South Korean company CJ Foodville Corporation announced this week it will invest more than $47 million to build a new bakery and food processing facility in Gainesville.Read More
Daesol Ausys, a South Korean automotive supplier, announced Tuesday it will invest $72 million to establish a new manufacturing facility in Harris County.Read More
South Korean company Duckshin Housing announced this week it will invest more than $15 million to establish its first U.S. manufacturing presence in Athens.Read More
South Korea reached an agreement with Russia’s state-run nuclear giant to jointly construct a reactor turbine despite sanctions and widespread global hostility toward Russia, The Associated Press reported Thursday.
South Korea’s state-run Korea Hydro and Nuclear Power (KHNP) and ASE, a subsidiary of Russia’s Rosatom, will collaborate in a $2.25 billion venture to provide components for Egypt’s first nuclear reactor, according to the AP. Economic affairs chief Choi Sang-mok said the U.S. ally consulted with the U.S., who has led the sanctions regime to isolate Russia from the global economy, before striking the deal.Read More
Whatever one thinks about President Donald J. Trump’s personality, his policies were the most conservative reforms that America has seen since President Ronald Wilson Reagan left office — and perhaps even before he arrived.Read More
When you think about national security, you probably don’t immediately think about semiconductors. These tiny chips are the “brains” enabling all the computational capabilities and data storage that we take for granted today. Chips power virtually every sector of the economy – including data centers, automotive, healthcare, banking, and agriculture. As a consequence of their widespread use, semiconductors have grown to become a $555 billion global industry, and are the world’s fourth most traded product. Semiconductor manufacturing and advanced packaging have been cited frequently as one of the main critical supply chain priorities for the nation.
A steady source of uninterrupted, trusted chips is necessary for the security of the nation – supporting the readiness of the U.S. military and protecting critical infrastructure like the electric grid. The problem is that most chips are fabricated outside of the U.S., in the vulnerable region of Southeast Asia – hence the security issues. Around three quarters of global chip production capacity comes from Southeast Asia.Read More
North Korea acknowledged Monday having test-fired an intermediate-range ballistic missile capable of striking the U.S. territory Guam.
South Korea and Japan first reported Sunday that the Hwasong-12 missile had been launched – making it the seventh nuclear-capable missile having been launched since 2017 by the rogue nation.
The North Korean state news said the missile was fired as a test and took a high trajectory to avoid flying over neighboring countries. The projectile flew just under 500 miles before landing in the sea between Japan and the Korean Peninsula.Read More
The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.
The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.
Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.Read More
NORCROSS — Sunny Park immigrated to the United States from South Korea in 1983, and, after his arrival, made $1.80 an hour working in a kitchen. Despite that meager salary, Park was ambitious and aspired to pay at least $1 million in taxes every year. And for that, people told him that he was crazy.Read More
Two former Democratic congressmen contracted with a lobbying firm to advocate on behalf of South Korean businesses operating factories in North Korea, according to recent filings.
Former Democratic Missouri Rep. Lacy Clay joined law firm and lobby shop Pillsbury Winthrop Shaw Pittman on Wednesday to lobby on behalf of the Corporate Association of the Gaesong Industrial Complex (CAGIC) at the direction of South Korean consultancy HC & Sons, according to a foreign agent filing with the Justice Department. Former Democratic Texas Rep. Greg Laughlin, who has been with Pillsbury since 2004 and served in Congress for 6 years before switching parties, began lobbying on behalf of CAGIC in December 2021, filings show.
Pillsbury began working with CAGIC in July 2021, filings show, signing a $675,000 contract to provide services including “general advocacy, including meetings with U.S. Executive and Legislative Branches.” The firm will also “provide information to CAGIC and advocate on its behalf,” filings show.Read More
The Biden administration asked China, Japan, South Korea and India to tap into their emergency oil reserves as the president continues to grapple with rising gasoline prices, Reuters reported.
The effort to simultaneously release oil reserves represents a rebuke of the Organization of the Petroleum Exporting Countries (OPEC), the cartel that controls oil production throughout the Middle East, several anonymous sources familiar with the request told Reuters on Wednesday. OPEC has repeatedly rejected requests from President Joe Biden and other top administration officials to increase oil production amid rising gasoline prices.
The four Asian nations the president appealed to represent some of the largest energy consumers and greenhouse gas emitters, according to a University of Oxford database.Read More
Hackers obtained customer data from McDonald’s after breaching the company’s systems in the U.S., South Korea and Taiwan, according to The Wall Street Journal.
U.S. employees’ and franchisees’ contact information, seating capacity of U.S. locations and the dimensions of play areas at restaurants in the U.S were all exposed during the breach, McDonald’s said Friday, The Wall Street Journal reported. While McDonald’s said the hack didn’t cause disruptions at any of its locations, it vowed to launch an investigation into the breach and continue to invest in bolstering its cybersecurity protocol.
“McDonald’s will leverage the findings from the investigation as well as input from security resources to identify ways to further enhance our existing security measures,” the global fast food chain told U.S. employees in an internal message, according to the WSJ.Read More
Georgia officials announced Sunday that SK Innovation will continue to operate its battery manufacturing plant in Jackson County, thus saving 2,600 jobs. Gov. Brian Kemp announced the news in an emailed statement.Read More
Losses in the mobile phone business have driven the South Korean electronics company LG to quit the production of phones and instead focus more on profitable items including electric vehicle components, robotics and artificial intelligence.
Following approval from the company’s board, LG on Monday announced the changes and expects to fully exit the phone industry by July.Read More