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

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

Korea races to seal tariff deal in final US talks

South Korea's Deputy Prime Minister and Finance Minister Koo Yun-cheol held two-hour trade talks with US Commerce Secretary Howard Lutnick Tuesday in Washington, as part of last-ditch efforts to finalize a tariff agreement before the imminent deadline. The meeting began at 3 p.m. at the US Department of Commerce — just three hours after Koo arrived in Washington. Korea's Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo also joined the meeting, according to Korea's Industry Ministry

July 30, 2025

Ramyeon makers vie to acquire suppliers for flavor 'soupremacy'

The fierce rivalry between South Korean instant noodle giants Nongshim and Samyang Foods is flaring up again. This time, it’s over control of a closely guarded flavor secret: the soup base. Samyang Foods, the maker of the global hit Buldak noodle series, was the first to make a move, with a 60 billion won ($43 million) stock purchase deal currently in the works to acquire local sauce maker GnF. The local sauce manufacturer has long supplied powdered seasonings to major food companies, including

July 30, 2025

Toss Bank logs W31.6tr in fee-free forex transactions

Internet-only South Korean lender Toss Bank has recorded 31.6 trillion won ($22.8 billion) in foreign exchange volume just 18 months after launching the service, driven by its zero-fee policy and rapidly expanding user base. The number of users has reached 2.67 million, with sign-ups peaking at 33,000 per minute, the lender said. The milestone follows Toss Bank’s rollout of the country’s first permanent fee-free forex service in January 2024. While other banks had experimented with temporary pro

July 30, 2025

Will US' push undermine Korea’s AI sovereignty drive?

As US President Donald Trump signed an executive order last week unveiling an “AI action plan” to maintain America’s dominance in artificial intelligence, concerns are rising that the move could undermine South Korea’s ambitions to build its sovereign AI ecosystem. According to industry sources on Wednesday, the Trump administration’s plan, signed on July 23, triggered a rapid response from China, which announced its own global AI governance initiative just three days later. At the heart of the

July 30, 2025

Hanwha secures full control of Korea’s Nuri rocket program

Hanwha Aerospace will be the first private company in Korea to secure full lifecycle capabilities for rocket development, the company said Wednesday. The nation’s leading defense manufacturer signed a technology transfer agreement with the Korea Aerospace Research Institute, the state-run space agency, to acquire core technologies for the Korea Space Launch Vehicle-II, also known as Nuri. The transfer includes the rocket’s design and technologies for manufacturing and launch operations. Under th

July 30, 2025

Musk backs Samsung AI chip deal, calls it ‘just the minimum’

Tesla CEO Elon Musk revealed Wednesday that he had a video call with Samsung Electronics Chairman Lee Jae-yong to discuss a "real partnership" over their recent $16.5 billion AI chip supply deal. Responding to a user on X who claimed Samsung "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," Musk wrote. "Use the strengths of both companies to achieve a great outc

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

[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

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 of Korea said they had agreed to raise the top corporate tax rate from the current 24 percent to 25 percent — the same level as in 202

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

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