S. Korea, UAE hold formal talks for free trade deal

South Korea and the United Arab Emirates have launched formal negotiations for a bilateral free trade agreement, Seoul's industry ministry said Wednesday. The two nations agreed in 2021 to push for forging a Comprehensive Economic Partnership Agreement, and the first round of talks kicked off in Seoul on Monday for a four-day run, according to the Ministry of Trade, Industry and Energy. The CEPA is a type of FTA, which emphasizes a broader scope of economic cooperation and exchanges on top

Oct. 4, 2023

Industrial output rises 2.2% in August on chip recovery

South Korea's industrial output rebounded in August from a month earlier on the back of a robust recovery in the chip sector, data showed Wednesday. The industrial output advanced 2.2 percent in August from the previous month, after slipping 0.8 percent in July, according to Statistics Korea. It was the sharpest growth since a 2.3 percent rise tallied in February 2021. The rebound came after the country's industrial output, retail sales and facility investment all lost ground at the sa

Oct. 4, 2023

Korean Air to submit new merger plan to ease antitrust concerns

The high-profile merger between South Korea’s top two air carriers is likely to meet a watershed moment later this month as Korean Air is reportedly scheduled to submit an aggressively revised version of its acquisition proposal for Asiana Airlines to the European Commission to effectively ease the regulator’s antitrust concerns. According to local reports Tuesday, Korean Air’s revised proposal will include the company's sale of the entirety of Asiana Airlines' cargo

Oct. 3, 2023

Samsung chief explores new growth drivers in Middle East

Samsung Electronics Chairman Lee Jae-yong traveled to key locations of Samsung's business in Saudi Arabia, Egypt and Israel during the six-day Chuseok holiday in South Korea to explore new business opportunities in the region, the tech giant said. Lee’s latest trip to the Middle East came nearly 10 months after he visited the construction site of the Barakah nuclear power plant in the United Arab Emirates in December last year as his first official overseas trip as the executive chair

Oct. 3, 2023

SKT’s AI-based veterinary service to debut in Japan

SK Telecom said Tuesday that it has forged a business partnership with Japan’s leading pet insurance company Anicom Holdings, as it eyes global expansion with X Caliber, its flagship artificial intelligence-based medical service for pets. The Tokyo-based pet insurance company owns a top market share of 46 percent alongside running various subsidiaries engaged in diverse pet-related businesses, including an electronic chart solution company and an animal hospital operator. Under the agreeme

Oct. 3, 2023

Household debt to GDP at highest level

South Korea's household debt-to-gross domestic product ratio increased the most last year from 2017 among 26 nations that provided such data, despite financial authorities taking various measures to curb it. According to the International Monetary Fund's Global Debt Database, the ratio reached 108.1 percent last year, an increase of 16.2 percentage points from 92 percent in 2017. South Korea is the only country among the 26 countries included in the data set where private sector debt &

Oct. 3, 2023

[Photo News] LG OLED TV at Frieze London

Media artist Quayola’s animated painting, titled “Jardins d’Ete” ("Summer Gardens"), is played on the iconic Piccadilly screen in London. As part of its ongoing art projects, LG Electronics said its organic light-emitting diode TVs will be used to display the Italian artist’s digital paintings referencing the late works of French impressionist Claude Monet during the upcoming Frieze London art fair that takes place Oct. 11-15. (LG Electronics)

Oct. 3, 2023

Shin-Hanul 2 nuclear reactor on test run for full operation next year

The Shin-Hanul 2 nuclear reactor in southern South Korea began a six-month test operation this month to go into full operation next March, according to a state-run nuclear power agency Monday. The 1.4 gigawatt reactor in the coastal county of Uljin, some 215 kilometers southeast of Seoul, was loaded with fuel and entered into testing last week, Korea Hydro & Nuclear Power Co. said. If the test run goes without a hitch, the reactor is expected to be put into full operation in around March as

Oct. 2, 2023

Post-pandemic Chuseok to revive overseas travel, gift giving

In the upcoming Korean Thanksgiving holiday of Chuseok, the first since the official end of the three-year pandemic, South Koreans are eyeing travel to Japan while giving fruit as gifts, a recent analysis showed Tuesday. According to a big data analysis on social media of 2023 Chuseok trends conducted by KPR digital communication lab, there is a growing interest in overseas travel as well as gifts that reflect consumers' personal values. The data revealed an increase in keyword searches rel

Sept. 29, 2023

Whisky imports surge 40% through August, suggesting record-breaking year

South Korea's whiskey imports surged by 40 percent year-on-year through August, signaling the potential for record-breaking annual inbound whiskey shipments this year. Whiskey product imports totaled 22,799 tons in volume from January to August this year, marking a significant increase from 16,267 tons recorded during the same period in 2022, according to data from the Korea Customs Service. If the current import trend continues, this year's volume is likely to surpass the 2002 record

Sept. 29, 2023

Long Chuseok holiday to boost domestic trips

South Koreans are more likely to travel domestically than abroad during the upcoming six-day Chuseok holiday, the longest in six years, a recent survey showed Wednesday. According to a weekly survey on travel plans and patterns conducted by the research firm Consumer Insight, among respondents going on trips during the Chuseok break, 16 percent plan to go on domestic trips while 4 percent plan to travel abroad. The survey was conducted on some 2,000 Koreans between two to five weeks before the C

Sept. 28, 2023

Korea Post names new president

The state-run Korea Post said Tuesday that Rep. Cho Hae-keun of the ruling People Power Party has been named president of the national postal service. An expert in administration, Cho studied his undergraduates in the field at Sungkyunkwan University and went on to earn a master’s degree in Public Administration from Syracuse University in the US. After passing the 38th Civil Service Exam, he first embarked on his career in the public sector in 1995 and held several posts at Korea Post,

Sept. 27, 2023

Lotte increases efforts to give back to society

South Korean retail giant and the nation’s fifth-largest conglomerate Lotte Group has carried on diverse corporate social responsibility projects this year, under the slogan “From heart to heart." Earlier this month, Lotte hosted the “17th Korea Brand Expo” in Jakarta, Indonesia, bringing together small and medium-sized enterprises looking to enter the local market. Over four days, it provided business counseling for 50 Korean enterprises, giving tips about Indonesia

Sept. 27, 2023

House ownership widens wealth gap between young and old

The wealth gap between younger and older adults has widened over the last few years, largely depending on whether they own houses or not, according to the country’s statistics agency, Wednesday. According to the Statistics Korea’s report, the wealth gap between adults aged 40 and above and adults younger than 40 has widened by 45 percent over the last three years, from 160 million won ($118,000) in 2019 to 230 million won in 2022. Kim Mee-roo, a researcher at the Korea Development In

Sept. 27, 2023

Asiana mishandled midair door-opening, ministry rules

Asiana Airlines’ initial response to a recent midair door-opening incident was "inappropriate" and will be fined for it, the South Korean government's investigation showed, Rep. Park Sang-hyuk of the main opposition Korea Democratic Party said Wednesday. According to a report Park received from the Ministry of Land, Infrastructure and Transport, the ministry has imposed a fine on Asiana Airlines and recommended country’s second largest air carrier take corrective actio

Sept. 27, 2023

Hyundai Steel to showcase low-carbon tech at trade show

Hyundai Steel said Wednesday it will showcase its eco-friendly solutions at the Steel & Metal Korea 2023 exhibition, which takes place in Daegu on Oct. 11-13. During the industry’s largest trade show, the company said, it aims to renew its commitment to a low-carbon future, electric blast furnace technologies and its carbon-neutral trajectory. At the heart of the exhibition is the company's “Pathway to Green Steel" concept, charting Hyundai Steel's journey towards

Sept. 27, 2023

Manpower Korea’s unique approach to reference checks

Manpower Korea, the global workforce solutions provider with over two decades of experience, offers a thorough, strategic reference check service, one of the most important phases in the hiring process. Reference checks are conducted to learn more about candidates’ background, experiences and skills, assessing their eligibility and potential for certain positions. The Korean branch of ManpowerGroup shared two examples that showed how vital the role of methodical, expert-led reference check

Sept. 27, 2023

[Graphic News] S. Korea’s overseas construction orders rise 20%

Korean construction companies’ overseas orders increased 20 percent in the January to August period from a year earlier to exceed $20 billion, industry data showed. Local builders obtained $21.9 billion in overseas orders between January and August, up from $18.3 billion over the same period last year, according to the International Contractors Association of Korea. It marks the first time that the builders have received overseas projects worth over $20 billion in the first eight months of

Sept. 27, 2023

120,000 more public homes to be supplied by this year

The Korean government on Tuesday said it plans to supply an additional 120,000 public homes by this year to help ease the housing crunch in the sluggish market. The plan came after the government held a meeting earlier in the day attended by Finance Minister Choo Kyung-ho, Land Minister Won Hee-ryong and Financial Services Commission Chairman Kim Joo-hyun. Since the second half of last year, rising construction costs and an increase in real estate project financing borrowing rates have worse

Sept. 26, 2023

[Photo News] Middle East Finance

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Korean Ambassador to Saudi Arabia Park Joon-yong and Saad Al-Khalb, CEO of Saudi Export-Import Bank (Saudi EXIM), pose for a photo after signing a partnership deal at the headquarters of Saudi's National Development Fund in Riyadh, Monday. Hana became Korea's first commercial bank to forge business ties with Saudi EXIM. The two institutes aim to expand financial cooperation to explore new global projects in the Middle East an

Sept. 26, 2023