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
SK Trading International Co. (SKTI), a subsidiary of South Korea's largest refiner SK Innovation Co., said Sunday it plans to quadruple its offshore low-sulfur fuel supply business next year to meet increased demand following strict environmental regulations by the International Maritime Organiz
The South Korean government has stepped up preparations for the possibility of Japan expanding retaliatory export curbs, a related ministry official said Saturday.The Ministry of Trade, Industry and Energy in January made a list of 100 industrial products that could be targeted by Japan's export
U.S. President Donald Trump insisted Friday that the United States has a "very nice" relationship with North Korea following his diplomatic engagement with the regime's leader, Kim Jong-un.Trump returned this week from a visit to South Korea, where he held an impromptu meeting with Kim on the
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
In a meeting with President Moon Jae-in, SoftBank Group Corp. CEO Masayoshi Son on Thursday stressed the need for South Korea to invest aggressively into the artificial intelligence (AI) sector, according to Cheong Wa Dae.Moon had a 90-minute meeting with Son at the presidential compound, 50 minutes
A South Korean man has been under investigation on charges of stealing a device used in military explosives while serving in the Army and collecting or uploading video clips related to the Islamic State (IS) militant group, defense ministry officials said Friday.The 23-year-old man, identified only
Climate and engineering setbacks have forced North Korea to shift its strategy for hydroelectric power production, a source of great pride for the late former leader, Kim Jong-il, according to a U.S. monitor. 38 North, which provides analysis and satellite imagery of North Korea, said
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
In a meeting with President Moon Jae-in, SoftBank Group Corp. CEO Masayoshi Son on Thursday stressed the need for South Korea to invest aggressively into the artificial intelligence (AI) sector, according to Cheong Wa Dae. Moon had a 90-minute meeting with Son at the presidential compound, 50 minute
Samsung Electronics Co. said Friday its operating earnings more than halved in the second quarter from a year earlier amid the weak memory chip and handset market. The operating profit was estimated at 6.5 trillion won (US$5.6 billion) in the April-June period, a 56.3 percent drop from a year ago, a
By Publisher Lee Kyung-sik with VC Cho Kyung-hee, Reporter Paul KimAmbassador Emma Françoise Isumbingabo of the Republic of Rwanda in Seoul said, “Over the past two decades the relations between Rwanda and Korea have grown attaining the level of “Key Partner Country” for development cooperati
Small shareholders of the Korea Electric Power Corporation (KEPCO) announced on July 4, 2019 that they will formally file a charge with the Seoul Central District Prosecutor’s Office against President Moon Jae-in.Chairman Chang Byung-chun of the KEPCO Small Share Holders’ Action Organization issued
Hanjin Heavy Industries & Construction Co., a midsize shipbuilding and construction company in South Korea, said Thursday it has signed a strategic partnership with a Filipino builder to win infrastructure projects in the Philippines.Under their strategic alliance agreement, Hanjin Heavy said it aim
The government has been under fire following revelations that the military failed to detect the small wooden boat carrying four North Koreans until it traveled all the way to the port of Samcheok, about 130 kilometers away from the eastern sea border, and a civilian alerted police about it on June 1
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
Foreign Minister Kang Kyung-wha on Wednesday denounced Japan's decision to restrict exports of semiconductor and display materials to South Korea as a retaliatory measure that is unreasonable and contrary to common sense.On Monday, Japan announced that it will tighten regulations on exports to S
South Korea's largest steelmaker POSCO said Tuesday one of its major steel mills has returned to normal operations following a power outage the previous day. POSCO said that furnaces and other production facilities at its steel mill in Gwangyang, South Jeolla Province, some 420 kilometers southw
The long-fraught ties between South Korea and Japan are plunging to a new low, as their intractable historical issues are bleeding into the economic domain, with voices for reconciliation drowned out by domestic politics, nationalism and mutual distrust. On Monday, Tokyo blindsided Seoul by announci