Korea Zinc claims MBK Partners violated confidentiality agreement

SEOUL, December 16 (AJP) - Korea Zinc has filed a complaint to the Financial Supervisory Service (FSS) against private equity firm MBK Partners, alleging violations of a non-disclosure agreement (NDA) in a potential hostile takeover attempt. The complaint centers on accusations that MBK Partners misused confidential information from a 112-page consulting document about Korea Zinc's "Troika Drive" strategy and corporate value forecasts, which was provided during an inve

December 16, 2024

Key industrial plans falter amid presidential impeachment

SEOUL, December 14 (AJP) -- The South Korean government's key industrial policies under President Yoon Suk Yeol have hit a critical roadblock following his impeachment by the National Assembly on Saturday. Lawmakers voted to impeach Yoon following 10 days of political turmoil triggered by his short-lived declaration of martial law last week. Yoon's powers were suspended, with Prime Minister Han Duck-soo taking over as acting president. The suspension threatens his signatu

December 14, 2024

Samsung, Google set to release XR headset, challenging Apple, Meta

SEOUL, December 13 (AJP) - Samsung Electronics, Google and Qualcomm are set to debut a collaborative extended reality (XR) headset next year, signaling their entry into a market currently dominated by Apple’s Vision Pro and Meta’s Quest. The device, codenamed “Project Moohan,” will integrate Samsung’s hardware, Google’s Android XR operating system and Qualcomm’s chip technology. The envisioned headset will offer users access to popular

December 13, 2024

Sliding won pushes import costs higher for South Korea

SEOUL, December 13 (AJP) - South Korea's import prices rose 1.1 percent in November compared to October, marking the second consecutive monthly increase, as the weak won offset falling global oil prices, a preliminary central bank data showed on Friday. The import price index, which measures the costs of goods purchased overseas in won terms, stood at 139.03 in November, up 1.1 percent from 137.55 in October, according to the Bank of Korea (BOK). The central bank added that the

December 13, 2024

Korean tech giants to showcase AI innovations at CES 2025

SEOUL, December 13 (AJP) - Samsung Electronics, SK Group, and LG Electronics will showcase their latest artificial intelligence technologies at CES 2025, set to take place in Las Vegas from Jan. 7 to 10. Samsung Electronics, occupying the largest exhibition space of 3,368 square meters, will present its "AI for All: Everyday, Everywhere" strategy, focusing on AI integration across its TV, home appliance, and smartphone lineup. The company's Device Experience Division

December 13, 2024

'Yoon's impeachment is key to economic stability'

SEOUL, December 13 (AJP) - Governor Lee Bok-hyun of the Financial Supervisory Service (FSS) underscored the importance of resolving economic uncertainty through the impeachment proceedings against President Yoon Suk Yeol, framing it as a critical step for the nation’s financial health in the wake of the martial law controversy. Speaking to reporters on Thursday, Lee stressed that his remarks were not intended to take sides but rather to highlight the necessity of restoring sta

December 13, 2024

Gov't to unveil plan to bolster semiconductor, battery supply chains next week

SEOUL, December 12 (AJP) - South Korea’s government will unveil a three-year plan next week aimed at strengthening supply chain resilience for strategic industries like semiconductors and batteries. The initiative will focus on building up public stockpiles, expanding domestic production, and diversifying import sources. “Industrial competitiveness enhancement is an essential task that cannot be halted under any circumstances,” Deputy Prime Minister and Financ

December 12, 2024

Korea seeks measures to ensure smooth transition away from coal power

SEOUL, December 12 (AJP) - South Korea is accelerating its transition away from coal power, aiming to shut down 40 coal power plants by 2038 as part of its ambitious carbon neutrality goals. The move, while essential for environmental sustainability, is expected to have significant economic and social implications for regions heavily reliant on the coal industry. The Ministry of Trade, Industry, and Energy outlined its revised plan in 2024, reaffirming the closure of 28 coal powe

December 12, 2024

South Korea's petrochemical industry faces overhaul

SEOUL, December 12 (AJP) - South Korea's government is seeking sweeping measures to restructure its beleaguered petrochemical industry, which has been grappling with intense competition from China. The initiative, unveiled by Economy Minister Choi Sang-mok, aims to bolster the sector's competitiveness by easing regulations and providing financial incentives. The move comes as major domestic players like LG Chem, Lotte Chemical, and Hanwha Solution have reported significant l

December 12, 2024

Doosan Group halts restructuring plan amid market volatility

SEOUL, December 11 (AJP) - Doosan Group has halted its ambitious corporate restructuring plan, citing recent market volatility that has sent its stock prices plummeting. The conglomerate had intended to split Doosan Bobcat from Doosan Enerbility and fold it into a subsidiary of Doosan Robotics. The proposed reorganization aimed to streamline the group's portfolio into three main sectors: clean energy (Doosan Enerbility, Doosan Fuel Cell), smart machines (Doosan Robotics, Doosa

December 11, 2024