In response to a query by Ha Tae-kyung, a lawmaker from the People Power Party, on whether South Korea has made Russia aware of its intention to retaliate if the latter transfers missile or weaponry technology to North Korea, Foreign Minister Park Jin said, “Yes, we have conveyed such sentiments to
The recent revelation of illegal short selling by global investment banks (IBs) and a plunge in the stock market are fueling a debate on a total ban on short selling of all listed stocks. “We will improve all systems from scratch,” Financial Services Commission (FSC) Chairman Kim Joo-hyun said in re
While the government has been emphasizing price stability in recent times, foreign and multinational companies are exacerbating domestic price increases.According to the retail industry on Oct. 28, it has been pointed out that despite the government’s recent call for restraint in price increases, so
According to industry sources and foreign reports on Oct. 29, global automaker Ford Motor is set to reduce its initial US$12 billion investment plan for electric vehicle projects after recording approximately US$1.3 billion in losses in its electric vehicle division during the third quarter of this
In the third quarter (July-September) of this year, the Korean economy continued to grow thanks to a recovery in exports and consumption in the private sector. However, uncertainties surrounding outlooks on growth for the fourth quarter have increased with consumer and business sentiment deteriorati
The KOSPI index has fluctuated amid consecutive adverse developments, returning to its January levels. Compared to the annual high of 2,667.07 on Aug. 1, it has declined by 13.7 percent.On Oct. 26, the KOSPI index closed at 2,299.08, marking a 2.17 percent decline, while the KOSDAQ index concluded a
Starting next year, foreign residents in South Korea seeking eligibility for health insurance as dependent beneficiaries must have a minimum of 6 months of residency.According to the Ministry of Health and Welfare and the National Health Insurance Service on Oct. 26, an amendment to the Health Insur
Google, which accounts for the highest share of domestic network traffic in South Korea, has been highlighted for not paying any network usage fees in the country.On Oct. 26, Kim Byung-wook, a member of the National Assembly’s Science, ICT, Broadcasting and Communications Committee from the People P
Amid growing global attention on the Middle East due to an armed conflict between Israel and the Palestinian militant group Hamas, the number of overseas subsidiaries established by large Korean companies has surpassed 110 in major Middle Eastern countries, according to a survey.The Korea CXO Instit
Daewoo E&C announced on Oct. 25 that it is promoting its entry into the Eastern European nuclear power plant market in earnest.Demand for nuclear power generation has been growing again in Europe recently due to energy price uncertainties, increasing orders of nuclear power plants and related fields
Hanwha Ocean has turned a profit. This marks the first time it has emerged from a deficit in 12 quarters since the fourth quarter of 2020.On Oct. 25, Hanwha Ocean announced that it recorded 1.92 trillion won (US$1.42 billion) in revenue, 74.1 billion won in operating profit, and 231.6 billion won in
The controversy surrounding the “Asiana Airlines Cargo Business Separation Sale,” which has emerged as a key issue in the merger of Korean Air and Asiana Airlines, is intensifying. As the Asiana Airlines board is set to decide on the separation sale of the cargo business on Oct. 30, both current and
Amid the rising value of the U.S. dollar and the subsequent selling off to capitalize on profits, residents’ foreign currency deposits decreased by nearly $100 billion last month, marking a continuous decline for the second month in a row. Consequently, the foreign currency deposit balance shrank to
Generative artificial intelligence (AI), a major buzzword this year, is expected to dominate the smartphone market next year.Samsung Electronics is predicted to unveil its Galaxy S24 series, incorporating generative AI, early next year. The company is also expected to strengthen collaborations with
HD Korea Shipbuilding & Offshore Engineering (KSOE) said that it is considering securing overseas shipyards to reduce costs and procure abundant human resources.“We need to think about how to maintain our market share and run our business in the long term,” Park Seung-yong, chief operating officer (
An ironic situation unfolds as foreign investors are rapidly withdrawing their investments from the domestic stock market, while the foreign ownership percentage of the total market capitalization on the KOSPI hits a 20-month high.According to the Korea Exchange on Oct. 22, the foreign ownership rat
McKinsey introduced the content of its report, “Koreas Next S-Curve,” to international media outlets at Shilla Hotel in Seoul on Oct. 19. In the report, the company proposed three pillars of reorganization, transformation, and construction and eight action items for Korea’s economic renaissance.McKi
The Korean defense industry is accelerating its penetration of the global defense market with powerful weapon systems and differentiated technological competitiveness. For example, major Korean defense companies posted record exports of US$17.3 billion in 2022 and are on track to reach US$20 billion
With the efforts to secure the hosting of the 2030 Busan World Expo nearing its conclusion, Official Development Assistance (ODA) support for developing countries has emerged as a key focus to secure the favor of these countries. This is seen as an intention to solidify the favor of developing count
Regarding recent discoveries of illegal short selling involving global investment banks, Lee Bok-hyun, the head of the Financial Supervisory Service (FSS), stated on Oct. 17, “We will hold them financially responsible for a much larger amount than in the past. Criminal punishment also seems possible