South Korea's auto exports dropped 10.2 percent on-year in November, falling at a faster pace compared with the previous month, amid the global resurgence of new coronavirus cases. Local carmakers shipped a combined 190,657 units of automobiles overseas last month, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports rose 2.1 percent to $3.9 billion. During the January-November period, the country sold 1,714,702 units of cars overseas, down 2

Unionized workers at Kia Motors Corp. will extend their partial strike this week to demand higher wages and bonuses amid the COVID-19 pandemic, the union said Monday. Daytime and night-duty workers will hold a four-hour strike daily at Kia's three domestic plants in Gwangmyeong and Hwaseong, both near Seoul, and Gwangju, 330 kilometers south of Seoul, from Monday to Thursday and stage a six-hour walkout in the plants Friday, a union spokesman said. Kia workers already have held a partial strik

Woori Financial Group vowed Friday to go carbon neutral by 2050 in line with South Korea’s vision of becoming a net zero carbon society, the group said Sunday. The first steps towards the goal would be achieving and implementing “coal-free finance,” launching a special team for environmental, social and governance tasks and establishing a committee formed of subsidiaries to discuss ESG-related strategies. The chief executives of Woori’s subsidiaries have decided to hal

South Korea's exports rose 26.9 percent on-year in the first 10 days of December on the back of robust shipments of chips and autos amid the new coronavirus outbreak, customs data showed Friday. The country's outbound shipments stood at $16.3 billion in the Dec. 1-10 period, compared with $12.9 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports gained 11.9 percent on-year during the cited period. Imports increased 7.9 percent on-year to $15.4 billion

GM Korea Co. and its union have reached a second tentative wage deal after union members rejected the first deal early this month, the company said Friday. In a vote held from Nov. 30 to Dec. 1, GM Korea workers turned down the first tentative wage agreement as they were not satisfied with the company's proposals on wages and collective agreement terms. Under the initial agreement, GM Korea offered to provide 4 million won ($3,600) per worker in performance-based pay and bonuses for the year

South Korea's power plant builder Doosan Heavy Industries & Construction said Thursday that it has tapped a consortium led by Hyundai Heavy Industries Holdings (HHIH) as the preferred bidder for the sale of its 35.4 percent stake in Doosan Infracore. Doosan Heavy Industries & Construction said in an emailed statement it will conclude the deal with the consortium led by HHIH to sell its entire stake in Doosan Infracore. It did not provide a specific time frame. "We will do our bes

The Bank of Korea (BOK) warned Thursday that a winter wave of coronavirus outbreaks is likely to hurt the fragile recovery of private consumption. The BOK also took a cautious tone on progress in the global coronavirus vaccine campaign, saying it will take more time to speed up the distribution of vaccines worldwide. South Korea, which has largely brought outbreaks under control, has been facing a resurgence of virus cases in recent weeks, with the nation reporting more than 600 daily new ca

South Korea's agricultural ministry said Thursday it will send chartered flights to Singapore to support exports of strawberries, as local farmers have been facing troubles in shipping their produce amid the new coronavirus pandemic. Under the plan, South Korea plans to send Korean Air Lines Co.'s planes weekly through April to promote the exports of strawberries, according to the Ministry of Agriculture, Food and Rural Affairs. The move came as the COVID-19 pandemic has virtually suspended gl

South Korea’s tax revenue grew 6.8 trillion won ($6.3 billion) in October due largely to a rise in income tax revenue, data showed Wednesday. The country collected 39.1 trillion won in taxes in October, compared with 32.3 trillion won the previous year, according to the Ministry of Economy and Finance. The rise in tax revenue mainly came as income tax revenue rose 4.1 trillion won on-year to 10.5 trillion won. The consolidated fiscal balance, total income minus total expenditure, rema

The Asian Development Bank (ADB) on Thursday revised up the economic outlook for the South Korean economy this year, citing robust exports of tech products and a mild recovery in private consumption. The ADB expected Asia's fourth-largest economy to retreat 0.9 percent this year, compared with its September forecast of 1 percent contraction. The Manila-based bank predicted the Korean economy will grow 3.3 percent next year, the same as its earlier forecast. The ADB said the Korean economy is f

A US trade panel on Wednesday again postponed a much-awaited ruling on a trade secret dispute involving South Korean battery makers LG Energy Solution Ltd. and SK Innovation Co. to Feb. 10. The US International Trade Commission (ITC) postponed the final ruling slated for Dec. 10 without elaborating on the reason, putting off the schedule for the third time. LG Energy Solution, which supplies batteries to Tesla and General Motors, filed trade complaints with the ITC in early 2019, claiming SK

South Korean exports of instant noodles jumped more than 30 percent in the first 10 months of the year amid the coronavirus pandemic, a report said Thursday. Overseas shipments of instant noodles, or "ramyeon" in Korean, came to $573 million in the January-October period, up 32.4 percent from a year earlier, according to the report from the Korea International Trade Association (KITA). The surge was attributed to the global popularity of home cooking in the wake of the coronavirus ou

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South Korean banks' household loans continued to grow at a faster clip in November, fueled by the strong growth of non-mortgage loans, central bank data showed Wednesday. The value of outstanding bank loans to local households came to 982.1 trillion won ($905.3 billion) as of end-November, up 13.6 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The November reading, which is compared with a 10.6 trillion-won gain in October, marked the highest monthly

South Korea said Wednesday it will make efforts to help local exporters utilize a mega trade pact accounting for one-third of the world's gross domestic product, hinting the deal could give a boost to the steel and automobile segments. "Amid the growing uncertainties stemming from COVID-19 and protectionism, the RCEP will grant exporters access to new markets, along with unified trade rules," the Ministry of Trade, Industry and Energy said in a statement. In November, members of ASEA