South Korean steel exports to US drop sharply, affected by tariffs

SEOUL, April 18 (AJP) - South Korean steel exports to the United States plunged in March, affected by the implementation of the Trump administration’s first wave of global tariffs, newly released trade data show. According to figures published Friday by the Korea International Trade Association, steel exports to the United States totaled $340 million in March, marking an 18.9 percent decline compared with the same month last year. In terms of volume, shipments fell 14.9 perc

April 18, 2025

Daewoo E&C signs deal for $700 million fertilizer plant in Turkmenistan

SEOUL, April 18 (AJP) - Daewoo Engineering & Construction has signed a preliminary agreement to build a fertilizer plant in Turkmenistan, a project valued at approximately $700 million, South Korea’s Ministry of Trade, Industry and Energy announced on Friday. Commissioned by Turkmenhimiya, Turkmenistan’s state-owned chemical company, the facility is slated for construction in the eastern city of Turkmenabat, near the Uzbek border. Once completed, the plant is expe

April 18, 2025

Beyond tourist shelf — Korea's true makeup bestsellers

Editor's Note: This is the second article in our series exploring the evolving landscape of the Korean beauty industry and the products that captivate international visitors. This series is designed to offer insights into the products, brands, and cultural shifts defining Korea’s beauty scene today. SEOUL, April 17 (AJP) - For many foreign visitors to South Korea, a trip to Olive Young — the ubiquitous health and beauty chain — is as essential as stopping by

April 18, 2025

Musinsa sees Japanese transaction volume double in first quarter

SEOUL, April 17 (AJP) - Musinsa Global, the international sales wing of South Korean retailer Musinsa, reported a sharp increase in transaction volume and membership numbers in Japan during the first quarter of 2025, demonstrating the potential success of K-fashion in the Japanese market, the company announced on Thursday. According to Musinsa's analysis, transaction volume in Japan through its Global Store increased by 114 percent year-on-year in the first quarter of 2025. Duri

April 17, 2025

U.S. targets Chinese AI firm DeepSeek over security concerns

SEOUL, April 17 (AJP) - The Trump administration, together with Congress, is ramping up pressure on Chinese artificial intelligence firm DeepSeek, tightening sanctions amid growing worries over national security threats. On Thursday, the House Select Committee on Strategic Competition between the United States and the Chinese Communist Party released a report describing DeepSeek as a “profound threat” to American interests. While the company presents itself as a standard

April 17, 2025

South Korean consortium secures first research reactor design export to U.S.

SEOUL, April 17 (AJP) - A South Korean consortium has successfully secured a contract to export research reactor technology to the United States. A research reactor is mainly used for physics experiments, radioisotope production, and training students and engineers on how a reactor is built and operated. South Korea's Ministry of Science and ICT announced on Thursday that a consortium consisting of the Korea Atomic Energy Research Institute (KAERI), Hyundai Engineering, and U.S.

April 17, 2025

Bank of Korea holds rate steady amid growing economic headwinds

SEOUL, April 17 (AJP) - The Bank of Korea left its benchmark interest rate unchanged at 2.75 percent on Thursday, choosing caution in the face of mounting global uncertainty, despite signs of faltering domestic growth. The decision comes as central banks around the world grapple with intensifying economic turbulence, fueled in part by an escalation in global trade tensions. The U.S. Federal Reserve earlier this week signaled a pause in its easing cycle, underscoring the fragile i

April 17, 2025

'Korean shipbuilders are key partners for American naval rebuilding'

SEOUL, April 17 (AJP) - A recent column published by the Center for Strategic and International Studies suggest that South Korean companies Hanwha Ocean and HD Hyundai Heavy Industries should play a central role in revitalizing the United States' declining shipbuilding industry. The column, authored by Park Jin-ho, a policy advisor to South Korea’s Ministry of National Defense, urges the U.S. to pursue formal partnerships with its longtime ally, citing the collapse of do

April 17, 2025

Korean wedding industry under crackdown for false advertising

SEOUL, April 17 (AJP) - South Korea’s antitrust regulator has issued warnings to several prominent wedding planning firms for engaging in false and misleading advertising. The Fair Trade Commission (FTC) disciplined three companies — IniWedding, Weddingbook, and Wedding Crowd — for promotional claims that regulators said were unsubstantiated and potentially deceptive. The firms advertised themselves as the “largest in Korea,” “industry leader,&

April 17, 2025

Naver's AI pivot signals Korea's bid for global tech prominence

Editor's Note: This article is the 14th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, April 17 (AJP) - Once a modest search engine born out of a Samsung SDS skunkworks project in the late 1990s, Naver Corp. has reimagined itself as South Korea's digital juggernaut. Now, the tech conglomerate is placing an ambitious bet on artificial intelligenc

April 17, 2025