Kia logs 24.1% drop in profit amid US tariffs

Kia said Friday that its operating profit declined 24.1 percent on-year to 2.8 trillion won ($2 billion) in the second quarter, largely due to the 25 percent automobile tariffs imposed by the US. According to Kia’s conference call on earnings from April to June, its operating profit margin declined to 9.4 percent, marking a single-digit figure for the first time in 10 quarters. Its sales revenue reached a record high of 29.3 trillion won, with a 6.5 percent increase from the previous year. “The

July 25, 2025

Insurers target Korea’s 1m foreign workers with improved access

As South Korea’s foreign workforce surpasses 1 million, insurers are lining up products tailored to this growing but historically underserved population. With local insurance markets nearing saturation, foreign residents have become increasingly attractive as a new source of growth — launching tailored products, forming partnerships and expanding digital services. Workers make up half of Korea’s 2.04 million long-term foreign residents, and financial institutions are expanding insurance offering

July 25, 2025

Seoul shares up for 3rd day amid US tariff uncertainties; won sharply down

Seoul shares closed slightly higher Friday, extending their winning streak to a third day, as investors kept a close eye on the ongoing tariff negotiations between South Korea and the United States, which is expected to have a huge impact on the economy. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 5.6 points, or 0.18 percent, to close at 3,196.05. Trade volume was moderate at 385.7 million shares worth 9.8 trillion won ($7.1 billion), w

July 25, 2025

JB Financial taps into Indonesia with KB Bank subsidiary acquisition

JB Financial Group, a regional financial service provider based in South Korea, is set to acquire a controlling stake in Indonesian installment financing subsidiary PT KB Bukopin Finance, under a plan to expand its presence in the Southeast Asian country. JB Woori Capital, a credit financing unit under JB Financial, will acquire an 85 percent stake in PT KB Bukopin Finance from KB Bank Indonesia at 29 billion won ($21 million), according to JB Financial Chair Kim Ki-hong’s announcement made at a

July 25, 2025

LG Energy Solution posts 152% growth in profit on upbeat US sales

LG Energy Solution said Friday its operating profit in the second quarter surged 152 percent on-year to 492.2 billion won (357 million), predominantly led by stable demand for electric vehicles and energy storage systems in the North American market. According to the company’s earnings report, it achieved profitability for the first time in six quarters, excluding financial benefits from the Advanced Manufacturing Production Credit under the US Inflation Reduction Act (IRA). However, sales reven

July 25, 2025

Miracell unveils Korea’s first AI voice system for hospitals

Korean stem cell research company Miracell has introduced the nation’s first generative AI-powered voice consultation system designed for medical institutions. Co-developed with Europe-based Vee, a Warsaw-listed AI company, the solution marks a major shift in health care automation. The company said Monday it has secured exclusive distribution rights for Vee’s AI solution across Asia and is working closely with Vee Korea to customize the system for local hospitals. Unlike traditional rule-based

July 25, 2025

Stimulus coupon applications top 57% in 4 days $3.8b already distributed

More than half of eligible recipients have applied for stimulus vouchers just four days after the launch of the nationwide program, the Ministry of the Interior and Safety said Friday. According to the ministry, 28.9 million people, or 57.1 percent of those eligible, including all Korean citizens and some foreign residents, had submitted applications by Thursday, with a total of 5.21 trillion won ($3.79 billion) in coupons distributed. In Incheon and Sejong, the application rates exceeded 60 per

July 25, 2025

Hahn & Company donates W2b for flood relief

Korean private equity fund Hahn & Company said Friday that it has donated 2 billion won ($1.4 million) to support recovery efforts in areas severely damaged from the recent heavy rainfall. The donation was made in partnership with 13 of its portfolio companies and delivered to disaster relief organization Hope Bridge. The funds will be used to provide emergency supplies to flood victims and assist with the restoration of damaged communities. Participating companies include Namyang Dairy Products

July 25, 2025

Regulator says will take bolder steps on household loans if needed

South Korea's financial regulator said Friday it is ready, if necessary, to implement stronger curbs against soaring household debts as earlier measures have worked to rein in a steep increase in such loans this month. The Financial Services Commission said the growth of household loans this month slowed on the back of a string of measures unveiled late last month aimed at curbing a sharp rise in household loans. "We will closely monitor the trend of home-backed loan growth until it stabilizes a

July 25, 2025

Samsung's new foldables hit shelves, with preorders at all-time high

Samsung Electronics on Friday began sales of its latest foldable smartphones — the Galaxy Z Flip7 and Z Fold7 — along with the Galaxy Watch8 series in Korea. The new foldable phones garnered record-breaking domestic preorders, reaching 1.04 million units during the seven-day preorder period that ended Monday. The figure surpasses the previous record held by the Z Flip5 and Z Fold5 models by 20,000 units, marking the highest preorder sales in the history of Galaxy foldables. Compared to last year

July 25, 2025

Samsung, LG tighten grip on high-end OLED market with iPhone 17 supply

South Korea’s top display makers Samsung Display and LG Display are cementing their dominance in the high-end OLED market by becoming the only firms to supply Apple’s upcoming iPhone 17 lineup with next-generation low-power panels known as low-temperature polycrystalline oxide OLEDs. According to industry sources Friday, Apple is set to adopt LTPO panels across the new iPhone 17 series, a move that further sidelines Chinese competitors like BOE, which continues to struggle with mass production d

July 25, 2025

Seoul's top trade officials press US for tariff relief in last-ditch talks

South Korea's top trade officials, including Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo, are holding relay talks with their counterparts in the US to reach a deal on tariff reductions. Industry Minister Kim Jung-kwan urged the US administration to ease tariffs on Korean goods in a meeting with US Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry and Energy on Friday. The high-level talks lasted for roughly 80 minutes. During the meeting, Kim outl

July 25, 2025

[Exclusive] SK On revs up prismatic battery push with new pilot line

SK On has begun setting up a pilot line for unidirectional prismatic battery cells at its Daejeon research center this week, as demand grows for this more space-efficient battery format in electric vehicles and energy storage systems. “Unidirectional” or “top terminal” cells refer to a battery design in which current flows through terminals placed on the top, optimizing the use of space and simplifying their integration into EVs. Prismatic cells can be made rectangular, unlike the more tradition

July 25, 2025

Govt. to issue W140b in Treasury bonds for retail investors in August

The finance ministry said Friday it will issue 140 billion won ($102.06 million) in government bonds for individual investors next month. The issuance limits by maturity in August will remain unchanged from the previous month -- 90 billion won for five-year bonds, 40 billion won for 10-year bonds and 10 billion won for 20-year bonds, according to the Ministry of Finance and Economy. About 1.3 trillion won in Treasury bonds will be issued for retail investors throughout 2025, it added. (Yonhap)

July 25, 2025

Seoul shares open tad higher amid US tariff uncertainties

Seoul shares kicked off slightly higher Friday amid uncertainties over tariff negotiations between South Korea and the United States. The benchmark Korea Composite Stock Price Index gained 6.01 points, or 0.19 percent, to 3,196.46 in the first 15 minutes of trading. Overnight, Wall Street closed mixed, with the tech-heavy Nasdaq composite and the S&P 500 up 0.18 percent and 0.07 percent, respectively, while the Dow Jones Industrial Average shed 0.7 percent. Tesla slid 8.2 percent on weaker-than-

July 25, 2025