks to shed over 2,000 jobs through early retirement programs

SEOUL, January 21 (AJP) - South Korea's five largest banks are set to shed more than 2,000 jobs this year through voluntary retirement programs, a 20 percent increase from the 1,967 departures recorded in 2024, as they accelerate digital transformation and reduce physical branch networks. KB Kookmin has already approved 647 voluntary retirements as of Jan. 17, while Shinhan confirmed 541 departures - more than double the 234 recorded last year. Woori anticipates around 500 emp

January 21, 2025

Trump's policy shift poses challenges for Korean industries

SEOUL, January 21 (AJP) - On his first day in office, Jan. 20, U.S. President Donald Trump unveiled sweeping policy changes, including a directive to reassess existing trade agreements and a plan to roll back electric vehicle (EV) mandates. The moves, analysts suggest, could have far-reaching implications for South Korea’s economy. In a memorandum titled America First Trade Policy, Trump instructed the United States Trade Representative (USTR) to review all existing trade a

January 21, 2025

BOK cuts 2025 growth forecast, citing negative impact from martial law

SEOUL, January 21 (AJP) - South Korea’s central bank has revised its 2025 economic growth forecast downward to a range of 1.6 to 1.7 percent from an earlier estimate of 1.9 percent. The Bank of Korea (BOK) attributed the adjustment to heightened political uncertainty and a slump in consumer confidence following December’s martial law declaration and the deadly Jeju Air incident. In a statement released Monday, the BOK indicated that growth in the fourth quarter of 2

January 21, 2025

Hyundai Motor's three EVs lose US tax credits

SEOUL, January 21 (AJP) - Hyundai Motor has lost eligibility for U.S. federal tax credits on three of its electric vehicle models. The U.S. Department of Energy’s latest federal tax credit list no longer includes Hyundai’s Ioniq 5, Ioniq 9, and Genesis GV70 electric models. Earlier this month, all five models from Hyundai Motor had been eligible for the $7,500 tax credit. Sister company Kia’s EV6 and EV9 models remain on the list of 23 electric and plug-in hybri

January 21, 2025

Lotte Card faces uncertain prospects in second sale attempt

SEOUL, January 20 (AJP) - The owner of South Korea’s Lotte Card is making a renewed effort to sell the company, distributing teaser letters to potential buyers amid skepticism about whether major financial groups will step up to make a bid. Industry insiders suggest the success of the sale hinges on participation from leading financial players like KB Financial Group and Hana Financial Group. However, both companies have demonstrated a cautious approach to mergers and acquisit

January 20, 2025

Korean companies see opportunities, risks under Trump

SEOUL, January 20 (AJP) - Korean conglomerates are bracing for a reshaped global business environment as Donald Trump takes office as the 47th president of the United States on Monday. The ripple effects of his return to the White House are expected to touch industries ranging from semiconductors to automotive manufacturing, batteries, shipbuilding, and oil refining. Korean companies are adopting a cautious yet proactive approach as they navigate the shifting U.S.-South Korea b

January 20, 2025

Korean petrochemical firms seek $1.37 billion by issuing bonds

SEOUL, January 20 (AJP) - South Korea’s leading petrochemical companies are turning to corporate bonds in a bid to raise approximately 2 trillion won ($1.37 billion) in early 2025, as the industry struggles against intensifying competition from China and the Middle East. The combined operating profit of South Korea’s top four petrochemical firms — LG Chem, Lotte Chemical, Hanwha Solutions, and Kumho Petrochemical — plunged to 237.7 billion won in 2024, a stag

January 20, 2025