Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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Legoland Korea Resort to open until 9 p.m.
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Korea-Indonesia biz forum to kick off on Nov. 30
The Korea-Indonesia Cooperation Forum, under the theme "K-Wave & I-Wave, Together for the Future," will take place on Nov. 30 in Jakarta to commemorate the 50th anniversary of bilateral diplomatic ties. Organized by Herald Corp., the publisher of The Korea Herald and Herald Business, jointly with the Indonesian Chamber of Commerce and Industry, the Embassy of Indonesia in Korea, the Embassy of Korea in Indonesia, and the Indonesian Employers’ Association, this forum aims to
Nov. 8, 2023
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US Treasury removes Korea from currency manipulation watchlist
South Korea has been removed from the US Treasury Department’s list of trading partners that it closely monitors for unfair foreign exchange practices, according to the department’s announcement Tuesday. It is the first time since 2016 for Korea to be pulled from the list. In its biannual report to the US Congress, the US Treasury placed six economies on its "monitoring list" -- China, Germany, Vietnam, Malaysia, Singapore and Taiwan -- and removed South Korea and Switzer
Nov. 8, 2023
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S. Korea to inject 78 tln won in trade financing to boost exports
South Korea's industry ministry said Wednesday it plans to inject 78 trillion won ($59.7 billion) by the end of this year in trade financing to keep outbound shipments on the recovery track. South Korea's exports moved up on-year for the first time in 13 months in October, driven by robust automobile shipments, along with signs of improvement in the chip sector. The fund will be raised by state-run institutions, including the Korea Trade Insurance Corp. and Export-Import Bank of Korea,
Nov. 8, 2023
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S. Korea logs current account surplus for 5th month in September
South Korea logged a current account surplus for the fifth straight month in September on the back of a widened trade surplus and increased dividend income from overseas, central bank data showed Wednesday. The country's current account surplus reached $5.42 billion in September, following the surplus of $4.98 billion the previous month, according to preliminary data from the Bank of Korea. September's surplus came as the country's trade balance has remained in the black for six s
Nov. 8, 2023
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Fed's rate-pause guess is overstated: Summers
The Federal Reserve's rate hike may not have come to an end given strong economic performance, although long-term neutral interest rate will come down to a 2 percent range, former US Treasury Secretary Lawrence Summers said Monday. Early this month, the Fed held its benchmark lending rate steady between 5.25 and 5.50 percent for a second consecutive time as it keeps striving to bring down inflation to its 2-percent target. But it left open the possibility of a rate change later to achieve &
Nov. 6, 2023
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World Cup in Saudi Arabia sparks human rights protest
The appointment of Saudi Arabia as the host for the 2034 FIFA World Cup has elicited a backlash from multiple human rights groups over the nation's contentious rights record, coming just weeks before the final decision on its bid for the World Expo 2030. FIFA President Gianni Infantino confirmed the host as the only bidder last Tuesday after Australia withdrew its bid hours before the Tuesday deadline. Critics are primarily concerned about the potential exploitation of migrant workers who w
Nov. 5, 2023
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[Hello Indonesia] Korea, Indonesia to bolster ties on future growth drivers
South Korea and Indonesia, marking the 50th anniversary of diplomatic ties this year, are seeking to further extend their economic cooperation in key areas from electric mobility and infrastructure to finance, as both countries are eager to nurture future growth drivers. Over the past five decades, the two countries have enhanced their economic and business partnership. The trade volume has surged from $185 million in 1973 to $26 billion in 2022, with Indonesia becoming Korea’s 11th-larges
Nov. 5, 2023
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Hana Bank to offer W100b in support for small business owners
Hana Bank is set to roll out a comprehensive financial support scheme worth 100 billion won ($75.6 million) to support small and medium-sized businesses, amid a prolonged economic slowdown and high interest rates. The program aims to offer cashback on interest payments, subsidies on utility and telecommunication bills as well as consulting services to a total of 308,500 individual business owners, according to the bank Sunday. It will be implemented in phases starting next month, alongside its
Nov. 5, 2023
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S. Korea to set up task force to put rising prices under control
The South Korean government will set up a task force to focus on price controls for key food items, such as milk and coffee, in response to the recent spike in food prices, officials said Sunday. Under the TF, government officials will be responsible for monitoring the prices of each of the seven price-sensitive food items to keep a close eye on their prices, according to the Ministry of Agriculture, Food and Rural Affairs. The items comprise instant noodles, bread, snacks, coffee, ice cream, su
Nov. 5, 2023
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Woori Bank establishes Bangladesh regional headquarters
Woori Bank, one of South Korea’s top four commercial banks, announced Friday that it has opened a new regional headquarters in Bangladesh that will be in charge of managing six other branches in the country. The Korean bank said it has turned the Dhaka branch into the country's main headquarters on Tuesday, with the purpose of serving as a control tower of financial management, internal control and risk management, marketing, and consulting service for Korean companies seeking to expa
Nov. 3, 2023
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Asiana to sell cargo biz to help Korean Air win EU approval for takeover
Asiana Airlines Inc., South Korea's second-largest air carrier, said Thursday its board approved a plan to sell the company's cargo business, in a decision that could help Korean Air Co. win antitrust approval from European Union regulators for its takeover of the rival. In a regulatory filing, Asiana announced the board's decision, noting it as a part of remedial measures for Korean Air to be submitted to the European Commission to win approval for the merger. The decision came t
Nov. 2, 2023
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BOK breathes sigh of relief after Fed pauses rate hikes
The US Federal Reserve’s second consecutive decision to maintain its key rate has lifted some of the weight off the Bank of Korea, which has been in a standstill amid rising economic uncertainties. The Federal Open Market Committee on Wednesday decided to hold the rate steady between 5.25 percent and 5.5 percent, continuing a rate freeze from September. "With the FOMC’s decision meeting market expectations, the global financial market remained calm in the early morning,"
Nov. 2, 2023
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Industry ministry checks supplies of oil, gas over Middle East conflict
South Korea's industry ministry said Thursday it held a meeting with relevant authorities to check supplies of oil and gas as concerns grow over price volatility due to the widening Israel-Hamas war. "There have been concerns over prices in the early stages of the conflict, but no disruptions have been reported so far," Yoo Beop-min, director general of the ministry's resources policy, told the meeting. Prices of gasoline and diesel currently remain "relatively stable,&q
Nov. 2, 2023
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S. Korea's inflation grows faster, stays over 3 pct for third month in Oct.
South Korea's inflation grew at a faster pace in October, staying above 3 percent for the third consecutive month, due to higher prices of energy and farm goods, data showed Thursday. Consumer prices, a key gauge of inflation, rose 3.8 percent last month from a year earlier, compared with a 3.7 percent on-year increase the previous month, according to the report from Statistics Korea. It is the third month in a row that the annual price growth has picked up pace, though inflation has genera
Nov. 2, 2023
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US Fed keeps key lending rate unchanged for second consecutive time
The US Federal Reserve held its benchmark lending rate steady at a 22-year high for a second consecutive time during a monetary policy meeting on Wednesday, as it keeps striving to bring down inflation to its 2-percent target. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to keep the rate between 5.25 and 5.50 percent. But it left open the possibility of a rate change later to achieve "maximum" employment and its inflation target. In t
Nov. 2, 2023
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Exports log first rise in 13 months in sign of trade recovery for Korea
South Korea's exports are showing signs of recovery, as the country’s outbound shipments in October rose on-year for the first time in 13 months. The country’s exports in October stood at $55.09 billion, a 5.1 percent increase from the same month last year. Imports declined by 9.7 percent to $53.5 billion, resulting in a trade surplus, according to preliminary data compiled by the Ministry of Trade, Industry and Energy and Korea Customs Service. Daily trade volume, taking into c
Nov. 1, 2023
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AmCham reaffirms Korea-US alliance in Washington
The American Chamber of Commerce in Korea said Wednesday that its delegation successfully concluded the three-day trip to Washington from Oct. 24-26, as part of its annual business promotion program it calls “Doorknock.” Over the course of three days, the delegation reaffirmed bilateral ties the two countries have established over the last seven decades, convening with key government officials of the Joe Biden administration as well as members of the US Congress. It also held over 30
Nov. 1, 2023
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Industrial output, retail sales, investment all rise in September: data
South Korea's industrial output rose for the second consecutive month in September on the back of the turnaround in the semiconductor sector, data showed Tuesday. Retail sales, a gauge of private spending, and facility investment also logged an on-year growth last month, signaling a gradual economic recovery, according to Statistics Korea. It was the first time since May that the country reported an increase in the three major indicators on industrial activities. Industrial output advanced
Oct. 31, 2023
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Retail sales up 9.5 pct in Sept. on strong online demand
Retail sales in South Korea advanced 9.5 percent on-year in September amid the strong performance of online platforms coupled with the Chuseok holiday, data showed Monday. The combined sales of 25 major offline and online retailers came to 15.3 trillion won ($11.2 billion) last month, compared with 13.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms saw their sales advance 12 percent to 7.46 trillion won on the back of
Oct. 30, 2023
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Exports of passenger cars up 16 pct in Q3 on eco-friendly models
Exports of passenger cars moved up 16 percent in the third quarter of 2023 from a year earlier following robust demand for eco-friendly models, data showed Monday. South Korean carmakers shipped $14.6 billion worth of passenger cars over the July-September period, rising from $12.6 billion tallied a year earlier, according to the Korea Customs Service. The number of cars shipped reached 610,000, also advancing 2.9 percent over the period. Exports of eco-friendly models especially shot up 35.6 pe
Oct. 30, 2023