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S. Korea's household debt to GDP ratio at world's 2nd highest: data
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Calls grow for digital inheritance rights in Korea
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Korea seeks to safeguard tech ties with US amid sensitive list concerns
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Trump economic adviser mentions South Korea over US' trade deficits
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Samsung Chair Lee Jae-yong urges 'do-or-die' mentality amid challenges
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Interim US envoy downplays impact of ‘sensitive country’ label on ties
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Hyundai, GM negotiate sharing electric vans, pickups in North America: report
Hyundai Motor Company and General Motors are in the final stages of a strategic agreement for Hyundai to share two electric van models with GM while rebranding and selling GM’s pickup trucks in the North American market, Reuters reported on Friday. Hyundai plans to produce vans for both its own brand and GM, initially importing them from South Korea and is exploring options to manufacture the vehicles in North America either by using its local plant, outsourcing production or constructing a new
March 21, 2025 -
Seoul shares rise for 5th session on tech gains; won at 3-week low
Seoul shares rose for the fifth consecutive session Friday, led by chip shares, despite lingering concerns about US President Donald Trump's sweeping tariff scheme. The Korean won fell to the lowest level in three weeks against the US dollar. The benchmark Korea Composite Stock Price Index rose 6.03 points, or 0.23 percent, to close at 2,643.13. Trade volume was moderate at 482.32 million shares worth 13.73 trillion won ($9.37 billion), with decliners outpacing gainers 562 to 316. Foreigners bou
March 21, 2025 -
Korea’s arms procurement chief to visit Europe to boost defense exports
Seok Jong-gun, minister of South Korea's Defense Acquisition Program Administration, will visit several European countries starting next week to promote South Korean defense exports amid rising demand for armament in the region. According to the arms procurement agency on Friday, Seok will travel to Norway, Romania and Sweden from Tuesday through March 31. In Norway, which has already imported K9 self-propelled howitzers from Hanwha Aerospace, Seok will hold high-level talks to discuss potential
March 21, 2025 -
KEPCO keeps electricity rate frozen for Q2
The state-run Korea Electric Power Corp. said Friday it will freeze the adjusted fuel cost for the second quarter as part of efforts to improve its financial stability. KEPCO said it will keep the adjusted unit fuel cost, a key part of the country's electricity rates, unchanged at 5 won per kilowatt-hour for the April-June period. The company has maintained the adjusted unit fuel cost at 5 won since the third quarter of 2022. For the second quarter, KEPCO initially had to decrease the cost to -4
March 21, 2025 -
Legal administrator of TMON, WeMakePrice files compensation suit against 3 executives
Jo In-cheol, the legal administrator of e-commerce platforms TMON and WeMakePrice, under court-led rehabilitation since September, said Friday he has filed a damage suit against three executives of the two companies and their parent firm, also seeking a freeze of their personal assets. In the suit filed with the Seoul Bankruptcy Court, the court-appointed custodian has requested 180 billion won ($123 million) in compensation for the two firms' failure to make payments to vendors and customers, a
March 21, 2025 -
SK Group restructures Japanese unit to strengthen local operations
SK Group has reorganized its Japanese subsidiary to bolster its business operations in the Japanese market. According to the 2024 business reports from SK Inc. and SK Innovation on Friday, both companies acquired 700,000 shares or 24.9 percent each of SK Telecom’s Japanese subsidiary at the end of last year. The investment, amounting to about 3.3 billion won ($2.25 million) per company, was made through the purchase of shares previously held by SK Square and additional capital injections. With S
March 21, 2025 -
More South Korean eggs headed for US
More South Korean eggs are poised to make their way into American kitchens as the United States prepares to ramp up imports to stabilize US egg prices, according to news reports on Friday. Speaking to reporters and industry leaders on Thursday, Agriculture Secretary Brooke Rollins said South Korea would join Turkey and Brazil in bolstering egg shipments to the US. The move comes as part of a broader initiative by the US government to mitigate soaring egg prices, which have reached record highs f
March 21, 2025 -
Financial watchdog inspects troubled Homeplus over potential accounting flaws
South Korea's financial watchdog said Friday it will look into whether Homeplus Co. has violated accounting rules as speculation mounts over the retailer's controversial short-term debt sale. The Financial Supervisory Service said it will inspect to verify whether the retailer, wholly owned by private equity firm MBK Partners Ltd., has been properly assessing its assets, debts and others. The watchdog's move came days after it said it will inspect MBK Partners to look into whether there have bee
March 21, 2025 -
AMRO projects S. Korean economy to grow 1.6% in 2025 amid US tariff woes
An economic surveillance organization in Asia on Friday forecast the South Korean economy to grow 1.6 percent this year amid heightened global trade uncertainties sparked by US tariffs. The ASEAN+3 Macroeconomic Research Office made the assessment in a report drawn up after an annual consultative meeting with the South Korean government and relevant agencies in November, according to the Ministry of Economy and Finance. Despite a rebound in domestic consumption, South Korea's economy is expected
March 21, 2025 -
US industry group calls on USTR to urge S. Korea retract online platform regulation proposals
An American industry group has asked the United States Trade Representative to urge South Korea to withdraw its digital platform regulatory proposals, stressing they pose an "unnecessary irritant" to the two countries' relationship and could breach a bilateral free trade agreement. The Coalition of Services Industries submitted the comments to the USTR last week to assist in the review and identification of "unfair trade practices and harm from non-reciprocal trade arrangements." The USTR is lik
March 21, 2025 -
US industry group asks USTR to help reduce or eliminate S. Korea's 'screen quota' system
A US industry group has called for South Korea to lower or remove the Asian country's "screen quota" system that mandates theaters fill part of their screening time with domestic firms, in comments made to the United States Trade Representative. The Coalition of Services Industries submitted the comments to the USTR last week to assist in the review and identification of "unfair trade practices and harm from non-reciprocal trade arrangements." The USTR is likely to examine the case for its calcu
March 21, 2025 -
Exports rise 4.5% in March 1-20 period on chips, ships
South Korea's exports increased 4.5 percent from a year earlier in the first 20 days of March, data showed Friday. Outbound shipments reached $35.5 billion in the March 1-20 period, compared with $34 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports went down 1.4 percent on-year to $34.4 billion during the period, resulting in a trade surplus of $1.1 billion, the data showed. By sector, semiconductor exports climbed 11.6 percent on-year to $7.07 billio
March 21, 2025 -
Seoul shares open lower on profit taking
South Korean stocks opened slightly lower Friday, tracking Wall Street losses, as investors moved to lock in profits from recent gains. The benchmark Korea Composite Stock Price Index fell 4.05 points, or 0.15 percent, to 2,633.05 in the first 15 minutes of trading. Overnight, US shares fell amid lack of fresh momentum and uncertainties surrounding the impact of US President Donald Trump's tariff scheme. The Dow Jones Industrial Average edged down 0.03 percent, and the tech-heavy Nasdaq composit
March 21, 2025 -
S. Korea likely to face more export uncertainties with Trump administration's 'reciprocal' tariffs: ministry
South Korea is expected to face more uncertainties in trade amid the planned imposition of "reciprocal" tariffs by the US Donald Trump administration, the country's vice industry minister said Friday. "Exports slightly increased in February, but environments surrounding exports are still unfavorable," First Vice Industry Minister Park Sung-taek said in a meeting held to check on export trends and related risks. "The US administration imposed duties on all steel and aluminum imports and related d
March 21, 2025 -
Producer prices up for 4th month in Feb. amid oil price hikes: BOK
South Korea's producer prices rose slightly from a month earlier in February on a recent hike in global oil prices, central bank data showed Friday. The producer price index, a major barometer of consumer inflation, reached 120.33 last month, up from 120.27 a month earlier, according to preliminary data from the Bank of Korea. It marks the fourth consecutive month of increase. On a yearly basis, the index rose 1.5 percent last month, marking the 19th consecutive month of an on-year increase. Pro
March 21, 2025