"Where does Korea stand in tackling climate change? Going forward, what path should we take next to ensure sustainable growth while Korea’s growth model has once led to a successful industrialization?" As I watched the global protest play out on the Global Day of Climate Action on Sept. 25, I found myself ruminating about Korea’s position in the global response to climate change which is so often condensed into the word "Green." In 2015, governments around the w

South Korea's reliance on trade reached the lowest in three years last year due to a slump in overseas sales, data showed on Sunday. According to the data compiled by Statistics Korea, the reliance on trade, measured by dividing the country's total trade by gross domestic product, stood at 63.51 percent last year, down 2.57 percentage points from a year earlier. The 2019 tally marks the lowest since 2016, when the comparable figure was 60.11 percent, the data showed. The country's reliance on

South Korean shares are likely to move in a tight range in the coming week amid rising uncertainties from the presidential election and stimulus talks in the United States, analysts said on Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,341.53 points on Friday, dropping 2.11 percent from the previous Thursday, the last session before the holiday weekend. Local analysts attributed the KOSPI's weekly decline to the resurgence in COVID-19 outbreaks at home. South K

Car sharing firm Socar said Friday that it has newly attracted 60 billion won of funding from investors, achieving unicorn status with a corporate value of 1 trillion won ($872.6 million). With Socar’s latest addition to the unicorn list, South Korea now has 12 unicorn companies, including ecommerce firm Coupang, fintech company Viva Republica and accommodation booking services operator Yanolja. Socar is Korea’s first mobility unicorn. “As Socar has received a combined 6

Share price of Big Hit Entertainment, an entertainment agency behind K-pop boy band BTS, slid for two straight days right after the high profile initial public offering Thursday. The company’s stock price traded 19.77 percent lower at 207,000 won ($180.6) in intraday trading Friday. After soaring by 30 percent to 351,000 won on its Thursday debut on the main bourse Kospi, the stock closed at 258,000 won, down 4.4 percent from the opening price of 270,000 won. BTS’ offering price s

South Korean shares retreated for a fourth consecutive session Friday, largely on concerns that the COVID-19 resurgence in major economies may hurt exports. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 19.68 points, or 0.83 percent, to close at 2,341.53. Trading volume was moderate at about 908 million shares worth some 11 trillion won ($9.6 billion), with losers outnumbering gainers 622 to 240. Foreigners sold a net 173 billion wo

South Korea shed nearly 400,000 jobs last month as a resurgence of coronavirus cases weighed on the labor market recovery, data showed Friday.  The number of employed people in Asia’s fourth-largest economy stood at 27.01 million as of end-September, down 392,000 from a year earlier, according to the monthly employment data compiled by Statistics Korea. This latest on-year decline was the sharpest in four months, continuing the downward trend for a seventh consecutive month since Ma

South Korea’s buyout firm IMM Private Equity is looking for a buyer for Taihan Electric Wire starting November, five years after it invested 300 billion won ($261.7 million) in the then-debt-saddled company for a controlling stake, according to sources Friday. Shares of Taihan, the nation’s No. 2 power transmission wire maker, rose sharply on the Korea Exchange’s main bourse Kospi on Friday. At 12:30 p.m., Taihan shares were trading 9.8 percent higher than the previous day&rs

South Korea's electricity consumption fell to a four-year low in August in the wake of the coronavirus pandemic and a long rainy season, data showed Friday. Power sales in Asia's fourth-largest economy came to 44,599 gigawatt-hours (GWh) in August, down 6.2 percent from a year earlier, according to the data from state utility Korea Electric Power Corp. (KEPCO). The figure is the lowest industrial power consumption for August since the 44,412 GWh registered in the same month of 2016. It also r

SEJONG -- South Korea's finance minister said Friday that the government plans to introduce multiple voting rights for non-listed venture startups to help shareholders strengthen their control over companies. Finance Minister Hong Nam-ki said the scheme is aimed at encouraging venture startups to get major investment deals, while defending companies against hostile takeovers. The scheme could allow one stock to give 10 votes if a non-listed venture startup faces a hostile takeover. However

Major South Korean lender Woori Bank said Friday it has issued AU$400 million ($283 million) in bonds in Australia as part of efforts to help coronavirus-hit South Korean firms and finance eco-friendly projects. The three-year "Kangaroo" bonds come in two tranches -- floating-rate bonds worth AU$250 million and fixed-rate debt worth AU$150 million, the lender said. The floating-rate bonds carry an interest rate of 0.72 percentage point above the Australian bank bill swap rate, with t

The Bank of Korea (BOK) will maintain a soft monetary policy to bolster the recovery of the South Korean economy hit by the coronavirus pandemic, the top central banker said Friday. "The BOK will keep its monetary policy accommodative to help the domestic economy bounce back," BOK Gov. Lee Ju-yeol said at the start of an annual parliamentary audit of the central bank. In the process, the BOK will keep close tabs on the impact of the coronavirus pandemic on the economies and financial

SEJONG -- Economic recovery has shown signs of delay due to a resurgence in new coronavirus infections in mid-August, but the pace of decline in exports eased, the finance ministry said Friday. In a monthly economic report, called the "Green Book," the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the virus resurgence. "Indicators of domestic consumption and employment took a turn for the worse because of a resurgence in COVID-1

South Korean shares opened lower Friday as a resurgence of the new coronavirus could dampen hopes of a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.3 point, or 0.01 percent, to 2,360.91 in the first 15 minutes of trading. Stocks traded bearish after the KOSPI lost for a third consecutive day the previous session. The Dow Jones Industrial Average went down 0.07 percent, to close at 28,494.2 on Thursday (New York time), with the Nasdaq Composite and

SEJONG-- South Korea lost about 392,000 jobs in September, marking a decline in the number of the employed for the seventh consecutive month, as the coronavirus pandemic hammered job markets, data showed Friday. The country's jobless rate rose by 0.5 percentage point on-year to 3.6 percent in September, with the number of employed people falling to 27.01 million, according to the data compiled by Statistics Korea. It marked the longest fall since the eight months of decline posted in 2009 ami