SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, suggested redefining private-public partnerships in his New Year’s message released Thursday, calling for a more mutually beneficial mechanism that helps spur innovations across industries. Chey urged businesses to first change their mindsets, saying that gone are the days where making profits, creating jobs and paying more taxes were considered their key responsibilities. “Things h

Ruling party nominee speaks for greater role of Seoul in peninsula defense

Shinsegae and Seoul Auction are teaming up to expand operations in arts, NFTs and metaverse fields, South Korea’s largest art auction house said Thursday. The department store operator will purchase 28 billion-won ($23.6 million) of new shares issued by Seoul Auction, according to a DART announcement posted by the two firms on Wednesday.  When the acquisition is finalized on Jan. 6, Shinsegae will own a 4.82 percent stake in Seoul Auction. The firm is currently the largest art auc

Samsung Electronics Co. said Thursday it sold four times as many foldable Galaxy Z series phones this year as last year, further solidifying its lead in the fast-growing new smartphone segment. While the South Korean tech giant did not disclose the exact tally, the total sales of the Galaxy Z series is believed to be around 8-9 nine million units this year, led by the popularity of the Galaxy Z Fold3, which folds in half like a book, and the clamshell-type Galaxy Z Flip3, among young tech-savv

Ruling party presidential candidate Lee Jae-myung has widened his lead over his main opposition rival Yoon Suk-yeol to 11 percentage points in a hypothetical four-way race, a survey showed Thursday. Lee of the liberal Democratic Party garnered 39 percent support against Yoon of the conservative People Power Party's 28 percent, according to the survey of 1,000 adults conducted Monday through Wednesday by Embrain Public, Kstat Research, Korea Research and Hankook Research. Lee gained 4 percentag

Bill to lower age bar for electoral posts on the verge of final approval

Park will not receive courtesy as a former president; will only receive security support

South Korean banks' mortgage rates hit the highest level in more than 7 years in November amid rising borrowing costs, central bank data showed Thursday, Banks' mortgage loan rate averaged 3.51 percent in November, up 0.25 percentage point from a month earlier, according to the data by the Bank of Korea (BOK) This marked the highest since July 2014, when the corresponding rate was 3.54 percent.   Banks' unsecured loan rate also rose 0.54 percentage point to 5.16 percent last month,

President Hwang stresses to publish the practical guidebook of stolen asset recovery

South Korea's construction business sentiment gained for a second month in December thanks to increased year-end orders, a poll showed Thursday. The construction business survey index (CBSI) came to 92.5 this month, up 4.1 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. Yet the December figure remains below par. A reading below 100 indicates builders are pessimistic about the current state of the construction industry and out

South Korea's imports via e-commerce reached a new all-time high in 2021 as more people purchased foreign goods online, government data showed Thursday. The country's e-commerce imports stood at $4.15 billion in the first 11 months of this year, up 25.7 percent from a year earlier, according to the data from the Korea Customs Service. The amount for the 11-month period surpasses the full-year figure for 2020. The number of e-commerce transactions came to 79 million during the period, up 40.6

The government on Thursday hinted at easing a real estate holding tax for those who have become temporary multiple homeowners following a call from the ruling party presidential candidate Lee Jae-myung. "There are some positive sides (of Lee's proposal)," Koo Yun-cheol, Minister for Government Policy Coordination, said in a MBC radio interview. He added that the government is currently discussing with the ruling Democratic Party (DP) over its real estate taxation scheme to stabilize

The floor leader of the main opposition People Power Party (PPP) on Thursday demanded a meeting with President Moon Jae-in following revelations that a state investigative agency checked the phone records of its presidential nominee, the nominee's wife and dozens of party lawmakers. The Corruption Investigation Office for High-ranking Officials (CIO) has come under fire over revelations that it obtained the phone records of journalists in an alleged attempt to identify the source of leaks to th

South Korean Olympic short track champion Shim Suk-hee has declined to appeal a recent two-month ban, an official confirmed Thursday, though the skater is mulling other options to get herself reinstated for the Beijing Winter Games in February. The Korea Skating Union (KSU) slapped Shim with the two-month penalty on Dec. 21, over her disparaging remarks on South Korean teammates and coaches in text messages during the 2018 PyeongChang Winter Olympics. Shim had until Wednesday to submit her appe

South Korea's antitrust regulator said Thursday it has imposed a combined fine of 912 million won ($769,500) on 107 affiliates of 40 conglomerates for their failure to properly make public filings on major business information. The Fair Trade Commission (FTC) said it has looked into whether 2,612 affiliates of 71 large business groups subject to public filing obligations have fully made public disclosures of key details about business operations. Large business groups with assets of 5 trillion