South Korean auto exports hit record high despite global tariffs

South Korea's automobile industry is demonstrating remarkable resilience in the face of global economic pressures, reporting record-breaking exports and strong domestic performance for the second consecutive month. According to a report released by the Ministry of Trade, Industry and Energy, Tuesday, the sector's growth was driven by robust demand for eco-friendly vehicles and a successful pivot to new markets. Auto exports reached a record $5.5 billion in Augus

September 16, 2025

KOSPI rises to new all-time high for 5th straight day

SEOUL, September 16 (AJP) - South Korea's benchmark KOSPI index surged at the open on Tuesday, hitting a new all-time high for the fifth consecutive trading day and extending a historic rally. As of 9:23 a.m., the KOSPI was trading at 3,428.88, up 21.57 points (0.63 percent) from its previous close. The index opened strong at 3,421.13, immediately surpassing the record of 3,407.31 set just Monday. The new record marks the 11th consecutive session of gains for the index, dri

September 16, 2025

Hyundai Motor averts strike with union deal

SEOUL, September 16 (AJP) - Hyundai Motor's labor union has reached a new wage and collective agreement with management, averting a full-scale strike after months of tense negotiations. The agreement was finalized after a vote by union members. According to the company, Tuesday, 52.9 percent of its union members who participated approved the deal. The new agreement includes a 100,000 won monthly increase in the base salary, a performance bonus package of 450 percent plus 15

September 16, 2025

Korean firms explore stakes in $45 billion Alaska LNG project

SEOUL, September 15 (AJP) - South Korean companies are emerging as early partners in a multibillion-dollar plan to export natural gas from Alaska, signaling growing alignment between Seoul’s energy ambitions and Washington’s push to expand liquefied natural gas (LNG) exports. Posco International last week became the first Korean firm to formally engage with Glenfarne Alaska LNG, the project’s developer, signing a preliminary agreement that covers potential LNG im

September 15, 2025

K-beauty leaders sell assets, seek growth abroad as competition with indie brands intensifies

SEOUL, September 15 (AJP) - South Korea’s top cosmetics companies are accelerating restructuring efforts, selling assets and seeking new growth channels as they confront intensifying competition from a rising wave of independent K-beauty labels. Industry officials said Monday Aekyung Industrial, best known for its dual portfolio of cosmetics and household goods, is preparing for a transfer of ownership to Taekwang Group. Cosmetics account for 40 percent of its revenue and ge

September 15, 2025

Hyundai E&C wins major seawater plant contract in Iraq

SEOUL, September 15 (AJP) - Hyundai Engineering & Construction said Monday it had secured a contract worth more than $3 billion to build a seawater treatment plant in southern Iraq, one of the largest infrastructure projects the country has awarded in recent years. The agreement, signed Sept. 14 in Baghdad at the office of the Iraqi prime minister, is part of Iraq’s Gas Growth Integrated Project, an ambitious initiative that spans oil, gas, solar energy and water infrast

September 15, 2025

Dollar's dominance amplifies US financial shocks in South Korea: BOK

The Bank of Korea has warned that South Korea’s economy remains acutely vulnerable to financial turbulence in the United States, a consequence of the dollar’s unrivaled role in global finance and trade. In a report released on Monday, the central bank argued that the international status of the dollar magnifies the effect of American financial shocks, rippling through South Korea’s markets, exports and investment. The analysis also urged policymakers to pr

September 15, 2025

Homeplus, other retail chains struggle to attract buyers amid restructuring

SEOUL, September 15 (AJP) - South Korea’s retail industry is in crisis, with once-prominent chains flooding the market in search of new owners. Yet despite months of outreach, potential buyers are steering clear, leaving companies from hypermarkets to e-commerce platforms stuck in limbo. Homeplus, one of the country’s largest hypermarket chains, has been searching for investors since March, when it entered restructuring to protect jobs and stabilize operations. Desp

September 15, 2025

South Korea's trade chief heads to US for tariff talks

South Korea's Trade Minister Yeo Han-koo is traveling to Washington, D.C., on Monday to advance stalled tariff negotiations with the United States. This visit follows Industry Minister Kim Jeong-gwan's recent meeting with U.S. Commerce Secretary Howard Lutnick. Yeo plans to meet with U.S. trade officials, including Jamieson Greer from the U.S. Trade Representative's office, to discuss follow-up agreements. In July, both nations agreed to reduce mutual tariffs from

September 15, 2025

South Korea seeks unlimited currency swap with US

South Korea has asked the United States for an unlimited currency swap arrangement to cushion potential shocks in the foreign exchange market as the two countries continue trade talks, the government said Monday. The Ministry of Economy and Finance confirmed that discussions are underway on a range of measures to stabilize markets but declined to disclose details. A currency swap allows two central banks to exchange currencies at a fixed rate and later reverse the trans

September 15, 2025