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
Specialized organizations have predicted that the impact of China’s graphite export control will be resolved within three months. This is because there have been similar cases in the past and it is difficult for China to consume all the graphite produced in China alone. However, South Korean battery
The slow growth of South Korea’s per-capita income widened its income gap with the Group of Seven (G7) countries. In 2020, the nation surpassed Italy in the GNI per capita standings, celebrating its economic takeoff to rival G7 economies. But South Korea stayed above Italy for only one year, and its
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
A large number of young venture startup CEOs in their 30s and 40s believe that the current inheritance tax should be abolished or lowered, according to a survey.On Oct. 29, the Korea Enterprises Federation (KEF) conducted a survey on the perception of Korea’s inheritance tax system among 140 venture
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
During his six-day state visits to Saudi Arabia and Qatar, President Yoon Suk-yeol secured business contracts totaling $202 billion (27.3 trillion won). With these trips, he concluded his diplomatic rounds with the “Big 3” Middle Eastern countries, which began with a visit to the United Arab Emirate
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
During President Yoon Seok-yeol’s state visit to Saudi Arabia, a total of 46 memoranda of understanding (MOUs) and contracts were signed at the 2023 Korea-Saudi Investment Forum. This signifies a boost in economic cooperation between the two nations across various industries, including electric vehi
A video of a worker urinating on raw materials at a Tsingtao Beer plant in China has raised questions about whether the video will make a change in the imported beer market in Korea.“Korea is highly concerned about food hygiene and has some anti-China sentiments, so the video is bound to give the ne
The Korea Chamber of Commerce and Industry (KCCI) suggested in a report that Korea cooperate with major Middle Eastern countries such as Saudi Arabia, the United Arab Emirates (UAE), and Qatar in the fields of future energy, electric vehicles and defense.The KCCI released the report on economic coop
The European Union (EU) will boost global infrastructure projects to counter China’s Belt and Road Initiative.The EU will host the Global Gateway on Sept. 25 and 26. Leaders from more than 20 countries, including Bangladesh, Senegal, Namibia and Moldova, will attend the event, Bloomberg reported on
Over the past seven years, the Korea Fair Trade Commission (KFTC) has fined big Korean companies more than 4 trillion won for violating the Fair Trade Act and other laws.Among them, the KFTC imposed the largest amount of fines (265.5 billion won for nine cases) on Hyundai Motor Company. The amount o
Deputy Prime Minister and Minister of Strategy and Finance Choo Kyung-ho said on Oct. 19 that Korea will not exit from China, in response to concerns about the Korea’s withdrawal from China as Korea, Japan and the United States have strengthened their trilateral cooperation.“There is no reason to tu
President Yoon Suk-yeol will visit Saudi Arabia and Qatar on a four-day, six-night state visit starting on Oct. 21. This will mark the first time a Korean head of state has paid a state visit to Saudi Arabia and Qatar.President Yoon will arrive in Riyadh, the capital of Saudi Arabia, on Oct. 21 (loc