SEOUL, Nov. 24 (Korea Bizwire) – South Korea’s terms of trade deteriorated slightly in October from a year earlier, as a rise in export prices was offset by a hike in import costs, central bank data showed Friday. The terms of trade index for products came to 101.74 in October, down 1.5 percent from a [...]
SEOUL, Nov. 23 (Korea Bizwire) – South Korea’s major business associations remain less eager to sponsor the 2018 PyeongChang Winter Olympics only two months away due to strengthened anti-corruption laws, industry insiders people said Thursday. In a meeting arranged by Lee Hee-beom, who heads the winter sports games organizing committee, the country’s six leading business lobbies have been less willing to support the winter sports games [...]
SEOUL, Nov. 23 (Korea Bizwire) – South Korea agreed Thursday to provide financial support worth up to US$2.5 billion toUzbekistan, including $500 million in official Economic Development Cooperation Fund (EDCF) loans, the presidential office Cheong Wa Dae said. The pledge came as part of the economic cooperation agreements signed shortly after a bilateral summit between South Korean President Moon Jae-in and his Uzbek counterpart, [...]
SEOUL, Nov. 20 (Korea Bizwire) – The family that owns South Korea’s No. 1 conglomerate Samsung Group fell a notch in the list of Asia’s richest families, data showed Monday. According to the list compiled by U.S.-based business magazine Forbes, the Lee family held assets estimated at US$40.8 billion this year, which puts them below [...]
SEOUL, Nov. 17 (Korea Bizwire) – Despite record KOSPI earnings, only a small number of conglomerates have reported significant increases in profits this year. According to reports from the Korea Exchange, the accumulated net earnings of 525 KOSPI-listed companies during the first three quarters were estimated to be around 92.5 trillion won, up 34.2 percent from [...]
SINGAPORE, Nov. 16 (Korea Bizwire) – Singapore recently banned all commercial trade with North Korea in compliance with the U.N. resolutions against the communist country’s nuclear and missile tests. In its Nov. 7 Circular sent to traders, Singapore Customs announced a prohibition of all commercially traded goods that are imported from or exported to the North through Singapore. As to noncommercial transactions with the North, the ban applies to [...]
SEOUL, Nov. 14 (Korea Bizwire) – South Koreans’ satisfaction with their consumer life rose compared to two years ago on the back of improvements in key sectors such as food and clothing, a poll showed Tuesday. The index gauging consumer satisfaction rose 12.8 points from 63.8 in 2015 to 76.6 this year, according to the [...]
SEJONG, Nov. 10 (Korea Bizwire) – South Korea’s finance minister on Friday met with officials from the International Monetary Fund (IMF) and discussed the country’s economic and financial policies, the ministry here said. Finance Minister Kim Dong-yeon held a meeting in Seoul with the IMF mission led by Tarhan Feyzioglu, which has been on a [...]
SEOUL, Nov. 10 (Korea Bizwire) – South Korea said Friday it will provide more compensation to domestic companies for their losses stemming from investments in inter-Korean projects which have now been suspended due to political tension. The support will be given to those involved in the joint industrial complex in Kaesong closed in 2016, the [...]
SEJONG, Nov. 10 (Korea Bizwire) — When President Moon Jae-in took office after his victory in the unprecedented presidential by-election in May, he was confronted with tough challenges ranging from social upheaval caused by his predecessor to heightened regional diplomatic and military tensions. One of the biggest issues confronting the chief executive was finding a [...]