Hanwha Ocean to build Korea's next-generation icebreaking research vessel

SEOUL, July 02 (AJP) - South Korea has taken a significant step in expanding its polar research capabilities with the selection of Hanwha Ocean as the preferred bidder to construct the country’s next-generation icebreaking research vessel. The vessel, to be built under the supervision of the Ministry of Oceans and Fisheries, is scheduled for delivery by December 2029. The new ship will more than double the capacity of the country’s first and only existing icebreaker

July 2, 2025

Inflation hits five-month high in South Korea as food prices climb

SEOUL, July 02 (AJP) - South Korea’s consumer inflation edged higher in June, returning to the 2 percent range after a brief dip, as rising food and seafood prices fueled by warming ocean temperatures drove costs upward, government data showed Wednesday. The Consumer Price Index rose 2.2 percent year-on-year, up from 1.9 percent in May, according to Statistics Korea. The index reached 116.31, based on 2020 prices set at 100 — the fastest rate of inflation since January

July 2, 2025

US set to impose new tariffs on Korean goods as steel, automobile exports stumble

SEOUL, July 2 (AJP) - South Korea’s exports declined in the first half of 2025, as mounting U.S. tariffs on key goods — including steel and automobiles — weighed heavily on trade, with additional duties of up to 15 percent set to take effect next week. According to data released Tuesday by the Ministry of Trade, Industry and Energy, exports fell 0.03 percent year-on-year to $334.7 billion from January to June. While the drop appears slight, officials say the und

July 2, 2025

HD Hyundai to merge key construction units

SEOUL, July 02 (AJP) - HD Hyundai has unveiled plans to merge two of its major subsidiaries — HD Hyundai Construction Equipment and HD Hyundai Infracore — into a single, unified entity tentatively named HD Construction Equipment. The boards of both companies approved the merger plan in meetings held on July 1. The new company is expected to be officially launched on Jan. 1, 2026, pending regulatory approvals and a shareholder vote. Once combined, the company is proj

July 2, 2025

Korean convenience store chains accelerate global push with growth stalling at home

SEOUL, July 01 (AJP) - Faced with a saturated market and declining sales at home, South Korea’s leading convenience store brands are racing to expand overseas in a bid to secure new sources of growth. Major players GS25, CU, and Emart24 are intensifying their international efforts as the domestic retail environment shows signs of fatigue. According to a May 2025 retail sales report from the Ministry of Trade, Industry and Energy, sales in South Korea’s convenience s

July 1, 2025

US faces greatest economic risk in global trade war: BOK

SEOUL, July 1 (AJP) - The United States stands to suffer the most severe economic fallout if President Donald Trump’s protectionist trade policies provoke full-scale retaliation from its global trading partners, the Bank of Korea said in a report released Tuesday. The central bank’s New York office said that U.S. trade exposure has grown significantly since the 1930s, when the Smoot-Hawley Tariff Act exacerbated the Great Depression by sharply raising duties on imported

July 1, 2025

US pharma industry urges trade pressure on South Korea over drug pricing

SEOUL, July 1 (AJP) - The American pharmaceutical industry is calling on the Trump administration to use ongoing trade negotiations to pressure South Korea into overhauling its drug pricing system, which the industry argues unfairly suppresses prices and harms U.S. innovation and exports. In comments submitted to the Office of the U.S. Trade Representative on June 27, the Pharmaceutical Research and Manufacturers of America (PhRMA), the industry’s primary lobbying group, urged

July 1, 2025

HYBE, Kakao bet on India's media, entertainment markets

SEOUL, July 01 (AJP) - South Korean entertainment companies are ramping up efforts to gain a foothold in India’s fast-expanding media and entertainment sector, a market projected to reach 46 trillion won ($33 billion) by 2025, according to the Korea International Trade Association. From K-pop powerhouses to digital comics and gaming giants, Korean firms are tailoring strategies to navigate one of the world’s most diverse and dynamic content ecosystems. At the forefr

July 1, 2025

Emart24 to launch first Korean convenience store in India this August

SEOUL, June 30 (AJP) - Convenience store chain Emart24 will open its first store in India this August, marking the brand’s debut in one of the world’s fastest-growing consumer markets. The company has signed a brand licensing agreement with Jung Brothers Hospitality and the Indian real estate developer Solitaire Group. The flagship store will be located in Pune, Maharashtra, a major urban center and educational hub. The agreement was formalized at Emart24’s he

June 30, 2025

Naver Cloud signs MOU with New Murabba to support Saudi Arabia's smart city ambitions

SEOUL, June 30 (AJP) - South Korea’s Naver Cloud has entered into a strategic partnership with Saudi Arabia’s New Murabba Development Company to help build a new smart city in the heart of Riyadh. The memorandum of understanding (MOU) was signed on Jun. 30 by Naver Cloud CEO Kim Yu-won and New Murabba CEO Michael Dyke during the New Murabba Investment and Partnership Forum, held at the Floating Island Convention center in Seoul. Under the agreement, both sides will w

June 30, 2025