South Korea, U.S. trade chiefs to meet in Washington amid deadlock in tariff-related negotiations

SEOUL, October 12 (AJP) - South Korea and the U.S. will hold ministerial-level talks later this week amid an impasse in tariff-related negotiations between the two countries. Finance Minister Koo Yun-cheol is scheduled to meet with U.S. Treasury Secretary Scott Besant on the sidelines of the G20 Finance Ministers and Central Bank Governors' Meeting and the International Monetary Fund (IMF)'s annual gathering in Washington, D.C., which are set to take place from Monday thro

October 12, 2025

Shares of South Korean power equipment suppliers surge despite US tariff uncertainty

SEOUL, October 10 (AJP) - South Korea's leading power equipment suppliers saw their share prices surge sharply despite stalled tariff-related negotiations with the U.S. Shares of HD Hyundai Electric rose 5.12 percent to close at 657,000 Korean won, as KOSPI trading resumed on Friday after a weeklong break for the country's biggest Chuseok holiday. Its market competitors also saw strong gains, with shares of Hyosung Heavy Industries jumping 5.52 percent and those of LS E

October 10, 2025

KOSPI reaches new high after weeklong holiday

SEOUL, October 10 (AJP) - The benchmark KOSPI surpassed the 3,600 level for the first time on Friday, following a sharp opening after a weeklong break for the country's biggest Chuseok holiday. KOSPI hit a record intraday high of 3,617.86 and closed at 3,610.60, up 61.39 points or 1.73 percent, from the previous session. The record rally was fueled by foreign investors, who snapped up a net 1.06 trillion won in shares. Among the top market-cap stocks, Samsung Electronics r

October 10, 2025

Fines imposed on Apple, Google remain unpaid amid regulatory lapses

SEOUL, October 10 (AJP) - Global tech companies such as Apple and Google have avoided fines totaling 63 billion won (about US$47 million) for nearly two years in South Korea, as authorities have failed to enforce the penalties. According to data submitted to lawmaker Choi Soo-jin of the main opposition People Power Party from the Korea Communications Commission (KCC), the watchdog slapped fines on both companies in October 2023 for forcing in-app payment systems, overcharging

October 10, 2025

Stock markets open higher after weeklong Chuseok holiday

SEOUL, October 10 (AJP) - South Korean stock markets opened sharply higher on Friday after a weeklong break for the country's biggest Chuseok holiday. The benchmark KOSPI opened at 3,598.11, up 1.38 percent, while the junior Kosdaq rose 0.54 percent to 858.86. Within just several minutes of trading, the KOSPI climbed to 3,606.86, reaching the 3,600 level for the first time. Before the holiday that began last Friday, the KOSPI closed at a record high of 3,549.21 on Oct. 2. Whi

October 10, 2025

Hyundai Motor's hydrogen truck included among TIME magazine's 'best inventions' this year

SEOUL, October 10 (AJP) - Hyundai Motor's hydrogen electric truck has been named one of TIME magazine's "Best Inventions" for this year, the automaker said on Friday. The Xcient is an autonomous hydrogen-electric truck developed in collaboration with PlusAI, an American autonomous driving technology company based in California. The vehicle combines Hyundai's hydrogen platform with PlusAI's Level 4 self-driving software, SuperDrive. As the world's f

October 10, 2025

Foreign reserves rise for fourth consecutive month

SEOUL, October 10 (AJP) - South Korea's foreign reserves rose by about $6 billion in September, extending their growth streak for the fourth consecutive month since June. According to data released by the Bank of Korea on Thursday, the reserves stood at $422.02 billion at the end of September, up $5.73 billion from the previous month. A Bank of Korea official attributed the increase to higher investment returns and a rise in foreign currency deposits at financial instit

October 10, 2025

KAIST-incubated startup exports epilepsy drug technology worth $528 million

SEOUL, October 09 (AJP) - A startup founded by KAIST professor Lee Jung-ho has licensed out an experimental RNA-based drug for hard-to-treat epilepsy in a deal valued at about 750 billion won ($529 million), the university said Thursday. Sovargen, co-founded by Lee and biotech entrepreneur Park Chul-won, signed an exclusive option agreement with Italy's Angelini Pharma for global development and commercialization of a first-in-class antisense oligonucleotide (ASO) therapy aime

October 9, 2025

South Korea scrambles over EU's new steel trade curbs

SEOUL, October 08 (AJP) -South Korea’s government and steelmakers are rushing to respond to the European Union’s latest protectionist move on steel imports, which adds to the heavy tariffs already imposed by the United States on steel and aluminum. The EU has issued a new set of barriers that halve import quotas and double tariffs beyond those limits, the Ministry of Trade, Industry and Energy said Tuesday. Under the European Commission’s proposed tariff-r

October 8, 2025

Korean treasuries set for WGBI entry in April 2026 as planned: FTSE Russell

SEOUL, October 08 (AJP) - South Korean government bonds will join the World Government Bond Index (WGBI) in April 2026 as scheduled, global index provider FTSE Russell confirmed Tuesday. The timeline, originally announced last year, had been revised from November 2025 to April 2026, triggering investor jitters over possible second thoughts about Korea’s sovereign credibility. The adjustment came just days after the Constitutional Court removed former President Yoon Suk

October 8, 2025