The private sector should take the initiative in South Korea’s space development, currently led by state-run institutes, and foster the ground equipment and satellite communication service industries for the country to ascend as a space powerhouse, a report suggested Tuesday. The Federation of Korean Industries, a Korean business group, examined the current status of the aerospace industry and suggested development plans through a report commissioned by Kwak Shin-woong, a professor at Kook

Industry Nov. 19, 2024

Young Poong’s bid to buy Korea Zinc has been met with concerns that the takeover of the world’s largest zinc smelter could erode its position in the global markets and cause high-tech supply disruptions. Industry watchers have cast doubt over the ability of Young Poong and private equity firm MBK Partners to run Korea Zinc, which exerts negotiation power in setting global zinc prices. “Based on Korea Zinc’s track record in the zinc smelting market, which has been built

Companies Nov. 18, 2024

South Korea’s finance minister warned against excessively volatile currency moves on Thursday, vowing to take swift action if needed amid the rapid depreciation of the Korean currency against the US dollar. Financial authorities will bolster efforts to stabilize the financial and foreign exchange market experiencing continued fluctuation stemming from uncertainties over major anticipated US policy shifts as Donald Trump won a second term in the White House. “As uncertainties remain

Economy Nov. 14, 2024

Young Poong, the world’s sixth-largest zinc smelter, has been ordered to close down its refinery facility for two months for discharging polluted wastewater without authorization, posing a possible setback in its attempt to take ownership control of Korea Zinc, its affiliate and the world’s largest zinc producer. Earlier this month, the Supreme Court dismissed Young Poong’s request to nullify an administrative order to shut down its Seokpo refinery in North Gyeongsang Provinc

Industry Nov. 11, 2024

South Korea’s Supreme Court has decided to review SK Group Chairman Chey Tae-won’s bid to overturn the country's most expensive divorce suit, opening up the possibility for the head of the nation’s second-largest conglomerate to reduce the size of the settlement. On Saturday, the justices accepted the appeal by Chey who was ordered by the Seoul High Court in May to pay his estranged wife Roh Soh-yeong 1.38 trillion won ($1 billion), or 35 percent of their common wealth, in

Companies Nov. 8, 2024

The export-reliant Korean economy is bracing for Donald Trump’s return to the White House, with the energy and high-tech sectors here expected to bear the brunt of the US policy shift centered on his trade protectionism and the rollback of Joe Biden's green energy push. Korea’s Finance Minister Choi Sang-mok said on Thursday he expected considerable changes in external economic conditions in the wake of President-elect Donald Trump's victory over Vice President Kamala Harri

Economy Nov. 7, 2024

Celebrity chef Paik Jong-won’s franchise company Theborn Korea made a strong debut on the Kospi market Wednesday as investors endorsed his affordable food brands and his popularity grew globally, with a recent Netflix series giving further tailwind to his business. Theborn Korea saw its shares traded as high as 58,100 won ($41.60) at the market open — a 70.9 percent jump compared to the 34,000 won the stock was priced at earlier in the week. That gave the company a valuation of aroun

Industry Nov. 6, 2024

Young Poong, a Korean zinc smelter, has come under fire for environmental violations and an array of industrial accidents occurred at its Seokpo refinery. According to the company, its Seokpo refinery in North Gyeongsang Province was ordered by the Supreme Court to shut down for two months for violating a water conservation law. It is the world's sixth-largest zinc producer, which makes up around 2.4 percent of global production in 2023, according to global energy data provider Wood Mackenz

Industry Nov. 5, 2024

Korea’s main opposition party reversed its plan to introduce capital gains taxes on financial investment income on Monday, putting an end to a four-year stalemate with the ruling party as the underperforming domestic stock market struggles to make a breakthrough. “We decided to agree to the abolishment of the capital gains tax, which the government and the ruling party have been pushing for,” said Rep. Lee Jae-myung, the leader of the main opposition Democratic Party, during

Economy Nov. 4, 2024

Korean authorities expect the United States’ decision to ban outbound investments in artificial intelligence and other technology sectors in China to have a limited impact on South Korea's economy. On Monday, the Biden administration said it finalized rules that will bar US funds from flowing into Chinese technology such as quantum information technologies, AI systems and advanced microelectronics due to national security concerns. The new rules, directed by an executive order signed

Economy Oct. 29, 2024

South Korea’s economy has grown by 0.1 percent in the third quarter from the prior quarter, undershooting forecasts by big margins due to unexpectedly slowed exports, according to preliminary data from the Bank of Korea on Thursday. The country's real gross domestic product -- a key measure of economic growth -- expanded 0.1 percent on-quarter in the July-September period, missing the 0.5 increase forecast by the central bank in August. This is a red flag for Asia’s fourth-large

Economy Oct. 24, 2024

Member companies of the Korea Enterprises Federation met with ambassadors of the European Union on Tuesday to elevate economic cooperation and discuss strategies for embracing the shift in the labor market induced by industrial restructuring. Top officials from 23 EU member nations’ embassies in Korea, including Maria Castillo Fernandez, the ambassador of the EU, attended the business roundtable event hosted by the KEF held at a hotel in Seoul on Tuesday. Sohn Kyung-shik, chairman of the

Economy Oct. 22, 2024

Whether Democratic presidential nominee Kamala Harris or Republican candidate Donald Trump takes the White House, US tariff policy for the next four years is the top concern for Korean firms, according to Korea Chamber of Commerce and Industry poll results on Monday. In a survey conducted on 300 Korean manufacturing companies from Oct. 2-11, over a quarter of Korean companies, or 25.6 percent, said Trump's plan of “expanding universal and reciprocal tariffs” grabbed their at

Economy Oct. 21, 2024

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok vowed to secure the final deal for Czech nuclear plants amid ongoing criticism that it would result in a pork-barrel project. “We will put an utmost effort to ensure that the construction of the Czech nuclear power plant reaches the final contract without any setbacks,” Choi said during a ministerial meeting on external economics. Korea's consortium, led by the state-run Korea Hydro & Nuclear Power, is s

Economy Oct. 17, 2024

The South Korean government will inject 8.8 trillion won ($6.45 billion) next year to advance the country’s semiconductor ecosystem through low-interest loans while accelerating infrastructure construction and nurturing talent. Finance Minister Choi Sang-mok announced a slew of plans for comprehensive support for the chip industry while presiding over a ministerial meeting Wednesday, with firms in the sector clamoring for more concrete measures to catch up to global rivals. “We wil

Industry Oct. 16, 2024