The government has decided to extend financial market stabilization measures, currently operating at a scale of 37.4 trillion won (US$28.77 billion), until the end of next year. Additionally, flexibility measures in financial regulations, such as the banks’ liquidity coverage ratio (LCR) and the res
With Chinese authorities set to begin controlling graphite exports, a key raw material for anode materials for batteries, in December, they held an event with Korean companies only to explain how they will enforce their export control policy.This was the first time China, which has played the weapon
Prosecutors have embarked on a search and seizure operation targeting the CEO of Hyundai AutoEver and others.The Fair Trade Investigation Division of the Seoul Central District Prosecutors’ Office announced that they have been conducting search and seizure operations at a total of four locations, in
As a result of President Yoon Suk-yeol’s visit to the United States for the Asia-Pacific Economic Cooperation (APEC) summit, four American companies, including General Motors (GM) and DuPont, have decided to invest a total of US$1.16 billion in South Korea.The Ministry of Trade, Industry, and Energy
Prosecutors have demanded a five-year prison sentence and a 500 million won (US$386,581) fine for Lee Jae-yong, chairman of Samsung Electronics, indicted on charges of unfairly intervening in the merger of Samsung C&T and Cheil Industries to facilitate a succession of managerial power.At the final h
Koreans spent more than 104.4 billion minutes on YouTube in October, according to a survey.WiseApp-Retail Goods, a company that analyzes mobile applications and retail, announced on Nov. 15 that it surveyed Korean smartphone users on their YouTube usage time. The survey was conducted among 51.2 mill
Korea’s entrepreneurial spirit ranked among the lowest in Asia according to a report released by Amway.The 2023 Amway Global Entrepreneurship Report (AGER) reveals comprehensive data on trends around starting a business. The 2023 AGER was released on Nov. 13 in honor of the World Global Entrepreneur
The Korean government has withdrawn its controversial proposal to revise working hours to a maximum of 69 hours a week and will maintain the current 52-hour workweek while providing improvement measures for some industries and occupations.The Ministry of Employment and Labor announced the results of
SK Group Chairman Chey Tae-won recently commented on his relationship with ex-wife No So-young, the director of Art Center Nabi, stating, “Our marital relationship had completely collapsed well before I met someone new. For years, we were only nominally a couple, living as strangers with nothing but
The Korean business community has been strongly opposing the Yellow Envelope Bill (an amendment to Article 2-3 of the Trade Union Act), saying it will disrupt Korea’s labor relations and industrial ecosystems. But the majority Democratic Party passed the bill in a plenary session of the National Ass
Research has shown that Seoul’s urban competitiveness ranks 7th among 48 major cities worldwide.The Mori Memorial Foundation’s Institute for Urban Strategies held a press briefing on Nov. 9 and announced the 2023 Edition of the Global Power City Index (GPCI). This survey, which began in 2008, is now
South Korea has been removed from the U.S. currency manipulator watchlist for the first time. This move comes with recognition of the transparency in South Korea’s foreign exchange policies and marks a significant step towards stability in the value of the South Korean won, providing some relief for
The Board of Audit and Inspection of Korea (BAI) is reportedly closely examining whether there were any unfair privileges taken or solicitation involved in the process of the government’s shares returning to the private sector. This scrutiny pertains to the massive policy fund-supported restructurin
Following the discovery of insects in Harim’s raw chicken products, the Ministry of Food and Drug Safety (MFDS) has begun an on-site investigation into the matter.The MFDS announced that it would conduct an on-site inspection to ensure the implementation of preventive measures submitted by Harim on
This summer, the country has seen an unusually high number of landslides due to concentrated heavy rainfalls. In 2023, the nationwide damage from landslides amounted to 2,410 cases with 458 hectares of land lost, resulting in 15 fatalities. Business Korea had a detailed conversation with Choi Byeong
The Samsung owning family is selling a portion of their Samsung Electronics shares to prepare for inheritance tax.According to the Financial Supervisory Service on Nov. 3, Hong Ra-hee, the former director of Leeum, Samsung Museum of Art; Lee Boo-jin, CEO of Hotel Shilla; and Lee Seo-hyun, chairperso
For more than 60 years, Korea had not made it to U.S. Billboard charts, but starting with Psy’s Gangnam Style in 2012, K-pop’s presence on the charts has been growing with BTS, BlackPink, and Nujins making their splashes.As K-pop’s status has changed, so has the number of foreigners visiting Korea.
As Germany, which shares a similar economic structure with South Korea, takes steps to improve its economic structure and reduce its trade dependence on China, there is a call for South Korea to draw lessons from Germany’s example and work towards improving its own economic structure.According to a
POSCO International’s overseas gas exploration project has received a warning. The U.S. government has announced sanctions against the Myanma Oil and Gas Enterprise (MOGE), which holds a stake in the gas project operated by POSCO International, citing civilian oppression by the Myanmar military regi
Representatives from the Incheon Free Economic Zone (IFEZ) and Yonsei University’s K-NIBRT initiative discussed collaborative strategies with a delegation from Ireland’s Department of Business, Enterprise, and Employment in Songdo International City.The Incheon Free Economic Zone (IFEZ) and Yonsei U