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APEC CEO Summit in spotlight for possible attendance of tech gurus

Expectations are growing that Gyeongju, the host city of the 2025 APEC CEO Summit, will serve as the venue where the world’s most prominent tech magnates share their insights on the future of the global economy. With less than 40 days remaining until the 2025 APEC meetings, which will focus on economic cooperation in the Asia-Pacific region, business leaders in the host country are stepping up efforts to invite key figures from around the world. The target event is the APEC CEO Summit slated for Oct. 28 to 31. Some 900 CEOs have already expressed their intent to join the event, which is expected to host 1,700 company leaders and officials from APEC economies. Chaired by Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, the event is expected to serve as a platform connecting business leaders and their companies to tap into new economic prospects. One of the high-profile figures expected in Gyeongju is Nvidia CEO Jensen Huang, the world’s most influential figure in chips for artificial intelligence (AI). While his participation at the CEO summit remains unconfirmed a

Sep 21, 2025By Ko Dong-hwan
APEC CEO Summit in spotlight for possible attendance of tech gurus

US tariffs on Korea show world’s sharpest increase

The U.S. tariffs imposed on Korean goods grew at the sharpest pace among Washington’s trading partners, data showed Sunday, indicating a sharply rising burden on Korean businesses. According to the data from the Korea Chamber of Commerce and Industry (KCCI), the cost of U.S. tariffs on Korean imports in the second quarter of this year stood at $3.3 billion, the sixth-largest among Washington’s top 10 trading partners in terms of amount. China had the highest with $25.93 billion, followed by Mexico with $5.52 billion, Japan with $4.78 billion, Germany with $3.57 billion and Vietnam with $3.34 billion. Compared to the amount imposed during the fourth quarter of last year, the tariff on Korean imports grew by $3.23 billion, representing a 47.1-fold growth. This was the sharpest growth factor among other trading partners during the same period, followed by 19.5 for Canada, 17.8 for Mexico and 8.2 for Japan. In contrast, China saw the largest tariff increase of $14.18 billion during the same period, but showed the slowest growth among the top 10 countries because high duties on items suc

Sep 21, 2025By Nam Hyun-woo
US tariffs on Korea show world’s sharpest increase

KT mobile payment breach hits broader area than initially known: lawmaker

A recent mobile payment breach at KT has affected a broader area than initially reported, expanding beyond the previously identified regions of southwestern Seoul and parts of Gyeonggi Province, a report submitted by the firm to a lawmaker showed Sunday. The newly identified areas include southern parts of Seoul, as well as Goyang, Gyeonggi Province, Rep. Hwang Jung-a of the ruling Democratic Party said, citing the report filed by KT. On Thursday, Korea's second-largest mobile carrier said the number of victims had reached 362, up from its initial report of 278. "It would have been helpful for the investigation if KT had released detailed information on the location and time of the breaches quickly. I cannot understand why KT is releasing the information little by little," Hwang said. Experts point out that the scope of damage continues to increase as KT had limited its probe to automated response system (ARS) breaches. KT currently tracks damage based on cases in which hackers intercepted ARS calls that should have been sent to victims to authorize mobile payments. One of the victims, how

Sep 21, 2025By Yonhap
KT mobile payment breach hits broader area than initially known: lawmaker

Shilla exit sparks concerns over Chinese firm’s entry to Incheon airport

China Duty Free Group (CDFG), the country’s largest state-owned duty free store operator, has emerged as the strongest contender to fill vacancies at Incheon International Airport, following Hotel Shilla’s decision to relinquish its license to sell cosmetics, perfume, liquor and tobacco at Korea’s main gateway. The prospect has raised concerns about China increasing its influence at the airport and Korean duty free store operators losing ground in the global market. According to Hotel Shilla’s regulatory filing, the company will stop operating The Shilla Duty Free shops in the DF1 zone as of March 17, 2026. Hotel Shilla said it viewed the surrender of its license as the most effective way to stem declining profits, despite the obligation to pay a penalty of 190 billion won ($136 million) to Incheon International Airport Corp. (IIAC). “The market has changed significantly due to shifts in core customer consumption patterns and decreased purchasing power,” Hotel Shilla said in a statement. “Accordingly, we asked IIAC to reduce the rent, but our request was denied.” Since wi

Sep 19, 2025By Park Jae-hyuk
Shilla exit sparks concerns over Chinese firm’s entry to Incheon airport

Hyundai Motor eyes Europe, India, China amid prolonged US tariff shock

Hyundai Motor will navigate its unceasing tariff risks in the United States by scaling up presence in Europe, India and China — three major powerhouses with strong potential for growth in eco-friendly vehicles, the carmaker’s CEO Jose Munoz said. The global strategy reflects the carmaker’s willingness to offset its U.S. earnings decline through other territories in the mid- to long-term, by using the carmaker’s strength in developing and manufacturing electric vehicles (EVs). The carmaker shared the vision during its annual CEO Investor Day event in New York, Thursday (local time), to alleviate mounting investor concerns over the firm’s steep earnings fall caused by the aftermath of the U.S. government’s imposition of a 25 percent auto tariff. The company’s operating profit plunged 828.2 billion won ($593 million) in the second quarter from a year earlier, and the figure is widely expected to increase in the third quarter due to the prolonged tariff shock. Hyundai Motor is going all out to boost its EV sales in Europe in particular. The automaker is set to launch its much-h

Sep 19, 2025By Lee Min-hyung
Hyundai Motor eyes Europe, India, China amid prolonged US tariff shock

Int'l customs body sides with Korea in dispute with India over Samsung equipment

The World Customs Organization (WCO) has ruled in favor of Korea in a tariff classification dispute with India over radio units (RUs) used in mobile base stations, the Seoul government said Friday. The dispute involves an estimated 800 billion won ($573 million) in tariffs and related charges for RUs exported by local tech giant Samsung Electronics to India, according to the Ministry of Economy and Finance. The Brussels-based intergovernmental body determined that the RUs should be classified as "parts," which are exempt from tariffs. The ruling contradicts India's previous classification of the RUs as "telecommunication equipment," subject to a 20 percent tariff. Although WCO decisions are not legally binding on individual member states, the ministry emphasized that the ruling is meaningful as it reflects international consensus in support of Korea's position. A ministry official said the decision is expected to work in favor of Korean companies as they continue discussions with Indian tax authorities.

Sep 19, 2025By Yonhap
Int'l customs body sides with Korea in dispute with India over Samsung equipment

Kumho Petrochemical Group bolsters efforts to reduce carbon emissions

Kumho Petrochemical Group said Friday that its major affiliates have launched a range of initiatives to address the climate crisis by cutting greenhouse gas emissions. With carbon capture, utilization and storage (CCUS) technology and recycling of waste as a raw material, these affiliates are striving to achieve carbon neutrality by 2050 for sustainable growth, according to the group. Kumho Petrochemical, the group's flagship subsidiary, has aligned its operations with the government's circular economy goals, earning certifications for recycling waste as a raw material instead of sending it to landfill. The chemical firm's carbon nanotube products also met the European Union's requirements under the Registration Evaluation Authorization and Restriction of Chemicals regulations, earning the company an award from the Minister of Trade, Industry and Energy. In July, Kumho Petrochemical built CCUS facilities to capture carbon dioxide emitted from its power generation sites and convert it into useful chemicals. "The process makes it possible to use captured carbon dioxide for dry ice, food-gra

Sep 19, 2025By Park Jae-hyuk
Kumho Petrochemical Group bolsters efforts to reduce carbon emissions

Hanwha Aerospace signs 3rd contract to supply K9 howitzers to Norway

Hanwha Aerospace has signed a third contract with the Norwegian Defence Materiel Agency (NDMA) to deliver 24 additional K9 VIDAR self-propelled howitzers. The agreement was signed in Oslo, Thursday (local time), with Hanwha Aerospace President and CEO Son Jae-il, NDMA Director General Gro Jaere, Norwegian Army Chief Maj. Gen. Lars Lervik and Korean Ambassador to Norway Seo Min-jeong in attendance. The order will increase Norway’s K9 VIDAR fleet to 52 systems, strengthening the artillery capabilities of the NATO member. VIDAR refers to versatile indirect artillery. Norway decided on the expansion after evaluating the platform’s performance and Hanwha’s fulfillment of previous contracts. “We are proud to contribute once again to strengthening Norway’s sovereign defense capabilities,” Son said. “Looking ahead, we will solidify our position as a strategic partner dedicated to securing the capabilities of NATO and the wider European community.” Jaere said the new deal will provide the Norwegian Armed Forces with equipment that meets requirements for time, cost and performance.

Sep 19, 2025By Nam Hyun-woo
Hanwha Aerospace signs 3rd contract to supply K9 howitzers to Norway

KT reports another suspected data breach case to authorities for investigation

KT aid Friday it has reported a new case of suspected data breaches to authorities for investigation, in a case separate from its recent mobile payment violation. South Korea's No. 2 mobile carrier said the report was submitted to the Korea Internet & Security Agency (KISA) just before midnight the previous day. The mobile carrier said it had carried out an internal investigation for about four months and identified four cases with evidence of server breaches, along with two other suspected cases. The report was submitted just hours after KT held a press briefing Thursday, where the company raised the possible leakage of International Mobile Subscriber Identity (IMSI) and International Mobile Equipment Identity (IMEI) numbers, as well as phone numbers. KT nevertheless claimed the universal subscriber identity module (USIM) certification number had not been compromised, although the latest server breach indicates the company cannot completely rule out the possibility. "The investigation of servers was a separate task that had been carried out for four months and was not related to the mobi

Sep 19, 2025By Yonhap
KT reports another suspected data breach case to authorities for investigation

Hyundai Rotem opens first US rail parts plant in California

Hyundai Rotem, the train manufacturing subsidiary of Korea's Hyundai Motor Group, said Friday it has opened its first U.S.-based rail parts plant in California to strengthen its foothold in the North American rail market. The new facility in the city of Riverside, named Hyundai Rotem Smart Electric America (HRSEA), spans about 8,500 square meters and will produce key components for rail vehicles, including propulsion control units, traction motors and auxiliary power supplies. A completion ceremony for the plant was held Thursday (local time), attended by officials from the Los Angeles Metro, the Riverside city government and the Korean Consulate General in Los Angeles, as well as executives from Hyundai Rotem and partner firms. In addition to production and testing, the plant will also provide customer services for clients and support follow-up projects related to new parts development. "We look forward to contributing to local job creation and economic growth while moving forward with the Riverside community," said Lee Yong-bae, chief executive officer (CEO) of Hyundai Rotem. Hyundai Ro

Sep 19, 2025By Yonhap
Hyundai Rotem opens first US rail parts plant in California
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