Hyundai Engineering & Construction has clinched a $2.45 billion deal to build a seawater processing facility in Iraq, marking its first overseas contract this year, officials said.The South Korean builder on Wednesday signed a letter of intent with the state-run Basra Oil Co. for a 49-month project to build a seawater supply plant in the southern state of Basra.Once completed, the facility will be capable of supplying 5 million barrels of fresh water per day, contributing to increasing crude

South Korea’s leading commercial banks face a growing dilemma, caught between the interests of clients that generate power from coal and a global drive for coal-free financing. While their loan volume continues to grow in both the coal and renewable energy sectors, pressure is building on Korean lenders to shift their investment rules toward decarbonization.(Yonhap)According to industry data submitted to the National Assembly, the country’s four major commercial banks -- Shinhan, KB Kookmin, KEB

The Organization for Economic Cooperation and Development has slashed its growth outlook for the South Korean economy this year to 2.4 percent, amid the prolonging impact of US-China trade frictions, the Ministry of Economy and Finance said Tuesday.The domestic economy will grow 2.4 percent this year and 2.5 percent in 2020, according to the OECD Economic Outlook report. Previous estimates suggested in March were 2.6 percent, both for this year and next year, while the nation’s actual grow

South Korea’s fiscal chief on Monday warned that the economy may have become more vulnerable to the escalating trade conflicts between the United States and China, apparently shifting from his previous optimistic tone.He also vowed to take “appropriate measures” to stabilize the financial markets when necessary, hinting at the possibility that the government might expand its involvement in foreign exchange to defend the value of the local currency. “There is a possibility

Major securities firms saw their operating profits rise in the January to March period this year, mainly boosted by the expansion of investment banking business, Financial Supervisory Service data showed Sunday.According to the watchdog’s electronic disclosure board, NH Investment & Securities, Mirae Asset Daewoo and Meritz Securities all saw the contribution of the IB sector to total quarterly profit surpass 30 percent. Leading the trend was Mirae Asset Daewoo, which logged 142 billio

SK Group is investing $1 billion in Vietnam’s largest privately owned group, the Vingroup Joint Stock Company, adding momentum to its business expansion in the Southeast Asian country, company officials said Thursday.South Korea’s third-largest conglomerate signed a deal in Hanoi to acquire 6.1 percent of the Vietnamese group’s shares at $1 billion, or 23.3 trillion Vietnamese dong, making it the largest shareholder. The transaction has yet to be confirmed, pending the customary regulatory appro

South Korea’s job market prolonged its downswing in April, with unemployment reaching its highest point in 19 years, government data showed Wednesday.The increasing pace of job creation also slowed further, especially in the retail and manufacturing sectors and among the economically active 30-40 age group.According to job figures released by Statistics Korea, the total number of jobless people surpassed 1.24 million as of April for the first time since the government started compiling the

Samsung Pay, the mobile payment service operated by Samsung Electronics, has reached 40 trillion won ($33.7 billion) in accumulated transactions in South Korea, the company said Tuesday.Since its launch in August 2015, the mobile payment system logged transactions worth 2 trillion won during the first year and surpassed the 40 trillion won mark in end-April. The number of subscribers also exceeded 14 million.Of the total amount, 25 percent were online payments, reflecting the shift of payment tr

The chief of South Korea’s central bank said Friday that uncertainties have grown concerning the prospects of trade talks between the United States and China, after US President Donald Trump warned of imposing extra tariffs on Chinese goods.“It is true that uncertainties have grown further over the US-China trade talks” Bank of Korea Gov. Lee Ju-yeol said at a meeting on financial and economic status. “But we need to calmly keep watch as there are considerable expectation

South Korea’s top fiscal chief Wednesday urged the National Assembly to pass the government’s 6.7 trillion won ($5.7 billion) supplementary budget, citing the growing downside risks weighing on the economy.His remark came amid a weeks-long paralysis of the assembly’s legislative functions as the conservative main opposition party embarked on a nationwide protest against a set of fast-track reform bills. “The supplementary budget bill is all about timing and speed,”

South Korea’s government on Tuesday presented an urban development plan that will supply 110,000 homes in Seoul and the surrounding metropolitan areas, part of its mid- and long-term moves to stabilize the housing market.In addition to 52,500 new residences in Seoul and conventional housing sites in Gyeonggi Province, the government will also develop two large residential zones in Seoul’s suburban areas where 58,000 new homes will be built, according to the Ministry of Land, Infrastr

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed.In contrast with the cooling housing sector, the transaction volume for large-sized office buildings here grew at a record pace last year, exceeding the 10 trillion won ($8.8 billion) mark with the uptrend continuing this year.Among the mega deals was one prime building which accounted for about one-tenth of the city’s total real estate transac

South Korea’s exports dropped 2 percent in April from the previous year, marking the fifth consecutive month of downtrend amid a prolonged slump in the chip-making business and sluggish demand from China, government data showed Wednesday.The volume of outbound shipments totaled $48.86 billion in April, down from $49.85 billion a year earlier, according to statistics released by the Ministry of Trade, Industry and Energy.Imports inched up 2.4 percent to $44.75 billion during the same period

South Korea’s key industrial indexes for production, consumption and investment all marked an increase in March due to the low-base effect from the previous month, government data showed Tuesday.According to Statistics Korea, the country’s industrial output inched up 1.1 percent in March from a month earlier, reflecting the increased production of semiconductors.Semiconductors, a key export item of Asia’s fourth-largest economy, recorded a 3.6 percent on-month rise in output. &