Industry

  • Bank of Korea halts rate cuts amid soaring housing prices
    Bank of Korea halts rate cuts amid soaring housing prices SEOUL, July 10 (AJP) - The Bank of Korea left its benchmark interest rate unchanged at 2.5 percent on Thursday, pausing its monetary easing cycle as policymakers contend with a surge in housing prices and rapidly rising household debt. The decision underscores mounting concern within the central bank over asset bubbles forming in the capital region. In recent weeks, apartment prices in Seoul have accelerated at their fastest pace in nearly seven years. “Stabilizing market s July 10, 2025
  • Rare Chinese relics unveiled at Daboseong Gallery appraisal session with top experts
    Rare Chinese relics unveiled at Daboseong Gallery appraisal session with top experts SEOUL, July 10 (AJP) - Daboseong Gallery in South Korea has once again opened its doors to reveal a selection of Chinese antiquities rarely seen by the public, even in China itself. For the third year running, the gallery invited top Chinese appraisal experts to assess items from its vast collection, believed to be one of the most extensive private holdings of rare Chinese artifacts in Asia. The appraisal session, held on July 9, was led by Professor Lee Jung-soon of Chung-Ang U July 10, 2025
  • Hanwha Ocean intensifies bid for Polands $6 billion submarine project
    Hanwha Ocean intensifies bid for Poland's $6 billion submarine project SEOUL, July 10 (AJP) - Hanwha Ocean is intensifying its campaign to win a multibillion-dollar submarine contract from the Polish government, offering a localized production model, technology transfer, and strategic financing in a bid to secure the next-generation Orka submarine program. The project, valued at an estimated 8 trillion won, or roughly $6 billion, is a key component of Poland’s broader military modernization push, as the country seeks to bolster its naval capabi July 10, 2025
  • Tata Group of India bets on AI, EVs, renewables to power its next chapter
    Tata Group of India bets on AI, EVs, renewables to power its next chapter Editor's Note: This article is the 26th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, July 10 (AJP) - Spanning sectors from steel and software to salt and automobiles, the Tata Group of India stands as Asia’s most enduring industrial empire. With operations in more than 100 countries and a global workforce exceeding one million, the conglom July 10, 2025
  • Bank of China supports Korea Eximbanks first Hong Kong dollar bond issuance
    Bank of China supports Korea Eximbank's first Hong Kong dollar bond issuance SEOUL, July 09 (AJP) - Bank of China has assisted the Export-Import Bank of Korea in issuing its first Hong Kong dollar-denominated public bond, known as a Wanthang bond. It is the first time the Bank of China has underwritten a bond for a South Korean policy bank. The bank served as settlement and clearing agent, joint lead manager and bookrunner, and handled the cross-currency swap transaction. Korea Eximbank’s bond is the fourth Wanthang bond to be issued globally, f July 9, 2025
  • Korea looks to shipbuilding ties as strategic tool in tariff talks with US
    Korea looks to shipbuilding ties as strategic tool in tariff talks with US SEOUL, July 09 (AJP) - As South Korea prepares for high-stakes tariff negotiations with the United States over the next three weeks, the country’s shipbuilding industry has emerged as a central element of Seoul’s diplomatic and strategic playbook. Government officials said Wednesday that cooperation in the shipbuilding sector is being positioned as more than just a bargaining chip in ongoing trade discussions. A senior official at the presidential office noted that July 9, 2025
  • Korean instant noodle firms Samyang, Nongshim poised for strong earnings
    Korean instant noodle firms Samyang, Nongshim poised for strong earnings SEOUL, July 09 (AJP) - South Korea’s leading instant noodle exporters, Samyang Foods and Nongshim, are expected to post robust second-quarter earnings, buoyed by growing overseas demand and a favorable currency rate. According to analyst consensus, Samyang Foods is projected to report 542.6 billion won ($395 million) in revenue for the April–June period, a 27.9 percent increase from the same period last year. Operating profit is forecast to rise 43 percent to 127.9 July 9, 2025
  • Trumps 200 percent drug tariff threat draws cautious response
    Trump's 200 percent drug tariff threat draws cautious response SEOUL, July 9 (AJP) - South Korean pharmaceutical and biotech companies are preparing for potential U.S. tariffs on drug imports after President Donald Trump announced plans for sweeping trade measures that could impose duties of up to 200 percent. While the announcement has prompted firms like Celltrion and SK Biopharmaceuticals to activate contingency strategies, industry analysts say the broader impact on the Korean pharmaceutical sector is likely to be modest — at least fo July 9, 2025
  • Korean agricultural machinery firms brace for 25 percent US import tariff
    Korean agricultural machinery firms brace for 25 percent US import tariff SEOUL, July 09 (AJP) - South Korea’s agricultural machinery industry is bracing for a major blow after the United States announced it would impose a 25 percent retaliatory tariff on all Korean imports beginning August 1, a move that threatens to disrupt one of the country's most export-reliant sectors. Among the hardest hit are leading tractor manufacturers Daedong and TYM, both of which derive a substantial portion of their revenue from the North American market. Dae July 9, 2025
  • Power demand hits July record, prompting emergency measures
    Power demand hits July record, prompting emergency measures SEOUL, July 09 (AJP) - South Korea’s electricity demand surged to its highest level in three years this week, as an unusually early and intense heat wave swept across the country. National power consumption reached 93.4 gigawatts on Monday, surpassing the previous July record of 92.99 GW set in 2022. By Tuesday evening, the load climbed further to 95.7 GW, pushing electricity reserves below the critical 10 percent threshold for the first time this summer, according to data f July 9, 2025