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US tariff crackdown spurs AliExpress, Temu to deepen Korea push
Chinese e-commerce firms seek new growth in Korea, expanding logistics, local seller networks The US government's decision to scrap tariff exemptions on low-value imports from China is expected to accelerate Chinese e-commerce giants’ expansion into the Korean market, adding pressure to domestic platforms already struggling to stay competitive. On April 2, US President Donald Trump signed an executive order ending the de minimis rule, which had exempted shipments under $800 from tariffs. Startin
April 8, 2025 -
LG Innotek, Intel team up for AI-powered smart factories
LG Innotek said Tuesday that it will collaborate with US chipmaker Intel on applying artificial intelligence to vision inspection systems across its production lines. Vision inspection is a process used in manufacturing to detect external defects or anomalies in products. Traditionally performed by human inspectors, the method has been increasingly automated using cameras, with AI further enhancing accuracy and consistency. The adoption of AI can significantly reduce product defect rates, accord
April 8, 2025 -
Hanwha Aerospace files revised share sale plan at regulator's request
Hanwha Aerospace Co., a South Korean defense industry company, on Tuesday said it has filed a revised share sale plan to raise 2.3 trillion won ($1.56 billion) at the request of the financial regulator. The company originally planned to raise 3.6 trillion won in capital through a stock sale but the Financial Supervisory Service asked it to submit a revised plan, citing insufficient information for investors. To fill the gap of 1.3 trillion won, Hanwha Aerospace will issue new shares to three Han
April 8, 2025 -
S. Korea to thoroughly respond to China's export controls on key rare earth elements
South Korea's industry ministry said Monday it will thoroughly respond to China's export controls on key rare earth elements to secure a stable supply. Last week, Beijing said it will impose export controls on seven rare earth elements, including gadolinium and yttrium, in response to the United States' reciprocal tariff imposition. The ministry said China has not levied bans on such elements but tightened controls on them. It said the country has stable reserves of the elements but will work wi
April 7, 2025 -
LG CNS to build AI platform for Mirae Asset Life in W130b deal
LG CNS announced Monday that it has signed a 130 billion won ($88.8 million) deal with Mirae Asset Life Insurance to support the insurer’s artificial intelligence transformation and the development of next-generation systems. Under the agreement, LG CNS will build a generative AI platform for Mirae Asset Life and implement a multi-hybrid cloud environment. The Korean IT services provider will also lead a full-scale overhaul and upgrade of Mirae Asset Life’s core systems, including insurance prod
April 7, 2025 -
US tariffs pour cold water on exports of Korean ramyeon
Trump’s surprise move to impose a 25 percent tariff on imports to the US from South Korea starting Wednesday is set to disrupt key exports, with food products at their peak. Among the hardest hit appears to be Korean instant noodles, or ramyeon, which have become a runaway hit with American consumers. Ramyeon has led the way as Korean food exports have steadily climbed over the past decade. According to data from the Korea Trade Statistics Promotion Institute, Korean food exports surged from $3.
April 7, 2025 -
Samsung doubles AI TV lineup, targets OLED leadership
TV chief downplays US tariff concerns, citing diversified manufacturing network Samsung Electronics announced Monday the launch of what it calls “true” artificial intelligence TVs, almost doubling its AI-powered lineup from 34 to 61 models this year. The company also vowed to outpace archrival LG Electronics in the premium organic light-emitting diode TV segment to become the No. 1 seller in the domestic market. “Samsung aims to make TVs as more than just a viewing device. With our Vision AI, Sa
April 7, 2025 -
LS Cable begins solar-powered submarine cable production
LS Cable & System said Monday that it has started to produce submarine cables at its facility in Donghae, Gangwon Province, using electricity generated from solar power in a strategic move to reduce electricity costs and enhance eco-friendly manufacturing capabilities. The 3,000-kilowatt solar power system is expected to generate approximately 3,600 megawatt-hours of electricity annually, equivalent to the power consumption of about 1,200 households per year. Over the next 20 years, this could l
April 7, 2025 -
Esse cigarettes power KT&G’s global push
KT&G’s ultra-slim cigarette brand, Esse, continues to enjoy strong and steady demand in the Middle East and Central Asia — emerging as one of South Korea’s fastest-growing processed food exports in the first quarter of this year. According to data released by the Ministry of Agriculture on Friday, KT&G’s cigarette exports rose 14.5 percent year-on-year during the January–March period, ranking second in export growth behind ramyeon, which saw a 27.3 percent increase. KT&G has reported a significa
April 6, 2025 -
Trump’s tariffs shake up smartphone supply chains
While Samsung may benefit from diversified manufacturing, Apple’s potential tariff exemption could shift the balance, experts say As global smartphone giants Samsung Electronics and Apple face sweeping tariffs of 40-50 percent under US President Donald Trump's "reciprocal" tariffs — impacting all countries involved in the two companies' supply chains — attention is turning to whether Samsung could gain a comparative advantage over its American archrival. With Samsung manufacturing in Vietnam and
April 6, 2025 -
Hyundai Motor to freeze vehicle prices in US through early June despite auto tariffs
Hyundai Motor Co. will freeze prices of all new vehicles sold in the United States through early June, a move aimed at easing consumer concerns over rising costs following Washington's imposing of 25 percent duties on all imported vehicles, the automaker's American subsidiary said. Hyundai Motor America said in a press release Friday (US time) that any new Hyundai vehicle purchased until June 2 will be protected from Manufacturer's Suggested Retail Price increases regardless of changes in market
April 5, 2025 -
Samsung could gain in US as Apple grapples with tariff fallout
The price of Apple’s iPhones in the US could surge by up to 43 percent if US President Donald Trump’s proposed "reciprocal" tariffs come into effect, according to industry sources and media outlets on Friday. Reuters reported that consumer goods such as iPhones would be among the hardest hit by Trump’s tariff policies. Analysts warned that if Apple decides to pass the additional costs onto consumers, iPhone prices could be expected to rise by some 30 to 40 percent. Rosenblatt Securities projecte
April 4, 2025 -
Business groups urge stability, economic focus following Yoon Suk Yeol's ouster
South Korea's major business groups on Friday called for political stability and the swift normalization of state affairs to achieve an economic recovery following the Constitutional Court’s decision to remove President Yoon Suk Yeol from office. The court's unanimous verdict came more than three months after the opposition-controlled National Assembly voted to impeach Yoon over his short-lived declaration of martial law on Dec. 3. The subsequent political upheaval and leadership vacuum have rat
April 4, 2025 -
Hana Financial unveils W6.3tr relief plan for SMEs after US tariffs
South Korean financial service providers are scrambling to respond to the “reciprocal" tariffs announced by US President Donald Trump on Wednesday. Hana Financial Group, one of the country’s top four financial groups, has pledged 6.3 trillion won ($4.38 billion) in support of the small and medium-sized enterprises expected to be hit the hardest by the US tariff measures. The support package aims to assist SMEs and small merchants amid growing concerns that volatility in financial and foreign exc
April 4, 2025 -
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