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Exchange rate policy emerges as fresh item in trade consultations between S. Korea, US
South Korea's foreign exchange rate policy has emerged as a major item in trade consultations between Seoul and Washington amid the continued weakness of the Korean won. On Friday, Finance Minister Choi Sang-mok told reporters the currency exchange rate issue is among the four major items to be discussed in future trade talks between the two allies. The other three items are tariff and non-tariff measures, economic security and investment cooperation, according to the Ministry of Economy and Fin
April 25, 2025 -
Thailand spots opportunity in major infrastructure projects
Thailand has strong potential to expand its infrastructure and financial systems, underpinned by a resilient economy, according to speakers at the Ignite Thailand-Korea Business Forum held Tuesday. At the event, Suksit Srichomkwan, deputy secretary-general to the Thai prime minister, promoted the country’s 1 trillion baht ($30 billion) Land Bridge project. It aims to link the Gulf of Thailand with the Andaman Sea through a 90-kilometer highway and railway, offering an alternative to the congeste
April 24, 2025 -
Ignite Forum spotlights Thailand-Korea synergies
South Korea and Thailand can build a strong partnership based on mutual growth, attendees at the Ignite Thailand-Korea Business Forum discussed. Co-hosted by Herald Media Group, the Royal Thai Embassy in Korea and the Industrial Estate Authority of Thailand, the two-day event at Lotte Hotel Seoul aimed at deepening the bilateral economic ties. Commemorating the 67th anniversary of diplomatic relations between the two nations, the forum welcomed a large delegation of high-ranking Thai government
April 24, 2025 -
Korean economy shrinks again in Q1
The South Korean economy contracted in the first quarter, reflecting its struggle to rebound from sluggish consumption affected by political turmoil and poor export performance stemming from weak demand. Preliminary gross domestic product data from the Bank of Korea released on Thursday showed that the economy shrank 0.2 percent in the January-March period from the previous quarter, which was 0.4 percentage point lower than the central bank's earlier forecast in February of 0.2 percent growth. C
April 24, 2025 -
Customs agency meets with local steelmakers over US tariff measures
The Korea Customs Service said Thursday it has held a meeting with local steelmakers to discuss countermeasures in response to the latest US tariff actions targeting foreign steel imports. During the meeting held Wednesday, members of the Korea Iron and Steel Association voiced concerns over the growing inflow of illegally underpriced steel products amid heightened trade tensions following the Donald Trump administration's tariff policies. On March 12, the US government began imposing a 25 perce
April 24, 2025 -
Seoul shares open lower ahead of tariff talks with US
South Korean stocks opened a tad lower Thursday, despite Wall Street gains, as investors await tariff talks with the United States. The benchmark Korea Composite Stock Price Index fell 2.47 points, or 0.1 percent, to 2,523.09 in the first 15 minutes of trading. South Korea and the US were to hold tariff talks in Washington later in the day, after the Donald Trump administration put on hold the implementation of 25 percent reciprocal tariffs on South Korean imports for 90 days. Overnight, US shar
April 24, 2025 -
Corporate direct financing dips 21% in March on decreased debt sale
Corporate direct financing in South Korea plunged 21 percent in March from a month earlier on decreased bond sales, data showed Thursday. Local companies raised a combined 21.82 trillion won ($15.32 billion) last month by selling stocks and bonds, down 6.18 trillion won from the previous month, according to the data from the Financial Supervisory Service. Stock sales slightly rose to 469 billion won in March from the previous month's 443 billion won, while share sales via initial public offering
April 24, 2025 -
Govt. to spend W463.5b on supporting R&D projects of mid-sized export companies
The government will invest 463.5 billion won ($324.7 million) by 2033 in research and development projects led by medium-sized companies with export potential, the industry ministry said Thursday. Under the plan, the Ministry of Trade, Industry and Energy has designated 10 R&D projects on cutting-edge technologies that will receive government funding. The technologies include future mobility, advanced manufacturing, energy and rechargeable batteries. Medium-sized firms leading R&D projects on su
April 24, 2025 -
S. Korean economy shrinks in Q1 amid political chaos, tariff uncertainty
The South Korean economy posted negative growth from three months earlier in the first quarter, the first on-quarter contraction in nine months, central bank data showed Thursday, amid a domestic political crisis and uncertainties stemming from the Donald Trump administration's sweeping tariff scheme. The country's real gross domestic product-- a key measure of economic growth -- contracted 0.2 percent in the January-March period from a quarter earlier, according to the preliminary data from the
April 24, 2025 -
Trump Jr. to visit Korea next week at invitation of Shinsegae chairman
Donald Trump Jr., the eldest son of U.S. President Donald Trump, will visit South Korea next week at the invitation of Shinsegae Group Chairman Chung Yong-jin, a group official said Wednesday. The junior Trump plans to meet with key business officials during his visit to the country, the official said, without disclosing the exact date or other details of his trip. This will be Trump Jr.'s first visit to South Korea since the inauguration of his father in January. It will come as South Korea bus
April 23, 2025 -
Lee Jae-myung’s chaebol reform plans face corporate backlash
The economic proposals unveiled by Lee Jae-myung, the presidential front-runner of the liberal Democratic Party of Korea, are triggering alarm bells among major South Korean conglomerates, particularly his plan to mandate that listed firms retire treasury shares following buybacks. On Monday, Lee introduced an ambitious policy framework aimed at doubling the benchmark Kospi index to surpass 5,000 points if elected. Central to this initiative is the cancellation of treasury shares held by publicl
April 23, 2025 -
Over 81% of coffee shops, 62% of franchise branches have no regular days off: data
Some 62.7 percent of the franchise branches spanning 15 major fields in South Korea were found to have no regular closing days around the year, a recent analysis of the government data showed Wednesday. As of 2023, there were 270,086 businesses affiliated with franchises spanning convenience stores, eateries, bars, medical supply stores, beauty salons and other sectors of the service industry, according to the Korean Statistical Information Service of the Statistics Korea. But the agency's analy
April 23, 2025 -
Consumer sentiment improves in April amid eased political uncertainty: BOK
South Korea's consumer sentiment improved in April amid eased political uncertainty following the ouster of former President Yoon Suk Yeol, the central bank said Wednesday. The composite consumer sentiment index stood at 93.8 this month, up 0.4 point from March, according to the survey conducted by the Bank of Korea. "Despite concerns over worsening global trade conditions and sluggish domestic demand, political uncertainty has eased, while expectations for economic stimulus measures have increa
April 23, 2025 -
Hyundai, Kia poised to report sales growth, but slowing operating profit in Q1
Local industry leaders Hyundai Motor Co. and Kia Corp. are expected to report increased sales but with shrinking operating profits in their first-quarter earnings results scheduled to be announced this week, a market analysis showed Wednesday. According to the analysis of earnings forecasts from securities firms compiled by Yonhap Infomax over the past three months, Hyundai Motor is estimated to report sales of 43.44 trillion won ($30.4 billion) for the January-March period and an operating prof
April 23, 2025 -
Business sentiment for May pessimistic over intl. trade risks: poll
South Korea's business sentiment remains pessimistic for May, a poll showed Wednesday, amid growing risks associated with global trade. The business survey index of the country's top 600 companies by sales stood at 85 for next month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has remained below 100 for 38 consecutive months since April 2022. The BS
April 23, 2025