Starting from the second half of this year, South Korean companies will have the option to settle export and import payments in Korean won when engaging in trade transactions with certain countries from the Association of Southeast Asian Nations (ASEAN). This move is expected to allow businesses to
FILA Holdings announced a new leadership structure on Jan. 8, naming FILA USA President Todd Klein to take on the newly created role of Global Brand President. Klein will report to FILA Holdings and join the board of FILA Luxembourg, a wholly owned subsidiary of FILA Holdings that oversees FILA’s gl
According to market research firm Euromonitor, in 2023, the average coffee consumption per adult in South Korea reached 405 cups per year, more than double the global average of 152 cups. This marks the highest consumption rate among major Asian countries, translating to more than one cup of coffee
LG Display is set to unveil a slew of OLED strategy products boasting unique technological advancements at the world’s largest electronics and IT trade show, CES 2024. The company will showcase large OLED technologies surpassing current limitations in image quality and performance, along with next-g
More than four out of 10 listed companies in Korea were unable to pay interest with money they made, according to a recent survey. High interest rates and stagflation worsened the business environment, raising red flags on their financial conditions.As of the third quarter of 2023, 710 of 1,674 list
In 2023, foreign direct investment (FDI) in Korea exceeded US$32.7 billion, a record high. High-tech materials, parts, and equipment such as semiconductors, secondary batteries, and biotech items led the increase in FDI in Korea.According to the Ministry of Trade, Industry and Energy on Jan. 4, FDI
The Korean government has set a year-on-year increase of 8.5 percent in exports as a target for 2024 compared to last year. It has also set a target to begin an era of US$700 billion in exports in 2024. The key will be the recovery of semiconductor exports and exports to China blamed for a drop in K
In India, where global corporations and investors are focusing their attention as the “next China,” Mirae Asset Global Investments is gaining influence in the local market by surpassing 1 trillion won in assets under management (AUM) with its exchange-traded funds (ETFs).According to the asset manag
Blueprints of a submarine designed by Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) have been leaked to Taiwan, with the police currently investigating the matter. The leaked submarine blueprints pertain to the DSME1400 model, a variant of the 209-class KSS-1 submarine. Three of t
Starting in the second half of this year, non-index-linked general public funds will be directly listed on the Korea Exchange and traded like exchange traded funds (ETFs). With increased convenience for investors and reduced sales commissions, expectations are high for the revitalization of the fund
Nexon Korea, the operator of the online game MapleStory, is set to face a hefty fine of more than 10 billion won from the Korea Fair Trade Commission for selling game items with virtually zero chance of being won.The KFTC announced on Jan. 3 that it would impose a corrective order and a fine of 11.6
Key Foundry, an 8-inch pure-play foundry semiconductor company acquired by SK hynix, announced on Dec. 3 that it has changed its name to SK keyfoundry.The updated company name has been in use since Jan. 1, following a recent shareholder meeting approval. SK keyfoundry also completed domestic and int
Overseas luxury brands are once again raising product prices early in the new year.According to the retail industry on Jan. 2, Hermes has raised the prices of its shoe products starting from Jan. 1. Among the various models of “Oran” sandals, the one crafted from lizard leather has witnessed a subst
South Korea recorded a trade deficit of US$9.97 billion last year, marking the second consecutive year of deficit since 2022. However, the trade deficit in the past year contracted compared to 2022 when it was US$47.78 billion, primarily due to the recovery in exports in the latter half of the year.
In December of last year, domestic semiconductor exports recorded the highest annual growth rate yet. The prices of memory semiconductors, the main export products of Samsung Electronics and SK hynix, have consistently been on the rise.According to the Ministry of Trade, Industry, and Energy on Jan.
A plenary session of the National Assembly passed an amendment to the Capital Markets and Financial Investment Business Act, which will require large-scale stock transactions by insiders of listed companies to be disclosed in advance beginning from the second half of 2024.The Financial Services Comm
Korea and the Gulf Cooperation Council (GCC) have finalized negotiations on a free trade agreement (FTA). The Korea-GCC FTA is Korea’s twenty-fifth FTA and the second with the Arab world after the Korea-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA). As Korea has gain
South Korea’s exports will fall by 10% if the world’s major economies split into two groups and strengthen trade barriers against each other, according to a report. However, if Korea promotes export diversification, it will be able to significantly reduce adverse effects.According to the Bank of Kor
Recent data indicates that the number of mid-sized companies playing a crucial role as the “backbone” of the domestic economy increased by nearly 100 last year. Both the total revenue and operating profit of mid-sized companies saw an increase of around 10% compared to the previous year, and investm
A South Korea-based brokerage firm has been fined billions of won for allegedly allowing global investment banks (IBs) to short sell stocks without borrowing, ratcheting up tension in the Korean securities industry. This is because although the sanctions were imposed on the foreign-affiliated securi