South Korea has angered Japan by staging military drills near a contested island chain, even as it discusses scaling back joint “war games” with the US to de-escalate tensions with North Korea. The South Korean military dispatched six warships, including the 3,200-ton destroyer Yangmanchun, and aircraft including F-15K fighter jets and Black Hawk helicopters to practice the defense of what ... Read More »
SEOUL, South Korea — A South Korean cryptocurrency exchange said hackers have stolen about one-third of the coins traded on its market. Coinrail’s announcement on Monday sent bitcoin prices tumbling to a two-month low. Coinrail said hackers stole cryptocurrencies including Pundi X, Aston, and NPER. It did not give the value of the stolen coins but Yonhap News agency cited ... Read More »
With growing concerns over money laundering through cryptocurrency trading, Bithumb, South Korea’s biggest cryptocurrency exchange, will ban digital asset trading with investors in North Korea, Iran, Iraq, and eight other countries that are considered as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative. Since Bithumb ranks first in South Korea and sixth in the world in terms of ... Read More »
Korean home electronics makers are increasing sales of washing machines in the Saudi Arabian market. As the Saudi Arabian government recently softened the technical standards on Korean washing machines and dryers, Korean home appliance manufacturers such as Samsung Electronics and LG Electronics will be able to export more washing machines and dryers to the Middle East country. The Saudi Arabian ... Read More »
[SEOUL] South Korean Finance Minister Kim Dong-yeon said on Tuesday the government will designate five key shipbuilding centres on the country’s south coast as “industry crisis” zones eligible for economic support. The areas include Dong-gu in the city of Ulsan, Geoje-si of Kyong-nam province and Jinhae-gu of Changwon, as well as Tongyeong and Mokpo in the southwest coast. These areas ... Read More »
The Export-Import Bank of Korea announced that the state-run bank has successfully issued a total of US$1.5 billion in global bonds for investors worldwide. The global bonds are this year’s first US dollar-denominated global bonds issued by the Export-Import Bank of Korea and the largest foreign exchange bonds issued by Korean institutions this year. The global bonds issued on the ... Read More »
Marks & Spencer is braced for a financial hit of up to £300m from an expanded store closure programme that reflects brutal trading conditions on the British high street. Sky News has learnt that the retailer will announce as part of its annual results on Wednesday a huge charge triggered by costs associated with its efforts to shrink underperforming parts ... Read More »
Hong Kong:Asian and European markets tumbled Wednesday after Donald Trump cast doubt on a planned summit with North Korean leader Kim Jong Un and appeared to hit out at a deal with China that averted a damaging trade war. Trump warned there was “a very substantial chance it won’t work out” when asked about next month’s landmark talks, adding they ... Read More »
The United States’ withdrawal from the Iran nuclear deal and decision to levy fresh sanctions is expected to deal a blow to the Korean economy, which depends heavily on oil imports. A further rise in oil prices will be inevitable, leading to contractions of both consumption and investment. Industries sensitive to oil prices such as airlines and petrochemicals will be ... Read More »
North Korea’s belligerent threat to call off landmark talks with the US – currently slated for 12 June in Singapore – is a remarkable turnaround. Just last month, the world watched on as North Korea’s leader Kim Jong-un planted peace trees and held hands with South Korean President Moon Jae-in. At the time, Mr Kim pledged a “new history” in ... Read More »
BUPYEONG, South Korea General Motors Co’s (GM.N) South Korean unit canceled a news conference on Monday after a dozen temporary workers forced their way into the event venue minutes beforehand, chanting slogans that called on the automaker to hire them full time. The news conference was to be the first since GM Korea averted bankruptcy last month after winning major ... Read More »
The country’s top economic policymaker is stressing the need to slow the pace of economic cooperation with North Korea, pointing to a number of prerequisites such as lifting of the international sanctions and the summit between North Korea and the United States. “I was glad economic issues were included in the Panmunjeon Declaration,” Strategy and Finance Minister Kim Dong-yeon said ... Read More »
The Korea Customs Service has discovered a secret space in Korean Air chairman Cho Yang-ho’s home in the tony residential neighborhood of Pyeongchang-dong in the northern part of Seoul where the family allegedly kept incriminating evidence in a luxury goods-smuggling scandal. “We raided his home again after a tip-off about the secret space that we failed to find during our ... Read More »
SEOUL: The Export-Import Bank of Korea (Korea Eximbank) is to help establish an automated taxation system in the Sri Lankan capital Colombo which generates considerably high amounts of tax revenue. The support from Korea Eximbank, which provides Official Development Assistance (ODA) for international development and cooperation, will include an analysis of the current status of the tax system and property ... Read More »
SEOUL: Strong sales of semiconductors and petroleum goods were expected to keep South Korea‘s exports growing in April, albeit more slowly than a year ago when exports spiked ahead of a holiday period, a Reuters survey showed on Friday. The median forecast from the poll of 10 economists expected exports would rise 4.1 percent from a year earlier, stepping down from ... Read More »
SEOUL: South Korea’s economy bounced back last quarter, buoyed by booming exports of data memory chips and a boost from government spending, although private consumption was sluggish. Yesterday’s Bank of Korea GDP report showed the economy expanded 1.1% in the first quarter, rebounding after contracting by 0.2% in the fourth quarter and beating the 1% forecast in a Reuters poll. ... Read More »
SEOUL: Since November last year, the finance ministry has been imposing duties of 3.92 percent to 51.86 percent on the imported PET film. The PET film subject to the imposition is used for manufacturing snack packages and materials for liquid crystal displays. The foreign manufacturers have argued that Korean PET film has lost price competitiveness and the high tariff on ... Read More »
SEOUL: South Korea’s LNG imports increased by 15% year on year in Q1 2018, with March being the first month in 2018 that the country’s oldest coal-fired power plants have been forced offline. Total imports for Q1 2018 exceeded 13 mt, up by 1.66 mt compared with Q1 2017. Imports in March were up by 23% year on year and ... Read More »
SEOUL: South Korea’s exports rose 8.3 percent on-year during the first 20 days of April on the back of brisk sales of semiconductors and petrochemicals, customs data showed Monday. The country’s outbound shipments reached US$32.82 billion in the April 1-20 period, according to the data from the Korea Customs Service. The customs office said that daily average exports, which reflect ... Read More »
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