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Seoul draws red line: Why high-precision map data excluded from US trade deal
A key issue pushed by US tech giants Google and Apple ― the export of South Korea’s high-precision map data ― was notably excluded from last week’s Korea-US tariff negotiations, underscoring Seoul’s firm stance that its national security is not up a bargaining chip. According to industry sources and the presidential office on Sunday, the Korea-US trade discussions on Thursday focused largely on conventional tariff and commerce issues. The topic of high-precision map data exports, previously flag
Aug. 3, 2025 -
Major S. Korean shipbuilders launch joint task force for massive US investment project
Major South Korean shipbuilders have launched a joint task force to support the government's cooperation with the United States under a recently agreed-upon large-scale investment project in the US shipbuilding sector, officials said Sunday. The top three shipbuilders -- HD Hyundai Heavy Industries Co., Hanwha Ocean Co. and Samsung Heavy Industries Co. -- along with the Korea Shipbuilding & Offshore Engineering Association, have formed the TF and held an inaugural meeting recently, according to
Aug. 3, 2025 -
Poland signs $6.5 billion deal to purchase 2nd batch of K2 tanks
Poland on Friday signed a deal worth about US$6.5 billion to purchase the second batch of K2 tanks from major South Korean defense contractor Hyundai Rotem Co., Seoul's defense ministry said. The deal marks the largest-ever arms export contract won by a South Korean company and the first major one since the launch of the Lee Jae Myung administration in June. Under the deal, Poland will be supplied with 180 K2 tanks and 81 other support vehicles. It follows up on a contract Poland signed in 2022
Aug. 1, 2025 -
Hanwha says US Navy chief toured Philly Shipyard ahead of Korea-US tariff deal
US Navy Secretary John Phelan and White House Budget Director Russell Vought visited Hanwha Group's Philly Shipyard in Philadelphia on Wednesday, just hours before South Korea and the US finalized their new tariff agreement, Hanwha said Friday. The visit is seen as a contributing factor in the deal, with a shipbuilding partnership between the two countries reportedly playing a key role. According to Hanwha, Phelan and Vought toured major production facilities at the Philadelphia site, guided by
Aug. 1, 2025 -
Korean stocks tumble on tax reform letdown, trade uncertainty
South Korea’s benchmark Kospi slumped nearly 4 percent on Friday, marking its steepest single-day drop in two months, as investor optimism soured following disappointment over the government’s tax code revision and mounting uncertainty over US tariff talks. The Kospi closed at 3,119.41, down 3.88 percent from the previous session. The selloff was led by institutional and foreign investors, who offloaded 10.7 trillion won ($7.6 billion) and 656.5 billion won worth of shares, respectively. Retail
Aug. 1, 2025 -
9 out of 10 Koreans watch videos while eating alone, survey finds
A recent survey by Baedal Minjok (Baemin), South Korea’s leading food delivery platform, found Friday that 91 percent of people watch videos -- such as TV or streaming content -- while eating alone. The findings come from Baemin’s “My Solo Dining Skill” campaign, a celebration of surpassing 1 million users of the platform’s “han-geureut (one bowl)” category. The company launched the service in late April to cater to the growing number of single-person households, removing minimum order requireme
Aug. 1, 2025 -
'Baby Shark' Pinkfong eyes management buyout alongside IPO: reports
The Pinkfong Company, creator of the global children’s sensation "Baby Shark," is reportedly pursuing a management buyout in parallel with its planned market debut, according to industry sources on Friday. In May, the company filed for a preliminary review to list on the Kosdaq, marking a renewed push for an initial public offering six years after it first floated the idea in 2019. Multiple industry reports suggest that Pinkfong is in talks with potential buyers regarding a management sale. Acco
Aug. 1, 2025 -
Hyundai Motor CEO says tariff deal removed uncertainties in US operations
Hyundai Motor Company CEO Jose Munoz said Thursday that the new tariff agreement between South Korea and the United States removes uncertainties, enabling the business to move forward in predictable frameworks. “This agreement ensures that the partnership (between Korea and the US) will continue flourishing, with predictable frameworks that benefit workers and communities in both nations,” the CEO wrote in a post on LinkedIn. The remark came hours after Korea and the US reached a new trade agree
Aug. 1, 2025 -
Genesis Motor Europe appoints Peter Kronschnabl as new managing director
Genesis Motor Europe, the European arm of the Korean luxury automaker, announced Thursday the appointment of Peter Kronschnabl as its new managing director, effective Monday. He will lead operations at the brand’s European headquarters in Frankfurt, Germany, succeeding Xavier Martinet, president and CEO of Hyundai Motor Europe, who served in the role on an interim basis. Kronschnabl brings over 30 years of experience in the automotive industry, having held senior leadership positions at BMW Grou
Aug. 1, 2025 -
SK hynix overtakes Samsung to lead global memory market for 1st time with HBM surge
SK hynix has claimed the top spot in the global memory chip market for the first time, overtaking long-time leader Samsung Electronics on the back of its dominance in high bandwidth memory chips, the highly lucrative artificial intelligence products. According to market tracker Counterpoint Research on Thursday, SK hynix recorded 21.8 trillion won ($15.6 billion) in memory sales, including both DRAM and NAND products, in the April-June period, narrowly surpassing Samsung's 21.2 trillion won. SK
Aug. 1, 2025 -
Daewoong's Nabota hits record H1 sales, expands to Middle East
South Korean drugmaker Daewoong Pharmaceutical announced Thursday that its botulinum toxin product, Nabota, posted 115.4 billion won ($83 million) in revenue in the first half of this year, up 28 percent from last year. With this growth, Daewoong expects to surpass 200 billion won in annual sales this year. Nabota was approved by the US Food and Drug Administration in 2019 as the first Asian botulinum toxin. Since then, Daewoong has pursued a premium strategy focused on high purity, high safety
July 31, 2025 -
Lee Jae Myung rolls back Yoon-era tax cuts in first code overhaul
President Lee Jae Myung’s first tax code overhaul, unveiled Thursday, focuses on reversing the tax relief introduced under his predecessor over the past three years, chiefly by raising tax rates on corporations and high-income individuals. “The country’s tax revenue base has eroded sharply over the past three years, leading to a significant drop in the tax-to-GDP ratio,” First Vice Finance Minister Lee Hyoung-il said Tuesday during a press briefing. “This year’s tax revision aims to support econ
July 31, 2025 -
Seoul shares snap 6-day winning streak after US tariff deal
South Korean stocks ended their six-day winning streak Thursday on profit-taking, as investors assessed the impact of the long-awaited tariff deal between Seoul and Washington on the industry and the broader economy. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 9.03 points, or 0.28 percent, to close at 3,245.44, after hitting a four-year high in the previous session. Trade volume was heavy at 536.75 million shares worth 16.29 trillion won ($
July 31, 2025 -
Korea holds line on chips as US tariff deal offers strategic relief
South Korean chipmakers expressed cautious optimism Thursday following a tariff agreement between Seoul and Washington that ensures they will not be treated less favorably than other countries in any future US tariffs on semiconductors. Experts say the impact of potential tariffs may be limited as Korean chips, especially advanced memory and foundry products, are difficult to replace and critical to US tech firms' ambitions in artificial intelligence and high-performance computing. “Korea has se
July 31, 2025 -
Seoul, Washington strike $450b deal to cap US tariffs at 15%
South Korea clinched a last-minute trade deal with the United States on Thursday, capping a looming blanket tariff at 15 percent and averting a steeper 25 percent rate set to take effect Friday. In return, Seoul agreed to a $350 billion investment package aimed at deepening economic ties with Washington. The new 15 percent tariff rate, described as “reciprocal,” aligns with terms recently accepted by Japan and the European Union. However, it marks a significant departure from the 2012 Korea-US F
July 31, 2025