Latest news with #SungKim
Bloomberg
21 hours ago
- Business
- Bloomberg
Upstage CEO on Funding & Growth Outlook
Sung Kim, CEO and Co-founder of Korean AI startup firm Upstage, discusses his company's business and growth strategy, as they close a $45 million Series B funding round, to boost R&D efforts of their large language model, Solar, and increase collaboration with partners like AWS. He speaks exclusively with Shery Ahn and Avril Hong on "Bloomberg: The Asia Trade." (Source: Bloomberg)
The Star
a day ago
- Automotive
- The Star
Financial relief for South Korean auto parts makers
SEOUL: Hyundai Motor Group, Hana Bank and the state-run Korea Trade Insurance Corp (KTIC) have launched a 630 billion won financing programme to support auto parts makers hit by US tariffs. The three parties held a signing ceremony on Monday to back Hyundai Motor Group's domestic suppliers, which face risks of declining sales after the United States imposed a 25% tariff on car parts. The ceremony was attended by Minister of Trade, Industry and Energy Kim Jung-kwan, Hyundai Motor Group president Sung Kim, KTIC chief executive officer (CEO) Jang Young-jin and Hana Bank CEO Lee Ho-sung at the headquarters of DY Auto in Asan, South Chungcheong Province. DY Auto, a manufacturer of car window motors, was selected as the first recipient. Based on funds from Hana Bank's contribution of 30 billion won and Hyundai Motor Group's 10 billion won, KTIC will provide up to 630 billion won in preferential financing to parts makers recommended by the group. Participating suppliers will be eligible for loans with interest rates up to two percentage points below market rates. KTIC will also extend the guarantee period from the current one year to three years and increase guarantee ceilings for loans under the programme. 'In a trade environment that has become more challenging following the recent US tariffs, this new financing programme will provide significant support to the auto parts market and, from an original equipment manufacturer perspective, is expected to help stabilise the supply chain,' said Hyundai president Sung Kim. Although South Korea and the United States agreed on July 30 to lower the car parts tariff from 25% to 15%, the change ended the zero-tariff benefit that South Korean parts makers had enjoyed under the South Korea-US Free Trade Agreement. As a result, Hyundai Motor Co, an automaker under Hyundai Motor Group that still relies heavily on South Korean partners for its US production, said in July that it is considering shifting part of its supply chain to local US suppliers. — The Korea Herald/ANN
Korea Herald
3 days ago
- Automotive
- Korea Herald
Korean auto parts makers to get W630b in financing relief amid US tariffs
Hyundai Motor Group, Hana Bank and the state-run Korea Trade Insurance Corporation have launched a 630 billion won ($453.5 million) financing program to support auto parts makers hit by US tariffs. The three parties held a signing ceremony Monday to back Hyundai Motor Group's domestic suppliers, which face risks of declining sales after the US imposed a 25 percent tariff on car parts in May. The ceremony was attended by Minister of Trade, Industry and Energy Kim Jung-kwan, Hyundai Motor Company President Sung Kim, KTIC CEO Jang Young-jin and Hana Bank CEO Lee Ho-sung at the headquarters of DY Auto in Asan, South Chungcheong Province. DY Auto, a manufacturer of car window motors, was selected as the first recipient. Based on funds from Hana Bank's contribution of 30 billion won and Hyundai Motor's 10 billion won, KTIC will provide up to 630 billion won in preferential financing to parts makers recommended by Hyundai Motor Group. Participating suppliers will be eligible for loans with interest rates up to 2 percentage points below market rates. KTIC will also extend the guarantee period from the current one year to three years and increase guarantee ceilings for loans under the program. 'In a trade environment that has become more challenging following the recent US tariffs, this new financing program will provide significant support to the auto parts market and, from an original equipment manufacturer perspective, is expected to help stabilize the supply chain,' said Hyundai Motor Company President Sung Kim. Although Korea and the US agreed on July 30 to lower the car parts tariff from 25 percent to 15 percent, the change ended the zero-tariff benefit that Korean parts makers had enjoyed under the Korea–US Free Trade Agreement. As a result, Hyundai Motor Company, which still relies heavily on Korean partners for its US production, said in July that it will consider shifting part of its supply chain to local US suppliers. Currently, Hyundai Motor Company sources less than 50 percent of its parts for US assembly from within the US. The company disclosed that 20 percent of its 828.2-billion-won tariff-related losses in the second quarter stemmed from parts alone. The auto parts industry also faces new risks from a 50 percent US tariff on steel and aluminum starting Monday, which is applied based on the proportion of these metals in the parts. Ahead of the signing ceremony, Minister Kim toured DY Auto and was briefed on the impact of the US tariffs. 'In response to these tariff measures, the government will prepare follow-up support, including easing export difficulties, helping companies enter alternative markets, providing tax incentives, and strengthening self-sufficiency,' Minister Kim said.
Yahoo
07-06-2025
- Yahoo
Father of unarmed man killed by Atlanta police officer demands appeal after murder charge dropped
The Brief A federal judge ruled the former officer was immune under the Supremacy Clause. Jimmy Hill says his son was unarmed and had surrendered when he was shot. The DA's office says it's reviewing the ruling and considering next steps. ATLANTA - The father of Jimmy Atchison says he won't stop fighting for justice after a judge dropped all charges against the former officer who killed his son. "It was unjust. This ruling was unjust," Jimmy Hill, Atchison's father, said. "I was enraged. I was caught off guard." "I know it's my son, and I love him," Hill said. "He was murdered unnecessarily and unjustifiably. My son was unarmed, surrendered." A federal judge dismissed the charges against former Atlanta Police Officer Sung Kim, including felony murder, on Tuesday. What we know U.S. District Judge Michael L. Brown issued the ruling on Tuesday, citing both the federal Supremacy Clause and Georgia's self-defense laws as grounds for dismissal. The decision voids a Fulton County grand jury indictment that charged Kim with felony murder, involuntary manslaughter, aggravated assault, and violation of oath of office. "There is no genuine dispute that [Kim] reasonably believed his actions were necessary and proper," Brown wrote. "The evidence for self-defense is so overwhelming it is hard to understand how Georgia could have brought these charges in the first place." The backstory The incident occurred on January 22, 2019, when Kim, a 26-year veteran of the Atlanta Police Department and a deputized member of the FBI's Atlanta Violent Crime Task Force, joined a team attempting to arrest Atchison on an armed robbery warrant. According to court documents, Atchison fled from officers, first jumping from a window and then running through a northwest Atlanta apartment complex before hiding inside a closet beneath a pile of clothes. A Fulton County grand jury indicted Kim in 2023. Kim's lawyers successfully moved the case to federal court, where the judge later ruled he could not be prosecuted. Hill believes the case should not have been moved. "It should've stayed state. Because it was a former Atlanta police officer on loan to a federal task force," Hill said. What they're saying "Is this what America is about? This can't be what America says it stands for," Hill said. "Who is liberty and justice really for if a federal officer can't be held accountable for police misconduct?" he added. "For six years, we have stood shoulder to shoulder with the Atchison family as they have demanded justice," said Gerald Griggs, President of the NAACP Georgia State Conference. "Yesterday's decision is not only hurtful to the Atchison family and their community, it further erodes trust in law enforcement. The federal court's dismissal goes against the will of the Fulton County grand jury and undermines the justice that the Atchison family deserves." "This ruling is as dangerous as it is disgraceful," said Derrick Johnson, President and CEO of the NAACP. "It gives federally deputized officers legal immunity from community oversight and justice. We will not allow law enforcement to devalue our community's lives. The police officer who killed Jimmy Atchison must be held accountable for his actions What's next Atchison's father has started a petition calling on Fulton County District Attorney Fani Willis to appeal the ruling. Her office says it is reviewing the judge's orders and deciding next steps. "First off, I have to give thanks to God because he's the one that's been giving me strength and guidance," Hill said. SEE ALSO: Former Atlanta officer's lawyers ask judge to drop felony murder charges Jimmy Atchinson shooting: Hearing set for ex-APD officer indicted for murder Congress launches probe of city cops on federal task forces after Jimmy Atchison shooting Atlanta officer requests murder case be moved to federal court Former Atlanta officer indicted in 2019 shooting death of suspect during raid Family of man killed during FBI raid celebrates murder charge against Atlanta officer, calls for conviction The Source This article is based off of original reporting by FOX 5's Rob DiRienzo. Additional information was provided by the NAACP and the Fulton County District Attorney's Office.
The Independent
04-06-2025
- General
- The Independent
Judge dismisses murder charges against Atlanta officer in 2019 shooting of unarmed man in closet
A federal judge has thrown out murder charges against a former Atlanta police officer who shot and killed an unarmed man hiding in a closet. U.S. District Judge Michael Brown ruled Tuesday that Sung Kim, a 26-year veteran of the Atlanta police department, acted in self defense and shouldn't face charges in the 2019 killing of 21-year-old Jimmy Atchison. 'The evidence for self-defense is so overwhelming it is hard to understand how Georgia could have brought these charges in the first place, much less continued with them over the two-and-a-half years since," Brown wrote in his ruling. 'Defendant's shooting of Mr. Atchison was textbook self-defense.' Kim was indicted in state court in 2022, but moved his case to federal court because he was assigned to an FBI fugitive task force when the shooting happened and thus was a federal officer. Atlanta activists have cited Atchison's death as an example of unjustified police violence against Black people. His name was often chanted by Atlanta protesters during Black Lives Matter protests in the summer of 2020. The shooting also sparked policy changes. The Atlanta Police Department withdrew its officers from federal task forces because task force members weren't allowed to wear body cameras, meaning there is no video of Atchison's shooting. Officers returned after federal agencies began allowing local task force officers to wear cameras. Atchison was killed on Jan. 22, 2019, after Kim and other task force members tried to arrest him on charges that he stole a woman's purse and cellphone in an armed robbery. Kim retired from the Atlanta Police Department several months later. A Fulton County grand jury indicted Kim on charges that included felony murder and involuntary manslaughter. Officers forced their way into an apartment, prompting Atchison to jump out of a window, run through a second building and hide beneath a mound of clothes in a closet in another apartment. In his ruling, Brown rejected claims by a state witness that officers violated generally accepted police practices by entering the other apartment and the bedroom where Atchison was hiding. Testimony showed Kim shot Atchison in the face after Kim either yelled for Atchison to not move or show his hands. Atchison suddenly moved his hands from under the clothes. Family members say Atchison was raising his hands to surrender when Kim shot him in the face. Kim and other officers testified that they believed Atchison's move was threatening, as if he had a gun. Brown ruled that fear was reasonable and justified a shooting in self-defense. 'Nothing required defendant to hold off shooting until he literally saw a gun in Mr. Atchison's hand,' the judge wrote. 'He had a reasonable belief Mr. Atchison was armed and was going to shoot him. That is all that matters.' Nabika Atchison, Jimmy Atchison's sister, said in a statement that relatives are 'deeply disappointed' by Brown's decision, 'but with today's climate surrounding police brutality, I can't say we are surprised.' Tanya Miller, a Democratic state House member and lawyer representing the Atchison family, said the decision is a 'painful subversion of justice.' 'This decision underscores the troubling gap in accountability when local officers operate on federal task forces — a no-man's land where they can violate their own department's policies, the Constitution, take a young life, and still avoid standing trial,' Miller wrote in a text message. Don Samuel, a lawyer for Kim, said via email that the ruling was correct. 'It is hard to celebrate when a young man died," Samuel wrote, "but there is no doubt that the decision of the Fulton County DA's office to compound the tragedy by prosecuting Sung Kim was an inexcusable abuse of prosecutorial discretion." The Georgia state conference of the NAACP called on Fulton County District Attorney Fani Willis to appeal the ruling, saying it unjustly shields officers from accountability when they kill unarmed people. 'This ruling is not just a blow to the Atchison family's pursuit of justice — it's a threat to civil rights and public safety across the nation,' said Gerald Griggs, president of the Georgia NAACP.
