S. Korea ranks 1st in global shipbuilding orders in March

South Korea rose to first place in new global shipbuilding orders in March, overtaking China's lead in the previous month, industry data showed Friday. South Korean shipyards clinched orders totaling 820,000 compensated gross tons for 17 ships, accounting for 55 percent of the global total at 1.5 million CGTs last month, according to London-based Clarkson Research Services. China followed with 520,000 CGTs for 31 vessels, taking up 35 percent of the global total. In terms of order backlog, China

April 4, 2025

'Reciprocal tariffs' rate on Seoul at 25%, not 26%

The South Korean government on Friday said it has received confirmation from the US that the "reciprocal tariffs" rate to South Korea stands at 25 percent, not 26 percent, ending confusion sparked by conflicting rates. The Ministry of Trade, Industry and Energy said the US government clarified that the initial 25 percent is correct, following the government’s inquiry through diplomatic and trade channels. Following US President Donald Trump’s sweeping tariffs announcement on Wednesday in the US,

April 4, 2025

HD Hyundai partners with Anduril to co-develop unmanned surface vessels

HD Hyundai Co., a South Korean shipbuilding conglomerate, said Friday it has partnered with US defense technology firm Anduril Industries to jointly develop and commercialize unmanned surface vessels. Under a recently signed memorandum of understanding, the two sides will work to integrate HD Hyundai's autonomous navigation capabilities with Anduril's autonomous systems to build advanced USVs. Anduril, known for its mission control systems powered by artificial intelligence, as well as its surve

April 4, 2025

Foreign investors show confidence in Korea as FDI arrivals surge

FDI marks second-highest Q1 total on record Despite political turmoil surrounding the impending decision on President Yoon Suk Yeol's impeachment and broader economic uncertainty, foreign direct investment in South Korea remained resilient, bolstered by government efforts to stabilize investor sentiment. According to the Ministry of Trade, Industry and Energy on Thursday, FDI pledges to Korea in the January-March period totaled $6.41 billion, down 9.2 percent year-on-year. Despite the decline, t

April 3, 2025

Korea faces steep tariffs as US launches broad trade overhaul

Confusion arises as Trump cites 25% tariff for Korea, while White House document lists 26% US President Donald Trump imposed 25 percent tariffs on all imports from South Korea, leaving authorities and businesses bracing for the impact on the export-dependent nation. However, there has been confusion due to discrepancies between Trump's remarks and official documentation concerning South Korea's tariff rate. The chart Trump showed during his announcement indicated a 25 percent tariff for Seoul, b

April 3, 2025

[Photo News] LG Innotek-KAIST partnership

Korea Advanced Institute of Science and Technology President Lee Kwang-hyung and LG Innotek CEO Moon Hyuk-soo (right) pose for a photo at the university in Daejeon on Wednesday. LG Innotek and KAIST signed a memorandum of understanding to conduct joint research and foster tech talent, with a focus on semiconductors, mobility and robotics. (LG Innotek)

April 3, 2025

aT honored for ESG management at National Brand Awards

The Korea Agro-Fisheries & Food Trade Corporation won the grand prize Wednesday in the environmental, social and governance management category of the 2025 Korea National Brand Awards for the second consecutive year. Hosted by the New York Festivals, the annual award recognizes top performers in each category based on the National Brand Competitiveness Index, which evaluates brand awareness, identity, satisfaction, loyalty and global competitiveness. The Korean food trade agency, also known as a

April 3, 2025

Samsung chief embarks on Japan trip following China visit

Samsung Electronics Chairman Lee Jae-yong has embarked on a business trip to Japan, following his recent visit to China. Amid intensifying global economic uncertainties, especially over tariff increases under the US' Trump administration, Lee appears to be taking a proactive approach to international engagement. Samsung chief arrived in Japan on Wednesday and is set to meet with key business leaders, according to industry sources on Thursday. Before his departure, he met with acting President an

April 3, 2025

S. Korean chip industry wary despite exemption from US reciprocal tariff

With US President Donald Trump's announcement of a 25 percent tariff on South Korean imports, South Korea's semiconductor industry let out a sigh of relief Thursday for being excluded but remained cautious as sector-specific tariffs loomed near. The White House on Wednesday said some goods, including semiconductors, steel and automobiles, would not be subject to the new tariff plans, imposing a minimum 10 percent "baseline" tariff on exports from all countries to the United States and country-sp

April 3, 2025

Auto, chip sectors spared from US reciprocal tariffs but face imminent damage from sectoral duties

The United States plans to impose 25 percent reciprocal tariffs on a broad range of South Korean imports starting next week, but spared automobiles, semiconductors and steel products from the measure. The exemption, however, does not necessarily signal relief for these core sectors of South Korea's export-driven economy, as they are already subject to, or are expected to soon face, separate sector-specific tariffs under US President Donald Trump's "America First" trade policy. According to data

April 3, 2025

Korean Air joins hands with Anduril for autonomous drone development

Korean Air Co., South Korea's flagship air carrier, said Wednesday it has signed an initial agreement with US defense technology company Anduril Industries Inc. for joint development in autonomous aerial vehicles. The memorandum of understanding includes the joint development of AAVs in both South Korea and the United States, and collaboration to enhance capabilities for manned-unmanned teaming, Korean Air said. Korean Air said it has been actively advancing AAV technology, including the product

April 2, 2025

MBK chief tries damage control amid Homeplus setback

MBK Partners, under pressure from the Homeplus debacle and a contentious management battle over Korea Zinc, sought to downplay the severity of the situation in its annual letter to investors, according to industry sources on Wednesday. Each year, MBK Partners Chairman Michael Byung-ju Kim sends a letter to the firm’s limited partners, highlighting key achievements and investment strategies. This year’s letter was distributed on March 24. “Homeplus, one of our oldest and largest investments, file

April 2, 2025

Cosmax expands Thai plant to triple output by 2026

South Korean cosmetics manufacturer Cosmax announced Wednesday that it has begun construction of a new production plant for its Thai subsidiary, aiming to further strengthen its foothold in the fast-growing Southeast Asian market. The company held a groundbreaking ceremony for its new plant in Bang Phli, Thailand, on March 27. With an investment of 1.5 billion baht ($43.9 million), the new facility will be nearly four times the size of its current Thai plant. Set to begin full-scale operations i

April 2, 2025

Air Incheon brings Boeing aviation course to Seoul for first time

Air Incheon announced Wednesday that Boeing, the world’s largest aircraft manufacturer, will launch its Airplane Performance Analysis Course in Seoul — marking the first time for the program to be held in East Asia. Organized in partnership with Air Incheon, the course was previously offered only at Boeing’s training center in Los Angeles. The three-week training course will take place from Monday to April 25 at the Hanseo University Aviation Academy in Seoul. The course includes a one-week Airp

April 2, 2025

HD Hyundai Electric builds Korea’s largest phase-shifting transformer

HD Hyundai Electric, an energy solutions provider affiliated with shipbuilding giant HD Hyundai, announced Wednesday that it has completed Korea’s largest-ever grid-flow adjusting transformer. The company said it has successfully concluded the final approval test of its 230 kilovolt, 653 megavolt-ampere phase-shifting transformer. The product is scheduled for delivery by August to a wind farm in New York, operated by Invenergy, the largest privately held renewable energy generator in the US. Unl

April 2, 2025