South Korean steelmakers are facing new and tough challenges in the US market as the US government began imposing tariffs on all steel and aluminum imports Wednesday. US President Donald Trump has announced a wide range of levies on some of his country's trading partners since taking office in January. Among them are 25 percent tariffs on steel and aluminum imports that kicked off at 1:01 p.m. Wednesday, Korea time. In response to the steep tariffs, Korean steel firms, including Posco and Hyunda

The National Tax Service of Korea held the 24th Korea-Vietnam Bilateral Commissioners’ Meeting in Hanoi on Tuesday, in collaboration with the General Department of Taxation of Vietnam. The meeting aimed to address tax-related challenges faced by Korean companies operating in Vietnam. Vietnam is Korea’s third-largest trading partner, with a trade volume of $86.8 billion, making it a key investment destination for multinational companies, including Korean firms. This bilateral meeting, first estab

South Korean stocks finished nearly 1.5 percent higher Wednesday, as investors scooped up semiconductor and battery shares despite overnight losses on Wall Street. The local currency rose sharply against the greenback. The benchmark Korea Composite Stock Price Index gained 37.22 points, or 1.47 percent, to close at 2,574.82. Trade volume was moderate at 396.7 million shares worth 12.23 trillion won ($8.44 billion), with winners outpacing losers 509 to 354. Foreign and institutional investors tog

MBK Partners, one of Asia’s largest private equity firms, is under intense scrutiny for its decision to place Homeplus, Korea’s second-largest hypermarket chain, under corporate rehabilitation with investors anticipating a bumpy road ahead for the company’s debt restructuring. Since the Seoul Bankruptcy Court approved Homeplus’ entry into a court-led rehabilitation program earlier this month, its largest shareholder, MBK, has faced mounting criticism for failing to take responsibility for the co

Individual shares to be taxed separately, ending decadesold estate-based system South Korea is planning to overhaul its inheritance tax system in 2028, shifting from a tax on entire estates to a levy on each inheritor's individual share. The Ministry of Economy and Finance announced the plan on Wednesday, aiming to introduce the long-discussed "inheritance acquisition system." This marks the first major revision to Korea's inheritance tax system in 75 years. Under the current system, taxes are l

A US livestock industry group has denounced South Korea’s ban on importing US beef from cattle older than 30 months, labeling it an "unfair trade practice" and urging President Donald Trump’s administration to push for its removal. On Wednesday, the Office of the United States Trade Representative submitted an opinion letter addressing unfair trade practices by US trading partners, drafted by the National Cattlemen’s Beef Association. In the letter’s section on Korea, the NCBA acknowledged that

Samsung in search of lobbying experts with strong ties to Trump With US President Donald Trump escalating threats of tariffs and trade restrictions, South Korean conglomerates are rushing to revamp their Washington offices to establish direct connections with the new administration. Samsung Electronics, the world's leading smartphone and semiconductor maker, is considering appointing a new head for its US office and is actively seeking experts with strong ties to Trump. "We are actively looking

Philips Korea advises patients with sleep disorders to seek active treatment such as CPAP therapy to manage conditions like sleep apnea Philips Korea, the local unit of multinational health technology company Philips, announced Wednesday the findings of a survey revealing that many Koreans struggle with poor sleep quality but do not seek active treatment for sleep disorders, particularly for breathing-related conditions like sleep apnea. The survey conducted by Hankook Research on behalf of Phil

SK hynix said Wednesday it has been recognized as one of the world’s most ethical companies of 2025 by the global ethical business evaluation organization Ethisphere. Ethisphere honors companies with superior ethics and compliance programs through its annual World’s Most Ethical Companies recognition. It evaluates companies based on five key categories: ethics and compliance, governance, a culture of ethics, environmental and social impact, and initiatives that support a strong value chain. The

Trump could target battery materials sourced from China, sources say South Korean battery companies are closely monitoring the second Donald Trump administration’s potential imposition of tariffs on key battery materials produced in Korea. The concern follows the enforcement of 25 percent duties on Korean steel and aluminum that took effect Wednesday, with additional tariffs expected next month. While electric vehicle batteries are currently exempt from the proposed tariffs — set to be enforced

South Korean housing materials company LX Hausys said Wednesday it has been recognized as an Industry Mover in the 2024 Corporate Sustainability Assessment, or CSA, released by S&P Global, highlighting its outstanding sustainability performance. Among 7,690 companies reviewed, only 56 earned the Industry Mover title by achieving the most significant increase in their CSA scores, with at least a 5 percent year-over-year growth. LX Hausys was the only company in the building products industry to r

Samsung Electronics has won a temporary injunction against Chinese appliance-maker TCL in Germany, barring TCL from using the contested TV brand name in the European Union. Samsung filed an injunction lawsuit in November against TCL’s German subsidiary at the Dusseldorf Regional Court, alleging that TCL’s Nxtframe infringes on the trademark of Samsung’s The Frame TV, according to sources. The court ruled in Samsung’s favor on Feb. 26, following an oral hearing on Jan. 29, where it found a likeli

Korean shipbuilding conglomerate, Bill Gates-founded nuclear energy firm to speed up large-scale commercialization of Natrium plants HD Hyundai and TerraPower have joined hands to bolster the global manufacturing supply chain for the latter’s Natrium reactors and accelerate the commercialization of advanced nuclear power technology, the two companies announced Wednesday. According to the announcement, the collaboration will combine HD Hyundai Heavy Industries’ manufacturing expertise with TerraP

Acting President Choi Sang-mok said Wednesday the government will work to allow semiconductor workers to put in extra hours when needed and adopt measures to foster the development of new technologies and industries to ensure the country's sustainable growth amid intensifying global competition. Choi made the remarks at a regular meeting of economy-related ministers, saying the country's "technological capability equals the national strength." "The government will work to foster the growth of ar

South Korea and Mongolia have agreed to bolster bilateral cooperation in the supply chain of rare metals and other critical minerals, Seoul's industry ministry said Wednesday. The two sides held the second round of rare metal cooperation committee meetings in Seoul earlier in the day as a follow-up measure to the agreement on rare metals supply cooperation reached between their prime ministers in 2023, according to the Ministry of Trade, Industry and Energy. The cooperation will help Mongolia de