U.S. President Donald Trump and Chinese President Xi Jinping agreed on Dec. 1 to temporarily stop their trade war for 90 days.Earlier, the U.S. president said that tariffs on Chinese products worth US$200 billion in total would be raised from 10% to 25% from Jan. 1, 2019. China, which imposed retali

South Korea’s exports topped US$50 billion in November for the seventh consecutive month. This year’s total exports are highly likely to exceed US$600 billion for the first time ever.The Ministry of Trade, Industry & Energy announced on Dec. 1 that exports totaled US$51.92 billion last month, up 4.5

South Korean lawmakers are stepping up efforts to introduce regulations against global ICT giants such as Google amid opposition from the U.S. Embassy in Seoul. A bill has been proposed for value added tax imposition on such companies, while the Science, ICT, Broadcasting, and Communications Committ

A seminar on trilateral cooperation among South Korea, Japan and China will be held in Songdo, Incheon, on Dec. 3 under the theme “Present and Future of ROK-Japan-China Trilateral Cooperation.” The semina takes place for the first time at the initiative of the South Korean government. A track-1.5 me

The Korea Federation of SMEs has asked the Ministry of Health and Welfare to address business owners’ National Pension burden for foreign workers with an E-9 visa.At present, foreign workers from the eight countries including the Philippines, Thailand and Indonesia have to be covered by the National

The United States reportedly asked the South Korean government not to introduce a so-called ‘Google tax,’ claiming that any server localization attempt targeting global IT companies will be in violation of the KORUS FTA. However, South Korean lawmakers say that server localization and the FTA have n

The Korea Space Launch Vehicle-2 Nuri was successfully test-launched on Nov. 28, with the test fire burning for 151 seconds, which exceeded the targeted duration of 140 seconds.The launch vehicle, which is scheduled to be formally launched in 2021, is a three-stage rocket developed on South Korea’s

The added values of the South Korean mining and manufacturing industries increased a lot last year while the number of persons working in the manufacturing industry decreased for the first time since the global financial crisis of 2009 during the same period. This has to do with adverse business con

South Korea has reclaimed the number one spot in terms of the ratio of research and development (R&D) spending to gross domestic product (GDP). South Korea’s ratio was 4.55 percent last year, higher than Israel’s 4.25 percent.The total amount of Korea’s R&D investment reached 78.8 trillion won (US$6

With the United States investigating Japan’s Mitsubishi UFJ Financial Group for money laundering involving North Korea, the South Korean financial authorities disclosed on Nov. 27 the outcome of their assessment of domestic financial companies’ risks associated with money laundering and terrorist fi

Around 70% of South Koreans are opposed to a nuclear power phase-out although the South Korean government is trying to replace nuclear power with new and renewable energy sources. The Korea Nuclear Society (KNS) recently conducted a survey with Gallup Korea and released the result on Nov. 19. The te

Korea is predicted to lose competitiveness in seven of its eight major export industries within three years, with the only exception being shipbuilding.The Korea Economic Research Institute disclosed on Nov. 25 the outcome of its recent survey on Korean industrialists.According to the survey, South

South Korea’s household debt passed the milestone of 1,500 trillion won (US$1.33 trillion) for the first time in the third quarter this year.Household debt still continues to grow faster than income but the growth pace has slowed down due to the government’s tighter loan regulation.According to data

Despite a boom in the Korean transportation sector, sales of the Korean maritime transport industry plunged more than 10% in 2017. The industry has suffered a setback for five consecutive years since 2013. The Korean maritime transport industry’s cargo volume plummeted sharply as Hanjin Shipping, th

South Korea’s exports are continuing to grow this month, led by automobiles and petroleum products. Yet semiconductor export growth is slowing down. The outlook is not rosy for the semiconductor sector as chip prices are falling and China is poised to boost its semiconductor production.According to

The Busan Metropolitan City and the Busan Center for Creative Economy & Innovation introduced the Busan Smart City Living Lab at the Smart City Expo World Congress 2018 held in Barcelona, Spain from Nov. 13 to 15.The congress is the world's largest annual exhibition related to smart city and Int

The Korean Confederation of Trade Unions (KCTU) goes on a general strike on Nov. 21 over extension of the flexible work hours system and other issues. On the other hand, small-business owners’ complaints are mounting in the wake of the government’s push for 52-hour work week and a double-digit minim

South Korea’s manufacturing capacity utilization was 74.3% in the third quarter of this year, the lowest since the Asian Financial Crisis of 1998. In addition, its capital expenditure fell 19% from a year earlier in September, which is close to the decrement recorded during the 2008 global financial

The Korea Employers Federation (KEF) asked the South Korean government on Nov. 16 to reconsider its amendment to the enforcement decree of the Minimum Wage Act.At present, the amendment is being examined by the Ministry of Government Legislation after its release on Sept. 19 for public comments. Acc

In February of last year, Baek Jong-beom, a professor at the Ulsan National Institute of Science and Technology (UNIST), developed the technology for obtaining hydrogen from water using ruthenium. This technology has been called a crucial breakthrough as it costs only 4% compared with the current me