Tuesday , October 15 2019
Breaking News

Korea

Economist warns on larger ripple effect of Japan-South Korea trade war

FILE PHOTO: A police officer stands guard near Japan and South Korea national flags at hotel, where South Korean embassy in Japan is holding the reception to mark the 50th anniversary of normalisation of ties between Seoul and Tokyo, in Tokyo June 22, 2015.  REUTERS/Toru Hanai/File Photo

An escalation of the trade war between Japan and South Korea will have a greater ripple effect than is priced in the markets, as it could disrupt the technology supply chain starting with China, S&P Global Ratings has warned. While there may be isolated winners in the stock market, an ongoing dispute will have global implications, boosting production costs for ... Read More »

South Korea and Japan business leaders call for end to dispute

export-ksJI--621x414@LiveMint_1554486809682

Business leaders from South Korea and Japan have urged both governments to find a quick diplomatic solution for the deepening trade disputes, warning of negative economic consequences for both countries. About 300 businessmen from the two neighbouring countries made the call from the annual conference of the Korea-Japan Economic Association in Seoul, which has served as the leading platform for ... Read More »

South Korean Economy Reached Its Latest Peak Two Years Ago

36224_48321_5321

The South Korean government officially announced on Sept. 20 that the South Korean economy hit its latest peak in September 2017, which means a downtrend began after President Moon Jae-in took office. Some experts are pointing out that the Moon Jae-in administration is accelerating the downtrend with its policies such as a higher corporate tax rate and a rapid increase ... Read More »

South Korea set to exclude Japan from whitelist this week

Protesters hold up placards reading "No (Japan)" during a rally against Japan's decision to remove South Korea from a so-called "white list" of favoured export partners, near the Japanese embassy in Seoul on August 3, 2019. - Japan and South Korea rescinded each other's favoured export partner status on August 2, and Seoul said it would review a military information agreement, as a long-running row between the US allies hit a new low. (Photo by Jung Yeon-je / AFP)

SEOUL — South Korea is set to exclude Japan from its export control whitelist this week in response to Tokyo’s earlier decision to remove Seoul as a preferred trading partner and impose tighter controls on exports. Since the Aug. 12 announcement by Industry Minister Sung Yun-mo that Korea would drop Japan as a preferred trading partner, the ministry has completed ... Read More »

Asian stocks mixed after US, Chinese tariff hikes

asian stocks

Asian stocks were mixed Monday after Washington and Beijing escalated their trade war with new tariff hikes. Shanghai advanced while Tokyo and Hong Kong declined. South Korea’s main index was unchanged. The Shanghai Composite Index gained 0.7% to 2,907.51 and Hong Kong’s Hang Seng lost 0.7% to 25,546.70. Tokyo’s Nikkei 225 shed 0.2% to 20.653.99. Seoul’s Kospi was flat at ... Read More »

South Korea’s top court ruling on Samsung heir and ex-president

download (95)

SEOUL: Samsung Group will discover the fate of its de facto leader on Thursday as South Korea’s Supreme Court rules whether to uphold the bribery conviction of Jay Y. Lee, in a scandal that unseated the president and trained public ire on corporate untouchables. The ruling will also determine how much Lee, 51, can focus on steering the group’s flagship ... Read More »

Japanese Govt Likely to Become More Meticulous in Implementing Export Curbs

35295_47325_1958

With the General Security of Military Information Agreement (GSOMIA) terminated, the Japanese government is expected to put pressure on South Korean industries by slightly increasing the number of items subject to export restrictions or delaying export inspection procedures rather than coming up with new high-impact measures. The Japanese government conducted its first economic retaliation against South Korea early last month ... Read More »

Samsung profit slumps more than half as chip market weakens

samsung

The world’s biggest smartphone and memory chip maker Samsung Electronics reported second-quarter net profits slumping by more than half in the face of a weakening chip market, and as a trade row builds between Seoul and Tokyo. The flagship subsidiary of the sprawling Samsung Group has enjoyed record profits in recent years despite a series of setbacks but is now ... Read More »

Korea to invest ¥679 billion to cut reliance on Japanese imports

download (86)

SEOUL – South Korea said Monday it plans to spend 7.8 trillion won (¥679 billion) over the next seven years to develop technologies for industrial materials and parts in hopes of reducing dependence on Japan amid the escalating trade row. Trade minister Sung Yun-mo said the government would also financially support South Korean companies in mergers and acquisitions of foreign ... Read More »

Exports down nearly 10% in July: poll

Exports

South Korea’s exports have extended their slump for the eighth consecutive month in July, falling nearly 10 percent from a year earlier, a poll showed Monday, due mainly to the prolonged trade row between the United States and China. Outbound shipments are estimated to reach $46.6 billion last month, down from $51.8 posted a year earlier, according to the poll ... Read More »

Korea protests Japan’s ‘grave’ plan to drop it from smooth-trade list

download (74)

SEOUL: South Korea protested on Wednesday against a Japanese plan to remove it from a list of countries that face minimum trade restrictions, saying it would undermine their decades-old economic and security cooperation and threaten free trade. Japan’s planned revision of a law to take South Korea off its so-called white list comes amid a deepening row over compensation for ... Read More »

Samsung Electronics flags 56% fall in Q2 operating profit

4-samsung

SEOUL: Samsung Electronics said on Friday it expects operating profit to tumble 56 per cent for the second quarter of this year in the face of a weakening chip market. The world’s largest maker of smartphones and memory chips has enjoyed record profit in recent years despite a series of setbacks, but is now struggling, with chip prices falling as ... Read More »

Korea’s Foreign Exchange Reserves Increase Over US$1 Bil. in June

Bangladesh's foreign exchange reserves hits $32.56b

The Bank of Korea announced that South Korea’s foreign exchange reserves totaled US$403.07 billion as of the end of last month, showing a month-on-month increase of US$1.1 billion. Last month, the central banks’ foreign currency-denominated assets rose in value in terms of the U.S. dollar due to its depreciation. In April and May this year, the foreign exchange reserves continued ... Read More »

US biotechs line up to list in Korea amid jump in share prices

Chinese stocks drop on growth concern as banks, developers fall

US biotech firms are queuing up to list in South Korea, tempted by the promise of strong valuations amid a welcoming base of investors. At least four such companies are seeking listings in the Asian country, according to NH Investment & Securities Co. and Eugene Investment & Securities Co. That’s a significant number given that there are currently only 20 ... Read More »

Korea’s won is Asia’s whipping boy in US-China trade war

korean won

South Korea’s exposure to a stressed global manufacturing supply chain has knocked its currency – Asia’s most risk sensitive – to over two-year lows as investors use it as a proxy to bet on the economic costs of a protracted US-China trade war. The won has dropped nearly 6% against the dollar this year, worse than some of its peers, ... Read More »

Samsung Electronics to cut China phone output as market share sinks

SAMSUNG ELECTRONICS

South Korea’s Samsung Electronics Co Ltd said on Wednesday it plans to cut production at a smartphone plant in China, as competition from domestic rivals squeezes its share of the world’s biggest smartphone market to less than a paltry 1%. The output reduction at the factory in the southern city of Huizhou comes just six months after Samsung said it ... Read More »

Huawei launches 5G lab in Korea, but keeps event low-key after US ban

Huawei

Huawei Technologies unveiled an open lab for next-generation 5G wireless network in South Korea but kept the launch low-key given its recent blacklisting by the United States, a key security ally of the Asian nation. The Chinese tech giant, the world’s top producer of telecoms equipment, said it planned to invest about $5 million in the lab in the Junggu ... Read More »

Chinese Shipbuilders Outdo Korean Dockyards in Order Receipt

download (64)

The Korean shipbuilding industry is faltering due to sluggish global shipbuilding orders. Korean shipbuilders are lagging behind their Chinese rivals in landing orders in the second quarter after losing first place to China in the first quarter. Global shipbuilding orders continued to shrink in April year on year after the first quarter. Shipbuilding orders amounted to 5.73 million compensated gross ... Read More »

US reportedly urges Korea to reject Huawei products

huawei

U.S. officials have been lobbying South Korea not to use Huawei Technologies Co Ltd products, South Korean newspaper Chosun Ilbo reported. In one incident, a U.S. State Department official told a South Korean counterpart that local telco LG Uplus Corp, which uses Huawei’s equipment, should “not be allowed to serve in sensitive areas in South Korea,” the report said. Washington ... Read More »

Chinese Shipbuilders Outdo Korean Dockyards in Order Receipt

containershipsea-580x358

The Korean shipbuilding industry is faltering due to sluggish global shipbuilding orders. Korean shipbuilders are lagging behind their Chinese rivals in landing orders in the second quarter after losing first place to China in the first quarter. Global shipbuilding orders continued to shrink in April year on year after the first quarter. Shipbuilding orders amounted to 5.73 million compensated gross ... Read More »