SEOUL, March 5 (Korea Bizwire) — South Korea’s economy grew 2 percent last year, matching an earlier estimate, amid slowing export growth, sagging domestic demand and a political crisis, central bank data showed Wednesday. The country’s real gross domestic product (GDP) — a key measure of economic growth — increased 2 percent last year, in [...]
WASHINGTON, March 4 (Korea Bizwire) — U.S. President Donald Trump is set to say Tuesday that South Korea, Japan and other countries want to be partners as his administration is working on a natural gas pipeline in Alaska, according to excerpts of his planned address to a joint session of Congress. The White House released [...]
SEOUL, March 5 (Korea Bizwire) — The government announced Wednesday its plan to create a 50 trillion-won (US$34.4 billion) fund to support the semiconductor, rechargeable battery, bio, artificial intelligence (AI) and other advanced industries as part of efforts to bolster South Korea’s industrial competitiveness. The plan was endorsed at a weekly meeting of economy-related ministers, [...]
SEOUL, March 5 (Korea Bizwire) — The state arms procurement agency delivered a training simulator to the Navy on Wednesday to help train troops to operate high-speed amphibious landing craft, officials said. The Navy has sought to train more personnel to steer the vessels designed to play a key role in amphibious landing operations. The [...]
SEOUL, March 5 (Korea Bizwire) — Around 1,500 North Korean soldiers who were believed to be additionally deployed to Russia have been already on front lines to aid Russia’s war against Ukraine, a South Korean lawmaker who recently visited Kyiv said Wednesday, citing Ukraine’s defense intelligence agency. Rep. Yu Yong-weon of the ruling People Power [...]
SEOUL, March 5 (Korea Bizwire) — SSG Landers starting pitcher Kim Kwang-hyun will be the highest-paid player in South Korean baseball this year, the league office announced Wednesday. The Korea Baseball Organization (KBO) released salary data for the upcoming season. It said Kim, who pitched for the St. Louis Cardinals from 2020 to 2021, will [...]
SEOUL, March 5 (Korea Bizwire) — A government audit has uncovered a growing black market for discounted goods from military stores, with unauthorized resellers exploiting various loopholes to secure products for resale through online marketplaces. According to a Defense Ministry audit report released by the Board of Audit and Inspection (BAI) on March 4, resellers have increasingly [...]
SEOUL, March 5 (Korea Bizwire) — The premium on South Korean gold prices, which had been trading more than 20% above international rates, has rapidly declined, leading to heightened market volatility. At one point, domestic gold prices dropped at 15 times the rate of global gold prices, triggering increased investor caution. According to the Korea [...]
SEOUL, March 5 (Korea Bizwire) — The escalating tariff war initiated by U.S. President Donald Trump is disrupting the decades-old global free trade system, triggering a shift toward protectionism among major economies, including China. The retreat from free trade threatens export-driven economies like South Korea, which now faces mounting challenges amid intensifying U.S.-China economic rivalry. [...]
SEOUL, March 5 (Korea Bizwire) — Microsoft and Epic Games have withdrawn from the Korea Game Industry Association, marking a significant shift in their engagement with the South Korean gaming market. Both companies, which operate major gaming platforms Xbox and Epic Games Store, respectively, have been removed from the association’s membership roster, industry officials confirmed today. [...]