Most Popular
-
1
1 in 3 Koreans live alone, family types becoming diverse
-
2
Korea, Japan finance chiefs vow to tame rampant FX market volatility
-
3
K-pop singer lost consciousness after being hit by foul ball, cancels show
-
4
K-pop group's manager dismissed for setting up spycam in theater dressing room
-
5
Contentious grain bill put directly to plenary meeting for vote
-
6
Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
-
7
Why is Apple Pay struggling to get purchase in Korea?
-
8
Yoon's office denies considering liberal figures for key posts
-
9
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
10
[Today’s K-pop] BTS pop-up event to come to Seoul
-
Over 40% of Koreans anticipate financial challenges in retirement
Four out of 10 South Koreans feel financially unprepared for post-retirement life, according to a survey released on Sunday. Only 21 percent expressed a sense of well-rounded preparedness in advance. The KB Financial Group's Management Research Institute conducted a survey on retirement preparation and housing preferences among 3,000 men and women aged between 20 to 79 nationwide, who are financial decision-makers in their households. The survey took place in January this year. The survey r
Nov. 26, 2023
-
Manufacturing sentiment grows for first time in 4 months in December
South Korea's manufacturing confidence rose for the first time in four months in December, thanks to solid signs of recovery in global demand for semiconductors, a poll showed Sunday. The professional survey index for the manufacturing sector's business conditions came to 100 for next month, up from 97 for this month, according to the Korea Institute for Industrial Economics & Trade. A PSI reading above 100 means optimists outnumber pessimists. The survey was conducted earlier this
Nov. 26, 2023
-
Choo calls for WGBI listing in London
Finance Minister Choo Kyung-ho met with the CEO of London Stock Exchange Group, calling for foreign investors’ interest in Korea’s foreign exchange and state bond markets. Choo attended the market opening ceremony at the London Stock Exchange on Thursday, marking the first time for a Korean governmental official to participate in the event, according to the Finance Ministry. Korean finance figures attended the event with Choo. Choo has been in London since Monday as a part of Presi
Nov. 24, 2023
-
15 human rights groups urge BIE to reject Saudi Expo bid in final week
A coalition of 15 human rights groups has issued a plea to the 2030 World Expo organizer Bureau International des Expositions, imploring the members to reject Saudi Arabia’s bid on Wednesday, just six days ahead of the final decision. The group, represented by Democracy for the Arab World Now, called on the members to reject the bid from Saudi Arabia, citing the kingdom’s troubling human rights record. The appeal lays out a detailed dossier of human rights abuses in Saudi Arabia, arg
Nov. 23, 2023
-
Korea to test central bank digital currency with public vouchers
From the fourth quarter of next year, individuals can test out the central bank digital currency with public vouchers, under a real-world test plan introduced by local authorities on Thursday. The Bank of Korea, Financial Services Commission and Financial Supervisory Service jointly announced the details on the pilot project, following a previous notice in October. Thursday’s announcement was made on the sidelines of a visit by Agustin Carstens, general manager of the Bank for Internationa
Nov. 23, 2023
-
Shinhan Bank to invest W1.6tr into UK projects
Shinhan Bank said Wednesday that it has signed an agreement worth 1 billion pounds ($1.25 billion) with the United Kingdom Department for Business and Trade to invest in the country's infrastructure and environmental sectors. On Tuesday, the memorandum of understanding signing ceremony took place with the attendance of British Business and Trade Secretary Kemi Badenoch and Shinhan Bank CEO Jung Sang-hyuk, at the mayor's residence in London. Under the deal, the Seoul-based bank will inv
Nov. 23, 2023
-
KB highlights anti-fragility as 2024 investment strategy
KB Financial Group held a conference Thursday, diagnosing the current market situation and sharing with its individual and corporate clients the group’s future investment philosophies to tackle uncertainties surrounding the global market. Titled “KB Investor Insights 2024,” the event was held at the KB Kookmin Bank's headquarters in Seoul, under the theme “anti-fragility," which refers to an ability to respond to and gain from uncertainties, and disorder. The te
Nov. 23, 2023
-
Korea inks 37 deals with UK, vows closer ties
Marking the 140th anniversary of diplomatic relations between Korea and the United Kingdom, the two countries' business leaders held a forum in London to seek cooperation in diverse sectors, from energy and defense to supply chains. The event, held Wednesday on the sidelines of President Yoon Suk Yeol’s state visit to the UK, was co-hosted by the Federation of Korean Industries and the UK's Department for Business and Trade. Yoon delivered a congratulatory speech at the forum, st
Nov. 22, 2023
-
S-Tec System, Vietnam’s Military Bank partner on security services
S-Tec System, a South Korean security services provider, announced Monday that it has signed a memorandum of understanding with Vietnam's Military Commercial Joint Stock Bank. The company aims to capitalize on the Vietnamese bank's network, which includes over 300 branches and 1,000 unattended locations throughout Vietnam. The agreement was signed Friday at S-Tec's headquarters in Seoul, with S-Tec System CEO Lee Byung-hwa and Chairman Luu Trung Thai of the Military Bank in attend
Nov. 21, 2023
-
S. Korea's exports of kimchi up 10% through Oct.
South Korea's exports of kimchi advanced 10 percent on-year through October this year, data showed Tuesday, with the amount widely anticipated to hit a record level for all of 2023. Outbound shipments of kimchi came to $130 million over the January-October period, rising from $118.6 million tallied a year earlier, according to the data compiled by the Korea Customs Service. Kimchi is a traditional Korean side dish typically made from fermented cabbage, salt and hot peppers, and is consumed
Nov. 21, 2023
-
Exports gain 2.2% from Nov. 1-20 on upbeat chip, auto sales
South Korea's exports rose 2.2 percent on-year in the first 20 days of this month on growing demand for semiconductors and vehicles, data showed Tuesday. Outbound shipments reached $33.79 billion in the Nov. 1-20 period, compared with $33.07 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also went up 2.2 percent on-year to $2.18 billion during the cited period, it added. Exports grew for the first time in 13 months in October. They adva
Nov. 21, 2023
-
S. Korea maintaining stable LNG supply amid Israel-Hamas conflict
South Korea maintains a steady supply of liquefied natural gas and is actively preparing for potential contingencies amid Middle East geopolitical uncertainties, the industry ministry said Tuesday. "There have been concerns over the supply of gas following the Israel-Hamas incident amid the lingering war between Russia and Ukraine, but the supply currently remains stable," Director-General for Resource Policy Ryu Peob-min said during a meeting with industry officials. "However, in
Nov. 21, 2023
-
Korea draws W1.5tr in investments from US tech firms
South Korea has secured investment commitments from four major US companies, including General Motors, totaling 1.5 trillion won ($1.16 billion), following President Yoon Suk Yeol's visit to the US for the Asia-Pacific Economic Cooperation summit last week. These investments, spanning the automotive and semiconductor sectors, are expected to significantly boost South Korea's exports and reduce imports, contributing to an estimated annual economic impact of over 4.5 trillion won. The Ministry of
Nov. 20, 2023
-
Trump vows to kill Asia trade deal being pursued by Biden if elected
Donald Trump, the frontrunner for the Republican presidential nomination, said on Saturday that he would kill off a Pacific trade pact being advanced by US President Joe Biden if he were to win the 2024 election and return to the White House. Speaking to supporters in Iowa, Trump said he was against the regional trade deal being negotiated by the Biden administration with 13 other countries, arguing that it would hollow out US manufacturing and trigger job losses. Talks on the trade sections of
Nov. 19, 2023
-
S. Korea, US explore ways to expand ties in energy, supply chains
South Korea and the United States discussed ways to expand bilateral cooperation in the energy and supply chain sectors this week, the industry ministry said Friday. Industry Minister Bang Moon-kyu and Jose Fernandez, US under secretary of state, hosted the clean energy business roundtable on the margins of the Asia-Pacific Economic Cooperation summit in San Francisco, according to the Ministry of Trade, Industry and Energy. "The Carbon-Free Energy Initiative of Korea and the US Clean Energ
Nov. 17, 2023
-
S. Korea imposes 72% temporary anti-dumping duties on Egyptian white cement
South Korea has begun imposing temporary anti-dumping duties of 72.23 percent on white Portland cement imported from Egypt, officials said Friday. The finance ministry began levying the duties on white cement from Egypt on Wednesday to be effective for four months after the Korea Trade Commission under the industry ministry announced its preliminary anti-dumping findings against the imports and recommended the imposition in September. The anti-dumping deposit is meant to prevent potential damage
Nov. 17, 2023
-
Negotiating members of Indo-Pacific trade talks reach consensus on energy, fair economy
South Korea and other negotiating members of the United States-led Indo-Pacific Economic Framework (IPEF) have reached a consensus on two additional sectors of the agreement, energy and fair economy, Seoul's trade ministry said Thursday. The IPEF was launched by US President Joe Biden in 2022 in a move to counter China's growing influence in the region, which involves a total of 14 member nations, including South Korea, Australia, India, Japan, Singapore, Thailand and Vietnam. Among th
Nov. 16, 2023
-
Korea to inject W1tr into youth employment programs
The Korean government will put up nearly 1 trillion won ($769 million) in a bid to encourage young people who are not in education, employment or training, known as NEET youth, to encourage them to return to the labor market. On the back of a strong job market, the employment rate of young Koreans aged 15 to 29 stood at 46.6 percent in October. Yet more than 414,000 people, or 4.9 percent of the age group, were found not to have actively sought jobs during the first nine months of this year, acc
Nov. 15, 2023
-
Container shipping costs for US west coast rise 7 pct in October
Container shipping costs from South Korea to the US west coast gained 7.1 percent on-month in October, data showed Wednesday. The average shipping cost for a 40-foot container for the route came to 4.38 million won ($3,358) last month, compared with 4.09 million logged a month earlier, according to the data from the Korea Customs Service. It marked the second on-month increase following 1.8 percent growth the previous month. On an on-year basis, however, the costs dropped 58.6 percent in October
Nov. 15, 2023
-
Finance minister calls for reenactment of corporate restructuring act
Finance Minister Choo Kyung-ho called on the National Assembly on Wednesday to reenact the now-defunct corporate restructuring act that makes it easier for insolvent companies to begin an out-of-court debt restructuring program. The Corporate Restructuring Promotion Act was legislated in 2001 with a sunset provision after South Korea was hit by the 1997-98 Asian financial crisis and had been extended five times before expiring last month. It allows an insolvent company to start a debt workout pr
Nov. 15, 2023