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USTR flags Korean trade barriers as new Trump tariffs loom
Report raises concerns on Korea's defense offset program, foreign ownership of nuclear power operations for first time The Office of the US Trade Representative released an extensive report on foreign trade barriers Monday, citing South Korea’s policies in automobiles, beef imports, defense trade and nuclear power plants as areas of concern. The annual National Trade Estimate Report on Foreign Trade Barriers carries added significance this year, as US President Donald Trump is set to roll out sw
April 1, 2025 -
Woori Bank becomes first Korean bank to open in Poland
Woori Bank, a leading South Korean commercial lender, has opened a branch in Warsaw, becoming the first Korean bank to establish operations in Poland. The bank announced Tuesday that it officially launched the branch on Monday, holding an inauguration ceremony attended by company executives and local business representatives. Woori's expansion into Poland follows eight years after the bank entered the market in 2017 with an office in Katowice. Since then, the lender has supported Korean companie
April 1, 2025 -
Hahn & Co. expands semiconductor portfolio with W2.6tr SK Specialty deal
Hahn & Co., a major South Korean private equity firm, has completed its acquisition of SK Specialty from SK Group, the country’s chip-to-energy conglomerate, securing an 85 percent stake in the gas supplier. The firm announced Monday that it acquired a majority stake in SK Specialty from SK Inc., the group's holdings unit, for 2.6 trillion won ($1.77 billion), finalizing the deal under a stock purchase agreement signed in December. “With this acquisition, we have further strengthened our portfol
April 1, 2025 -
Hanwha heir shares sustainable food vision with Stanford students
Hanwha Hotels & Resorts Vice President Kim Dong-seon met with students from Stanford University's Graduate School of Business on Monday to share the group's key businesses and exchange insights on future industries and the global market, Hanwha Group announced Tuesday. The event was part of Stanford University's Global Study Trip. The annual program allows students to conduct field studies in major countries and gain firsthand experience of the society, culture and the economy there. This year’s
April 1, 2025 -
S. Korean industries on high alert ahead of looming US tariffs
South Korean industries stayed vigilant Tuesday over a wave of US tariffs set to take effect this week, fueling concerns over the potential impact on the country's export-driven economy, industry observers noted. On Wednesday, Washington is set to unveil its reciprocal tariffs, taking into account each country's tariff and non-tariff barriers against US exports. The following day, the country will begin imposing a 25 percent duty on all foreign-made automobiles and key auto parts entering the US
April 1, 2025 -
Trump trade adviser defends tariffs, cites Korea’s impact on US manufacturing
As President Donald Trump announced new 25 percent tariffs on imported cars and with plans to roll out sweeping reciprocal tariffs also underway, his top economic advisers are delivering aggressive messages to defend the move, referring to South Korea as among the countries undermining American manufacturing. Peter Navarro, the White House's senior counselor for trade and manufacturing, on Sunday in the US defended the administration’s push for auto tariffs in an interview with Fox News, arguing
March 31, 2025 -
Veteran chamber leader named new CEO of KGCCI
The Korean-German Chamber of Commerce and Industry announced on Monday the appointment of Marie Antonia von Schonburg as its new president and CEO. Since 2000, von Schonburg has built an extensive career within the German Chamber of Commerce network, serving in key roles, such as corporate relations officer and deputy director in Spain. She later led the Barcelona branch in 2011 before being appointed as the representative of the German Chamber of Commerce in Sri Lanka in 2022. Throughout her ca
March 31, 2025 -
Korean users left behind in DeepSeek’s privacy policy rollout
Chinese artificial intelligence company DeepSeek, facing criticism for excessive personal data collection, has recently introduced a Japanese-language version of its privacy policy. However, the absence of a dedicated policy for Korean users has raised concerns. Previously, DeepSeek offered its privacy policy only in English. The addition of a Japanese version follows an earlier update to its privacy terms for European countries, according to industry sources on Monday. A privacy policy outlines
March 31, 2025 -
LS, LIG form strategic alliance to boost cooperation in defense, energy sectors
LS Group and LIG Group have signed a strategic memorandum of understanding to bolster collaboration across a wide range of industries, including defense and energy sectors, the companies said Monday. Under the agreement, the two groups plan to work together on joint research and development, market analysis, technology and personnel exchanges, and potentially the establishment of joint ventures to solidify their partnership. LS Group is a South Korean conglomerate specializing mostly in electric
March 31, 2025 -
Landmark war in Myeong-dong: Lotte, Shinsegae face off in flagship showdown
Lotte leans into Korean cultural content, while Shinsegae doubles down on luxury portfolio in flagship store revamps South Korea’s retail giants, Lotte and Shinsegae, are on a collision course over department store domination of Seoul’s Myeong-dong district, racing to reinvent their retail strongholds to lure young, high-spending consumers. As one of Seoul’s premier shopping meccas for locals and tourists from overseas, the district holds deep legacy for both department store giants -- home to t
March 31, 2025 -
Samsung Electronics forecast to see decline in operating profit for Q1: report
Samsung Electronics Co. is expected to report a decline in operating profit for the first quarter, due largely to weak semiconductor performance, a report said Monday. The company's operating profit for the January-March period is projected to reach 4.7 trillion won ($3.2 billion), down 27.8 percent from a year ago and also down 26.6 percent from the previous quarter, according to a recent analysis by Yonhap Infomax of earnings forecasts from various brokerage firms. This, if realized, would mar
March 31, 2025 -
Balaan halts service amid liquidity woes
Amid snowballing liquidity concerns, South Korean luxury goods retailer Balaan has partially shut down its services, limiting new payments on its platform. Following concerns of a potential liquidity crunch, card issuers and payment gateways withdrew their services from the e-commerce platform as of Friday. With the company's in-house payment service, Balaan Pay, now paused as well, customers cannot make any new payments. As of March 24, Balaan was unable to settle payments with some of its sell
March 30, 2025 -
Companies on edge as Trump tariffs loom
As US President Donald Trump's announcement on retaliatory tariffs draws closer, tensions are mounting across Korea’s industrial sectors. Fears of increased tariffs are sending shock waves through the domestic market, according to industry sources Sunday. The automobile and steel industries, already hard hit by sector-specific tariffs, are particularly concerned that an additional layer of retaliatory tariffs could be imposed on top of the existing 25 percent duties. It has raised significant al
March 30, 2025 -
Hanwha Ocean bolsters strategic ties with Polish shipbuilders
Hanwha Ocean is boosting partnerships with Polish shipbuilders as a strategic move to secure an 8 trillion won ($5.4 billion) defense contract with Poland to supply three naval submarines. According to the company Sunday, 17 staffers from its overseas business, sales, strategy, production and other divisions visited two shipyards — Nauta Shiprepair Yard and Remontowa Shiprepair Yard — in Poland last week. They discussed potential collaboration in constructing naval vessels, offering maintenance,
March 30, 2025 -
Korea Zinc chair triumphs in management rights defense
Korea Zinc Chair Choi Yun-beom successfully defended his management rights in a proxy battle against major shareholder Young Poong and private equity firm MBK Partners, retaining a majority of board seats. However, with MBK planning to challenge the results of the shareholders meeting, the dispute ongoing for the last seven months is likely to continue. At the general shareholders meeting Friday, Choi secured approval for key agenda items, including capping the number of directors at 19 and appo
March 30, 2025