Massive fire devastates Kumho Tire's Gwangju plant; national response order issued

Kumho Tire suspended production at its Gwangju plant on Saturday after a massive fire engulfed a major section of the facility, prompting authorities to issue a nationwide firefighting mobilization order as the blaze continued to spread. The fire, which started around 7:11 a.m. at the factory in Gwangju, some 270 kilometers southeast of Seoul, has rapidly spread through plant buildings, with flames reportedly reaching as high as 100 meters, according to fire officials. By noon, about 70 percent

May 17, 2025

Kumho Tire halts production at Gwangju plant following fire

Kumho Tire, South Korea's second-largest tire maker, on Saturday suspended production at its factory in Gwangju following a fire that broke out earlier in the day. The fire began at the company's plant in Gwangju, some 270 kilometers south of Seoul, at around 7:11 a.m., causing some 400 workers on duty to evacuate. "All production will be suspended until the situation is brought under control," a company official told Yonhap News Agency by phone. Both the company and fire authorities have confir

May 17, 2025

Seoul, Washington to resume tariff talks ahead of July deadline

South Korea and the US held a bilateral trade meeting Friday to follow up on recent tariff talks, discussing next steps toward a joint trade package, which both sides aim to finalize by July 8. South Korean Industry Minister Ahn Duk-geun met with US Trade Representative Jamieson Greer on the sidelines of a trade ministers' meeting of the Asia-Pacific Economic Cooperation member countries. During their meeting, which began at 4:30 p.m. at the Jeju International Convention Center, the two sides ag

May 16, 2025

Woori Financial taps CEO nominees for insurers

Woori Financial Group on Friday nominated the chief executive officer candidates for its new insurance subsidiaries, accelerating the push to diversify its non-banking portfolio. Woori Financial, one of the top four financial service providers here, is to acquire Tongyang Life Insurance and ABL Life Insurance. With Financial Services Commission approval to incorporate the two insurers as subsidiaries secured earlier in May, the finance group plans to wrap up the acquisitions swiftly. Woori Finan

May 16, 2025

Korean won rises to 6-month high over trade deal fears

The Korean won’s value against the dollar reached a six-month high Friday as traders price in the assumption that the country will be pressured to push for the gain of its currency to reach a trade deal with the US. The won stood at 1,389.6 won per dollar as of daytime trading closing Friday, appreciating by 4.9 won from the previous session. It was the strongest level of won per dollar as of daytime closing since hitting 1,386.4 won per dollar on Nov. 8. After opening at 1,397 won, pricing in t

May 16, 2025

S. Korea's ATS secures 20% market share

South Korea's first alternative stock exchange Nextrade has successfully settled down, taking up an average of 20 percent market share — double its initial target. According to the company on Friday, its daily trading volume stood at 6.05 trillion won ($4.34 billion) on Wednesday, reaching the highest since the service went live in March. Stocks worth 4.21 trillion won were traded during the main market hours, while transactions during the premarket and after-market hours amounted to 1.83 trilli

May 16, 2025

Over 9,200 SKT users file lawsuits over USIM data leak

In the wake of a major data breach involving SK Telecom’s universal subscriber identity module, a group of 9,213 users has filed lawsuits, each seeking damages of 500,000 won ($360), citing gross negligence and violation of personal data protection obligations. The legal team representing the plaintiffs held a press conference Friday, stating that the case goes beyond a typical privacy breach and represents a "foreseeable disaster" caused by SK Telecom’s failure to uphold its legal responsibilit

May 16, 2025

Seoul shares end tad higher on strong food, defense shares; won at 6-month high

South Korean stocks finished a tad higher Friday as investors scooped up food and defense shares amid eased tariff woes. The local currency rose to its highest level in six months against the US dollar. The benchmark Korea Composite Stock Price Index gained 5.51 points, or 0.21 percent, to close at 2,626.87, rebounding from a 0.73 drop on the previous day. Trade volume was moderate at 354.4 million shares worth 7.93 trillion won ($5.7 billion), with losers beating winners 578 to 315. Foreign and

May 16, 2025

Krafton, Nexon solidify industry-leading standings with upbeat earnings

Krafton and Nexon are solidifying their leadership in the Korean game industry, posting strong earnings in the first quarter to start the year strong on the back of successful new titles and ongoing popularity of the existing intellectual property. Krafton logged record-high first quarter revenue of 874.2 billion won ($625.8 million) and operating profit of 457.3 billion won from the January-to-March period this year, up 31.3 percent and 47.3 percent on year, respectively. Krafton’s megahit batt

May 16, 2025

Foreigners’ stock exodus continues in April

Foreign investors offloaded stocks worth 13 trillion won ($9.3 billion) on the local stock market in April, surpassing the records set during the COVID-19 pandemic and the global financial crisis. According to the watchdog Financial Supervisory Service on Friday, offshore investors sold stocks amounting to a net 13.59 trillion won on the local stock market last month, continuing the nine-month-long sell-off move. The amount surpasses the 13.45 trillion won record set in March 2020 during the COV

May 16, 2025

[Photo News] GM Korea chief visits Changwon plant, reaffirms community support

GM Korea President and CEO Hector Villarreal visited the company's Changwon plant in South Gyeongsang Province to meet employees and reinforce on-site leadership, the company said Friday. During his visit on Thursday, the CEO took part in a donation ceremony hosted by GM Employee Foundation Korea, delivering 140 million won ($104,000) -- including two Chevrolet Trax Crossovers -- to support the local community. The company said the foundation has contributed a total of 540 million won in Changwo

May 16, 2025

Nexon posts solid Q1, eyes on flagship games amid gloomy Q2 outlook

South Korean game giant Nexon delivered robust earnings in the first quarter of 2025, driven by a rebound in key franchises like Dungeon Fighter and MapleStory. But with the outlook for the second quarter remaining clouded by weaker guidance, hopes are now pinned on the continued momentum of its key franchises. In the January-March period, Nexon posted 1.08 trillion won ($1.33 billion) in revenue and 395.2 billion won in operating income, exceeding market expectations. According to the company,

May 16, 2025

HD Hyundai, Hanwha discuss cooperation with US trade representative

Leaders of Korea's two major shipbuilders, HD Hyundai and Hanwha Ocean, met with US Trade Representative Jamieson Greer to discuss potential cooperation, as the US seeks to revitalize its shipbuilding industry. During the meeting with Greer on Friday, HD Hyundai Vice Chairman Chung Ki-sun talked about the company's ongoing collaboration with US defense shipbuilder Huntington Ingalls Industries. Emphasizing the growing need for closer industrial cooperation between the two countries, he proposed

May 16, 2025

Record-breaking W25b apartment deal reinforces Hannam-dong’s status as luxury enclave

An apartment unit in Nine One Hannam, one of Seoul’s most exclusive residential complexes in Seoul’s upscale Hannam-dong, has shattered South Korea’s real estate records this year with a jaw-dropping 25 billion won ($18.5 million) sale. According to the Ministry of Land, Infrastructure and Transport's transaction disclosure system, a 273-square-meter unit in the complex changed hands this past February in an all-private deal between individuals. This marks the highest apartment transaction price

May 16, 2025

S. Korean, US trade chiefs to hold talks over tariff-related package deal

South Korea's trade chief Ahn Duk-geun was set to hold talks with US Trade Representative Jamieson Greer on Friday on the sidelines of a trade ministers' meeting of the Asia-Pacific Economic Cooperation member economies, officials said. The meeting to be held on South Korea's southern island of Jeju comes about three weeks after their last gathering in Washington for high-level trade consultations, where the two sides agreed to pursue a "package" deal on US tariffs and economic cooperation issue

May 16, 2025