South Korea

South Korea's Parliament passed a special law on Thursday that will pave the way for Seoul to fulfill its $350 billion commitments in strategic U.S. industry under a trade agreement?agreed?last year. The law implements the trade agreement signed by South Korea in November, under which it agreed to invest $150 billion into shipbuilding and $200 billion in strategic industries in the United States in exchange for more favorable tariff terms. In a Thursday plenary meeting, the National Assembly approved it with bipartisan backing. The legislation is expected to be in force within three months. It will form the basis for...

South Korea's Parliament is expected to adopt a special law?on Friday to implement Seoul's $350 Billion investment commitments to?strategic?U.S. A trade agreement signed last year covers a number of industries. The law was designed to implement the trade agreement signed by South Korea and the United States in November. Under that agreement, South Korea committed to investing $200 billion into strategic industries in America as well as $150 billion to shipbuilding cooperation. This investment package was linked to Seoul receiving better tariff terms. The bill is expected to be passed by the National Assembly in its plenary meeting on Thursday....

On Monday, oil prices rose 7% and reached their highest level in months as Iran and Israel intensified attacks?in the Middle East. They damaged tankers?and disrupted shipments?from the key producing area. Brent crude futures soared to $82.37 in the first trading session after U.S., Israel and other countries launched attacks on Iran, killing its Supreme Leader Ali Khamenei, on Saturday. Brent futures at 0054 GMT were $78.24 per barrel, an increase of $5.37 or 7.37%. U.S. West Texas Intermediate Crude rose by $4.66 or 6.95% to $71.68 per barrel, after reaching $75.33 earlier. This was the highest since June 2025....

The day ahead for European and global markets on Thursday Donald Trump has been the subject of many headlines over the last 24 hours. He promised to stop defense contractors from paying dividends and buying back shares until weapons production increased. He supported a bipartisan bill that targeted countries doing business in Russia. The United States was also removed from dozens of U.N. and international organizations. His vice president said that the U.S. would exert "incredible" pressure on Venezuela by controlling its oil sales. Trump's plans for Greenland are also worth mentioning. But the markets don't seem to give a...

South Korean battery manufacturer SK On announced on Thursday that it has ended its joint venture agreement with Ford Motors for their joint batteries factories in the U.S., as part of a major business revamp to focus on areas such as energy storage systems. This split is a new beginning for one of the largest U.S. battery partnerships. It comes at a time when EV demand has slowed and there are fewer?U.S. South Korean battery manufacturers are pushed to change their U.S. strategy and expand into energy storage systems. SK On is a subsidiary company of SK Innovation that supplies...

SK Innovation Co Ltd, the owner of South Korea’s largest refiner SK Energy said on Friday that it expects the refining margins to remain stable in the fourth-quarter amid global supply disruptions as well as the onset winter peak demand. The company reported an operating loss of 423 billion won in the period July-September, but a profit of 573 trillion won for that same period. This compares to an analyst's average forecast of 304 billion dollars in profit. The third-quarter revenue increased 16.3%, to 20.5 trillion won, from the same period last year. SK On, a battery supplier to Ford...

Here are some details from the U.S. White House Factsheet and South Korea's Chief Policy Advisor Kim Yong Beom on the recent trade agreement between the two nations. Washington and Seoul agreed that tariffs on U.S. auto imports from Korea and auto parts will be reduced to 15% from 25%. This is to bring them in line with their Japanese counterparts who pay the same 15% tariffs after Tokyo made a deal with Washington. South Korean wood product and pharmaceutical manufacturers will have the lowest tariffs of all countries. Generic drugs and aircraft parts will be exempt from tariffs. Kim...

Mark Carney, Canada's prime minister, will make his first official trip to Asia this Friday. He is hoping to strengthen trade and security links at a moment when North America struggles to reduce its dependence on the U.S. Canadian officials have said that Carney may also meet with Chinese President Xi Jinping during his week-long visit, as part of a possible attempt to restore a relationship previously strained by a trade war. Analysts say Carney will need to make it clear to Asian leaders that Canada is not as closely aligned to the U.S. President Donald Trump, who has threatened...

The oil prices rose more than 5% Thursday, after Washington announced sanctions against major Russian companies for the Ukraine War. Major stock indexes also rose as gains by U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced on Wednesday night and targeted major Russian suppliers Rosneft, Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks rose with indexes picking up momentum following the White House You can also check out...

The Maeil Business Newspaper reported on Thursday that Brian Kemp, governor of Georgia in the U.S., will meet with South Korean leaders of business this week. This includes executives from Hyundai and LG Energy Solution. Kemp's trip comes after U.S. Immigration authorities raided in September the construction site of an under-construction battery plant in Georgia owned jointly by Hyundai Motor, LGES and LGE. After a week-long negotiation between South Korea, the United States and South Korea, hundreds of South Koreans were arrested on suspicion of working without visas. The local public relations agency that handled Kemp's visit refused to comment....

Trade sources reported on Tuesday that the arbitrage window for shipping U.S. West Texas Intermediate Crude to Asia has shrunk as tanker rates have risen, and strong export demand has pushed up premiums for this grade to multi-month heights. The U.S. Asia arbitrage opened in late summer, and the demand for Very Large Crude Carriers to make this two-month journey prompted a tightening of vessel supply. Kpler's preliminary data shows that U.S. imports into Asia will increase in September. South Korea and India are the top buyers. The first shipment of U.S. oil for Pakistan's biggest refiner Cnergyico, and the...

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

On Tuesday, oil prices soared on fears of a shortage, after Iran denied that it had?talks? with the United States about ending the Gulf War, in contradiction to U.S. president Donald Trump, who claimed a deal would be reached soon. Crude futures dropped by more than 10% after Trump ordered the delay of attacks on Iran's power plants for five days, claiming that he had held talks with Iranian officials who were not named, and they had reached "major agreements". Brent futures were up $1.25 or 1.3% to $101.19 a barrel by 0858 GMT. U.S. West Texas Intermediate rose $2.15...

South Korea announced on Thursday that it would cap the domestic fuel prices starting Friday in order to combat an increase in energy costs resulting from the conflict?in the Middle East. South Korea, Asia's fourth largest economy and a country that relies on imported energy for its needs, is making this move to try to mitigate the impact of the Middle East oil crisis. South Korea has set the maximum wholesale gasoline price at $1.17 per liter. This is below Wednesday's 1,833 won. The price will be adjusted every two weeks in order to reflect the changes in oil prices....

Share markets are down on concerns that a U.S. - Israeli war against Iran is escalating and will lead to a squeeze on energy supplies around the world. Here are some?actions? that governments have taken?or? plan to take in order to lessen the impact the war has on their economies. SOUTH KOREAN PLANS FUEL CAPITAL South Korean President Lee Jae Myung announced on Monday that the government would be capping domestic fuel prices for nearly 30 years. The country will also look for sources ?of energy beyond supplies shipped via the Strait of Hormuz, and a 100 trillion won ($67...

South Korean President Lee Jae Myung announced on Monday that the government would cap domestic gasoline prices for the first time in nearly 30 years to contain a price spike after the Middle East conflict sent global crude oil prices sharply higher. At an emergency meeting to discuss the Middle East Crisis, Lee stated that the government would "boldly and swiftly" implement a maximum pricing system on petroleum products which have seen recent price increases. In his opening remarks, Lee stated that the current crisis is "a significant burden" on our economy which is heavily dependent on global trade as...

The U.S./Israel war on Iran caused a disruption in crude and feedstock imports from the Middle East, forcing several Asian refineries and companies to declare force majeure and cut back production. Asian steam crackers have declared force majeure on petrochemical deliveries to customers, despite sourcing more than 60% of their feedstock for naphtha from the Middle East. Three operators said they were reducing run rates in order to carry over some of the feedstock they have into next month. This will allow them to keep their plants operating and avoid shutting down even if they don't get enough imports. Two...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...

Donald Trump, the U.S. president, said on Monday that any country doing business with Iran will be subject to a 25% tariff when it comes to trade with the U.S. According to the latest data from the World Bank, Iran, a?member? of the OPEC oil producing group, exported its products to 147 trading partner in 2022. Fuel is Iran's largest export item in terms of value. Major imports include intermediate products, vegetables, machinery, and equipment. China is Iran's biggest trading partner. According to the World Bank, Iranian exports to China in 2022 will total $22 billion, with fuels making up...

In just a few short years, China's electric vehicle industry has captured more than half of its domestic market. This has led to a decline in sales for gasoline-powered cars from the once dominant global automakers. Foreign players were not the only losers. Chinese automakers who had been in business for decades also saw their sales plummet and responded by flooding foreign markets with fossil fuel vehicles that they couldn't sell domestically. While Western policymakers focused on the threat posed by China's heavily subsidized EVs and protected their markets with tariffs; U.S., European, and South African automakers are facing greater...

In just a few short years, China's electric vehicle industry has captured more than half of its domestic market. This has led to a decline in sales for gasoline-powered cars from the once dominant global automakers. Foreign players were not the only losers. Chinese automakers who had been in business for decades also saw their sales plummet and responded by flooding foreign markets with fossil fuel vehicles that they couldn't sell domestically. Despite the fact that Western policymakers are protecting their markets by imposing tariffs on China's heavily subsidized EVs to protect them, U.S. automakers and European automakers will face...

The oil prices increased by about 1% on Thursday morning after U.S. president Donald Trump announced that Indian Prime Minister Narendra modi had promised to stop purchasing oil from Russia. Russia supplies around one-third the country's imports. Brent crude futures increased 57 cents or 0.9% to $62.48 per barrel at 0046 GMT. U.S. West Texas Intermediate futures (WTI) also gained 0.9% or 54 cents to trade at $58,81. The two contracts reached their lowest levels since early May, in the previous session due to the U.S.-China tensions. Also, the International Energy Agency had warned that a large surplus would be...

Officials from the South Korean government announced on Wednesday that ten petrochemical firms have agreed to restructure operations and reduce their capacity to crack naphtha. The South Korean government is putting pressure on the petrochemical industry, which it claims is "in crisis", to accelerate restructuring in order to increase efficiency and boost margins. At a meeting with the Minister of Trade, Industry and Energy Kim Jung Kwan, executives from the companies signed a restructuring agreement that was industry-wide. According to the industry ministry, companies have agreed that they will reduce their annual capacity for naphtha cracking by between 2.7 and...

Officials from the South Korean government announced on Wednesday that ten petrochemical firms have agreed to restructure operations and reduce their capacity to crack naphtha. The South Korean government is putting pressure on the petrochemical industry, which it claims is in a "crisis", to accelerate restructuring efforts to increase efficiency and boost margins. Koo Yun Cheol, the Finance Minister, said that the Trade Minister would be present at a meeting where the executives of the companies would sign an agreement to restructure the industry. According to the trade ministry, companies have agreed that they will reduce their annual capacity for...