State-owned bank under investigation for $180 million loan fraud

SEOUL, January 10 (AJP) - The Financial Supervisory Service has launched an investigation into the state-owned Industrial Bank of Korea (IBK) following allegations of illegal loan approvals totaling some 24 billion won (approximately $180 million). The probe, which began earlier this month, comes after IBK disclosed that the loans, approved between June 2022 and November 2024, involved inflated real estate collateral values and improper loan approvals at its branch in Seoul. In

January 10, 2025

US solar EVs will use LG Energy Solution's batteries

SEOUL, January 10 (AJP) - LG Energy Solution announced Friday it will supply cylindrical batteries to U.S.-based solar electric vehicle startup Aptera Motors. Under the agreement, LG Energy Solution, alongside Korean battery pack manufacturer CTNS, will provide 2170 cylindrical batteries to Aptera from 2025 to 2031. The partnership also includes collaboration on producing solar EVs. Aptera's solar EV, also named Aptera, integrates solar panels and battery packs, maximizing

January 10, 2025

Korean e-commerce giants expand beauty business

SEOUL, January 10 (AJP) - South Korea's major e-commerce platforms are intensifying their beauty sector investments, with companies launching private labels and luxury verticals while expanding their brand portfolios. The industry's shift toward beauty reflects the growing demand for K-beauty products. Coupang, the country's largest e-commerce platform, recently introduced its private brand skincare line "Elle Paris" through its subsidiary CPLB, offering 18

January 10, 2025

Lotte Group chairman warns of survival risk, calls for radical reform

SEOUL, January 10 (AJP) - Lotte Group Chairman Shin Dong-bin has issued a stark warning to top executives , declaring the conglomerate faces an "existential threat" and must undergo "strong reform and innovation" to survive. The urgent message came during a meeting at Lotte World Tower on Thursday, attended by key executives including Lotte Department Store CEO Chung Joon-ho and Hotel Lotte Co. CEO Jung Ho-seok. The atmosphere was described as serious as the grou

January 10, 2025

Korea achieves $1 trillion in cumulative overseas construction contracts

SEOUL, January 10 (AJP) - South Korea has achieved a historic milestone in the global construction industry, with its companies securing a cumulative $1 trillion in overseas construction contracts. According to the Ministry of Land, Infrastructure, and Transport, Friday, South Korean firms won $37.11 billion in international contracts in 2024, pushing the total to $1.009 trillion since the country first ventured into overseas construction nearly six decades ago with Hyundai Engine

January 10, 2025

[CES 2025] Silicon Valley, Korean startups connect at Las Vegas networking event

LAS VEGAS, January 7 (AJP) - Over 50 startup representatives from Silicon Valley and Korea gathered at a grand Las Vegas mansion on Jan. 7, exchanging ideas and forging connections at the "Silicon Valley Leaders Networking Event." Hosted by the Innobiz Association under the South Korean Ministry of SMEs and Startups, the event provided a platform for Korean innovators to connect with Silicon Valley leaders and explore global market expansion opportunities. "CES i

January 9, 2025

[CES 2025] Soosan Group eyes AI integration for global growth

LAS VEGAS, January 9 (AJP) - Chung Suk-hyun, chairman of Soosan Group, a South Korean nuclear power equipment manufacturer, has vowed to strengthen the company's global market presence through the adoption of artificial intelligence (AI) and innovative approaches. Speaking to Aju Business Daily at the CES 2025 in Las Vegas, Chung, a recipient of the inaugural Aju Innovation Leader Grand Awards, emphasized the need for pioneering technologies to compete on the global stage. &q

January 9, 2025

Korean food firms see surge in revenue thanks to strong overseas sales

SEOUL, January 9 (AJP) - More than 10 South Korean food manufacturers surpassed 3 trillion won ($2.05 billion) in annual revenue in 2024, driven by strong overseas demand for Korean beverages, snacks, and tofu products. According to data from financial analysis firm FnGuide released Thursday, Lotte Chilsung Beverage is projected to lead the pack with 4.07 trillion won in revenue, a 26.4 percent increase from the previous year. Other major players exceeding 4 trillion won include CJ

January 9, 2025

[CES 2025] SK hynix's memory development outpacing Nvidia's demands, Chey says

LAS VEGAS, January 8 (AJP) - SK hynix's development of high-bandwidth memory (HBM) chips is now advancing faster than Nvidia's requirements, SK Group Chairman Chey Tae-won said. He made the remark on Wednesday after meeting with Nvidia CEO Jensen Huang during CES in Las Vegas. "Previously, SK hynix's development pace lagged slightly behind Nvidia's, and they were asking us to speed up our development. But recently, it could be said that our development spee

January 9, 2025

South Korea, Pakistan begin economic partnership talks

SEOUL, January 9 (AJP) - South Korea and Pakistan officially launched negotiations for an Economic Partnership Agreement (EPA) on Thursday, marking a significant step in Seoul's efforts to expand its trade footprint in Southwest Asia. The EPA, a broader agreement than a traditional free trade deal, aims to deepen economic ties between the two nations. Pakistan, with its strategic location bordering China and India, is seen as a crucial market in the evolving Asian economic lands

January 9, 2025