Gold prices soar as tariff tensions drive investors to seek safe assets

SEOUL, February 4 (AJP) - Gold prices in South Korea soared to an all-time high on Tuesday as investors sought safe-haven assets amid rising trade tensions and global economic uncertainty. The price of gold on the Korea Exchange (KRX) hit 139,980 won ($95.87) per gram as of 10:40 a.m., marking a 1.43 percent increase from the previous day and extending a 3.6 percent surge from Monday. The rally represents a 60.8 percent jump from a year ago, setting the highest level since the marke

February 4, 2025

Korea's two leading shipbuilders to compete for $5.4 billion destroyer program

SEOUL, February 4 (AJP) - The Korean government has cleared Hanwha Ocean and HD Hyundai Heavy Industries to compete for a contract to build the country’s next-generation destroyers, intensifying a high-stakes battle between the nation’s leading shipbuilders. The decision by the Ministry of Trade, Industry and Energy on Monday effectively doubles the pool of qualified bidders for the Korean Destroyer Next Generation (KDDX) program, an 8 trillion won ($5.4 billion) project

February 4, 2025

Samsung E&A wins $1.7 billion UAE methanol plant contract

SEOUL, February 04 (AJP) - Samsung Engineering & Construction Americas (E&A) has secured a $1.7 billion contract to build a methanol plant in the United Arab Emirates, the company said Tuesday. The project, awarded by UAE's state oil company ADNOC, involves constructing a facility capable of producing 5,000 tons of methanol per day at the Taziz Industrial Complex in Ruwais. The engineering, procurement, and construction (EPC) contract covers a construction period of 44

February 4, 2025

Foreign ownership of Samsung Electronics falls below 50 percent

SEOUL, February 03 (AJP) - Foreign ownership of Samsung Electronics slipped below 50 percent for the first time in more than a year, reflecting mounting investor concerns over semiconductor demand and the company’s position in the rapidly evolving artificial intelligence market. As of Friday, foreign investors held a 49.99 percent stake in South Korea’s largest company, down from 56.55 percent in July 2024, according to data from the Korea Exchange. Over the past six m

February 3, 2025

OpenAI CEO to announce Kakao partnership during Korea visit

SEOUL, February 03 (AJP) - OpenAI CEO Sam Altman will visit South Korea on Tuesday for a private workshop with local developers and to announce a strategic partnership with the country’s tech company, Kakao, according to sources. The event, dubbed "Builder Lab," will take place at Seoul’s Plaza Hotel, reflecting the intensifying global race in artificial intelligence. Altman’s visit marks his third trip to South Korea, following previous stops in June 2

February 3, 2025

Hyundai Motor Group may restructure US operations amid tariff fallout

SEOUL, February 3 (AJP) - Hyundai Motor Group is considering reorganizing its North American operations after the Trump administration imposed a 25 percent tariff on imports from Canada and Mexico, throwing a wrench into the automaker’s supply chain. The South Korean firm is now exploring ways to shift portions of its Mexican production to the United States in response to new trade barriers that also include a 10 percent tariff on Chinese imports and the possibility of duties

February 3, 2025

Samsung to supply enhanced HBM3E memory chips in first quarter

SEOUL, February 03 (AJP) - Samsung Electronics will begin supplying improved versions of its HBM3E products to major customers by the end of the first quarter 2025, with volume production ramping up in the second quarter. The company reported last week that its fourth-quarter 2024 HBM sales grew 1.9 times compared to the previous quarter, slightly below initial projections due to geopolitical issues and preparation for the enhanced HBM3E launch. "We expanded HBM3E supply t

February 3, 2025

Trump's tariff war nerves Korean firms operating in Vietnam

SEOUL, February 3 (AJP) - South Korean companies with operations in Vietnam and Guatemala are growing increasingly uneasy as U.S. President Donald Trump signals the possibility of expanding tariffs beyond Mexico and Canada. Vietnam, which emerged as a key beneficiary of U.S.-China trade tensions, is particularly vulnerable. Trump has repeatedly voiced frustration over the country’s growing trade surplus with the United States, a concern that could now put Vietnam in Washington

February 3, 2025

Naver set to join 10 trillion won revenue club

SEOUL, February 03 (AJP) - South Korean online platform Naver is poised to surpass 10 trillion won ($7.5 billion) in annual revenue for 2024, marking a milestone achieved just six years after reaching 5 trillion won ($3.75 billion) in 2018. The firm is expected to report revenue of 10.65 trillion won ($8 billion) for 2024, up 10.15 percent year-on-year, according to market forecasts. This makes Naver the eighth company in South Korea to reach the 10 trillion won revenue mark withi

February 3, 2025

SK chief to visit Washington to attend forum

SEOUL, February 3 (AJP) - SK Group Chairman Chey Tae-won will make his first visit to the U.S. since Donald Trump began his second presidential term, aiming to discuss global economic solutions with influential figures in international politics and business. Chey, who also heads the Korea Chamber of Commerce and Industry (KCCI), will attend the Trans-Pacific Dialogue (TPD) in Washington D.C. from Feb. 21 to 22. The TPD, hosted by the Chey Institute for Advanced Studies where the

February 3, 2025