Trump reaffirms 25 percent tariffs; South Korea to support affected firms with trade finance package SEOUL, February 19 (AJP) - U.S. President Donald Trump reaffirmed Wednesday that his administration would impose tariffs of approximately 25 percent on imported automobiles, semiconductors, and pharmaceuticals, with formal details expected to be unveiled around April 2. Speaking to reporters at his Mar-a-Lago in Florida, Trump outlined his plan, specifying that automobile tariffs would likely be set at 25 percent. He suggested that tariffs on semiconductors and pharmaceuticals could be even steeper, potentially escalating over a one-year period. “We’re going to give companies time to adjust,” Trump said, emphasizing a phased approach that would allow businesses to establish manufacturing facilities in the United States to circumvent the new tariffs. Meanwhile, the South Korean government has unveiled a historic 366 trillion won ($275 billion) trade financing package, aimed at supporting its exporters amid growing global trade uncertainties. The measures include the introduction of "tariff response export vouchers," prioritizing small and medium-sized enterprises (SMEs) affected by the impending U.S. trade restrictions. The government will also double trade insurance limits for impacted companies and offer discounts of up to 60 percent on insurance premiums through the first half of 2025. To further support its domestic industries, South Korea will provide corporate and income tax benefits to companies relocating production back to the country. Notably, businesses will be eligible for tax support even before fully winding down overseas operations. A substantial 100 trillion won of the relief package has been specifically allocated to SMEs. “This is a critical period of escalating global trade wars, intensifying competition from China, and ongoing challenges from high interest rates and currency fluctuations,” Trade Minister Ahn Duk-geun said in a statement. “The first half of the year will be a decisive moment for maintaining export momentum.” The South Korean government is also moving to diversify its trade portfolio. Plans are underway to establish or expand 14 overseas trade offices, targeting markets beyond the United States and China, with a particular focus on the Global South. Additionally, the administration aims to streamline customs procedures for semiconductor research and testing materials, a key industry for the nation’s economy. 2025-02-19 14:51:49

Samsung Electronics take measures to boost shareholder value SEOUL, February 18 (AJP) - Samsung Electronics announced on Wednesday that it will cancel 3 trillion won ($2.2 billion) worth of treasury shares on Thursday and acquire an additional 3 trillion won in shares by mid-May, a move aimed at enhancing shareholder value. The decision follows the company’s November 2024 commitment to repurchase and partially cancel 10 trillion won worth of shares over one year. Of the newly approved 3 trillion won buyback, 2.5 trillion won will be allocated to stabilizing stock prices and boosting shareholder value, while 500 billion won will be earmarked for employee performance bonuses. “The decision on whether to cancel the 2.5 trillion won worth of shares has not been finalized yet,” a Samsung Electronics official said. As part of its employee stock compensation plan, announced last month, Samsung will allow executives at the managing director level and above to receive 50 to 100 percent of their performance bonuses in shares beginning this year. Regular employees will have the option to participate in the stock compensation program starting in 2026. 2025-02-18 15:59:04

SK hynix names head of newly-established subsidiary in US SEOUL, February 18 (AJP) - SK hynix has appointed Lee Woong-sun as president of its newly established West Lafayette LLC subsidiary in Indiana, which will oversee the company's semiconductor packaging operations in the United States. The appointment follows SK hynix's announcement in April 2024 to invest $3.87 billion in building an advanced packaging facility for AI memory chips in West Lafayette, Indiana. The facility, scheduled to begin mass production of next-generation High Bandwidth Memory (HBM) products in the second half of 2028, will also collaborate with local research institutions including Purdue University. Lee, who joined SK hynix in 2005, has extensive experience in packaging R&D and wafer-level packaging manufacturing technology, contributing to the development and mass production of HBM products. The company has been strengthening its HBM operations in the United States, recently appointing Ryu Sung-soo, who specializes in DRAM product planning and HBM business, as the new head of SK hynix America. The Silicon Valley-based subsidiary in San Jose, California, serves as a communication channel between the company and its customers during HBM verification and mass production processes. 2025-02-18 13:30:33

Samsung chairman tops South Korea's dividend earnings in 2024 SEOUL, February 18 (AJP) - Samsung Electronics Chairman Lee Jae-yong received the highest dividend payout among South Korean business leaders in 2024, collecting 346.5 billion won ($260 million), according to a report by corporate analysis firm Leaders Index. Lee's dividend earnings rose by 22.8 billion won from 323.7 billion won in 2023, cementing his status as the country’s top dividend recipient. Hyundai Motor Group Honorary Chairman Chung Mong-koo ranked second with 189.2 billion won, followed by Hyundai Motor Group Chairman Chung Eui-sun with 174.7 billion won. Three Samsung family members — Hotel Shilla President Lee Boo-jin, former Leeum Museum Director Hong Ra-hee, and Samsung C&T President Lee Seo-hyun — secured the fourth through sixth positions, with payouts of 148.3 billion, 146.7 billion, and 114.5 billion won, respectively. The total dividend distribution from 560 surveyed companies reached 40.71 trillion won in 2024, marking a 10.4 percent increase from 36.86 trillion won the previous year. Leaders Index attributed the rise to SK hynix doubling its dividend payments on the back of record earnings, as well as a broader shift among companies to expand dividends in line with government policies aimed at enhancing corporate value. Seven companies distributed dividends exceeding 1 trillion won, led by Samsung Electronics at 9.81 trillion won, followed by Hyundai Motor at 3.15 trillion won and Kia at 2.56 trillion won. SK hynix posted the largest year-on-year increase, raising its dividend by 84.1 percent to 1.52 trillion won. 2025-02-18 10:49:48

US equity firm takes over Inspire Resort in Incheon following heavy losses SEOUL, February 17 (AJP) - A U.S. private equity firm has assumed control of the Inspire Integrated Resort near Incheon International Airport after the property accumulated losses exceeding 150 billion won ($112 million) in its first year of operations. The resort, which opened in January 2024, was originally developed by Mohegan Gaming & Entertainment with an investment of 2 trillion won. The complex includes three five-star hotel buildings with a total of 1,275 rooms, a multipurpose arena with a 15,000-seat capacity, a convention center — capable of accommodating 4,000 attendees — an indoor water park, and a foreigner-only casino, spanning 24,000 square meters. According to an official at Incheon International Airport Corp., Mohegan lost its full ownership stake after failing to meet specific loan covenants tied to financing for the resort. Since its opening, hotel occupancy rates have fluctuated between 47 percent and 83 percent. The new owner, Bain Capital, founded in 1984, manages approximately $185 billion in assets through 24 offices across four continents and employs more than 1,850 people. The firm has a broad investment portfolio in South Korea, covering sectors including consumer goods, technology, healthcare, and financial services. Mohegan had previously outlined plans to invest 6 trillion won through 2046 to establish Northeast Asia’s largest integrated resort. However, the ownership transfer casts uncertainty over the resort's future. A spokesperson for Inspire said Bain Capital’s acquisition pertains only to management rights and will not affect the resort’s operations. 2025-02-17 17:01:23

Korea's fresh fruit imports hit record high in 2024 SEOUL, February 17 (AJP) - South Korea’s imports of fresh fruit soared to a record $1.45 billion (2.1 trillion won) in 2024, marking a 20.1 percent increase from the previous year, according to data from the Korea Rural Economic Institute. The surge underscores the growing reliance on imported produce as domestic fruit production struggles with adverse weather conditions. The value of imported fresh fruit, including bananas, pineapples, mangoes, oranges, and blueberries, exceeded the previous peak of $1.332 billion set in 2018 by 8.6 percent. Fruit imports, which had been in decline since 2019 due to disruptions from El Nino and soaring shipping costs during the COVID-19 pandemic, rebounded as local orchards faced significant setbacks. Spring frosts and intense summer heat waves in 2023, followed by prolonged high temperatures in 2024, sharply reduced the domestic supply of apples, pears, and tangerines. As a result, prices for locally grown fruit surged. According to the National Statistical Portal, pears registered the highest price increase among 458 consumer goods tracked last year, rising by 71.9 percent. Tangerines followed with a 46.2 percent increase, while persimmons and apples climbed 36.6 percent and 30.2 percent, respectively. Experts anticipate that the trend of rising fruit imports will persist as climate change continues to disrupt local harvests and cultivation areas shrink. The Korea Rural Economic Institute projects total fruit imports — including fresh, dried, and frozen varieties — to rise by 6.8 percent to 817,000 tons in 2025. By 2034, the institute expects the volume to reach 865,000 tons, reflecting an average annual growth rate of 0.6 percent. 2025-02-17 15:24:49

Korea launches center to attract foreign tech talent SEOUL, February 17 (AJP) - In a bid to bolster its high-tech workforce, South Korea on Monday unveiled a new recruitment center aimed at attracting 1,000 advanced technology professionals from overseas by 2030. The effort is part of the government’s "K-Tech Pass" program, a sweeping initiative designed to address the growing demand for specialized talent in emerging technologies. The center, established under the Korea Trade-Investment Promotion Agency (KOTRA), will oversee the recruitment and integration of foreign professionals in key industries such as semiconductors. It operates under the framework of the Special Act on Innovation of Advanced Industry Talent, which took effect in January. The initiative brings together multiple government ministries as well as agencies such as the National Institute for International Education and the Korea Institute for Advancement of Technology. These entities will coordinate efforts to ease the transition for foreign professionals, providing both logistical and institutional support. A key component of the K-Tech Pass program is an overhaul of the visa system, alongside measures to improve living conditions for foreign professionals. The program is set to formally launch in March, when a new visa category specifically for advanced industry talent will be introduced. 2025-02-17 14:12:58

Global chipmakers race to secure HBM talent amid AI boom SEOUL, February 17 (AJP) - SK hynix and Micron Technology are ramping up efforts to enhance their high-bandwidth memory (HBM) capabilities through internal restructuring and aggressive external recruitment, as demand for AI-driven HBM chips continues to rise. SK hynix has introduced an internal Career Growth Program focused on HBM design, advanced packaging development, AI infrastructure, and customer quality management. The company is also transferring DRAM process engineers to its new M15X fabrication facility in Cheongju, which will serve as a key production hub for HBM. Market research firm TrendForce reports that "HBM has emerged as a key growth driver in the DRAM industry due to surging AI demand," predicting that "HBM3E supply will remain tight in 2025." Micron, currently ranked third in the HBM market, is actively recruiting Korean engineers for its Hiroshima plant, a 500 billion yen ($4.7 trillion) facility set to commence operations in 2027. The company is currently supplying 8-layer HBM3E products to Nvidia and aims to begin mass production of 12-layer products in the latter half of 2025. Chinese memory manufacturer ChangXin Memory Technologies is also expanding its presence in the HBM sector, with approximately 35 percent of its engineers being Korean nationals. The company is constructing a 280,000-square-meter facility dedicated to HBM2 production and is recruiting for 758 positions, including experienced HBM design engineers. "Memory demand is increasing while there is a global shortage of semiconductor engineers," a semiconductor industry official said. "Chinese firms, in particular, are aggressively recruiting Korean engineers to bridge their four-to-five-year technology gap in DRAM." 2025-02-17 11:02:10

Acting president says US reciprocal tariffs will have limited impact SEOUL, February 14 (AJP) - Acting President Choi Sang-mok said Friday that U.S. plans for reciprocal tariffs would likely have limited impact on the Korean economy due to existing free trade agreements, but warned that non-tariff barriers require close monitoring. The remark follows U.S. President Donald Trump's signing of a memorandum on reciprocal trade and tariffs that would examine not only tariffs but also non-tariff barriers and exchange rates of trading partners. The finance ministry said the current average tariff rate on U.S. imports is 0.79 percent as of last year, and it's expected to be even lower this year according to the annual concession schedule, countering foreign media reports citing South Korea's tariff rate at 13.6 percent. Choi directed relevant ministries to form a task force to examine potential vulnerabilities and prepare explanatory materials for the U.S., particularly regarding non-tariff barriers including value-added tax and digital service tax. "While the impact of reciprocal tariffs may not be significant due to the Korea-U.S. Free Trade Agreement, we need to closely monitor the situation as the U.S. has indicated it will evaluate non-tariff barriers," Choi said during a policy meeting in Seoul. 2025-02-14 16:19:35

Hanmi Science leadership dispute ends as founder's widow takes helm SEOUL, February 14 (AJP) - A protracted leadership dispute at Hanmi Science, the holding company of South Korean pharmaceutical firm Hanmi, has drawn to a close with the appointment of Song Young-sook as its sole chief executive officer. The board of directors announced Friday that Song, the widow of Hanmi’s late founder, Im Sung-ki, will replace Im Jong-hoon as CEO. The decision comes nine months after Song stepped down from her position as co-CEO last May. In a further reshuffling of leadership, Im Jong-yoon, the eldest son of the company’s founder, has resigned as a director. Two board members aligned with him have also stepped down, leaving the brothers’ representation on the 10-member board at just two members and effectively ending a long-running power struggle between Song’s coalition and the founder’s sons. Song leads a four-party alliance that includes her daughter, Im Ju-hyun, along with Shin Dong-guk of Hanyang Precision and private equity firm La Defense Partners. Together, they control approximately 54.42 percent of Hanmi Science shares, eclipsing the 21.86 percent stake held by the founder’s sons. The leadership battle dates back to early 2024, when Song and her daughter pursued a merger with OCI Group as part of efforts to manage inheritance tax obligations following the death of Hanmi’s founder. The move was met with resistance from his sons, sparking a drawn-out corporate struggle. Hanmi Science said it will unveil details of its new governance structure after its regular shareholders’ meeting in March. 2025-02-14 15:47:48