Thursday , June 21 2018
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Korea

Japan protests South Korean military drills near contested islands

GANGWON-DO, SOUTH KOREA - SEPTEMBER 18:  In this handout image provided by South Korean Defense Ministry, South Korean Air Force F-15K fighter jets drop MK-82 bomb during a training at the Pilsung Firing Range on September 18, 2017 in Gangwon-do, South Korea. U.S. F-35B stealth jets and B-1B bombers flew near the Military Demarcation Line (MDL) for the first time since recent tension between U.S. and North Korea started raising.  (Photo by South Korean Defense Ministry via Getty Images)

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 »

Bitcoin at 2-month low after South Korean exchange hacked

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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 »

Korea’s Biggest Cryptocurrency Exchange to Ban Trading in 11 Countries Including Iran

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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 Washer Makers Tighten Grip on Saudi Arabian Market

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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 »

South Korea to provide economic support to hard-hit shipbuilding regions

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[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 »

Export-Import Bank of Korea Issues $1.5b in Global Bonds

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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 »

M&S braced for £300m hit from high street closure carnage

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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 »

Asia markets dive as Trump sparks N.Korea, trade worries

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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 »

US exit from Iran deal threatens South Korean economy

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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 »

S. Korea to Disclose Forex Market Trading History Every Six Months

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Korea-US talks: Kim is in this for economic guarantees

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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 »

GM Korea cancels news briefing as temporary workers storm venue

Microphones are seen on chairs for Kaher Kazem, chief executive of GM Korea, and Barry Engle, head of GM's international operations, as a media briefing was cancelled at a GM Korea's plant in Incheon, South Korea, May 14, 2018.   REUTERS/Kim Hong-Ji

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 »

Finance minister attempts to slow pace of inter-Korean cooperation

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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 »

Customs Find ‘Hoarding Space’ in Korean Air Owner’s Home

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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 »

Korea to help automate sub-national agency tax in Sri Lanka

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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 »

S.Korean export growth seen slowing in April

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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 »

S Korea economy rebounds on exports

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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 »

S. Korea to impose anti-dumping duties on PET film imports

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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 »

South Korea’s LNG imports up 15% year on year

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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 »

S. Korea’s exports soar 8.3 pct in first 20 days of April

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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 »