Falling freight rates pressuring South Korean shipping, aviation sectors

SEOUL, March 10 (AJP) - Global cargo freight rates are tumbling as U.S. tariff policies dampen trade flows, prompting South Korean shipping and aviation companies to recalibrate their business strategies. The Shanghai Container Freight Index (SCFI), a key barometer of shipping costs, fell to 1,436.3 on March 7, a decline of 42.7 percent since the start of the year and 61.5 percent from its peak in July 2024, according to the Shanghai Shipping Exchange. The index, which tracks frei

March 10, 2025

Trump tariffs backfire with global boycott of US products intensifying

SEOUL, March 10 (AJP) - A wave of consumer boycotts against American products and companies is gaining momentum across multiple continents, as nations push back against U.S. President Donald Trump’s aggressive tariff policies. The movement, which began in Canada following the imposition of a 25 percent tariff on its exports, has swiftly spread to Mexico, Latin America, and several European nations. Iconic American brands, including Coca-Cola, McDonald’s, and Starbucks, h

March 10, 2025

Homeplus struggles to regain supplier confidence amid debt restructuring

SEOUL, March 10 (AJP) - Some suppliers that had halted deliveries to Homeplus have begun resuming shipments, even as others remain hesitant amid ongoing corporate rehabilitation proceedings. According to retail industry sources, leading food manufacturers, including Ottogi, Lotte Wellfood, and Samyang Foods, have gradually restarted their supply chains since March 7. However, companies such as Dongsuh Foods and Lotte Chilsung Beverage continue to withhold shipments, with negotiation

March 10, 2025

Trump says Taiwan took most U.S. chip business, "a little bit" went to South Korea

SEOUL, March 08 (AJP) - U.S. President Donald Trump claimed on Saturday that the United States has lost its semiconductor industry primarily to Taiwan, while also mentioning South Korea's role in the global chip sector. "We gradually lost the chip business, and now it's almost exclusively in Taiwan. They (Taiwan) stole it from us. They took it from us" Trump said. "We had the chip business, and now it’s all in Taiwan, almost exclusive… a little

March 8, 2025

GM Korea labor and management to visit U.S. headquarters amid tariff concerns

SEOUL, March 08 (AJP) - Labor and management representatives of GM Korea will visit General Motors' U.S. headquarters next week to address concerns about the company's future in South Korea amid fears of withdrawal triggered by President Donald Trump's tariff threats. According to the Korean Metal Workers' Union GM Korea branch on Saturday, the delegation will visit GM's headquarters in Michigan and several local factories from March 15 to 22. CEO Hector Villa

March 8, 2025

Korean shipbuilders face obstacles as US seeks icebreakers for Alaska LNG project

SEOUL, March 7 (AJP) - As the United States looks to expand its liquefied natural gas (LNG) capabilities in Alaska, South Korean shipbuilders are finding themselves at the center of a complex geopolitical and economic equation. The request for specialized icebreakers — essential for navigating Arctic waters — has emerged as a key point of leverage in ongoing trade negotiations between Washington and Seoul. The Alaska LNG project, a multibillion-dollar endeavor requiri

March 7, 2025

Forum highlights surging data center demand powered by AI boom

SEOUL, March 07 (AJP) - Industry leaders gathered in Seoul on Thursday to discuss the rapid evolution of data centers, as artificial intelligence infrastructure fuels unprecedented power demands across the country. "Despite land and power constraints, data center capacity in the Greater Seoul Area reached 520 megawatts in the second half of 2024, marking a 15 percent year-on-year increase," said John Pritchard, head of Cushman & Wakefield’s data center advisory

March 7, 2025

South Korea posts current account surplus for 21st straight month in January

SEOUL, March 07 (AJP) - South Korea posted a current account surplus for the 21st consecutive month in January, even as exports declined for the first time in 16 months, the central bank reported on Friday. The surplus reached $2.94 billion in January, closely aligning with the $3.05 billion recorded a year earlier but sharply lower than December’s $12.37 billion, according to preliminary data from the Bank of Korea. "In January, customs-based exports typically contr

March 7, 2025

Calls grow for legal action against MBK Partners over Homeplus crisis

SEOUL, March 7 (AJP) - South Korea’s main opposition Democratic Party has called for legal action against MBK Partners, a private equity firm, after its portfolio company, Homeplus, unexpectedly filed for court-supervised rehabilitation, alleging fraudulent intent. “It has been confirmed that Homeplus was selling corporate bonds to both institutional and individual investors right up until they entered the corporate rehabilitation process,” Cho Seung-rae, the party

March 7, 2025

Instant noodles lead South Korea's surging food exports

SEOUL, March 6 (AJP) - South Korea's food exports have doubled over the past decade, reaching $7.02 billion last year, with instant noodles driving the growth, seeing an impressive annual increase of 20.1 percent. According to a report released on Wednesday by the Korea Chamber of Commerce and Industry (KCCI), food exports have maintained an average annual increase of 8 percent since 2015, with a slight surge in the last five years. Instant noodles dominated exports with $1.3

March 6, 2025