SEOUL, March 7 (Korea Bizwire) — South Korea fell to second place in new global shipbuilding orders in February, with China taking over the lead, industry data showed Friday. South Korean shipyards clinched orders totaling 290,000 compensated gross tons (CGTs) for seven ships, accounting for 14 percent of the global total at 2.07 million CGTs [...]
PESQUERIA, Mexico, March 6 (Korea Bizwire) — South Korean companies with manufacturing bases in Mexico, along with around 100 local partner firms, are struggling to deal with business uncertainties stemming from the unpredictability of U.S. President Donald Trump’s tariff policy on the neighboring country, industry officials said Thursday. Earlier in the day, Trump signed executive actions to [...]
SEOUL, March 7 (Korea Bizwire) — The government will come up with measures next month to respond to the United States’ plan to impose tariffs on auto imports, the industry ministry said Friday, as the new U.S. tariffs are expected to deal a severe blow to the South Korean automotive industry. The Ministry of Trade, [...]
SEOUL, March 7 (Korea Bizwire) — South Korean steel companies said Friday they will closely cooperate with the government and related agencies to minimize the impact of planned U.S. tariffs on all steel and aluminum imports from next week. U.S. President Donald Trump has announced a series of levies on some of his country’s trading [...]
SEOUL, March 7 (Korea Bizwire) — Chung Ki-sun, senior vice chairman of South Korean shipbuilding conglomerate HD Hyundai Co., recently met with the head of Palantir Technologies Inc. to discuss shipyard projects utilizing artificial intelligence (AI) technology, according to industry sources Friday. Chung met with Alex Karp, chief executive officer (CEO) of the American defense [...]
SEOUL, March 6 (Korea Bizwire) — South Korea’s exports of food, led by instant noodles, grew an average of 8 percent annually over the past 10 years on the growing global popularity of K-culture, a business organization said Thursday. K-food shipments doubled to US$7.02 billion in 2024 from $3.51 billion in 2015, with instant noodles, [...]
SEOUL, March 6 (Korea Bizwire) — Nongshim Co., South Korea’s leading instant noodle maker, said Thursday it will raise the prices of its instant noodle and snack products next week due to higher raw materials costs. Nongshim plans to raise the retail prices of 14 “ramyeon” products by 7.2 percent and three snack products by [...]
SEOUL, March 5 (Korea Bizwire) — Trial operations of self-driving freight trucks can now be conducted on all highways in South Korea, which could lead to the start of long-haul autonomous commercial logistics services nationwide in the future, the government said Wednesday. The Ministry of Land, Infrastructure and Transport said it has expanded the country’s [...]
SEOUL, March 5 (Korea Bizwire) — A government audit has uncovered a growing black market for discounted goods from military stores, with unauthorized resellers exploiting various loopholes to secure products for resale through online marketplaces. According to a Defense Ministry audit report released by the Board of Audit and Inspection (BAI) on March 4, resellers have increasingly [...]
SEOUL, March 5 (Korea Bizwire) — The escalating tariff war initiated by U.S. President Donald Trump is disrupting the decades-old global free trade system, triggering a shift toward protectionism among major economies, including China. The retreat from free trade threatens export-driven economies like South Korea, which now faces mounting challenges amid intensifying U.S.-China economic rivalry. [...]