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

An argument was coming out at a local seminar that Section 232 of the Trade Expansion Act of 1962 may be applied to the semiconductor as well as automotive industry of South Korea.The United States may apply the Section 232 of the Trade Expansion Act of 1962 to Korea’s semiconductor as well as autom

Ha Jae-joo, head of the Korea Atomic Energy Research Institute (KAERI), has offered to resign with one year and four months left before the end of his term. He has reportedly been under pressure from the government to implement its nuclear phase-out policy. Ha’s resignation is predicted to affect th

A plan to finalize negotiations on the Regional Comprehensive Economic Partnership (RCEP) within this year has foundered. Instead, the countries adopted a joint communique calling for the final resolution of the deal next year. The RCEP is a large-scale free trade agreement (FTA) involving 16 countr

The Nov. 14 conclusion of the Securities and Futures Commission (SFC) that Samsung BioLogics intentionally committed accounting fraud is expected to have significant consequences on Samsung Group and Samsung Electronics vice chairman Lee Jae-yong.Critics argue that the legitimacy of the earlier merg

Korean exporters are groaning under mounting U.S. trade protectionism. According to industry sources, President Donald Trump is likely to put pressure on the Korean semiconductor industry, as well as the automobile industry, by imposing excessive tariffs based on Section 232 of the Trade Expansion A

South Korean conglomerate owners have strenthened their managerial control by shifting the governance structure of their groups to a holding company system through such measures as spinoffs and in-kind investment.The Korea Fair Trade Commission (KFTC) recently looked into 19 business groups’ 22 hold

Korea’s reliance on LNG-fueled power plants has sharply increased under the Moon Jae-in government as it pursues a rapid transition from nuclear power to renewable energy, such as solar power and wind power. But one problem with this transition is that the profitability of private LNG power plants h

South Korea needs to be prepared for the possibility of the ongoing trade dispute between the United States and China evolving into an all-out war, warned a top official of the Financial Services Commission (FSC).Kim Yong-beom, vice chairman of the FSC, said the Korean economy has already suffered a

The number of South Korean companies leaving their home country is increasing to a worrisome extent. Specifically, the net outflow of direct investment amounted to US$88.2 billion for the most recent five years. Both large corporations and smaller companies are refraining from investing in South Kor

The Supreme Court of South Korea has ruled that the sum of a holiday allowance and a wage should be the yardstick in determining a violation of the Minimum Wage Act. The holiday allowance can be defined as an allowance given on a weekly paid holiday to a person who works at least 15 hours a week.On

New security vulnerabilities have been discovered for China’s DJI drones on which backdoors are highly likely to be mounted. With backdoor fears of Chinese products spreading around the world, South Korea’s major public agencies are taking the lead in purchasing Chinese drones. According to Israeli

President Moon Jae-in has sacked Finance Minister and Deputy Prime Minister for Economic Affairs Kim Dong-yeon and Presidential Chief of Staff for Policy Jang Ha-sung.The two top economic policymakers led the nation’s economy for one year and six months since the inauguration of the incumbent govern

The South Korean government is going to discard its Clean Diesel policy in order to reduce the number of diesel vehicles, which are regarded as the main culprit of high-concentration particulate matter. At the same time, the government is going to expand the implementation of emergency particulate m