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Uncertain timeline for US auto tariff cut deepens Korean firms' concerns

Korea’s major carmakers and auto parts firms remain under pressure from a 25 percent U.S. tariff, even after the two countries signed a long-awaited agreement last week to reduce it to 15 percent. Major auto exporters, hit hard by the trade penalty in their second-quarter earnings, welcomed the reduced tariff rate. Hyundai Motor and Kia suffered operating profit losses of 828.2 billion won ($596 million) and 786 billion won, respectively. However, U.S. President Donald Trump has yet to sign an immediate administrative order to implement the new rate, leaving local players in limbo. The uncertainty is clouding the outlook for third-quarter earnings of Korean carmakers and auto parts manufacturers, as their exports to the United States are still subject to the previous 25 percent tariff. Officials from the Ministry of Trade, Industry and Energy were unavailable for comment Friday, but the government appears to be struggling to fine-tune details with the U.S. on the timeline to implement the reduced auto tariff. With no means to act against the U.S. authorities, officials from major Korean

Aug 8, 2025By Lee Min-hyung
Uncertain timeline for US auto tariff cut deepens Korean firms' concerns

Hanwha regains REC Silicon control in return for $6.5 million loan offer

Hanwha Group's proposal to appoint three new board members at REC Silicon, including a new chairman, was approved at an extraordinary general meeting of the Norwegian silicon materials maker's shareholders on Thursday (local time). The outcome enables the Korean conglomerate to regain control of the Norwegian firm, which it lost in June to the U.S. hedge fund Water Street Capital. At the previous meeting of REC Silicon shareholders, the U.S. hedge fund, allied with Norwegian minority shareholders, defeated Hanwha and ousted board members appointed by the Korean company. The proxy fight erupted after a group of minority shareholders objected to Hanwha's plan to acquire all outstanding shares of REC Silicon for 2.2 Norwegian krone ($0.22) per share and delist the company from the Oslo Stock Exchange. The plan followed an abrupt shutdown late last year of REC Silicon's Moses Lake plant in the United States, which also angered minority shareholders due to the resulting plunge in the company's stock price. The backlash from minority shareholders eventually left Hanwha with only a 44 percent st

Aug 8, 2025By Park Jae-hyuk
Hanwha regains REC Silicon control in return for $6.5 million loan offer

PHOTO China-free battery materials sent to US

POSCO Future M employees applaud at the company's cathode materials plant in Gwangyang, South Jeolla Province, July 26, celebrating the first shipment to the United States of cathode materials manufactured out of Korean-made precursors. The battery materials firm said Friday that it has used precursors produced at its Gwangyang plant to make cathode materials being sent to Ultium Cells, so that the joint venture between LG Energy Solution and General Motors can cope with tightening U.S. regulations on batteries containing Chinese materials. Courtesy of POSCO Future M

Aug 8, 2025By Park Jae-hyukphoto
[PHOTO] China-free battery materials sent to US

3 companies added to MSCI Korea Index; constituent number unchanged at 81

Morgan Stanley Capital International (MSCI) has added three new companies, including defense firm LIG Nex1, to its Korea Index, a key gauge of Korea's stock market, the global index provider announced Friday. The U.S.-based provider of investment research and indices added construction and robotics firm Doosan, LIG Nex1 and electric motor maker Hyosung Heavy Industries while removing the same number of companies from the list, which remains unchanged at 81, according to the company. Those removed are leading food company CJ Cheiljedang, electric components maker LG Innotek and SKC, a chemical products maker. The rebalancing will take effect Aug. 26. MSCI reviews the Korea Index every three months to reflect changes in the market capitalization of underlying securities. The index is seen as a benchmark of the Korean market, and changes to its constituents can affect the movements of passive funds tracking the index. Market watchers had expected additions to outnumber exclusions in the August review, considering that the country's stock market has been showing a strong performance compared w

Aug 8, 2025By Yonhap
3 companies added to MSCI Korea Index; constituent number unchanged at 81

Kakao denies rumors of selling Kakao Entertainment

Internet giant Kakao Corp. on Thursday denied rumors that it plans to sell its subsidiary, Kakao Entertainment Corp. “We reviewed potential changes to Kakao Entertainment's shareholder structure but have decided to discontinue the review,” the company said in a regulatory filing. “We will continue exploring various strategic options to boost Kakao Entertainment's global presence and enhance its business competitiveness,” it added. It is Kakao's first official response to months of speculations that it had informed shareholders, including Saudi Arabia's sovereign wealth fund, the Public Investment Fund, of its intention to sell management control of Kakao Entertainment. Kakao Entertainment is a key subsidiary of Kakao, engaged in web content, music and talent management businesses.

Aug 7, 2025By Yonhap
Kakao denies rumors of selling Kakao Entertainment

APR posts record earnings in Q2

APR has posted record-breaking results for both the second quarter and the first half of 2025, reaffirming its rapid growth in the global beauty industry, industry officials said Thursday. According to APR's preliminary earnings results, its consolidated revenue and operating profit in the second quarter of 2025 reached 327.7 billion won ($237.2 million) and 84.6 billion won, respectively. Despite the second quarter typically being a slower season for the industry, these figures represent year-on-year increases of 111 percent and 202 percent, respectively. The company's stellar performance was driven by its cosmetics and beauty division, fueled by continued global demand for K-beauty products. The division recorded 227 billion won in revenue during the second quarter, tripling its figure from the same period last year. Overseas sales played a central role, accounting for 78 percent of total revenue. The U.S. emerged as APR’s largest market, outpacing even domestic revenue. Japan posted a staggering 366 percent year-on-year increase, while Europe saw a steady rise in order volume. Buoyed

Aug 7, 2025By Lee Yeon-woo
APR posts record earnings in Q2

BAT Rothmans launches recruitment drive

BAT Rothmans, the Korean affiliate of global tobacco giant British American Tobacco (BAT), announced Thursday that it has opened applications for entry-level positions and begun recruitment for the second half of 2025. The company is hiring for three departments. Its Seoul headquarters will be hiring people in finance, while its Sacheon manufacturing plant in South Gyeongsang Province is looking for people to work in production management and finance. University seniors and recent graduates with less than two years of work experience and a bachelor's degree or higher are eligible to apply. Applications are open through Sept. 30 via the BAT Rothmans recruitment website. The hiring process consists of a document review and phone interview, followed by three rounds of in-person interviews: an initial interview, a competency-based assessment and a final interview with senior executives. Successful candidates are expected to begin in December. Selected candidates will also have the opportunity to join BAT Group’s Global Graduate Program (GGP), a leadership development initiative designed to

Aug 7, 2025By Ko Dong-hwan
BAT Rothmans launches recruitment drive

Hankook Tire supplies tires for Tesla’s Model Y Juniper

Hankook Tire has supplied its high-performance tires for Tesla’s refreshed Model Y SUV, codenamed Juniper, cementing its position as a top-tier global tiremaker for electric vehicles (EVs), the company said Thursday. The Korean tire manufacturer provides Tesla with its iON evo AS SUV and Ventus S1 evo3 ev tires, both specifically designed for EVs. The latest deal is expected to fortify Hankook Tire’s presence in the global EV industry. Tires for EVs are generally considered more lucrative products for tiremakers because they are more expensive and their lifespan is shorter than tires for vehicles with internal combustion engines. Hankook Tire’s iON evo AS SUV is one of its cutting-edge EV tire products, providing an optimal balance of low rolling resistance, extended mileage and quiet ride quality. The features are crucial to supporting the dynamic capabilities of high-performance electric SUVs, according to Hankook Tire. The tire also comes with a noise-reducing tread pattern, which helps significantly lower road noise. The Ventus S1 evo3 ev is engineered to deliver robust stabilit

Aug 7, 2025By Lee Min-hyung
Hankook Tire supplies tires for Tesla’s Model Y Juniper

HD Hyundai, Korean Air expand defense ties with US firm Anduril

HD Hyundai and Korean Air on Thursday announced separate agreements with U.S. defense technology firm Anduril Industries to jointly develop unmanned defense platforms, in a push to expand their presences in the field of military systems based on artificial intelligence (AI). HD Hyundai, a Korean shipbuilding conglomerate, said it signed a memorandum of agreement (MOA) with Anduril on Wednesday at its global research center in Seongnam, south of Seoul, as a follow-up to an earlier memorandum of understanding (MOU) signed in April. Under the MOA, HD Hyundai will integrate Anduril's autonomous mission execution systems into its USVs, currently under development for the Korean market. HD Hyundai will provide AI-based autonomy solutions for Anduril's manned and unmanned naval platforms for the U.S. market, in addition to handling ship design and construction. The companies also agreed to jointly develop prototype USVs tailored for both the Korean and U.S. markets, with the Korean prototype slated for release around 2027. Separately, Korean Air said it has formed a strategic partnership with An

Aug 7, 2025By Yonhap
HD Hyundai, Korean Air expand defense ties with US firm Anduril

Antitrust regulator says US firms will be treated equally under proposed online platform rules

U.S. companies will be treated the same as domestic firms under South Korea's proposed regulations for online platforms, the country's antitrust watchdog said Thursday, in response to a recent inquiry from the U.S. House of Representatives. The Fair Trade Commission (FTC) said its formal response has been delivered to the U.S. House of Representatives Judiciary Committee. "The current enforcement of the law, as well as future legislative discussions, will be conducted without discrimination between domestic and foreign companies, applying the same legal principles and standards to all," the FTC said in a press release. The agency also noted that the proposed bill is still under review and requires further parliamentary discussions, pledging to continue gathering input from stakeholders throughout the legislative process. The committee sent a letter to the FTC last month, requesting a briefing on the current state of South Korea's competition policy, details of the proposed legislation on online platforms and its potential impact on U.S. companies. On the campaign trail, President Lee Jae

Aug 7, 2025By Yonhap
Antitrust regulator says US firms will be treated equally under proposed online platform rules
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