Hyundai, Kia lose FTA edge as Korea accepts US tariff hike

The reduction of US tariffs on South Korean automobiles to 15 percent offers only limited relief for Hyundai Motor Group, which faces mounting challenges in the world’s second-largest car market. Stripped of its former zero-tariff advantage under the FTA, the automaker is bracing for a tougher fight to maintain its competitive edge. According to Seoul's presidential office, Korea and the US negotiated a 15 percent tariff on Korean-made automobiles on Thursday, lowering the rate from 25 percent.

July 31, 2025

Korea draws red line on beef, rice in US trade deal

In a dramatic conclusion to trade negotiations between South Korea and the US, the Korean government announced Thursday that it had secured a tariff cut from the originally proposed 25 percent to 15 percent without yielding to further opening of its agriculture and livestock markets. Months of pressure from Washington centered on demands to lift Korea’s ban on beef from cattle over 30 months old and to expand rice imports. “We have agreed not to further open Korea’s rice and beef markets, given

July 31, 2025

[Photo News] Musinsa opens Gangnam flagship

South Korea’s largest online fashion platform Musinsa said Thursday it will open its Gangnam store, located in Gangnam-daero, on Friday, marking its fourth offline concept store and first in a year since Musinsa Seongsu DaelimChanggo. Spanning three floors and featuring around 130 brands and 6,000 products, the store will offer curated sections including unisex, women’s and footwear. (Musinsa)

July 31, 2025

Korea sails into US shipbuilding with $150b MASGA push

Korean shipbuilders are looking to make the most of cooperation with the US, as the Korean government on Thursday pledged a $150 billion fund to support shipbuilding investments in the US. Korea’s Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol touted the Make American Shipbuilding Great Again, or MASGA, project as making the biggest difference in the tariff deal struck this week with the Trump administration. “We expect our shipbuilders, which have world-class ship desi

July 31, 2025

After tariff deal reprieve, Samsung braces for new trade rules

Samsung Electronics said Thursday it is closely monitoring the upcoming decision by the US Department of Commerce regarding semiconductor-related trade regulations, despite an easing in uncertainty following tariff negotiations between South Korea and the US on the same day. During a conference call following its second-quarter earnings announcement, the tech giant said the decision expected in mid-August pertains to the Section 232 investigation under the US Trade Expansion Act, which covers se

July 31, 2025

LG CNS becomes first Korean firm certified in generative AI by Microsoft, AWS, Google

LG CNS, the IT solutions arm of LG Group, announced Thursday that it has earned the “Build AI Apps on Microsoft Azure Specialization” certification — making it the first Korean company to secure generative AI credentials from all three global cloud companies: Microsoft, Amazon Web Services and Google Cloud. The certification is awarded to Microsoft partners who demonstrate proven success in building, deploying and managing AI solutions on Azure, and who pass rigorous third-party audits and demon

July 31, 2025

Behind Korea’s tariff deal: Chaebol diplomacy at work

As South Korea and the United States reached an agreement on tariffs on Wednesday, attention is turning to the behind-the-scenes role of Korea’s top business tycoons, who acted as de facto special envoys in the critical final days of negotiations. Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, and Hanwha Group Vice Chairman Kim Dong-kwan all made high-profile visits to the US this week, lending their corporate firepower to support Seoul’s diplomatic

July 31, 2025

Hanwha Aerospace posts record Q2 earnings on defense, shipbuilding boom

Korea’s leading defense contractor Hanwha Aerospace on Thursday reported a record-high second-quarter revenue of 6.27 trillion won ($4.5 billion), marking a 169 percent increase compared to the same period last year. Operating profit also surged 156 percent on-year to 864.4 billion won. “The second quarter saw strong growth, driven by robust performance in the land defense sector and stable results from Hanwha Ocean,” a company official said. “In the second half, we plan to expand our order book

July 31, 2025

LX Pantos bolsters US expansion with new regional chief

Korean logistics company LX Pantos said Thursday that it has named David Bang, a global logistics and sales specialist, as its new head of operations in the Americas region. With nearly 30 years of experience in the global logistics industry, Bang has held key leadership roles at major companies, including DHL and Hellmann. Notably, Bang served for 14 years as CEO of LifeCoNex, a cold chain logistics joint venture between DHL and Lufthansa Cargo, where he helped position DHL’s temperature-contro

July 31, 2025

Hanwha Life makes Wall Street debut with Velocity acquisition

Hanwha Life Insurance has completed its acquisition of Velocity Clearing, becoming the first South Korean insurer to enter the US brokerage industry. The deal, which closed Thursday, gives Hanwha a 75 percent stake in Nexus Clearing, the top holding company of Velocity. Hanwha said the acquisition will boost profitability and expand global investment offerings for clients. Founded in 2003, New York-based Velocity Clearing is a technology-driven brokerage providing end-to-end trading infrastructu

July 31, 2025

Seoul shares open higher following US tariff deal

South Korean stocks opened slightly higher Thursday after the country reached a long-awaited tariff agreement with the United States. The benchmark Korea Composite Stock Price Index added 3.95 points, or 0.12 percent, to 3,258.42 in the first 15 minutes of trading. Earlier in the day, the two nations announced a trade deal that would impose a 15 percent tariff on South Korean imports and calls for $350 billion in US investments. US President Donald Trump earlier had threatened to impose a 25 per

July 31, 2025

Industrial output, retail sales rise in June; facility investment down for 4th month

South Korea's industrial output and retail sales rose from a month earlier in June, while facility investment declined for the fourth consecutive month, government data showed Thursday. Industrial production went up 1.2 percent last month compared with a month earlier, led by strong performances in the semiconductor and automobile sectors, according to the data compiled by Statistics Korea. Retail sales, a gauge of private spending, gained 0.5 percent on-month, backed by strong demand for clothi

July 31, 2025

Trump says he'll meet S. Korean trade delegation with 'offer to buy down' tariffs

US President Donald Trump said Wednesday that he will meet a South Korean trade delegation in the afternoon to listen to their "offer to buy down" the proposed 25 percent "reciprocal" tariffs. Trump made the remarks in a social media post as South Korean negotiators are striving to reach a trade deal with his administration before Friday, when the steep reciprocal tariffs are set to take effect unless an agreement is reached. "I will be meeting with the South Korean Trade Delegation this afterno

July 31, 2025

Posco Group launches industrial hazard task force amid series of fatal accidents

Posco Group said Wednesday it will establish a group-wide special safety task force to strengthen safety management across operations following a string of fatal industrial accidents at its sites. According to the group, the task force will be launched Friday and will report directly to Chairman Chang In-hwa. It will be responsible for conducting a comprehensive review of safety managements and practices across the group's steel, energy materials and infrastructure operations. On Monday, a worke

July 30, 2025

SK Innovation reshuffles core units to rescue ailing battery business

SK Innovation announced on Wednesday that it has decided to merge two of its subsidiaries -- SK On and SK Enmove -- as the Korean energy firm looks to keep its ailing electrification business afloat amid mounting losses. According to the announcement, battery producer SK On will acquire SK Enmove, a lubricant maker, with the aim of launching a new entity on Nov. 1. SK Innovation pointed out that SK On’s battery business for electric vehicles and energy storage systems, together with SK Enmove’s

July 30, 2025