FTA with UAE could boost Korean automakers

South Korea signed a bilateral free trade deal with the United Arab Emirates Saturday, hoping to provide a tailwind for Korean automakers' outbound shipments and to help securing stable source for crude oil. The two countries concluded talks towards a Comprehensive Economic Partnership Agreement, a kind of FTA that covers trade in services and investment and regulatory aspects, as well as goods. Under the deal, Korea will remove tariffs on 92.8 percent of all items traded, and the UAE will

IndustryOct. 15, 2023

[KH Explains] Amazon's cloud industry plans raise fears of monopoly in Korea

Not satisfied with its dominant position in the Korean market, Amazon Web Services, the cloud business arm of US tech giant Amazon, appears to be attempting to occupy an even greater presence here with an aggressive investment strategy, putting domestic companies under growing pressure. According to a recent announcement made by AWS in Seoul, it plans to invest 7.85 trillion won ($5.88 billion) in Korea’s cloud computing infrastructure by 2027. The amount is about triple its previous 2.73

TechnologyOct. 15, 2023

Over 90% of fines for illegal short selling imposed on foreign firms

More than 90 percent of all fines for illegal short selling of stocks have been issued to foreign financial firms, government data showed, amid calls from Korean retail investors for stricter regulation. According to Financial Services Commission data submitted to Rep. Yun Ju-kyung of the ruling People Power Party, the regulator dealt with 45 cases of illegal short selling in the first eight months of the year, with total fines exceeding 10.7 billion won ($7.9 million). Of the 45 cases, 23 invol

IndustryOct. 15, 2023

Seoul defense exhibition aims to boost arms exports

The Seoul International Aerospace and Defense Exhibition, known as Seoul ADEX, kicks off Tuesday with the public debut of Korea's indigenously developed KF-21 Boramae fighter jet, as the country looks to score record-breaking exports for the defense industry this year. The biannual event, which takes place at at the Seoul Airport in Seongnam, Gyeonggi Province, is expected to draw 550 participating companies -- the largest number since it was first held in 1996 -- from 34 countries, according to

IndustryOct. 15, 2023

HMM sale to face hurdles amid slowdown in shipping industry

The sale of South Korea's No. 1 container shipper HMM, which is anticipated to be one of Korea's largest mergers and acquisitions for the second half of 2023, could hit a snag amid a slowdown in the shipping industry, according to industry sources on Sunday. In November, state-owned Korea Development Bank, the largest shareholder of HMM, is reportedly scheduled to select its preferred bidder for the acquisition. Earlier this month, acquisition candidates for HMM were narrowed down to a

IndustryOct. 15, 2023

SK chief discusses ICT partnerships with Estonia, Carribean Community

SK Group Chairman Chey Tae-won discussed economic cooperation with high-ranking government officials from Estonia and the Caribbean Community (CARICOM) during their official visits to South Korea earlier last week, according to the Korean conglomerate on Sunday. On Friday, Chey hosted a luncheon meeting with Estonian President Alar Karis, and other high-ranking officials at the SK building in Seorin-dong, Jongno-gu in Seoul, where they agreed upon various collaboration opportunities between the

IndustryOct. 15, 2023

BOK expected to stand pat this week over growth risks: experts

South Korea's central bank is expected to keep its benchmark rate unchanged at 3.5 percent for the sixth consecutive time this week, with inflation continuing to ease amid lingering concerns about growth, according to experts Sunday. According to a survey of six economic experts conducted by Yonhap News Agency, all of them said the Bank of Korea will likely decide to stand pat at its rate decision meeting Thursday. A 2 percentage-point gap between the key rates of South Korea and the United

EconomyOct. 15, 2023

S. Korea entering 'recovery phase' amid geopolitical uncertainties: Choo

The South Korean economy is entering a "recovery phase" on the back of signs of an export rebound, while the geopolitical tension from the Middle East is emerging as a new uncertainty, the finance minister said Sunday. "We believe that chips are gradually supporting exports again," Finance Minister Choo Kyung-ho said during a meeting with reporters held on the margins of the annual International Monetary Fund and the World Bank meetings in Marrakesh, western Morocco. "Th

EconomyOct. 15, 2023

LG Innotek wins patents for EV charging technology

LG Innotek, an electronic component manufacturer under LG Group, said Sunday that it had earned three international patents in the field of electric vehicle charging. “To leap forward as a No. 1 global company, it is essential to systematically manage and secure international patents and intellectual property rights for core technology,” said Kim Jin-hyun, head of the intellectual property division of the company. “Through our continuous R&D efforts in the field of IP, we w

IndustryOct. 15, 2023

Foreigners turn net sellers of S. Korean stocks for 15 sessions

Foreign investors have dumped South Korean stocks for 15 consecutive trading days, the longest streak logged since 2020, according to the bourse operator Sunday. Foreigners offloaded a net 2.5 trillion won ($1.8 billion) on the benchmark Korea Composite Stock Price Index from Sept. 18 to last Friday, according to the Korea Exchange. Previously, the longest sell-off streak in the Kospi market recorded by foreigners was 30 consecutive trading days from March 5 to April 16 in 2020. During the 15-da

MarketOct. 15, 2023

S. Korea, UAE strike bilateral free trade agreement

South Korea and the United Arab Emirates struck a bilateral free trade agreement Saturday, which is expected to enhance bilateral trade and overall economic relations, Seoul's industry ministry said. South Korea's Trade Minister Ahn Duk-geun and the UAE's foreign trade minister, Thani bin Ahmed Al Zeyoudi, signed the joint statement on the conclusion of negotiations for the bilateral Comprehensive Economic Partnership Agreement in Seoul, according to the Ministry of Trade, Industr

EconomyOct. 14, 2023

Choo calls for end to protectionism, supply chain recovery during G20 meeting

MARRAKESH, Morocco -- South Korea's finance minister called Saturday for concerted international efforts to end protectionism and recover supply chains to address economic challenges stemming from Russia's protracted war in Ukraine, COVID-19 and other factors. Finance Minister Choo Kyung-ho made the call during the two-day G20 Finance Ministers and Central Bank Governors Meeting held in Marrakesh, Morocco, which ended Friday, according to the Ministry of Economy and Finance. Choo calle

EconomyOct. 14, 2023

S. Korea has 'no urgency' to cut key lending rate soon: IMF director

MARRAKESH, Morocco -- South Korea has "no urgency" to lower its key lending rate as bringing down inflation still remains a priority, a director at the International Monetary Fund said Saturday. Krishna Srinivasan, the director of the Asia and Pacific Department at the IMF, made the remarks, noting that the Bank of Korea has "appropriately" maintained a monetary policy tightening approach as inflation remains elevated above its 2-percent target. "Given the fact that infl

EconomyOct. 14, 2023

S Korea, UAE agree to increase bilateral flight ceiling to 21 per week

South Korea and the United Arab Emirates have agreed to increase the maximum number of commercial flights connecting the two countries to 21 per week, according to the transportation ministry Saturday. The agreement to raise the current ceiling of 15 flights per week was reached during aviation talks held in Seoul on Thursday and Friday. The UAE has reportedly demanded that South Korea expand the number of allowed bilateral flights, as much as threefold or fourfold, from the current ceiling. The

IndustryOct. 14, 2023

LS Cable inks partnership for Vietnam submarine cable market

South Korea’s top wire and cable maker, LS Cable & System Asia, has secured a partnership with a Vietnamese state-run company as part of its bid to foray into the underwater cable market in Southeast Asia. LS Cable & System Asia announced Thursday that it has signed a memorandum of understanding for a submarine cable business partnership with PetroVietnam Technical Services Corporation, a subsidiary of Vietnam-owned oil and gas group, PetroVietnam. PTSC provides the technical servi

IndustryOct. 13, 2023

S. Korea may decide to increase medical student quota as early as next week

The South Korean government may announce its plan to increase the medical school enrollment quota as early as next week, according to local reports Friday. The government is reportedly reviewing a plan to increase the medical school enrollment quota by 500, from the current quota of 3,058, which has remained unchanged since 2006. If expanded, the new quota will be applied starting in 2025. Minister of Health and Welfare Cho Kyu-hong also said, “We are preparing to reflect it in the 2025 co

IndustryOct. 13, 2023

BOK wins lawsuit on face of Korea's 100 won coin

The face of Korea’s 100 won coin -- which shows a portrait of legendary Navy Adm. Yi Sun-sin (1545-1598) from the Joseon era -- will be maintained, after a court sided with the Bank of Korea in a copyright lawsuit. The Seoul Central District Court confirmed a ruling Friday that the Bank of Korea has the right to use the portrait image of Yi, which was created by the late painter Jang Wu-seong, the BOK said. Jang’s bereaved family filed a lawsuit on Oct. 9 against the Bank of Korea,

IndustryOct. 13, 2023

Seoul shares dip 1 pct on Fed rate hike woes, won sharply slides

South Korean stocks fell by almost 1 percent Friday, as investors moved to lock in profits from recent gains on concerns about high inflation and the Federal Reserve's tightening push. The local currency fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index shed 23.67 points, or 0.95 percent, to close at 2,456.15, ending a two-day winning streak. Trading volume was a bit slim at 576.69 million shares worth 7.06 trillion won ($5.23 billion), with losers outpacin

MarketOct. 13, 2023

South Korean oil payments for Iran frozen again over Hamas links

South Korea's $6 billion payment for Iranian crude oil has been frozen by the US administration again due to rising tensions regarding Iran's suspected links to the militant group Hamas, according to reports from multiple media outlets on Friday, including The New York Times. These funds were originally intended for humanitarian assistance under strict US oversight. Now held in a Qatari bank, they are caught up in a diplomatic tangle following recent Hamas-initiated hostilities against

EconomyOct. 13, 2023

Samsung owns largest No. of Israeli subsidiaries among S. Korean conglomerates: report

Leading South Korean conglomerates with affiliates in Israel, including Samsung Electronics, are keeping a close watch on the heightened conflict in the Middle East, a report by corporate tracker Korea CXO Institute showed Thursday. Among the nation’s 82 companies with more than 5 trillion won ($3.7 billion) in assets, four conglomerates, including Samsung, SK, LG and OCI, operate subsidiaries in Israel, owning at least a 50 percent stake in the affiliates. Samsung has the largest number o

IndustryOct. 13, 2023