South Korea urged to deepen mineral ties with Africa

SEOUL, June 24 (AJP) - As tensions between the United States and China continue to roil global supply chains, especially those critical to the electric vehicle industry, South Korea is being urged to strengthen its strategic engagement with Africa to secure vital battery minerals. A report released Tuesday by the Korea International Trade Association (KITA) warns that growing geopolitical fragmentation threatens the stability of supply routes for key materials such as lithium, cob

June 24, 2025

Consumer sentiment in South Korea hits 4-year high

SEOUL, June 24 (AJP) - South Korea’s consumer confidence surged to a four-year high in June, lifted by optimism over the launch of a new government and expectations for a forthcoming supplementary budget, the central bank said Tuesday. The Bank of Korea reported that its Composite Consumer Sentiment Index (CCSI) rose to 108.7 in June, up 6.9 points from the previous month and marking the highest reading since June 2021, when the index reached 111.1. The latest increase repr

June 24, 2025

Asiana Airlines resumes Phuket flights after two-year suspension

SEOUL, June 24 (AJP) - Asiana Airlines will resume its daily service between Incheon and Phuket on Wednesday, restoring a popular Southeast Asian route that had been suspended for more than two years, the carrier said on Tuesday. The route, which was halted in April 2023, will operate once a day, departing from Incheon International Airport at 6:10 p.m. and arriving in Phuket at 10:30 p.m. local time. Return flights will leave Phuket at 11:40 p.m., arriving in Incheon at 8:00 a.m.

June 24, 2025

Former Naver executives steer President Lee Jae Myung's AI policy

SEOUL, June 24 (AJP) - President Lee Jae Myung has appointed former top executives from Naver to senior government posts, signaling a shift toward industry-driven policymaking as the country seeks to accelerate its ambitions in artificial intelligence. Ha Jung-woo, 48, the former head of AI innovation at Naver Cloud, was named the first Chief of AI Future Planning within the presidential office on June 15. A deep learning specialist, Ha had led the development of advanced AI tech

June 24, 2025

US expands tariffs on steel-based appliances, raising stakes for Korean firms

SEOUL, June 24 (AJP) - The Trump administration has expanded tariffs on steel-derived goods to include a wide range of major home appliances, a move expected to heighten costs for foreign manufacturers and potentially ripple through U.S. retail prices. The new measures, announced by the Commerce Department this month and taking effect Monday, target appliances such as refrigerators, freezers, dishwashers, washing machines, cooking stoves and garbage disposals. The tariffs will

June 24, 2025

Visa hurdles threaten operations at Korean battery plants in US

SEOUL, June 24 (AJP) - South Korea’s major battery makers are facing mounting obstacles in operating their U.S.-based plants, as tightening American entry regulations delay the dispatch of skilled workers. LG Energy Solution, Samsung SDI and SK On have all experienced repeated denials or prolonged delays in sending technicians to their American factories, according to industry sources. The difficulties stem from what companies describe as a de facto policy shift: U.S. aut

June 24, 2025

HD Hyundai partners with US firm to construct commercial vessels in US

SEOUL, June 23 (AJP) - HD Hyundai has signed a strategic partnership with American marine services company Edison Chouest Offshore to jointly construct commercial vessels in the United States, HD Hyundai said Monday. The agreement, signed in New Orleans, Louisiana, marks HD Hyundai’s latest move to expand its footprint in the U.S. shipbuilding market. Under the deal, the two companies plan to begin building medium-sized liquefied natural gas dual-fuel container ships at Edison

June 23, 2025

Hanwha Systems to cooperate with Northrop Grumman on air, missile defense system

SEOUL, June 23 (AJP) - South Korean defense company Hanwha Systems has signed a memorandum of understanding with Northrop Grumman of the United States to jointly develop technologies for Integrated Air and Missile Defense (IAMD) systems, Hanwha said Monday. The agreement aims to combine Northrop Grumman’s globally deployed Integrated Battle Command System (IBCS) with Hanwha’s expertise in command-and-control systems. The two firms plan to cooperate on both domestic and

June 23, 2025

Mideast tensions jolt financial markets

SEOUL, June 23 (AJP) - South Korea’s main stock index dropped below the 3,000-point threshold on Monday as rising geopolitical tensions in the Middle East unsettled global financial markets and triggered a sharp sell-off by foreign investors. The benchmark KOSPI fell 30.71 points, or 1.02 percent, to 2,991.13 as of 10:31 a.m. in Seoul, slipping back below the key psychological level it had reclaimed on June 20 for the first time in more than three years. The decline came in

June 23, 2025

Tariffs take toll as Korea's steel exports to US drop sharply in May

SEOUL, June 23 (AJP) - South Korea’s steel exports to the United States fell sharply in May, marking the first significant contraction since Washington imposed new tariffs earlier this year, trade data released Monday showed. According to the Korea International Trade Association, shipments to the U.S. declined 16.3 percent year-on-year to $327 million, down from $390 million in May 2024. The slump comes as the full effects of the 25 percent tariffs on steel and aluminum, enac

June 23, 2025