China unilaterally canceled two flights chartered by Samsung Electronics to send its employees to the country. The flights were arranged under an agreement reached by Korea and China in May to fast-track the entry of their peoples for business purposes. Beijing effectively flouted the agreement.　 The planes were scheduled to depart for the Chinese cities of Xian and Tianjin on Nov. 13. Samsung Electronics has memory chip manufacturing facilities in Xian and a TV factory in Tianjin. Seoul spe

Customs data released this week showed South Korea’s exports increased 20.1 percent on-year in the first 10 days of November, raising hopes that outbound shipments from Asia’s fourth-largest economy may rebound this month from a 3.6 percent fall in October. In the Jan. 1-Nov. 10 period, the country’s exports declined 7.4 percent from a year earlier to $429.7 billion, due largely to a decrease in global demand amid the prolonged COVID-19 pandemic crisis. The slump in exports,

The ruling Democratic Party of Korea proposed a bill to punish real estate service providers and houseowners for rigging market prices. The bill also calls for the establishment of a new agency to scrutinize transactions. The agency will have the authority to look into loan accounts of financial institutions on real estate transactions if buyers and sellers are suspected of fixing market prices in designated regions. It can examine the flow of related funds and tax payment data kept by the Nat

US President-elect Joe Biden’s trade policy is expected to mark a shift from his predecessor Donald Trump’s unilateralism and protectionism to a more conventional approach based on multilateralism. Along with his other economic initiatives, Biden’s multilateral approach to trade issues will pose both opportunities and challenges for South Korea’s economy. President Moon Jae-in’s government is now urged to cooperate closely with local business associations and poli

The Wolsong-1 nuclear reactor was shut down earlier than scheduled on the grounds that its economic value was low, but a state audit agency found that it had been unreasonably undervalued. As the prosecution stepped up investigations into the alleged undervaluation and the obstruction of the audit, leaders of the ruling Democratic Party and Justice Minister are pressing for a stop to the probe. DP Chairman Lee Nak-yon said Friday that the “prosecution must stop its dangerous and reckless