Yoon regards illegal stock short selling serious 'malady': presidential office

President Yoon Suk Yeol considers illegal stock short sellers as a serious social "malady," his office said Sunday following the financial regulator's decision to ban stock short selling through the first half of next year. The remarks came as the Financial Services Commission announced the ban on stock short selling, effective starting Monday through the end of June 2024, citing concerns about growing market volatility and the illegal short selling practices undermining market st

Nov. 5, 2023

Samsung family members selling W2.6 trillion worth of shares to cover inheritance taxes

Members of Samsung Group's owning family are set to sell nearly 2.6 trillion won ($2 billion) worth of shares in Samsung affiliates to cover inheritance taxes, a regulatory filing showed Sunday. Since the death of late Samsung Chairman Lee Kun-hee in October 2020, his family members have been paying inheritance taxes in installments for the assets inherited according to a five-year plan. The total inheritance tax amounted to 12 trillion won. According to the regulatory filing with the Fin

Nov. 5, 2023

Korea suspends stock short selling until start of July 2024

South Korea's financial regulator said Sunday that it will temporarily ban stock short selling until the second half of next year, amid efforts to crack down on illegal short selling by global investment banks. The move will be effective as of Monday and until the start of July 2024, according to the Financial Services Commission. "(The FSC) has decided to fully suspend stock short selling until (the end of) the first half of next year since there exist concerns that the expansion of

Nov. 5, 2023

[KH explains] Korean Air-Asiana merger may gain traction, yet challenges linger

Korean Air's acquisition of Asiana Airlines got a step closer to getting antitrust approval from the European Commission, as the nation’s largest air carrier submitted a revised merger plan that includes a selloff of Asiana’s cargo operation and giving up more routes to European cities. Industry watchers, however, say uncertainty remains about the high-profile 1.8 trillion won ($1.3 billion) deal that also awaits approval from Japan and the US. “The chances are now higher

Nov. 5, 2023

South Korea lining up banks to help finance $22 billion arms sale to Poland

SEOUL -- After hitting statutory limits on import-export lending, South Korea is gathering local banks to help Poland buy $22 billion worth of weapons in Seoul's largest arms sale, five people familiar with the matter told Reuters. "Five local banks are reviewing a syndicated loan as a support measure" to help Poland finance its purchase of South Korean rocket artillery systems and fighter jets, a South Korean government official said, speaking on condition of anonymity to discuss

Nov. 3, 2023

LG CNS, NYC, AmCham Korea forge partnerships on digital transformation

Korean IT solutions provider LG CNS forged a trilateral partnership with New York City and the American Chamber of Commerce in Korea, agreeing to work together on the digital transformation of New York, the company said on Friday. The three signed a memorandum of understanding for digital transformation partnerships at New York City Hall, with LG CNS CEO Hyun Shin-gyoon, New York City Mayor Eric Adams and AmCham Chairman James Kim in attendance. “With this digital transformation partne

Nov. 3, 2023

Foreign exchange reserves fall for third consecutive month

South Korea's foreign exchange reserves fell for the third consecutive month in October, according to data released by the Bank of Korea on Friday. At the end of October, foreign exchange reserves stood at $412.87 billion, down $1.24 billion from the previous month's $414.12 billion. South Korea's foreign exchange reserves remained in ninth place among major countries in October, also for the third consecutive month. In June, South Korea surpassed Hong Kong to regain the eighth

Nov. 3, 2023

Samsung files complaint in US against BOE for allegedly leaking trade secrets

Samsung Display has filed a complaint against BOE Technology and seven of its affiliates to the United States’ International Trade Commission, claiming the Chinese display makers violated trade secret regulations, an ITC document revealed on Friday. According to the document from the ITC, Samsung Display filed the complaint on Oct. 31, accusing the Chinese rival of violating a US Tariff Act in the US' importation and sales of organic light-emitting diode display modules and compon

Nov. 3, 2023

Asiana Airlines to sell cargo biz to smooth merger

The board of Asiana Airlines, the nation’s second-largest air carrier, on Thursday approved a plan to sell off the company’s cargo business, a decision widely seen as crucial for its high-profile merger with its bigger rival Korean Air. Asiana said in a regulatory filing that its board approved the sell-off plan. Korean Air said in the afternoon that the company had immediately submitted its revised merger plan, including Asiana’s cargo unit sell-off, to the European Commission

Nov. 2, 2023

Paris Baguette inks sponsorship deal with Paris Saint-Germain

Paris Baguette, South Korean bakery giant SPC Group's flagship bakery chain, announced Thursday that the company has signed a sponsorship deal with French football club Paris Saint-Germain. Of around 30 companies that have partnered with the Paris-based football club, including Nike, Qatar Airways, Coca-Cola and McDonald’s, Paris Baguette is the only Korean brand. Paris Saint-Germain is an internationally popular French football club which is widely known for its superstar, Kylian Mba

Nov. 2, 2023

Indonesia’s upcycling startup wins Korea-ASEAN pitch competition

South Korea’s SMEs and Startups Ministry and Indonesia’s Cooperatives and SMEs Ministry unveiled the final winners of the 4th Korea-ASEAN Business Model Competition for SDGs 2023 at a hotel in Jakarta, Indonesia, on Tuesday. Launched in 2020, the annual competition aims to boost hundreds of startups and SMEs from South Korea and Southeast Asian countries to adopt the Sustainable Development Goals set by the United Nations to their business models. While this year’s competition

Nov. 2, 2023

[Photo News] Merger move

Korean Air and Asiana Airlines aircraft are parked at Incheon International Airport, west of Seoul, Thursday. The board of Asiana Airlines, Korea's second-largest carrier, earlier in the day decided to sell its cargo business, clearing another obstacle in Korean Air's path to win approval from the European Union's antitrust body for its takeover of Asiana Airlines. (Yonhap)

Nov. 2, 2023

[Photo News] Korea-Ireland business roundtable

Korea Enterprises Federation Chairman Sohn Kyung-shik (fifth from left, front row), who also serves as CJ Group chairman, Ireland's Minister for Enterprise, Trade and Employment Simon Coveney (fourth from left, front row) and government and business officials of both countries pose for a photo following a roundtable meeting held at a Seoul hotel on Thursday. (KEF)

Nov. 2, 2023

Yoon hosts private banquet with chaebol chiefs

South Korean President Yoon Suk Yeol invited the chiefs of the country's top conglomerates -- Samsung Electronics, SK Group and LG Group -- to a private banquet Tuesday to discuss pending issues, according to industry sources on Thursday. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo were reportedly invited to the meeting at the presidential office in Yongsan, central Seoul, with Hyundai Motor Group Executive Chair, leader of

Nov. 2, 2023

Yangjae Flower Festa kicks off Friday

Hosted by the Korea Agro-Fisheries and Food Trade Corporation (aT), the 5th Yangjae Flower Festa kicks off Friday at the aT center in Seocho-gu, southern Seoul, with the goal of sharing the value of flowers in our daily lives. Under the slogan “Blossom the Earth,” this year’s three-day flower festival will discuss the future of the floriculture industry amid a global trend of pushing for net zero emissions. This year’s event is the first indoor flower show to be hoste

Nov. 2, 2023

KITA chief touts Ireland’s business-friendly policy

Jeong Marn-ki, vice chairman of the Korea International Trade Association, said South Korea should learn from Ireland's policy for foreign businesses during a networking event jointly organized with Enterprise Ireland on Wednesday at Trade Tower in Seoul. Enterprise Ireland is the government organization responsible for the development and growth of Irish enterprises in world markets. “Thanks to the creation of a business-friendly environment and active attraction of foreign investm

Nov. 2, 2023

Iraqi Kurdistan officials visit Korea to glean procurement expertise

South Korea’s government procurement agency said Thursday that a delegation from the Iraqi Kurdistan government visited its headquarters in Daejeon to learn about Korea’s e-procurement system and the latest developments in the country's public procurement administration. The delegation consisted of 14 government officials from various ministries of the autonomous region, including the Ministry of Planning, Ministry of Internal Affairs and Ministry of Construction. The on-site vi

Nov. 2, 2023

[Photo News] Last push for 2030 Expo

Samsung Electronics said Thursday it has put up a total of 14 billboards to promote Busan's bid to host the 2030 World Expo at Charles de Gaulle International Airport in Paris. The tech giant will be carrying out promotional activities in the French capital until Nov. 28, when the host city of the upcoming expo is to be decided in a vote during the 173rd General Assembly of the Bureau International des Expositions. (Samsung Electronics)

Nov. 2, 2023

Posco secures W6tr supply deal from Lotte Energy Materials

Posco International announced Wednesday that the company will provide 6 trillion won ($4.4 billion) worth of raw materials for Lotte Energy Materials’ high-end copper foil production. Posco International said the company and Lotte Energy Materials signed a memorandum of understanding at Signiel Seoul on Wednesday. Under the agreement, Posco International will supply around 600,000 tons of raw materials to Lotte Energy Materials through 2033. The two companies have also established a joint

Nov. 1, 2023

Celltrion wins UNDP tender to supply anticancer treatments to Turkmenistan

Celltrion Healthcare, South Korean biosimilar giant Celltrion’s sales unit, announced Wednesday that the company has won the United Nations Development Program’s tender to supply anticancer drugs to Turkmenistan. The UNDP is a UN agency dedicated to eradicating poverty and reducing inequalities through the sustainable development of nations in more than 170 countries and territories. Celltrion Healthcare said the company joined the tender that opened in May this year, and that the re

Nov. 1, 2023