SEOUL, Oct. 1 (Korea Bizwire) – South Korea and the United States have reaffirmed a fundamental principle to avoid manipulating exchange rates and to monitor the “stability” of the foreign exchange (FX) market, Seoul’s finance ministry said Wednesday. The two countries have agreed to “avoid manipulating exchange rates or the international monetary system to prevent [...]
SEOUL, Sept. 30 (Korea Bizwire) — Samsung C&T has taken a tangible step toward reimagining urban housing with the completion of a “Next Home” test bed in Yongin, south of Seoul. The three-story, 554-square-meter facility showcases technologies designed to break away from the rigid apartment layouts that have long dominated South Korea’s housing market. Instead, [...]
SEOUL, Sept. 30 (Korea Bizwire) — Naver Corp.’s sudden move to acquire Dunamu, operator of the global cryptocurrency exchange Upbit, has sent shock waves through South Korea’s technology sector, raising questions about the search giant’s long-term strategy and corporate governance. The deal, announced six months after founder Lee Hae-jin’s return as chairman of Naver’s board, is [...]
SEOUL, Sept. 30 (Korea Bizwire) — South Korea’s corporate ecosystem has been steadily weakening over the past decade, with fewer employees per company and a rising share of struggling firms unable to cover even their interest payments, a new report shows. According to a study released Sunday by the Korea Chamber of Commerce and Industry [...]
SEOUL, Sept. 29 (Korea Bizwire) — South Koreans believe they will need about 3.5 million won ($2,600) a month to live comfortably in retirement, but most expect to secure only two-thirds of that amount, according to a new survey by KB Financial Group’s research institute. The study, released Sunday, polled 3,000 people aged 25 to [...]
SEOUL, Sept. 25 (Korea Bizwire) — Delinquency rates at South Korea’s major credit card companies hit an 11-year high in the first quarter amid an economic slowdown, the central bank said Thursday. The delinquency rate on loan assets at the major card firms came to 2.3 percent as of end-March, the highest since 2014, according [...]
SEOUL, Sept. 25 (Korea Bizwire) — The likelihood of South Korea facing a debt problem as seen in some European economies remains “limited,” a local analyst said Thursday, dismissing concerns that President Lee Jae Myung’s expansionary fiscal policy may strain the local economy. Ahn Jae-kyun, an analyst at Korea Investment & Securities Co., made the [...]
SEOUL, Sept. 25 (Korea Bizwire) — A top South Korean presidential aide said Wednesday that a potential currency swap with the United States is an essential safeguard in ongoing trade talks, but not sufficient on its own to resolve the thorny negotiations. Kim Yong-beom, presidential chief of staff for policy, told reporters in New York [...]
NEW YORK, Sept. 24 (Korea Bizwire) – President Lee Jae-myung told U.S. Treasury Secretary Scott Bessent that he expects ongoing trade negotiations with Washington to advance in a way that reflects the interests of both countries and rests on “commercial rationality.” The two met in New York on the sidelines of the U.N. General Assembly, [...]
SEOUL, Sept. 24 (Korea Bizwire) — South Korea’s economy is expected to rebound in 2026, driven by easing uncertainties and accommodative policies, an official from the International Monetary Fund (IMF) said Wednesday, calling on the country to put in efforts to revitalize domestic consumption and accelerate structural reforms to further boost growth. “Prolonged domestic political [...]