South Korea maintained its position at 12th in the global gross domestic product (GDP) rankings last year, the World Bank said Sunday. In 2018, Korea posted US$1.619 trillion in terms of nominal GDP, little changed from the previous year, data from the World Bank showed. Korea ranked 14th in the Wor
Two top South Korean economic policymakers met with business leaders Sunday to discuss ways to cope with Japan's export restrictions, Cheong Wa Dae has confirmed. Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, chief of staff to President Moon Jae-in for policy, had consultations with
South Korea's finance minister said Friday that he can meet with top executives of Samsung Group and four other major conglomerates to deal with Japan's export restrictions."There seems to be no reason not to meet with (them)," Hong Nam-ki, the minister of economy and finance, told reporte
South Korea's current account balanced turned to black in May, one month after the country posted its first deficit in seven years amid sluggish exports, central bank data showed Thursday. The country's current account surplus came to US$4.95 billion in the month, marking a turnaround from a
The agreement will allow Samsung Bioepis to distribute, market and sell the biosimilar Ontruzant in the United States, according to the source.Ontruzant, the breast cancer treatment biosimilar referencing Roche's Herceptin, won approval from the U.S. Food and Drug Administration earlier this yea
South Korea's trade minister said Monday the government plans to file a complaint with the World Trade Organization (WTO) over Japan's decision to tighten the rules for exports of semiconductor and display materials to Seoul, amid a simmering diplomatic row over wartime force labor. "South
Hyundai Motor Co., South Korea's leading carmaker, said Wednesday it has signed an initial pact with Saudi Arabia's national oil company, Saudi Aramco, to cooperate on hydrogen energy.On Tuesday, Hyundai Motor Executive Vice Chairman Chung Euisun signed a memorandum of understanding with Ahm
General Motors Co.'s recent facility investment in South Korea and plans to launch new vehicles show the U.S. carmaker's strong commitment in the market, a GM executive said Tuesday.Early this year, the Detroit carmaker began to build a paint shop at the Changwon plant, one of its three car
South Korea is considering extending a temporary tax cut on purchases of all-electric and hydrogen fuel-cell electric cars, the finance minister said Tuesday, in the latest move to help eco-friendly cars expand their presence here.Since 2017, the government has waived a 5 percent special excise tax
South Korea's finance minister on Monday asked heads of major banks to increase lending to small and medium-sized firms as part of efforts to boost the economy.Hong Nam-ki, the minister of economy and finance, said it would be good if banks extend loans to smaller firms by taking into account th
South Korea's consumer sentiment dropped slightly from a month earlier to a five-month low in June, central bank data showed Tuesday, amid fears of an economic slowdown sparked by sluggish exports and a trade dispute between the world's two largest economies.The composite consumer sentiment
The global market for premium smartphones contracted in the first quarter on Apple Inc.'s falling shipments of iPhones, but Samsung Electronics Inc.'s share in the sector increased, according to an industry report on Sunday.According to the report by Counterpoint Technology Market Research,
`The new chief policy secretary of President Moon Jae-in has said he will spare no efforts to create more jobs and improve incomes, as South Korea's economy has shown signs of slowing growth on faltering exports and investment.Kim Sang-jo, former chairman of the Korea Fair Trade Commission who w
South Korea's financial watchdog said Sunday it has published special guidebooks on daily financial services for Russian-speaking foreigners here, in a move to help foreign workers and their spouses experiencing language barriers."The guide is to help foreign-language speakers living in Korea,
South Korea's finance ministry is expected to slightly cut its growth estimate for the year in the face of a delayed recovery in chip prices and the escalating trade dispute between the United States and China, sources said Sunday.The South Korean government has been adhering to the stance that
South Korea's nuclear safety commission said Friday that there has been mismanagement of radioactive waste-related data and called for immediate corrective measures.The Nuclear Safety and Security Commission said there was some mismatched information on the movement of low- and intermediate-leve
South Korea's economy and financial markets will be safely insulated even under the worst case that could become a reality amid the slowing global economy and the escalating trade dispute between the world's two largest economies, a central bank report said Thursday.The report, submitted to
South Korea has proposed to Japan that companies from both countries create a joint fund to compensate victims of Tokyo's wartime forced labor, the foreign ministry said Tuesday.Seoul made the proposal as Tokyo has been ratcheting up pressure on it to accept the request for the formation of an a
It's been a decade since Paul Bassett debuted in the South Korean coffee market with a focus on specialty coffee, and much of its success owes to a "positive evolution" in the local coffee culture, the Australian barista who gave his name to the brand says.Paul Bassett said his decision to joi