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Korea launches large-scale autonomous vehicle trial in Gwangju

The Ministry of Land, Infrastructure and Transport officially launched Team Korea for Autonomous Driving, a public-private partnership aimed at making Gwangju the country's first citywide testbed for self-driving vehicles. The launch ceremony, held Wednesday at Kimdaejung Convention Center in the southwestern city, included the signing of a memorandum of understanding by all participating entities and the public unveiling of dedicated autonomous driving vehicles. Under the initiative, 200 software-defined vehicles (SDVs) built by Hyundai Motor will be deployed across Gwangju's 500-square-kilometer urban area beginning in June. Autonomous driving firms Autonomous A2Z and RideFlux will install sensors and software on the vehicles and begin real-world testing after completing safety verification procedures. The project follows a cycle of driving data collection, artificial intelligence model training and field demonstration, with the goal of achieving Level 4 end-to-end autonomous driving by 2027. Level 4 refers to vehicles capable of operating without human intervention under most condition

May 13, 2026By Jhoo Dong-chan
Korea launches large-scale autonomous vehicle trial in Gwangju

Gov't to foster 500 SMEs with export competitiveness by 2030

The government aims to foster 500 small-and-medium enterprises (SMEs) that can export at least $10 million worth of goods by 2030, the industry ministry said Tuesday. Under the "K-export star 500" initiative, the Ministry of Trade, Industry and Resources first selected 100 Korean firms with potential in exports, according to ministry officials. They comprise 43 consumer goods companies, 36 companies in key industries and 21 firms in advanced industries. The ministry plans to provide up to 560 million won ($375,788) per company to help them strengthen their competitiveness in the global market and boost their exports. It will also offer customized support to the companies across the entire export process, from marketing to financing, in cooperation with five export support agencies, including the Korea Trade-Investment Promotion Agency and the Korea Trade Insurance Corp. "At a time of mounting external uncertainties, it is important that we foster a strong pipeline of export-oriented star companies that can export at least $10 million each," Industry Minister Kim Jung-kwan said in a press

May 12, 2026By Yonhap
Gov't to foster 500 SMEs with export competitiveness by 2030

Price caps on fuel products to remain in place for some time: finance chief

Finance Minister Koo Yun-cheol said Monday the temporary price caps on fuel products will remain in place for some time as the government monitors instability in the Middle East. The government currently reviews fuel price ceilings every two weeks under the price system introduced in mid-March to curb inflation driven by surging global oil prices, after the Strait of Hormuz was effectively closed following U.S.-Israeli strikes on Iran in late February. "We plan to maintain the measure for some time until the situation in the Middle East stabilizes," Koo told reporters. Under the latest adjustment announced Thursday, the government froze fuel price ceilings for the third consecutive review period. Asked whether the government plans to maintain the price cap system until the end of the war, Koo said authorities would continue monitoring global oil market conditions. "We need to watch oil price trends," he said. Koo also said the South Korean government has responded more effectively than many other countries to inflationary pressure caused by the Middle East crisis. The country's consumer pri

May 11, 2026By Yonhap
Price caps on fuel products to remain in place for some time: finance chief

KOSPI rally backed by 'real fundamentals' amid semiconductor boom: finance minister

The recent KOSPI rally is being driven more by improving semiconductor industry conditions and corporate earnings than by speculative overheating, Finance Minister Koo Yun-cheol said Monday, as the benchmark index extended its record-breaking run above the 7,800 mark. Speaking at a press briefing, Koo said the Korean stock market remains undervalued compared with major advanced markets based on the price-to-book ratio (PBR). He added that the ongoing semiconductor supercycle fueled by rising artificial intelligence (AI) demand, along with strong earnings from Samsung Electronics and SK hynix, reflects “real fundamentals” supporting the market rally. “Statistically, the domestic stock market is still valued at a lower level than advanced markets in terms of PBR,” Koo said. “Views on the semiconductor market may differ depending on how the AI cycle unfolds, but considering the large volume of advance orders already placed through next year, I believe global and domestic investors are increasingly recognizing the potential of the Korean stock market.” Citing the first-quarter o

May 11, 2026By Jun Ji-hye
KOSPI rally backed by 'real fundamentals' amid semiconductor boom: finance minister

Korea Exchange eases rule on stock buyback for investors: source

The Korea Exchange, Korea's main bourse operator, has softened a rule on listed firms when they repurchase certain shares, a source said Monday. According to the source, the Korea Exchange has eased the rule since last Friday. Under the changes, the bourse operator will not impose a summary fine if a listed firm repurchases shares of its stock more than it has reported. This waiver applies when the ratio of the stock buyback is less than 50 percent of what was initially reported. The eased rule came as more listed firms have recently repurchased their own stocks to benefit investors and bolster market confidence, according to the source.

May 11, 2026By Yonhap
Korea Exchange eases rule on stock buyback for investors: source

Korean firms unlikely to gain from ruling against Trump tariff

The United States Court of International Trade struck down U.S. President Donald Trump’s 10 percent tariff imposition on most U.S. imports on Thursday (local time), marking another legal setback for the administration’s aggressive trade agenda. However, the ruling is expected to have minimal impact on Korean exporters as the administration is likely to push ahead with alternative trade enforcement. A three-judge panel ruled 2-1 that the administration unlawfully invoked Section 122 of the Trade Act of 1974 to impose a 10 percent tariff on nearly all imports in February after the Supreme Court invalidated Trump’s earlier reciprocal tariffs. The Seoul government took a cautious stance on the new ruling. "The government plans to continue closely monitoring related developments and respond calmly under the principle of securing a balance of interests under existing tariff agreements,” Cheong Wa Dae said. The court ruling is applied only to the plaintiffs and the Trump administration is expected to appeal, so it does not directly mean the 10 percent tariff on Korean goods will be lift

May 8, 2026By Lee Gyu-lee
Korean firms unlikely to gain from ruling against Trump tariff

Budget minister emphasizes renewable energy support, signals reflection in next year's budget

Budget Minister Park Hong-keun on Friday emphasized greater budgetary support for local renewable energy companies to help them strengthen their global competitiveness. "The government will spare no effort in supporting domestic manufacturers in securing global competitiveness," Park said during a meeting with industry representatives. The remark is seen as a sign that Seoul plans to give full support to the sector going forward. The meeting took place at the factory of Hanwha Qcells, the renewable energy unit of Hanwha Solutions, in Jincheon, some 85 kilometers south of Seoul. Responding to industry officials' calls for greater support, Park said the domestic market share of locally made solar cells had declined from around 50 percent to the 4 percent range over the course of the previous administration. "We will comprehensively review the various concerns and suggestions raised today with relevant ministries and reflect them in next year's budget planning process," he said. The policymaker said the government will first ensure the smooth execution within the year of energy transition pr

May 8, 2026By Yonhap
Budget minister emphasizes renewable energy support, signals reflection in next year's budget

Lee warns hoarding of war-hit supplies will lead to 'ruin'

President Lee Jae Myung warned Friday that hoarding supplies amid shortages caused by the Middle East war will lead people to "ruin." Lee posted the message on social platform X in apparent reference to businesses caught in violation of a temporary government ban on hoarding petrochemical products, which was introduced to address shortage concerns prompted by the prolonged war. "Hoarding in order to make some money will lead to complete ruin," he wrote, noting the legal consequences are confiscation of the goods or forfeiture of the equivalent value. "I am letting you know in advance because there are still people oblivious to the fact that the world has changed, who are walking the path to ruin with an outdated mindset," he added. The war has disrupted naphtha supplies, limiting the production of essential medical items, such as syringes and intravenous bags. A special crackdown by the Ministry of Food and Drug Safety recently led to the discovery of dozens of companies suspected of hoarding syringes, including at least 14 that have been referred to the police for investigation.

May 8, 2026By Yonhap
Lee warns hoarding of war-hit supplies will lead to 'ruin'

Gov't to exempt tariffs on increased shipping costs for Hormuz reroutes

Korea will exempt additional shipping costs from tariffs on imports rerouted due to the closure of the Strait of Hormuz, customs authorities said Friday. The measure will apply retroactively to imports reported since March 1 that have already faced sharp increases in shipping costs, according to the Korea Customs Service (KCS). The measure is aimed at easing supply chain disruptions as the key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February. Eligible shipments include vessels from the Middle East using alternative routes that bypass the Strait of Hormuz, emergency air cargo transport and ships stranded in the strait due to the conflict, the KCS said. The exemption will cover not only standard freight charges, but also demurrage fees and transportation insurance premiums, it added.

May 8, 2026By Yonhap
Gov't to exempt tariffs on increased shipping costs for Hormuz reroutes

Finance chief says economy maintains 'solid fundamentals' amid Middle East crisis

Finance Minister Koo Yun-cheol said Friday the economy continues to maintain its "solid fundamentals" but pledged a continued emergency posture as uncertainties stemming from the Middle East standoff persist. Korea posted its largest-ever monthly current account surplus in March, totaling $37.33 billion, while the country's exports exceeded $80 billion for the second consecutive month in April. "Our economy maintains solid fundamentals even amid the crisis caused by the Middle East war," Koo said while presiding over a meeting of economy-related ministers, citing the two sets of data. However, he noted that economic burdens are increasing amid continued rises in oil prices and as supply chains face disruptions. "The government will firmly hold onto the helm of the economy until all uncertainties have subsided," he said. He added the government froze the price ceilings on fuel products for the third consecutive time, which means the current pricing cap will be maintained for two more weeks.

May 8, 2026By Yonhap
Finance chief says economy maintains 'solid fundamentals' amid Middle East crisis
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