Korea, Serbia launch free trade negotiations

SEOUL, September 26 (AJP) - South Korea and Serbia began free trade agreement negotiations Thursday, marking Seoul's first such pact with a Balkan country. Korean Trade Minister Cheong In-kyo and Serbian Minister of Domestic and Foreign Trade Tomislav Momirović launched talks for an Economic Partnership Agreement in Seoul. An EPA, a form of FTA, includes broader economic cooperation beyond tariff reductions. Serbia, in southeastern Europe, has significant reserves of crit

September 26, 2024

Korea Zinc seeks to block takeover bid with core technology designation

SEOUL, September 25 (AJP) - Korea's largest zinc smelter, Korea Zinc, has applied to have its technology for manufacturing electric vehicle battery precursors designated as a national core technology in a bid to fend off a hostile takeover attempt by former partner Young Poong and private equity firm MBK Partners. "We submitted an application for national core technology designation yesterday," a Korea Zinc official said on Wednesday. "The technology in question

September 25, 2024

Samsung, Hyundai partner to integrate IoT platform with vehicle infotainment

SEOUL, September 25 (AJP) - Samsung Electronics has partnered with Hyundai Motor Group to integrate its Internet of Things (IoT) platform into the automaker's in-vehicle infotainment systems. The two Korean conglomerates signed a memorandum of understanding Wednesday, to integrate Samsung’s SmartThings into the software-defined vehicles (SDV) systems being developed by three Hyundai affiliates – Hyundai Motor Co., Kia Corp. and 42dot. This integration

September 25, 2024

Samsung Galaxy Watches receive high ratings in Consumer Reports evaluation

SEOUL, September 25 (AJP) - Samsung Electronics said Wednesday its Galaxy Watch Ultra and Galaxy Watch7 LTE have jointly reached the top position in the latest Consumer Reports evaluation. Both devices scored 92 points, while the Apple Watch Ultra 2 received 91 points. Consumer Reports gave the Galaxy Watch Ultra an "Excellent" rating in all 11 categories of its assessment. The U.S. consumer watchdog noted the Galaxy Watch Ultra's usability, step counting accuracy, and

September 25, 2024

Korean electric vehicle market shifts towards compact models amid global sales slowdown

SEOUL, September 25 (AJP) - Korea's electric vehicle (EV) market is showing a clear preference for compact models, while sales of larger EVs continue to struggle, industry data revealed on Wednesday. The Korea Automobile & Mobility Association (KAMA) reported that domestic sales of compact EVs surged by 130.4 percent year-on-year to 19,103 cars in the first eight months of 2024. Conversely, sales of large EVs in the Korean market plunged 70.3 percent to 2,477 units. T

September 25, 2024

Korea Zinc rejects hostile takeover bid

SEOUL, September 24 (AJP) - Korea Zinc, a leading global non-ferrous metal refiner, on Tuesday rejected a hostile takeover bid by Young Poong and its partner, private equity firm MBK Partners. In a press conference, Vice Chairman Lee Je-joong labeled the bid as “predatory behavior” and warned that a takeover could lead to the leakage of core technologies abroad, jeopardizing South Korea’s industrial competitiveness. Lee said Korea Zinc’s employees are co

September 24, 2024

Lawmaker claims Google's possible tax evasion in Korea

SEOUL, September 24 (AJP) - A recent analysis by Rep. Choi Soo-jin of the People Power Party has raised concerns about Google Korea's potential tax evasion. The lawmaker's study, conducted in collaboration with Professor Jeon Seong-min of Gachon University, suggests the tech giant significantly underreported its revenue and tax obligations in South Korea. According to the analysis, Google Korea's declared revenue for 2023 was a mere 365.3 billion won ($270 million),

September 24, 2024

CJ CheilJedang to supply Korean dumplings to Qantas Airways

SEOUL, September 24 (AJP) - Korea's leading food manufacturer CJ CheilJedang announced on Tuesday it will provide its Bibigo brand dumplings as in-flight meals for Australia's flag carrier Qantas Airways. The culinary company said it will supply a set of pork and pork-kimchi flavored steamed dumplings to Qantas flights starting in October. The Korean food items will be served on international routes from Australia to destinations including London, Singapore, Manila, Tokyo,

September 24, 2024

Morgan Stanley's suspicious SK hynix share sale under scrutiny

SEOUL, September 23 (AJP) - Morgan Stanley has come under scrutiny for suspicious activities related to the sale of a large volume of SK hynix shares just before issuing a sell report. According to financial sources Monday, the Financial Supervisory Service (FSS) is investigating Morgan Stanley for potential violations of capital market laws. The firm executed a sell order for 1,011,719 shares of SK hynix at its Seoul branch on Sept. 13, two days before releasing a report with a

September 23, 2024

Korean nuclear power firm signs MOU with Czech hydrogen association

SEOUL, September 23 (AJP) - Korea Hydro & Nuclear Power (KHNP), the country's largest nuclear power plant operator, signed a memorandum of understanding (MOU) with the Czech Hydrogen Technology Platform (HYTEP) on Friday to collaborate on clean hydrogen initiatives in Europe. The agreement, inked during an industry and energy technology cooperation forum in Prague, Czech, aims to strengthen the two organizations' competitiveness in the global clean hydrogen market.

September 23, 2024