Seoul shares open flat amid intense US tariff talks

South Korean stocks opened nearly unchanged Wednesday after reaching a four-year high the previous session amid uncertainties over high-stakes tariff talks with the United States. The benchmark Korea Composite Stock Price Index added 1.88 points, or 0.06 percent, to 3,232.45 in the first 15 minutes of trading. South Korea continued intensive negotiations with the US to reach a deal on President Donald Trump's administration's sweeping tariff scheme before the Aug. 1 deadline. In the latest round

July 30, 2025

Tesla CEO Musk says he discussed chip deal with Samsung Chairman Lee

Tesla Inc. Chief Executive Officer Elon Musk said he discussed the details of a recent semiconductor supply deal with Samsung Electronics Co. Chairman Lee Jae-yong. In a response to a user's comment on his X account on Tuesday that Samsung Electronics "has no idea what they signed up for," Musk replied, "They do. "I had a video call with the chairman and senior leadership of Samsung to go over what a real partnership would be like," he continued, adding they will "use the strengths of both compa

July 30, 2025

LG Innotek partners with US' Aeva for LiDAR development

LG Innotek Co., an electronic component manufacturing unit of LG Group, said Tuesday it has formed a strategic partnership with US software company Aeva Technologies Inc. to collaborate in the laser imaging, detection and ranging sector. Under the agreement, LG Innotek will provide next-generation frequency modulated continuous wave LiDAR modules to Aeva, which will be integrated into Aeva's LiDAR solutions for global automakers, according to the Korean company. "This long-term technology partne

July 29, 2025

LG Innotek to invest $50m in Aeva as part of strategic LiDAR partnership

Korean electronics parts maker LG Innotek said Tuesday that it has signed a strategic partnership with US-based Aeva to supply its next-generation ultra-slim, long-range 4D LiDAR modules, the light detection and ranging sensors that are crucial for self-driving vehicles. Aeva, renowned for its frequency modulated continuous wave LiDAR technology, was the first company in the world to commercialize 4D LiDAR systems capable of long-range object sensing. Since beginning mass production in 2022, the

July 29, 2025

[Photo News] Kakao Bank-UNICEF $2m climate fund

Kakao Bank CEO Yun Ho-young (center) poses with Sawako Kanetaka (left), Asia-Pacific hub lead at UNICEF, and Cho Mi-jin (right), secretary-general of UNICEF’s Korean Committee, during a signing ceremony in Seoul on Monday for a new global partnership focused on addressing climate risks for future generations. Under the agreement, the three parties will jointly contribute $2 million over the next two years to support children and teenagers through climate-related projects across Asian countries,

July 29, 2025

Seoul shares hit 4-yr high despite US tariff uncertainty

South Korean stocks climbed to the highest level in nearly four years Tuesday, buoyed by strong foreign buying, as last-minute negotiations are under way between Seoul and Washington over the Donald Trump administration's aggressive tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 21.05 points, or 0.66 percent, to close at 3,230.57, extending its winning streak to a fifth session. The reading marks the highest level since Aug. 19

July 29, 2025

Ruling bloc to raise corporate tax, reversing Yoon-era cut

South Korea’s ruling bloc on Tuesday outlined plans to raise the corporate tax rate and expand the scope of capital gains taxation, signaling a U-turn from policies aimed at tax relief under the previous conservative Yoon Suk Yeol administration. Following a policy consultation held at the National Assembly in Seoul, the government and the ruling Democratic Party said they had agreed to raise the top corporate tax rate from the current 24 percent to 25 percent — the same level as in 2022, before

July 29, 2025

From US to Scotland, Korea chases last-minute deal to dodge tariff hit

With just days remaining before the US imposes steep "reciprocal tariffs," South Korea is ramping up efforts to strike a deal, overhauling its negotiation package and closely shadowing key US officials as it tries to bring the 25 percent rate down. Deputy Prime Minister and Finance Minister Koo Yun-cheol departed Tuesday for Washington, where he is scheduled to meet US Treasury Secretary Scott Bessent on Thursday. Koo said he would press for a “mutually beneficial agreement,” pitching sectors su

July 29, 2025

New threats, new protection: Korea rethinks cyber insurance as attacks surge

A string of high-profile cyber incidents, from SK Telecom’s data breach to a ransomware attack on Seoul Guarantee Insurance, has raised alarm over digital vulnerabilities and spurred Korean insurers to ramp up cyber coverage. Leading the response is Hanwha General Insurance, which in November launched its Cyber Risk Management Center, the first dedicated cyber risk division established by a Korean insurer. As part of its strategy, Hanwha formed a three-way partnership with global cybersecurity f

July 29, 2025

S. Korea in talks to launch NATO defense consultative body in September

South Korea is in talks with NATO to launch a working-level defense consultative body as early as September, through which it would seek to expand opportunities for local defense firms to enter the European market. The inaugural session of the consultative body is being discussed for late September in Brussels, Belgium, with final arrangements still being coordinated by the Defense Acquisition Program Administration and NATO, according to an official at the arms procurement agency on Tuesday. Th

July 29, 2025

Celltrion nears US plant deal to go ‘made in USA’

Celltrion Group Chairman and founder Seo Jung-jin said Tuesday that the company is preparing for new US tariffs by moving closer to acquiring a biologics manufacturing facility in the United States -- a move that would give Celltrion greater access to a market Seo framed as “indispensable.” According to a regulatory filing Tuesday, Celltrion has been named the preferred bidder for a large-scale biologics manufacturing facility in the US, a cGMP or "current Good Manufacturing Practice" drug subst

July 29, 2025

Hanwha vice chief heads to Washington to aid tariff talks

Hanwha Group Vice Chairman Kim Dong-kwan has traveled to Washington, reportedly to support South Korea’s efforts to leverage Korean shipbuilders’ investments in ongoing trade negotiations with the United States. According to media reports, Kim flew to Washington on Monday as part of a South Korean delegation, which also includes Finance Minister Koo Yun-cheol and Industry Minister Kim Jung-kwan. He plans to stay through Friday, the deadline for the negotiations, working alongside the nation's to

July 29, 2025

South Korea in push for US trade deal to offer package including shipbuilding tie-up

South Korean Finance Minister Koo Yun-cheol said on Tuesday he would seek a mutually beneficial trade deal when he meets US Treasury Secretary Scott Bessent for talks this week, just days before an August 1 deadline expires to avoid punishing tariffs. Speaking at the airport before departing for Washington, Koo said he would propose at Thursday's meeting a "programme" South Korea had prepared and consult on areas where they could cooperate in the mid-to-long term, such as shipbuilding. South Kor

July 29, 2025

Korean game firms bet on MMORPGs to turn earnings tide

Major Korean game developers such as NCSoft, Netmarble and Kakao Games are doubling down on upcoming MMORPG releases for the second half of this year, seeking improved earnings in the success of the new games. NCSoft plans to launch Aion 2, a follow-up version of Aion released in 2008, in the fourth quarter of this year. The company said Tuesday that the new massively multiplayer online role-playing game will expand the original Aion universe with a renewed focus on its combat system and content

July 29, 2025

European chamber raises alarm over Korea’s 'Yellow Envelope' bill

The European Chamber of Commerce in Korea is urging a revision of the proposed “Yellow Envelope Law,” warning that its implementation could prompt foreign companies to withdraw from the Korean market. According to the National Assembly on Tuesday, the bill, which would revise Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act, passed the Environment and Labor Committee’s plenary session Monday. The Democratic Party-led proposal was twice vetoed under former President Yoon Suk

July 29, 2025