South Korean and Slovakian business leaders gathered in Seoul to deepen industrial cooperation, focusing on nuclear power plants and defense industries, according to a Korean business group on Monday. On the occasion of Slovak Prime Minister Robert Fico's state visit to Korea, the Federation of Korean Industries hosted a roundtable with businesspeople from the two countries to discuss ways for Korean firms to expand their footings in the central European country. Slovak Deputy Prime Minis

Economy Sept. 30, 2024

The South Korean government is expected to see another significant shortfall in tax revenue this year, due mainly to the sluggish semiconductors industry and the real estate market slump, according to the Ministry of Economy and Finance on Thursday. The government is forecast to collect 337.7 trillion won ($254 billion) this year, 29.6 trillion won -- 8.1 percent -- less than the ministry's earlier forecast when planning the 2024 budget. This year’s projection is 6.4 trillion won unde

Economy Sept. 26, 2024

The Korean equity market reacted to the launch of an index developed to address domestic companies' undervaluation with investors showing a preference for stocks included in the new index. Following the Korea Exchange’s unveiling of the Value-up Index, comprised 100 Korean stocks with stellar corporate value, on Tuesday, those that made the list, including Samsung Electronics and SK hynix showed a strong start in Wednesday morning trading. SK hynix and Samsung Electronics had gained

Industry Sept. 25, 2024

The vice chairman of Korea Zinc on Tuesday strongly condemned a takeover attempt by its major shareholder Young Poong, which teamed up with private equity firm MBK Partners for the bid, calling it a “predatory action” that would lead to the outflow of homegrown technology and put the country’s industrial competitiveness under threat. “Non-ferrous metals are a vital industry that supplies key raw materials to major domestic industries such as automobiles, semiconductor

Companies Sept. 24, 2024

South Korea’s Shinhan Bank said Wednesday that it has embarked on a new business venture to provide digital finance consulting services to global peers, with Japan’s Tokyo Kiraboshi Financial Group as its first client. “This digital finance consulting contract with Tokyo Kiraboshi Financial Group holds significance in that Shinhan Bank's digital competitiveness has been recognized on the global stage,” the lender said in a statement. Shinhan’s decision to ent

Industry Sept. 11, 2024

To safeguard their interest and tackle the threat of geopolitical risk to their operations in foreign markets, Korean firms are asked to develop the skills and mindset of the diplomat, and their first job is understanding the fast-changing regulatory environment with a long-term commitment, experts said Thursday “Diplomacy is no longer just a matter of national defense and security. It is an economic issue directly related to the country's future livelihood. At the center are compan

Economy Sept. 5, 2024

Sharpening diplomatic skills is becoming an inevitable mission for Corporate Korea to give new traction to its export-oriented growth amid rising economic fragmentation. The unparalleled technology and unique cultural content that made-in-Korea products hold have led the country to be a trendsetter for Asia and beyond. This year, Korean companies faced new challenges and opportunities induced by major elections taking place around the world, coupled with growing protectionism and trade tension

Industry Sept. 2, 2024

South Korea’s economy is expected to stop growing and hit a negative mark in less than 40 yeares if a plunging birth rate and rapidly aging population continue, according to the Federation of Korean Industries on Wednesday. The FKI, a major economic organization, projected that the potential growth of Asia’s fourth-largest economy would sink to minus 0.1 percent in 2061 and afterward. However, the expansion of the labor supply could drive up the potential growth of Asia’s fourt

Economy Aug. 28, 2024

Derrick Morgan, executive vice president of the US think tank Heritage Foundation, said he expected that economic cooperation between South Korea and the US would deepen, focusing on shipbuilding and semiconductors, if Donald Trump wins the 2024 US presidential race. “The US and the rest of the world is overly dependent on Taiwan for semiconductors. … The innovation coming out of Korea these days is amazing and should be applauded,” he said during an event hosted by the Kore

Economy Aug. 27, 2024

South Korea’s domestic consumption is expected to recover gradually after the latter half of this year, but an aging population and sluggish self-employed businesses could dampen the rebound hope, the country’s central bank said Friday. The Bank of Korea said that the recovery of private consumption remains delayed as the debt repayment burden has risen due to high prices and interest rates in a report analyzing the current economic situation. It said deferral in corporate performa

Economy Aug. 23, 2024

Hana Financial Group is spearheading female empowerment with its program designed to unlock the potential of women's talents and to nurture them as leaders shaping the future of the group. The financial conglomerate, with subsidiaries of a retail bank, credit card and insurance firms, among others, under its wing, said it launched the fourth edition of Hana Waves, an annual in-house program that has nurtured 98 future female leaders since its establishment in 2021. Hana Waves -- Women

Industry Aug. 22, 2024

Korean corporate foundations are making less social impact than those in major economies because of strict overlapping regulations, the Korea Chamber of Commerce and Industry said Tuesday, urging the government to revise tax codes to encourage corporate philanthropy. According to the World Giving Index, an annual report published by the UK-based Charities Aid Foundation, South Korea has been in a continual decline in making donations, ranking 79th out of some 140 countries in the world in 2023

Economy Aug. 13, 2024

The South Korean government announced it plans to supply more than 80,000 housing units in Seoul and adjacent areas over the next six years by removing restrictions on developing greenbelt areas in the capital for the first time in 12 years. The Ministry of Land, Infrastructure and Transport and Ministry of Economy and Finance on Thursday announced a real estate development plan that aims to stabilize the housing market amid soaring apartment prices in the capital. “The key to stabilizin

Economy Aug. 8, 2024

South Korean shares dived more than 8 percent on Monday, triggering the stock exchange to temporarily halt the main Kospi and secondary Kosdaq markets, as investors were gripped by fear that the US economy may head toward a recession. A record 190 trillion won ($139 billion) was wiped off the Kospi market, as it tumbled 8.77 percent, or 234.64 points, to close at 2,441.55. This is the first time since the benchmark bourse opened that it has fallen by more than 200 points, recording the largest d

Economy Aug. 5, 2024

Analysts here took a mixed view on how US President Joe Biden’s withdrawal from the November presidential race would affect South Korean shares, with growing uncertainty expected to hurt investor sentiment. Some brokerages expected the benchmark Kospi index to dip below the 2,650 level due to heightened short-term volatility. Others anticipated the main bourse would rise to 2,900 thanks to the recovery of shares in the semiconductor, automobile and rechargeable battery industries. These

Economy July 22, 2024