The South Korean government has said it will ban about 20,000 BMWs from its streets after a spate of the vehicles catching fire. The ban will apply to cars which have not yet been sent to BMW for safety checks under a voluntary recall. Nearly 30 engines caught on fire in 2018 mainly in the BMW’s 520d sedan models. BMW ... Read More »
A crackdown on luxury-goods smuggling by the Korean Air owner family has sufficiently spooked others to prompt them to declare their overseas purchases voluntarily. According to the Korea Customs Service on Wednesday, voluntary declarations of duty-free purchases by Korean tourists in the first seven months of this year rose 53 percent compared to the same period of last year to ... Read More »
SEOUL — He was a trombone player in North Korea who liked to whistle the Irish ballad “Danny Boy” as a private serenade for his wife. His son gained a medical degree in Pyongyang and wanted to become a professor. Sometime late last year, the two men disappeared into the North Korean gulags that hold a special place of punishment ... Read More »
Delivering another bleak picture to the Korean economy, business sentiment sharply deteriorated in July to suggest sluggishness in investment and hiring may not improve soon. According to the Bank of Korea on Tuesday, the business survey index (BSI) of all industries came to 75 in July, slipping from 80 in June in the biggest fall since the June 2015 in ... Read More »
SEOUL: Reports that North Korea illegally exported coal to South Korea via Russia — and Seoul’s initial lack of action — are raising new doubts about how effectively the international sanctions on the Kim Jong Un regime are being enforced. The suspected smuggling formed part of the backdrop to U.S. Secretary of State Mike Pompeo’s call for vigilant sanctions enforcement ... Read More »
UNITED NATIONS: The United Nations Security Council blacklisted dozens of ships and shipping companies on Friday over oil and coal smuggling by North Korea, boosting pressure on Pyongyang as leader Kim Jong Un plans to meet with his South Korean and US counterparts. The council’s North Korea sanctions committee acted on a request by the United States, designating 21 shipping ... Read More »
A $35 billion (£26 billion) railtrack that would link North and South Korea to Moscow is among a flurry of ambitious economic projects being discussed in the wake of the Singapore summit between Kim Jong-un and Donald Trump, the US president. The fragile international détente has spurred a wave of excitement among global investors keen to capitalise on the opening ... Read More »
The South Korean cryptocurrency exchange Bithumb said 35bn won ($31.5m) worth of virtual coins were stolen by hackers, the second local exchange targeted in just over a week as cyber thieves exposed the high risks of trading the digital asset. Bithumb said in a notice on its website that it had stopped all trading after ascertaining “some cryptocurrencies worth about ... Read More »
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 »
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