Raonsecure, a South Korean biometric authentication firm, has teamed up with Seoul-based blockchain developer The Loop, to develop an authentication system for online financial services.The firms signed a memorandum of understanding on Feb. 12.  Through the partnership, Raonsecure is expected to build a biometric authentication system on a decentralized platform provided by The Loop.Raonsecure follows the “fast identity online” security standard, which uses fingerprint, iris and

South Korea's inclusion in the United States' list of countries that could have a 53 percent tariff levied on their steel exports is a "red light" in economic relations between the two countries, the main opposition party said Monday.Imposition of the hefty tariff on steel imports from 12 countries was one of three suggestions that the US Commerce Department made to President Donald Trump to protect the local industry. South Korea was the only US ally included in the list."At a ti

South Korean export growth helped create a record 4.47 million jobs in 2017, a report by a local think tank showed Sunday.Asia's fourth-largest economy shipped out $573.7 billion worth of goods last year, the highest amount tallied in a one-year period, with such gains contributing to a large number of new jobs in the country, the findings by the Institute for International Trade showed.The institute said the total exceeded the 4.08 million posts created by exports in 2016, with the job creation

SEJONG -- Sales of local cryptocurrency exchange operators are presumed to have soared more than eightyfold in 2017 compared with a year earlier, data showed Sunday.According to the data released by Rep. Park Kwang-on of the ruling Democratic Party, accumulated commission-related sales of some 30 cryptocurrency exchange operators are presumed to have reached 700 billion won ($648 million) as of the end of last year, compared with an estimated amount of 8 billion won as of the end of 2016. South

A report by the International Monetary Fund showed Sunday that South Korea's potential growth rate will hover at low 2 percent levels in the 2020s and dip to the 1 percent range in the 2030s due to various factors.The Washington-based global monetary organization said in its assessment of annual talks with South Korean policymakers, Asia's fourth-largest economy will face tough challenges in productivity and distortions in the country's labor market.It said Seoul needs to expand its social secur

South Korea's domestic coffee market surpassed 10 trillion won in 2017 for the first time ever as demand for the brew continues to rise, market data showed Sunday.According to the Korea Customs Service, the country's coffee market stood at 11.7 trillion won ($10.8 billion), up more than threefold from around the middle 3 trillion-won level a decade earlier.This translates into 26.5 billion cups of coffee being served last year and an average of 512 cups being consumed per person. Asia's fourth-l

South Korean stocks could experience more volatility next week as investors move to rebalance their portfolios to reflect the latest economic data and prospects for the US interest rate following the Lunar New Year holiday, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,421.83 points on Wednesday, the last trading session of this week, with the traditional holiday beginning on Thursday. It marked a 2.39 percent gain compared to last Friday. The local market re

US President Donald Trump has received recommendations on tariffs for steel imports, including those from South Korea, the US Department of Commerce said Friday.The recommendations followed investigations into the impact on national security from imports of steel mill products and wrought and unwrought aluminum, the department said in a statement.The tariffs, if adopted, would be another trade remedy undertaken by the Trump administration following its imposition of tariffs on imports of washing

Despite its repeated pledges to push for drastic deregulation, President Moon Jae-in’s government has been facing criticism for dragging its feet on regulatory reform.Presiding over a debate last month, Moon emphasized the need to take a “revolutionary approach” to lifting regulations, calling for “bold ways that have never been tried until now.”Critics say, however, his administration’s efforts toward deregulation have been limited to selected new industries

Korea's jobless rate remained unchanged at 3.7 percent in January, government data showed Wednesday.The number of employed people reached 26.21 million in January, up 334,000 from a year earlier and accelerating from the previous month's on-year rise of 257,000, according to the report compiled by Statistics Korea.The unemployment rate for young people -- those aged between 15 and 29 -- was 8.7 percent, compared with 8.6 percent a year earlier. The employment rate advanced 0.4 percentage point t

Smart card manufacturer Kona I said Tuesday it has been selected as card supplier of a pilot project by US card firm Visa to develop a biometric payment card using fingerprint recognition technology. The Seoul-based firm will supply battery-free card components featuring energy harvesting technology to create pilots that capture, store and validate the card holder‘s fingerprint on the card, according to the firm. The move is expected to “endorse (Kona I’s) advanced technology a

South Korea will take proactive measures to boost exports to keep the growth momentum going despite rising protectionist policies by major trading partners and fewer working days in February, the trade ministry said Tuesday.The Ministry of Trade, Industry and Energy expected the export growth will slow this month due to fewer working days from the Lunar New Year holiday, which falls later in the week, coupled with rising import restrictions by major economies."The internal and external envi

Concerns are growing among economists and businesses here over the fallout from a reversal of corporate tax rates and interest rates in Korea and the US.Last year, Korea raised the tax rate on companies with annual taxable profits of more than 200 billion won ($184.5 million) to 25 percent from 22 percent, whereas a tax overhaul passed by the US Congress last month lowered the maximum corporate tax rate to 21 percent from 35 percent.Next month is likely to see a US benchmark interest rate exceed

The United States exported record-high $48.28 billion worth of goods to South Korea in 2017, while Korea exported $71.16 billion of products to the US, data by the US Department of Commerce showed.Korea’s trade surplus consequently dropped 17 percent on-year, contrary to Washington’s current claim that the free trade pact was disadvantaging the US.The US trade deficit stood at $22.88 billion, down $4.69 billion from the $27.57 billion tallied in 2016.The commerce department attribute

South Korean stocks ended higher Monday helped by bargain hunting by retail investors and gains on Wall Street. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 21.61 points, or 0.91 percent, to close at 2,385.38. Trade volume was moderate at 344.76 million shares worth 6.41 trillion won ($5.91 billion), with losers outnumbering gainers 458 to 361. The local market advanced after Wall Street recovered Friday to pare some of its earlier losses. The