The South Korean and Vietnamese presidents agreed to take ties to a higher level at a summit held in Seoul on Monday, as Asia’s fourth-largest economy steps up its push to expand its reach into Southeast Asia amid the rising US-China tech rivalry. The three-day summit, which started Sunday and had last taken place 11 years ago, is the latest highlight of the Yoon Suk-yeol administration’s drive to reduce its economic dependence on Seoul’s largest trading partners -- China and t

Politics Dec. 5, 2022

Two South Korean sailors abducted by unidentified pirates near the Gulf of Guinea nine days ago arrived at Ivory Coast’s main port of Abidjan on early Saturday, all in good health, the Foreign Ministry said. All 19 crew members, including 17 Indonesians aboard a Marshall Islands-flagged oil tanker -- towed to port by a tugboat -- were freed a day after pirates took over the vessel on Nov. 24 in what authorities suspect to be crude theft, worth at least 3 billion won ($2.3 million), accordi

Foreign Affairs Dec. 4, 2022

The Foreign Ministry said Friday the South Korean government had asked the US government to ease its tax rules on electric vehicles so Korean automakers are not unfairly put at a disadvantage over EV incentives. The Inflation Reduction Act, effective since Aug. 16, leaves out Hyundai Motor and its affiliate Kia from federal tax credits since they do not make their electric vehicles in North America. Rules that go in effect on Jan. 1 next year also require at least 40 percent of the monetary valu

Foreign Affairs Dec. 2, 2022

SEOGWIPO, Jeju Island -- Fighting off “megathreats” or an avalanche of disasters involving political, economic, financial, technological and environmental challenges will be the priority for the international community for the next 20 years, as an anti-America coalition led by China seeks out a world less dominated by the previously undisputed superpower, according to American economist Nouriel Roubini. The emeritus professor of economics at New York University -- who is better known

Foreign Affairs Dec. 2, 2022

President Yoon Suk-yeol will meet with Vietnamese President Nguyen Xuan Phuc in Seoul on Monday to elevate their 30 years of diplomatic ties, as South Korea looks to expand its reach into Southeast Asia. During Phuc’s three-day state visit that starts Sunday -- the first of its kind Yoon will be hosting since he came to office in May -- the two leaders will discuss a number of topics from security and business to any other issues that need immediate attention, Yoon’s office said in a

Politics Dec. 1, 2022

The insult North Korea hurled at President Yoon Suk-yeol and his administration last week for pursuing additional sanctions on the isolated country after its missile launches is evidence that efforts led by South Korea and the US to curb Pyongyang’s nuclear ambitions are in fact working, according to Yoon’s US envoy. On Thursday, Kim Yo-jong -- the powerful younger sister of North Korean leader Kim Jong-un -- called Yoon and his government “idiots” serving its master, the

Foreign Affairs Nov. 29, 2022

An unresolved dispute over compensating South Koreans forced to work for Japanese companies during World War II is likely to be the source of unease preventing the two leaders from meeting for some time, experts said Monday shortly after Seoul quickly downplayed speculation over a potential summit taking place by the end of the year. Seoul and Tokyo are working to reset their strained ties as President Yoon Suk-yeol -- who came to office in May vowing to address the issue -- steps up efforts to

Foreign Affairs Nov. 28, 2022

The Bank of Korea raised its policy rate by 25 basis points Thursday, returning to its usual pace of tightening as growth and credit markets falter in the face of 24-year-high inflation running close to three times the central bank’s 2 percent target. The unanimous decision the seven-member board reached to put the current rate at 3.25 percent -- a rise of 275 basis points since August last year -- underscored the central bank’s commitment to more increases despite their impact on gr

Economy Nov. 24, 2022

The latest probe by the Korea Exchange into alleged market manipulation by two foreign investment banks in South Korea is creating friction between the bourse operator and global investment banks, amid Seoul’s push for recognition in the Morgan Stanley Capital International developed market index. According to sources Wednesday, the KRX is looking to fine the Seoul offices of Morgan Stanley and CLSA, a Hong Kong-based investment bank, for having failed to warn investors in advance when a r

Market Nov. 23, 2022

As colliding shocks prompted by inflation rocks the global economy, policymakers are managing their expectations for growth while companies are searching for ways to ride out the disruptions following a potential global recession. The pace of recovery will be as much different as the size of the impact and there is no universal way of preventing and mitigating such a crisis in coming years. For South Korea, however, the antidote lies in finding new markets to avoid overdependence and launching s

Industry Nov. 23, 2022

With the global success of BTS reaching new heights, there are some who think this might be a high-water mark for K-pop. But a Singaporean entrepreneur who has himself debuted as a singer in South Korea is more optimistic, saying embracing global talent is one way to expand K-pop’s reach. “As K-pop is widely loved globally, it would be to its advantage to be even more globally inclusive to talents worldwide,” David Yong, chief executive of Evergreen Group Holdings, said in an i

Industry Nov. 22, 2022

Hana Financial Group and SK Telecom -- one of the five biggest lenders and the largest mobile carrier by subscribers in South Korea, respectively -- are ramping up a joint initiative to expand their presence in fintech, an industry built on making the best of financial and tech companies amid a rush to a digitalized economy. The partnership is the latest highlight of a race to outgrow the traditional financial systems by the five banking giants: KB Kookmin, Shinhan, Hana, Woori and NongHyup. The

Industry Nov. 20, 2022

South Korea’s major business groups said Thursday they had asked US lawmakers and Cabinet members of the Joe Biden administration to grant Korea a three-year extension to the US Inflation Reduction Act so that Korean automakers can keep receiving electric vehicle incentives there. The law, effective since Aug. 16, is leaving out Hyundai Motor and its affiliate Kia from federal tax credits since they do not make their electric vehicles in North America. Rules that go in effect on Jan. 1 nex

Industry Nov. 17, 2022

Small and medium-sized businesses in South Korea are demanding more foreign workers than the government plans to bring in next year to plug the growing skills shortage, data showed Wednesday. According to a survey conducted this month by the Korea Enterprises Federation, one of the five major business lobby groups, 55 percent of the 307 companies -- comprising those with fewer than 300 employees -- welcomed the government plan to add a 110,000-strong foreign workforce next year, a roughly 50 per

Industry Nov. 16, 2022

South Korea’s import prices rose annually at their slowest pace in 15 months in October, fueling speculation over an inflation peak ahead of the central bank’s rate hike next week -- the last one for the year in the face of 24-year-high inflation. Preliminary data from the Bank of Korea showed Tuesday that import prices rose 19.8 percent, at the slowest rate since July 2021, though they edged up for the second straight month in October on higher energy import costs. The depreciating

Economy Nov. 15, 2022