The International Monetary Fund (IMF) said in its Fiscal Monitor report that the ratio of the South Korean central government’s fiscal income to South Korea’s GDP for next year is estimated at 24.6 percent and this level is the third-lowest in the group of 35 developed countries behind those of Hong
KT has built a virtual reality (VR) theme park in Malaysia in cooperation with a local company.KT said on Aug. 29 that it opened VR theme park VRINITY at Legoland Shopping Mall in Johor, Malaysia, on Aug. 28 (local time). IISB, a local ICT company, also invested in the project.KT opened the Shinchon
South Korea's total fertility rate hit a record low of 0.98 in 2018 despite the astronomical amount of money spent to tackle its low birth rate. Accordingly, the country has become the only country in the world with a fertility rate below 1.The country’s total fertility rate stood at 0.98 in 201
Although NAND flash prices have rebounded since the start of the second half, the upward momentum is unlikely to continue due to a sluggish demand recovery, industry experts say. In addition, concern is raised over a supply glut next year due to massive investments by NAND flash makers such as Samsu
U.S. President Donald Trump said that ROK-U.S. joint military exercises are a complete waste of money.The president has continued to complain about the costs of the exercises. After the Washington-Pyongyang summit in Singapore in June 2018, the president said he hated the exercises from his first da
Shinhan Investment Corp. has successfully completed a big corporate acceptance financing deal worth US$50 million (60.50 billion won) in Singapore.The deal was a joint effort by Shinhan Investment and Deutsche Bank Singapore, for LOLC Private Ltd., a consumer finance firm in Singapore which took out
The South Korean government needs to come up with laws and systems related to blockchain technology and cryptocurrencies to encourage companies to invest in the blockchain industry, an industry report says.The report, released by BC Card Digital Research Institute and KT Economics & Management Resea
U.S.-based GlobalFoundries Inc., the world's third largest semiconductor foundry, is selling off its photomask business to Japan’s Toppan Photomasks Inc. A photomask is one of the essential raw materials for semiconductor manufacturing. It is one of the items subject to export control by the Jap
South Korean blockchain startups are listing their cryptocurrencies on overseas exchanges one after another. Foreign exchanges have opened the Korean won money market to attract South Korean cryptocurrency projects.The number of South Korean companies listing their early-stage blockchain projects on
Foreign investors remained net buyers of South Korean stocks for a second month in July while withdrawing funds from the bond market for the first time in five months.Offshore investors bought a net 2.05 trillion won (US$1.68 billion) worth of local shares last month, the second consecutive month of
South Korea’s financial regulator is to conduct an emergency inspection into commercial banks’ sales of private equity investment products to their VIP clients and corporate clients. The inspection was prompted by heavy losses suffered by investors who purchased private equity investment products th
Ssangyong E&C has received the Safety & Health Award Recognition for Projects (SHARP) for its two construction projects in Singapore, the T308 subway construction project and the Forest Woods Condominium project.The company received the awards at an award ceremony held by the Singaporean Ministry of
KB Financial Group Inc., a major South Korean banking group, has joined hands with global business accelerator Plug and Play to support early-stage business ventures in the country.Under a collaboration agreement, KB Financial Group has been nominated as one of Plug and Play‘s anchor members granted
Although the mutual evaluation unit of the Financial Action Task Force (FATF) has finished a due diligence on South Korean financial companies, domestic banks cannot relax until the final results come out in April next year. The on-the-spot inspection has been completed, but they now face a stricter
Samsung SDS will make a full-scale foray into the Southeast Asian IT service market by becoming the largest shareholder of CMC, a large IT service company in Vietnam.Samsung SDS announced on July 28 that it signed an investment contract with CMC on July 26 under a strategic investment agreement. CMC
Foreigners bought both listed stocks and listed bonds at the same time in June. In particular, the foreign ownership of listed bonds reached a record high for two months in a row.Foreigners’ net investment in South Korean bonds came to 5.80 trillion won (US$4.91 billion) in June, according to data f
R.J. O'Brien & Associates LLC, the oldest and largest independent futures brokerage firm in the United States, is pushing into the South Korean derivatives trading market.The Financial Services Commission (FSC) said on July 11 that it approved a preliminary investment banking license plan from R
Naver Business Platform (NBP) announced on July 11 that it has concluded an agreement with Deskera, the number one SaaS company in Southeast Asia.Deskera will provide cloud-based enterprise business software solutions to Southeast Asian customers through the global legion of the Naver Cloud Platform
Korea Gas Corp. (KOGAS) announced on July 10 that it has successfully issued sustainable bonds worth US$500 million.This marked the first time that KOGAS issued sustainable bonds. KOGAS became the first state-run corporations to issue 10-year environmental, social and governance (ESG) bonds. ESG bon
The conflict between South Korea and Japan triggered by Japan’s restrictions on exports of key semiconductor materials shows signs of escalating into “a tariff war.”The South Korean government decided on July 10 to extend an anti-dumping duty on imports of ethyl acetate, including those from Japan,