Finance Minister Choo Kyung-ho called on the National Assembly on Wednesday to reenact the now-defunct corporate restructuring act that makes it easier for insolvent companies to begin an out-of-court debt restructuring program. The Corporate Restructuring Promotion Act was legislated in 2001 with a sunset provision after South Korea was hit by the 1997-98 Asian financial crisis and had been extended five times before expiring last month. It allows an insolvent company to start a debt workout pr

South Korea's import prices climbed for a fourth consecutive month following the devaluation of the Korean won, central bank data showed Wednesday. Export prices rose as well in the period. The import price index for October stood at 140.38, rising 0.5 percent from the month before. The figure has been advancing for four straight months since July, according to preliminary data from the Bank of Korea. Yet, compared to the same month last year when international oil prices surged, the figure

South Korea's major business lobby groups on Monday requested that President Yoon Suk Yeol exert his veto power against a pro-labor union revision bill unilaterally passed by the main opposition party last week. The so-called Yellow Envelope bill, a revision to the Labor Union and Labor Relations Act, aims to limit companies from filing damage suits and provisional seizures against workers on strike, as well as to guarantee the bargaining rights of subcontracted workers. Six business grou

South Korea's exports rose 3.2 percent on-year in the first 10 days of November on the back of rising demand for semiconductors and vehicles, data showed Monday. Outbound shipments reached $18.24 billion in the Nov. 1-10 period, compared with $17.67 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also grew 3.2 percent on-year to $2.15 billion during the cited period, it added. Imports added 1.2 percent on-year to $19.98 billion during th

Twelve Labs, South Korea's generative artificial intelligence (AI) startup, unveiled its video language foundation model Thursday in a bid to take the lead in the hyperscale large language model market. The model, named Pegasus-1, can accurately summarize long videos into a text and have a chat about the video with its users, offering 61 percent higher performance compared with the existing most advanced video language model, according to Twelve Labs. The company said Pegasus-1 has been tra

Without structural reform, economy projected to fall to sub-2% growth in five years

South Korea's national debt issued inched down to fall below the 1,100 trillion-won ($838.5 billion) level as of end-September on the repayment of government bonds, though the fiscal deficit logged an on-month growth, data showed Thursday. The country's debt as measured in outstanding state bonds came to 1,099 trillion won in September, down 10.4 trillion won from a month earlier, according to the Ministry of Economy and Finance. From the end of last year, the figure rose by 66.1 trill

The agriculture ministry said Thursday it will step up monitoring of food sector prices, as part of the government's efforts to tame inflation. To that end, the ministry said it will appoint personnel to monitor the prices of 28 key food items. "Prices of agricultural and fishery products are showing signs of decreasing since the end of October, but there are still hurdles, including deteriorating weather conditions and the outbreak of an animal disease," Vice Agricultural Ministe

The Korea-Indonesia Cooperation Forum, under the theme "K-Wave & I-Wave, Together for the Future," will take place on Nov. 30 in Jakarta to commemorate the 50th anniversary of bilateral diplomatic ties. Organized by Herald Corp., the publisher of The Korea Herald and Herald Business, jointly with the Indonesian Chamber of Commerce and Industry, the Embassy of Indonesia in Korea, the Embassy of Korea in Indonesia, and the Indonesian Employers’ Association, this forum aims to

South Korea has been removed from the US Treasury Department’s list of trading partners that it closely monitors for unfair foreign exchange practices, according to the department’s announcement Tuesday. It is the first time since 2016 for Korea to be pulled from the list. In its biannual report to the US Congress, the US Treasury placed six economies on its "monitoring list" -- China, Germany, Vietnam, Malaysia, Singapore and Taiwan -- and removed South Korea and Switzer

South Korea's industry ministry said Wednesday it plans to inject 78 trillion won ($59.7 billion) by the end of this year in trade financing to keep outbound shipments on the recovery track. South Korea's exports moved up on-year for the first time in 13 months in October, driven by robust automobile shipments, along with signs of improvement in the chip sector. The fund will be raised by state-run institutions, including the Korea Trade Insurance Corp. and Export-Import Bank of Korea,

South Korea logged a current account surplus for the fifth straight month in September on the back of a widened trade surplus and increased dividend income from overseas, central bank data showed Wednesday. The country's current account surplus reached $5.42 billion in September, following the surplus of $4.98 billion the previous month, according to preliminary data from the Bank of Korea. September's surplus came as the country's trade balance has remained in the black for six s

The Federal Reserve's rate hike may not have come to an end given strong economic performance, although long-term neutral interest rate will come down to a 2 percent range, former US Treasury Secretary Lawrence Summers said Monday. Early this month, the Fed held its benchmark lending rate steady between 5.25 and 5.50 percent for a second consecutive time as it keeps striving to bring down inflation to its 2-percent target. But it left open the possibility of a rate change later to achieve &

The appointment of Saudi Arabia as the host for the 2034 FIFA World Cup has elicited a backlash from multiple human rights groups over the nation's contentious rights record, coming just weeks before the final decision on its bid for the World Expo 2030. FIFA President Gianni Infantino confirmed the host as the only bidder last Tuesday after Australia withdrew its bid hours before the Tuesday deadline. Critics are primarily concerned about the potential exploitation of migrant workers who w

Korean businesses increasingly investing in Southeast Asia's largest economy