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Industry ministry to execute W981.4b of extra budget for tariff response, advanced industry support
The industry ministry said Friday it will swiftly execute 981.4 billion won ($684 million) in extra budget to support tariff-hit companies and advanced industries. With the additional budget, the Ministry of Trade, Industry and Energy will spend a total of 2.3 trillion won in 2025. The 2025 budget includes 380 billion won in trade insurance for small and medium-sized enterprises and exports of defense and shipbuilding industries amid global trade uncertainties sparked by the US administration's
May 2, 2025 -
Sales of Hyundai, Kia in US rise 16% in April
Hyundai Motor Co. and its smaller affiliate Kia Corp. said Friday their combined vehicle sales in the United States surged 16 percent in April from a year earlier, driven by strong demand for sport utility vehicles. Hyundai and Kia sold a total of 162,615 vehicles in the US last month, up from 139,865 units a year ago, according to the companies' sales data. Hyundai's vehicle sales jumped 19 percent to 81,503 units from 74,111 over the cited period, while those of Kia advanced 14 percent to 74,8
May 2, 2025 -
Seoul shares open lower amid tariff woes, political turmoil
Seoul shares opened lower Friday, weighed down by losses in tech and auto stocks, as investors continued to assess the impact of US President Donald Trump's import tariffs on major companies' earnings and the political turmoil at home. The benchmark Korea Composite Stock Price Index fell 12.86 points, or 0.5 percent, to 2,543.75 in the first 15 minutes of trading. The main index bucked overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.21 percent, while the tech-heavy Nasdaq
May 2, 2025 -
Govt. reaffirms vigilant monitoring of financial markets amid political turmoil
Top economic and financial policymakers on Friday vowed to maintain round-the-clock monitoring of the financial markets amid heightened political uncertainties following the resignations of the prime minister and finance minister, the finance ministry said. The renewed pledge was made during an emergency meeting on macroeconomic and financial issues, chaired by acting Finance Minister Kim Beom-suk and attended by Bank of Korea Gov. Rhee Chang-yong, and the chiefs of the Financial Services Commis
May 2, 2025 -
Consumer prices rise 2.1% in April on higher food, service costs
South Korea's consumer prices grew at the 2 percent level for the fourth consecutive month in April, mainly driven by an increase in food and service costs, government data showed Friday. Consumer prices, a key gauge of inflation, increased 2.1 percent from a year earlier last month, according to the data from Statistics Korea. This follows a 2.2 percent on-year rise in January, which marked the steepest on-year increase since July, and 2 percent and 2.1 percent gains in February and March, resp
May 2, 2025 -
Ministry urges SKT to stop new signups over data breach
The South Korean government urged the country's leading mobile carrier SK Telecom to suspend new subscriber signups until its hacking-prompted USIM card replacement scheme gets back on track. In an administrative guidance order released Thursday, the Ministry of Science and ICT announced that the measures were drawn up to urge SK Telecom to implement stronger corrective actions in response to the cyberattack, which was detected by the mobile carrier on April 18. The order demands SK Telecom refr
May 1, 2025 -
What Trump wants from the won
The chronic devaluation of the South Korean won is a subject of interest for both the Korean and US administrations — significant enough to be included in their high-stake trade negotiation. While Seoul and Washington have agreed to craft a trade package to eliminate US tariffs on Korean exports, the discussion will cover four main areas: tariffs and non-tariff barriers, economic security, investment cooperation and exchange rate policy. "The two countries' finance ministries will hold separate
May 1, 2025 -
US Navy secretary eyes ties with Korea's top shipbuilders
US Navy Secretary John Phelan and top executives at Korea’s major shipbuilding companies explored opportunities for bilateral collaboration during the secretary's tour of key Korean shipyards. On Wednesday afternoon, Phelan traveled from Seoul to the HD Hyundai Heavy Industries shipyard in Ulsan, located 300 kilometers southeast. He then continued another 100 kilometers to Hanwha Ocean in Geoje, South Gyeongsang Province. “The relationship between the US Navy and the Republic of Korea’s maritime
May 1, 2025 -
Credit card spending by foreign residents in Korea jumps 65% in 4 years, hitting W56tr
Foreign residents are emerging as a significant force in South Korea’s consumer economy, contributing an estimated 56.3 trillion won ($39.3 billion) in domestic credit card spending in 2023, according to a December 2024 report by the state-run Migration Research and Training Center (MRTC). The figure, which marks a 65 percent increase from 34.1 trillion won in 2019, is based on credit card usage data provided by Shinhan Card, South Korea’s leading issuer. The report used Shinhan Card’s data to e
May 1, 2025 -
Korea clinches $18b Czech nuclear plant deal
Korea has secured an $18 billion contract to build two nuclear reactors in the Czech Republic, marking its first nuclear reactor export in 16 years and first entry in the European nuclear power sector. The Czech government on Wednesday announced that a contract will be signed with the Korean consortium led by Korea Hydro & Nuclear Power on May 7, as it decided to acquire an 80 percent stake in Elektrarna Dukovany II, a subsidiary of state-owned power company CEZ, to facilitate the deal. CEZ init
May 1, 2025 -
Samsung to pay language test fees for workers in talent push
Samsung Electronics Chair Lee Jae-yong has introduced a new initiative to support employees taking conversation tests in seven foreign languages, reflecting his ongoing commitment to cultivating global talent. According to industry sources on Thursday, Samsung Electronics informed all employees in its Device Experience division on Monday that it will fully reimburse the cost of conversation test fees — up to twice a year — for seven languages: Korean, English, Vietnamese, Russian, Spanish, Chine
May 1, 2025 -
Decision time for Korea’s next-gen destroyer program
The Korean Next-Generation Destroyer, or KDDX, program, has been pushed back once again, dampening the country’s roadmap to strengthen its naval forces and letting the fight between its top two shipbuilders -- Hanwha Ocean and HD Hyundai Heavy Industries -- intensify. The KDDX, a 7.8 trillion won ($5.5 billion) project to build six 6,000-ton-class next-generation Aegis-equipped destroyers, was supposed to have a conclusion on who will build these state-of-the-art warships using homegrown technol
May 1, 2025 -
Korea's first digital insurer Carrot absorbed into parent after losses
Carrot General Insurance, once hailed as South Korea’s pioneering digital insurer, is set to be folded into its parent company Hanwha General Insurance, marking a bitter close to its seven-year foray into digital-first insurance. Hanwha General announced Tuesday it had acquired 25.86 million shares in Carrot for 205.6 billion won ($144.43 million), boosting its ownership to 98.3 percent. The deal included the purchase of stakes from key investors such as Tmap Mobility, Stic Investments, Altos Ve
May 1, 2025 -
LS Cable & System named top supplier at US offshore energy conference
LS Cable & System, a Korean grid facility manufacturer, has been recognized as a top supplier at the Americas' largest conference for offshore wind power generation and ocean renewable energy, it said Thursday. The company received the Supply Chain Advancement Award on Tuesday at the International Partnering Forum 2025 in Virginia Beach, Virginia. It is the first time a Korean company has been honored with the recognition. The award recognizes LS Cable & System’s expertise in submarine cables, i
May 1, 2025 -
CU launches visa support services for foreign nationals
Convenience store chain CU announced on Thursday that it launched visa support services tailored to foreign residents in Korea, aiming to assist with application processes and enhance accessibility. Offered in partnership with K-Visa, the country's leading visa service provider, the new service will cover a wide range of needs including marriage, employment, investment, immigration and permanent residency. By scanning a QR code displayed at CU stores and filling out a brief form, customers are i
May 1, 2025