National Assembly approves historic 15% cut to R&D budget

  The South Korean National Assembly concluded a contentious decision to reduce the national research and development budget to 26.5 trillion won ($20.4 billion) on Thursday, a 15 percent reduction from this year and marking the first R&D budget cut in 33 years. The reduction of 4.6 trillion won is a slight adjustment from the government's initial proposal of a 5.2 trillion won cut, a concession in response to significant backlash and criticism from both the scientific and political com

EconomyDec. 22, 2023

Hanlim aims to open 100 E-mart 24 stores in Cambodia by 2028

Comprehensive real estate services company Hanlim Architecture Group said Friday that it has finalized an agreement to help Korean convenience store operator E-mart 24 enter Cambodia. The collaboration is being facilitated through a joint venture known as Saihan Partners. Saihan Partners was established this year as a collaboration between Hanlim Architectural Group and Cambodian retail company Saisons Brother Holding Corp. The joint venture emerged following a three-party memorandum of understa

IndustryDec. 22, 2023

LG Electronics opens experience zone targeting 'Doi Moi' generation in Vietnam

LG Electronics said Friday it has launched an experience zone, called “Another Saigon,” in Ho Chi Minh, Vietnam, targeting young customers amid growing demand for premium home appliances. Vietnam's market economy has experienced a rejuvenation driven by the "Doi Moi" generation — individuals born after the country initiated political reforms in 1986 to establish a socialist market economy. Given the younger generation's greater familiarity with social media

TechnologyDec. 22, 2023

Food security symposium addresses urgency amid climate crisis

The 2023 Korea Food Security Symposium is taking place Friday at the Korea Agro-Fisheries & Food Trade Corp. Center in Seoul, gathering field experts, scholars and public officials to discuss the topic of the country's food security, particularly in the age of climate crisis. "The rapidly intensifying climate crisis and persistent conflicts pose ongoing threats to the global food supply and demand network," said Kim Chun-jin, CEO of the Korea Agro-Fisheries & Food Trade Co

IndustryDec. 22, 2023

Seoul shares open higher on US gains

South Korean stocks got off to a bullish start Friday in line with overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index climbed 8.68 points, or 0.33 percent, to 2,608.70 in the first 15 minutes of trading. US stock indexes gained ground overnight, with the Dow Jones Industrial Average rising 0.87 percent and the tech-heavy Nasdaq Composite adding 1.26 percent amid continued hopes that the Federal Reserve would ease its monetary policy. In Seoul, blue chips traded highe

MarketDec. 22, 2023

Sales of derivatives-tied securities fall in Q3 as investor sentiment ebbs

Sales of derivatives-linked securities in South Korea fell in the third quarter, as investor sentiment weakened on bearish markets, data showed Friday. The combined value of equity-linked securities and derivatives-linked securities issued in the quarter came to 13.2 trillion won ($10.1 billion), down 3.1 trillion won from a quarter ago, according to the data from the Financial Supervisory Service. The products are structured to track the performance of underlying assets, not guarantee the princ

EconomyDec. 22, 2023

Korea Airports Corp. to expand airports as key business hubs

The Korea Airports Corp. said Thursday it aims at reversing into the black next year by attracting 90 million passengers and logging 1 trillion won ($766.7 million) in revenue. Seven airports across the nation, including Gimpo, Gimhae, Jeju, Cheongju, Daegu, Muan and Yangyang, are anticipated to surpass their pre-pandemic records in number of passengers by next year, riding the wave of increasing demand for inbound tourism. With the anticipated full recovery of international passengers in 2024,

IndustryDec. 22, 2023

S. Korea's fiscal deficit, debt to rise further in 2024: ministry

South Korea's fiscal deficit is projected to rise to nearly 4 percent of gross domestic product (GDP) next year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, is expected to post a deficit of 91.6 trillion won ($70.19 billion) in 2024, or 3.9 percent of the country's GDP, according to the Ministry of Economy and Finance. The amount was 400 billion won smaller than what the government expected earlier, as the N

PoliticsDec. 21, 2023

Kim In wins KFCC chairman post through first direct election in history

The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, said Thursday that its acting president, Kim In, has been voted as the new chairman. This is the first time that the KFCC has voted its head through a direct election system in the institution's 60-year history. Until now, 350 representatives were selected to indirectly elect the president. Beating eight other candidates, Kim secured the top post by winning 539 votes out of the 1,

IndustryDec. 21, 2023

National Assembly passes W656tr budget for 2024

The National Assembly on Thursday passed the government budget for 2024 amounting to 656.6 trillion won ($502 billion). The final package showed a 2.8 percent gain from that of last year’s, marking the smallest on-year increase for the government budget. It was down 300 billion won from the government proposal of 656.9 trillion won submitted in September. The government's fiscal soundness will continue to face challenges next year, as the proposed tax revenue stands at 612.2 trillion

EconomyDec. 21, 2023

Capital gains tax rules eased for stock investors

The South Korean government will raise the threshold for major shareholders' capital gains tax to those holding 5 billion won ($3.83 million) worth of stocks from the current 1 billion won, the Finance Ministry announced Thursday. The Ministry of Finance will revise the capital gains tax regulation in the Enforcement Decree of the Income Tax Act. As it falls under an enforcement ordinance, the government does not have to earn approval from the National Assembly. Korea currently levies capit

MarketDec. 21, 2023

[KH Explains] What's at stake in Korea's digital currency push

The Bank of Korea is proactively pushing for the introduction of a central bank digital currency to maintain its grip on the sovereign currency amid the continued digital transformation of the finance sector. The BOK has developed a two-track system for Korea's CBDC: a retail CBDC for individuals and a wholesale CBDC for institutions. It will first test out the wholesale CBDC by having banks issue tokenized deposits to some 100,000 people in the fourth quarter of 2024. “Digitalizati

EconomyDec. 21, 2023

JB Financial inks partnership with Hanpass

JB Financial Group announced Thursday that it has signed an investment agreement to acquire a 15 percent stake in Hanpass, Seoul-based overseas remittance service company. With the latest agreement, it entered a second strategic partnership with a fintech company, following a similar agreement signed with Finda, a Seoul-based fintech company specializing in loan services, in July. "Cooperation between banks and fintech companies is anticipated to become a new foundation for growth as the ro

IndustryDec. 21, 2023

Seoul shares end 5-day winning streak on profit taking, US losses

South Korean stocks finished lower Thursday as investors took profit following a five-session winning streak and overnight US losses. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 14.28 points, or 0.55 percent, to close at 2,600.02. Trade volume was moderate at 569.4 million shares worth 9.31 trillion won ($7.14 billion), with losers outpacing winners 616 to 257. On Wednesday, the Kospi rose 1.78 percent to close at 2,614.30, its highest p

MarketDec. 21, 2023

A.Virtual's air sterilization solution wins KATEC award

Air sterilization solutions provider A.Virtual won a special award from the Korea Association of Technology Commercialization in this year’s presentation for the “new growth engine industry commercialization supporting project,” Monday. This project connects small and medium-sized enterprises specialized in the promising industrial sectors -- electric and autonomous vehicles, internet of things, renewable energies, biohealth, semiconductors and displays -- with technology comme

IndustryDec. 21, 2023

Banks draw up largest-ever support plan for small businesses

Local banks rolled out 2 trillion won ($1.53 billion) in cash funding to relieve individuals and small businesses having trouble paying back loans or debts amid the prolonged economic downturn. The measure comes in a month since the commercial banking sector and the financial authorities put their heads together to find means to reduce the burden for small companies and share the banks' profit gained from excessive interest rate. The biggest part of the new plan is the 1.6 trillion won inte

EconomyDec. 21, 2023

Hyundai Motor to detail hydrogen ecosystem and software vision at CES 2024

Hyundai Motor on Thursday shared a glimpse into its upcoming presentation at CES 2024 in Las Vegas, set for Jan. 8, previewing the company’s vision for a hydrogen-powered ecosystem and a future shaped by software innovations. The presentation, under the theme of "Ease every way," is scheduled from 1:00 p.m. to 1:45 p.m. Pacific Standard Time and will be livestreamed on Hyundai's global YouTube channel. Central to Hyundai's hydrogen strategy is the "Hydrogen Busines

MobilityDec. 21, 2023

Huawei to spur Korea’s digital shift next year: CEO

Huawei Technologies Korea will maintain its commitment to accelerating Korea’s digital transformation momentum by providing safer and more innovative products and solutions industrywide, the company’s top executive said Wednesday. “We will help the Korean ICT industry develop more actively in the future by introducing our outstanding research and development achievements and experiences in various sectors, including artificial intelligence, 5G network and cloud computing, to th

TechnologyDec. 21, 2023

LG Energy Solution secures 10 power grid projects in US

LG Energy Solution said Thursday its US subsidiary has landed 10 power grid supply deals in the fast-growing US energy storage system market since its launch last year. The projects' total energy storage capacity amounts to 10 gigawatt-hours, the firm said. Based in Texas, LG Energy Solution Vertech provides energy storage system integration services ranging from business solutions to installation, maintenance and repair. The venture was set up in February 2022 after the battery manufacture

IndustryDec. 21, 2023

S. Korea to ease rules on capital gains tax for stock investors

South Korea will loosen rules on the capital gains tax for stock investors in an effort to prevent a possible year-end selling spree and the subsequent market chaos, the finance ministry said Thursday. The country currently levies the tax on shareholders who own stocks worth more than 1 billion won ($766,812), but the government decided to raise the threshold to 5 billion won, according to the Ministry of Economy and Finance. "The measure was in consideration of the recent capital market si

MarketDec. 21, 2023