A consortium led by cosmetics-to-airline conglomerate Aekyung Group and two other consortia have submitted final bids for Asiana Airlines Inc., the companies said Thursday.The Aekyung-Stone Bridge Capital consortium, the consortium of Hyundai Development Co. (HDC) and Mirae Asset Daewoo and the cons

South Korea and the United States agreed Wednesday to forge a broader strategic economic partnership in line with their regional policy initiatives for Southeast Asia and the Indo-Pacific region, the foreign ministry said.The two sides reached the agreement during the fourth session of the Senior Ec

South Korea's current account surplus reached an 11-month high in September, although its amount narrowed from a year earlier due to slowing exports, central bank data showed Wednesday.The country's current account surplus reached US$7.48 billion in September, compared with a surplus of $11.

ASEAN member states, South Korea and five other countries reached a deal on a mega Asia-Pacific trade pact, known as the Regional Comprehensive Economic Partnership (RCEP), Monday, effectively concluding yearslong negotiations.The agreement involved the whole 10-member ASEAN bloc and its dialogue pa

The number of South Koreans staying at hotels and tourist inns in Japan halved in August from a year earlier, data showed Thursday, amid boycott campaign against Japanese products stemming from bitter feuds over trade and history. The Japan Tourism Agency said the number of South Koreans at such acc

Samsung Electronics Co. said Thursday its net profit more than halved in the third quarter from a year earlier due to weak memory chip prices.The net profit of the world's largest memory chip and smartphone maker tumbled 52.3 percent to 6.3 trillion won (US$5.4 billion) in the July-September per

South Korea's transport ministry said Monday it will permit Fly Gangwon, the country's seventh low-cost carrier, to begin operations next month, a move that could further heat up competition in South Korea's aviation market.An air operator certificate to be issued to Fly Gangwon on Tuesd

The issuance of asset-backed securities (ABSs) in South Korea slipped 11.9 percent on-year in the third quarter because of a decline in sales of government-led mortgage funds, data showed Monday.The value of ABSs issues stood at 9.6 trillion won (US$8.1 billion) during the July-September period, dow

South Korea's economic growth will likely slow down further this year, possibly falling below the 2 percent mark for the first time in 10 years, analysts said Thursday.The gloomy outlook comes after the Bank of Korea (BOK) said the local economy grew 0.4 percent from three months earlier in the

The South Korean economy continued to grow at a steady pace in the third quarter, partly helped by increased government spending and a slight rebound in exports from three months earlier, central bank data showed Thursday.In the three months ended Sept. 30, the country's real gross domestic prod

South Korea's finance minister said Tuesday the government will hold final discussions in the coming days on whether to maintain developing-country status amid a looming U.S. deadline.Hong Nam-ki did not provide a specific time frame on when the meeting will be held.South Korea has faced a dilem

South Korea's producer prices dropped for a third consecutive month in September, central bank data showed Tuesday, possibly signaling a steady drop in consumer prices that has been partly blamed for the country's slowing growth.The producer price index for all commodities came to 103.84 in

South Korea's business community on Monday asked the government to improve the system on a looming shorter workweek at smaller firms.The Korea Chamber of Commerce and Industry -- which speaks for the country's businesses -- and other business associations said there are difficulties in apply

The International Monetary Fund on Tuesday lowered its growth forecast for South Korea's economy this year to 2 percent from its previous outlook of 2.6 percent amid a global economic slowdown.Slowing growth in China and the "spillover" of the yearlong trade war between the United States and C

South Korea's export prices dropped from a month earlier in September largely due to the strength of the local currency against the U.S. dollar, central bank data showed Wednesday.The export price index -- in terms of Korean won -- came to 101.03 last month, down 0.8 percent from 101.81 the mont

Korean Air Lines Co., South Korea's national flag carrier, said Monday it has offered a voluntary leave program to its employees amid deepening losses.In the unpaid leave program, employees who have worked for the company for over two years can take a three-month period of leave starting in Nove

South Korea's agricultural ministry on Thursday announced a 48-hour lockdown on all pig farms in a town north of Seoul, where the country's 14th African swine fever (ASF) case was confirmed a day earlier.The movement ban on all pig farms in Yeoncheon, north of Seoul, went into effect earlier

South Korea's ranking in global competitiveness rose by two notches this year due to macroeconomic stability and a high level of information technology, a report showed Wednesday.Asia's fourth-largest economy ranked 13th out of 141 countries surveyed in the World Economic Forum (WEF) competi

South Korea and Colombia agreed on Tuesday to expand economic ties by better utilizing their bilateral free-trade agreement (FTA).Since the implementation of their FTA in 2016, the bilateral trade volume has been sharply gaining ground, with South Korea's exports to Colombia moving up 13.1 perce

South Korea's current account remained in the black for the fourth consecutive month in August, but its surplus narrowed sharply from a year earlier amid a steady decline in exports, central bank data showed Tuesday.The country's current account surplus came to US$5.27 billion in the month,