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Korea declares 'all-out' efforts to face down Trump-era tariffs
Government rolls out sweeping aid package, including record W366tr in policy funding The South Korean government declared an "all-out" efforts in response to escalating global tariff tensions on Tuesday, unveiling a substantial support package for local businesses under growing pressure. "With the new Trump administration triggering a tariff war, South Korea faces increasing uncertainty on the exports front," acting President Choi Sang-mok said in a Cabinet meeting. "We are now launching an all-
Feb. 18, 2025 -
Samsung Electronics chief tops dividend recipient list in S. Korea last year
Samsung Electronics Co. Chairman Lee Jae-yong received the largest amount of dividends in South Korea last year, a corporate data tracker said Tuesday. Leaders Index surveyed 560 companies, which provided dividends in the form of cash and cash equivalents to their shareholders in 2024 to count up their overall dividends. The 560 firms provided a total of 40.7 trillion won ($28.2 billion) in dividends to their shareholders last year, up 10.4 percent from a year earlier, the survey showed. Lee rec
Feb. 18, 2025 -
Seoul shares rise for 5th consecutive session on rate-cut hopes
South Korean stocks extended their winning streak to five straight sessions Monday as disappointing US economic data stirred up hopes for a possible rate cut by the Federal Reserve amid uncertainties surrounding tariff policies. The local currency gained against the US dollar. The benchmark Korea Composite Stock Price Index added 19.37 points, or 0.75 percent, to close at 2,610.42, marking the fifth consecutive session of increase. It marked the highest closing since Oct. 29, when the index fini
Feb. 17, 2025 -
Koreans cut back on coffee in economic slump
South Koreans have been spending less in cafes, as an overall economic downturn takes its toll on discretionary spending. A report by the Korea Rating and Data showed Monday that cafe takings in the fourth quarter of 2024 decreased by 9.5 percent compared to the previous quarter. It marked the sharpest decline across all categories, surpassing the 1.7 percent decrease in sales at bars and a 1.8 percent drop at fast-food restaurants. The cafe industry had been growing for some time, with a May 20
Feb. 17, 2025 -
Lunch prices are rising fast, but wages aren't keeping up
Finding an affordable lunch is becoming increasingly difficult for office workers in South Korea. The cost of eating out has surged over the past four years, far exceeding wage growth, and pushing more employees to rely on convenience store meals or company cafeterias. According to the Korea Consumer Agency, a bowl of kimchi-jjigae (kimchi stew), a typical go-to lunch option, cost an average of 8,269 won ($5.73) in Seoul as of December, 22.8 percent higher than in 2020. The price hike has been e
Feb. 17, 2025 -
Senior Seoul trade official departs for US to discuss Trump tariffs
South Korea's deputy trade minister departed for Washington on Monday to hold talks pertaining to new US tariffs and related trade policies under President Donald Trump, his office said. Deputy Minister of Trade Park Jong-won will meet with officials from the US Department of Commerce and US Trade Representative, as well as key figures in the US Congress during his five-day trip to Washington, according to the Ministry of Trade, Industry and Energy. Park is the first senior trade official from h
Feb. 17, 2025 -
Seoul shares open slightly higher amid Trump tariff woes
South Korean stocks started a tad higher Monday as US President Donald Trump has announced his plans on auto tariffs and value-added tax systems. The benchmark Korea Composite Stock Price Index added 3.3 points, or 0.13 percent, to 2,594.35 in the first 15 minutes of trading. Trump said Friday (local time) that he could impose tariffs on auto imports beginning April 2 in an apparent move to affect the South Korean car industry. He also said he would treat VAT systems the same as tariffs in a way
Feb. 17, 2025 -
S. Korea, Malaysia set to hold 7th round of FTA negotiations in Kuala Lumpur
South Korea and Malaysia plan to hold their seventh round of negotiations for a bilateral free trade agreement Monday, as the two sides seek to broaden their trade portfolio and enhance cooperation, Seoul's industry ministry said. The latest round of talks for an FTA was scheduled to kick off Monday for four days in Kuala Lumpur, according to the Ministry of Trade, Industry and Energy. The two sides plan to focus on making progress in negotiations across 11 sectors, including goods, services, in
Feb. 17, 2025 -
S. Korea's imports of fruits hit new record in 2024 amid climate change
South Korea's imports of fresh fruits hit a record high last year, data showed Sunday, amid poor harvests caused by climate change and rising demand. The country's imports of 12 kinds of fresh fruits came to $1.45 billion in 2024, up 20.1 percent from a year earlier, according to the data compiled by the Korea Rural Economic Institute. It marked the largest amount ever, with the previous record set in 2018, when the inbound shipment of fruits came to $1.33 billion. The 12 kinds of fruits include
Feb. 16, 2025 -
Foreign holdings of S. Korean stocks at lowest level in 1 1/2 yrs amid Trump tariff woes
Despite the recent upbeat stock market, foreign ownership of South Korean shares has fallen to the lowest level in nearly 1 1/2 years, data showed Sunday. Foreign investors' holdings of Korean stocks on the benchmark Korea Composite Stock Price Index accounted for 31.96 percent, or 676.43 trillion won ($468.53 billion), of the total market capitalization as of Thursday, according to the data compiled by Yonhap Infomax, the financial data firm of Yonhap News Agency. It marked the lowest level sin
Feb. 16, 2025 -
Manufacturing jobs at lowest level in 12 yrs amid weak growth: data
The number of jobs in the South Korean manufacturing sector fell to the lowest level in 12 years in January amid weak economic growth, data showed Sunday. The number of employed people in the manufacturing sector came to 4.39 million as of end-January, down 56,000 from a year earlier, according to the data compiled by Statistics Korea. The January reading marked the smallest level since January 2013, when the figure came to 4.32 million. On a monthly basis, the number of manufacturing jobs has b
Feb. 16, 2025 -
Korea’s restaurant closures hit 19-year high as industry struggles with rising costs
South Korea’s restaurant industry is in the midst of its worst downturn in nearly two decades, with over 107,000 eateries shutting down in 2024 -- the highest number on record. For the first time in 16 years, more restaurants closed than opened, signaling a shift in a sector once known for its resilience and fierce competition. A combination of rising ingredient costs, slowing consumer spending, and post-pandemic economic struggles has created a perfect storm in the industry. According to govern
Feb. 15, 2025 -
Impact of Trump's 'reciprocal' tariffs may be limited due to FTA: acting president
Acting President Choi Sang-mok said Friday that the impact of US President Donald Trump's latest "reciprocal" tariffs may not significantly affect South Korea's economy, yet emphasized the need for continued monitoring. On Thursday (US time), Trump signed a presidential memorandum outlining a comprehensive plan to impose country-specific tariffs on the United States' major trading partners, raising concerns here as South Korea's trade surplus with the US reached US$55.7 billion last year. During
Feb. 14, 2025 -
Choi calls for thorough preparation ahead of stock short selling resumption
Acting President Choi Sang-mok on Friday ordered thorough preparations for the resumption of stock short selling next month, pledging sufficient communication with market participants. South Korea imposed a temporary ban on stock short selling in November 2023 after uncovering a series of naked short selling violations involving several global investment banks. The practice is set to resume on March 31. During a regular economic meeting attended by the Bank of Korea governor, and the heads of th
Feb. 14, 2025 -
S. Korea adds 135,000 jobs in January; construction jobs fall by most: data
South Korea added more than 130,000 jobs in January, marking a turnaround from an on-year decline in the previous month, yet employment in the construction sector fell by a record amount amid an industry slowdown, data showed Friday. The number of employed people came to 27.88 million as of the end of last month, up 135,000 from a year earlier, according to the data compiled by Statistics Korea. In December, the country posted a net loss of 52,000 jobs from a year earlier, marking the first on-y
Feb. 14, 2025