U.S. sets 10 to 25 percent tariff range for negotiations with South Korea, shipbuilding to be key leverage point

SEOUL, April 11 (AJP) -The United States Trump administration has established guidelines for upcoming 90-day reciprocal tariff negotiations, setting a ceiling at country-specific rates announced on April 2 and a floor at the universal 10 percent basic tariff rate. South Korea, which led the global shipbuilding market in January 2025 with 62 percent of total compensated gross tons (CGTs) for 13 shipbuilding orders, now holds a bargaining chip as Trump recently signed an executive ord

April 11, 2025

Hyundai, Kia record highest-ever Q1 sales of 71 trillion won amid looming U.S. tariff challenges

SEOUL, April 11 (AJP) - Hyundai Motor and Kia are expected to report combined first-quarter sales of 71.03 trillion won ($48.5 billion) despite U.S. President Donald Trump's 25 percent tariff increase on automobiles, according to automotive and securities industry sources on Thursday. The sales figure represents a 4 percent increase from the same period last year, while operating profit is forecast to reach 6.89 trillion won, down 1.3 percent year-on-year. Hyundai Motor alone is

April 11, 2025

Studio Meta-K secures Series A investment from Korea Investment Partners to lead future of AI-powered content

SEOUL, April 11 (AJP) - Studio Meta-K, a South Korean startup specializing in AI-based content IP production, announced on April 10 that it has raised 2 billion won from Korea Investment Partners as part of a 3 billion won Series A funding round. The investment aims to support the company’s efforts to revolutionize content production using proprietary AI and virtual human technologies. Studio Meta-K describes itself as South Korea’s first full-service studio to combine

April 11, 2025

South Korea establishes diplomatic ties with Syria

SEOUL, April 11 (AJP) - Korea has established formal bilateral relations with Syria, completing diplomatic outreach to some 110 UN member countries, leaving North Korea as the only exception. With the latest addition of the Levantine country, South Korea now has diplomatic arrangements with some 194 countries including non-UN entities such as the Cook Islands, Niue, and the Vatican, the Foreign Ministry here said on Friday. The ministry hailed it as a "diplomatic milestone&q

April 11, 2025

Retail sector embraces EHS audits as ESG risk management gains ground

SEOUL, April 11 (AJP) - South Korea’s retail industry is ramping up efforts to introduce Environment, Health, and Safety (EHS) audits, reflecting a broader shift toward ESG (Environmental, Social, and Governance) practices and long-term sustainability. Previously concentrated in manufacturing, EHS audits are now being expanded to include non-manufacturing sites such as retail stores, logistics centers, and corporate offices. The trend is gaining momentum as global consumer g

April 11, 2025

Fitch affirms South Korea's credit rating while impeachment turmoil

SEOUL, April 11 (AJP) - Global credit rating agency Fitch Ratings revealed it had anticipated former President Yoon Suk Yeol's impeachment when maintaining South Korea's sovereign credit rating at 'AA- stable' in February, a decision that helped calm market concerns. In a recent report titled "Korean Court Decision on Presidential Impeachment Eases Political Risk," Fitch said the ruling eliminated a significant political uncertainty factor that had been loo

April 11, 2025

Impeached president leaves official residence

SEOUL, April 11 (AJP) - Disgraced former President Yoon Suk Yeol left his official residence in Hannam-dong in Seoul's tony district of Yongsan on Friday, about a week after the Constitutional Court of Korea's ruling to impeach him over his botched martial law debacle late last year. "As I leave the official residence, I am deeply grateful for everything," Yoon said in a written message upon his departure. "I will now return to life as an ordinary citizen and

April 11, 2025

Military battles unidentified wildfire in DMZ near Goseong

SEOUL, April 11 (AJP) - A wildfire has started in the Demilitarized Zone (DMZ) near the front-line area of Goseong, Gangwon Province, prompting South Korea's military to engage in a firefighting operation. According to the Joint Chiefs of Staff (JCS) on Friday, the fire was first detected around 4:30 p.m. on Thursday in the DMZ area of Goseong. Two firefighting helicopters from the Korea Forest Service were dispatched to extinguish the blaze at about 6:30 a.m. on Friday. &q

April 11, 2025

SK chief visits Taiwan to discuss AI semiconductor cooperation with TSMC

SEOUL, April 11 (AJP) - SK Group Chairman Chey Tae-won traveled to Taiwan earlier this week to meet with TSMC and other Taiwanese semiconductor companies to discuss cooperation in artificial intelligence (AI) semiconductors, industry sources said on Friday. SK Hynix CEO Kwak No-jung reportedly accompanied Chey on the visit, which marks the chairman's first publicly known trip to Taiwan in 10 months. During his previous visit in June 2024, Chey met with TSMC Chairman Mark Liu and

April 11, 2025

Offline retailers ramp up in-store brand strategy to weather slow consumption

SEOUL, April 11 (AJP) - In an effort to combat sluggish consumer spending and stay competitive against online shopping platforms, South Korea’s major offline retailers are increasingly turning to popular in-store brands to draw foot traffic. E-Mart, the country’s largest hypermarket chain, significantly expanded its in-store brand ratio from 30 percent to 70 percent when it reopened a megastore in the western port city of Incheon in March 2023, featuring well-known names

April 11, 2025