Samsung's profit exceeds market expectations, signaling modest rebound

SEOUL, April 8 (AJP) - Samsung Electronics reported stronger-than-expected preliminary earnings for the first quarter of this year, signaling a tentative recovery for the world’s largest memory chip and smartphone maker after a prolonged slump. Operating profit for the quarter came in at 6.6 trillion won, or approximately $4.48 billion, the company said in a regulatory filing on Tuesday. While essentially flat from a year earlier — down 0.15 percent — the figure be

April 8, 2025

South Koreans to vote June 3 to choose next president

SEOUL, April 08 (AJP) - South Korea will hold a snap presidential election on June 3, the government announced Tuesday, less than a week after the Constitutional Court removed President Yoon Suk Yeol from office over his martial law declaration late last year. Prime Minister Han Duck-soo, who is serving as acting president, confirmed the date during a Cabinet meeting, declaring the election day a temporary public holiday. Candidate registration is scheduled for mid-May,

April 8, 2025

Apparel firms scramble as US tariffs hit Southeast Asian manufacturing hubs

SEOUL, April 8 (AJP) - South Korean apparel and footwear manufacturers are racing to blunt the fallout from a wave of steep tariffs announced last week by U.S. President Donald Trump, a move that threatens the global supply chains of some of Korea’s largest original equipment manufacturers. The new tariffs — imposed on key Southeast Asian economies that have become central to Korean manufacturing — include levies of 46 percent on Vietnam, 37 percent on Bangladesh a

April 8, 2025

S. Korea, Malaysia meet in Seoul for new round of FTA negotiations

SEOUL, April 8 (AJP) - South Korea and Malaysia will convene this week in Seoul for a fresh round of negotiations aimed at finalizing a bilateral free trade agreement. Roughly 70 officials from both nations are expected to participate in the eighth formal round of talks, which will run from Tuesday through Friday. The South Korean delegation will be led by Kwon Hye-jin, the country’s chief trade negotiator, while Sumathi Balakrishnan, senior director at Malaysia’s Min

April 8, 2025

Financial markets plunge as Trump tariff war rattles investors

SEOUL, April 7 (AJP) - South Korean financial markets plunged on Monday, with the benchmark KOSPI index suffering its steepest decline in years, as rising fears of new U.S. tariffs spurred a wave of foreign investor selloffs and heightened concerns over the country’s export-reliant economy. The KOSPI tumbled 5.57 percent to close at 2,328.20 — its lowest level since November 2022 — while the tech-heavy KOSDAQ dropped 5.25 percent to 651.30. Foreign investors led

April 7, 2025

Wildfire erupts again in Southern Korea, weeks after major blaze

SEOUL, April 07 (AJP) - A wildfire broke out Monday in a forested area of Hadong, southern Korea, reigniting concerns in a region that was heavily affected by a major blaze just weeks ago. According to the Korea Forest Service, the fire began around 12:05 p.m. on a mountain, in Hadong some 285 kilometers (177 miles) south of Seoul. The wildfire erupted about 3 kilometers from the site of a large blaze that scorched nearby hillsides late last month. A total of 11 helicopters

April 7, 2025

LG Energy Solution's Arizona battery plant on track for production next year

SEOUL, April 7 (AJP) - LG Energy Solution's first cylindrical battery plant in the United States will begin commercial production by the end of 2026, the company said. At a recent event attended by local officials and representatives of the Arizona Chamber of Commerce, the South Korean battery manufacturer said construction of its $5.5 billion facility in Queen Creek has passed the halfway mark. “Construction of the Arizona cylindrical battery plant is more than 50 perc

April 7, 2025

Job postings fall while number of job seekers rises: data

SEOUL, April 07 (AJP) - South Korea is facing a growing imbalance in the job market, with new job postings sharply declining while the number of job seekers continues to rise, government data showed Monday. According to the Ministry of Employment and Labor, the number of new job openings posted through the government’s Employment24 platform in March stood at 154,000. This marks a decrease of 45,000, or 22.8 percent, compared to the same month last year. Meanwhile, the num

April 7, 2025

[UPDATE] Presidential election date to be decided through cabinet meeting

SEOUL, April 07 (AJP) - The South Korean Prime Minister’s Office announced Monday that the schedule for the early presidential election has not yet been decided and will be confirmed and announced through a cabinet meeting on Tuesday. The announcement came three days after Constitutional Court justices unanimously decided to remove President Yoon Suk Yeol from office on Apr. 4, about three months after Yoon unexpectedly declared martial law on Dec. 3, 2024. The law requires

April 7, 2025

US tariffs imperil South Korean auto industry

SEOUL, April 7 (AJP) - South Korean auto parts and tire manufacturers are confronting a wave of uncertainty after the United States imposed steep tariffs on imported automotive components, a move that industry officials warn could jeopardize the viability of hundreds of smaller firms and disrupt long-standing supply chains. The Trump administration began enforcing a 25 percent tariff on a range of foreign-made automotive components — among them tires, engines and transmissions

April 7, 2025