S. Korea to hold inaugural pan-government simulation exercise for supply chain crisis

South Korea is set to hold its first-ever pan-government tabletop exercise to prepare for a possible supply chain crisis, bringing together related government ministries and private companies, officials said Tuesday. The public-private tabletop exercise will run for three days through Thursday, simulating disruptions in the supply of key materials for Korean industries caused by a natural disaster, according to the officials from the finance, industry and other related ministries. The government

Nov. 11, 2025

S. Korean, Hungarian central banks sign MOU to boost cooperation

South Korea's central bank said Monday it has signed an agreement with the Hungarian central bank to promote bilateral exchanges and cooperation. Under the signed Memorandum of Understanding (MOU), the Bank of Korea (BOK) and the Magyar Nemzeti Bank (MNB) agreed to further strengthen their cooperative relationship by sharing information and expertise and conducting joint research and workshops across various policy areas, according to the BOK. "Stronger cooperation with Hungary, a strategically

Nov. 10, 2025

Koreans feel economy is at its worst since 2020, despite positive data

An annual survey released Thursday showed that South Koreans' assessment of the country's economy is at its worst since the inaugural study in 2020, despite the recent key indexes indicating growth. The average score for the South Korean economy was 3.88 out of 10, in the annual survey conducted on 1,000 people by the non-government research facility Center for Social Value Enhancement Studies. It marked a significant decrease from 5.13 in 2020. This was in contrast to the September report by th

Nov. 8, 2025

Govt. to create 300b won loan for firms investing in carbon reduction projects

The government will launch a loan program worth 300 billion won ($207.5 million) over the next three years to support companies investing in carbon emission reduction facilities, and related research and development projects, the industry ministry said Thursday. The program will provide financial support to companies participating in 16 projects aimed at cutting greenhouse gas emissions across industries such as oil refining and shipbuilding, as well as advancing hydrogen and fuel cell technolog

Nov. 6, 2025

S. Korea posts record September current account surplus on strong exports

South Korea posted a record current account surplus for any September, buoyed by solid exports and increased dividend income, the central bank said Thursday. The country's current account surplus came to $13.47 billion in September, up from $9.15 billion a month earlier, according to data from the Bank of Korea. It marked the largest surplus ever recorded for any September and the second-largest monthly figure overall. The data also marked the 29th consecutive month of surplus as South Korea has

Nov. 6, 2025

Won under pressure as Korea’s $200b US investment pledge drives dollar demand

The Korean won continues to struggle to hold its value against the dollar, with some $20 billion in capital expected to flow out annually under Korea’s $200 billion investment pledge to the United States. Despite the conclusion of the Korea-US tariff negotiations, the won remains weak against the dollar, hovering around the 1,430-won level as of Tuesday. Although the currency briefly strengthened into the 1,420-won range when the tariff deal was sealed on Oct. 29, it has since retreated to almos

Nov. 4, 2025

Brokerages resume services for daytime trading of US stocks

South Korean brokerage houses on Tuesday reopened services for daytime trading of US stocks, more than a year after they suspended the service due to system glitches, industry sources said. Investors using trading systems of 18 brokerage firms here will be able to trade US stocks from 9 a.m. to 5 p.m., according to the sources. Daytime trading of US stocks in Korea had been halted since Aug. 5, 2024, following a technical glitch that caused the mass cancellation of orders from local investors by

Nov. 4, 2025

Lee to deliver budget speech Tuesday to outline next year's spending plan

President Lee Jae Myung will deliver a budget speech this week to outline the government's spending for next year, the presidential office said Monday. Lee is scheduled to make the speech on the 2026 budget bill Tuesday, during which he is expected to ask for bipartisan cooperation for its passage. The government has proposed a record high budget of 728 trillion won ($508.4 billion) for next year, up 8.1 percent from this year. Lee has signaled an expansionary fiscal policy aimed at boosting slu

Nov. 3, 2025

Finance minister vows efforts to boost domestic consumption

Finance Minister Koo Yun-cheol on Sunday pledged to step up efforts to promote domestic consumption as South Korea's annual nationwide shopping event is being held on the largest-ever scale, his office said. The Korea Grand Festival, the country's equivalent of Black Friday, is taking place both online and offline nationwide from Wednesday through Nov. 9, with around 37,000 companies participating, according to the Ministry of Economy and Finance. Major department store chains, discount retailer

Nov. 2, 2025

[Contribution] Coercive fines to end tax audit standoffs

By Lee Sung-jin Vice commissioner of the National Tax Service Tax audits are often likened to a tug-of-war. The National Tax Service strives to secure as much supporting documentation as possible to ensure fair taxation based on the principle of evidence-based taxation, while taxpayers, concerned that complying might lead to unfavorable outcomes and disadvantages, often refuse to cooperate and hold out. This persistent deadlock -- caught between cooperation and avoidance -- has long been a famil

Nov. 2, 2025

Lee, Xi seal W70tr FX swap in Korea–China reset

GYEONGJU, North Gyeongsang Province — South Korea and China agreed Saturday to expand cooperation across trade, finance and emerging industries, marking a reset in bilateral ties strained by geopolitical tension and supply chain realignment. During a 95-minute summit at the Gyeongju National Museum, President Lee Jae Myung and Chinese President Xi Jinping witnessed the signing of seven memorandums of understanding, including the extension of a currency swap deal. The Korean president said the tw

Nov. 1, 2025

Chicken and chips prove winning combination as tech titans join Nvidia’s GeForce festival in Seoul

“These are my chimaek buddies!” Nvidia CEO Jensen Huang shouted with a wide grin as he stood on stage with Samsung Electronics Chair Lee Jae-yong and Hyundai Motor Group Executive Chair Chung Euisun at the GeForce Gamer Festival held at Coex’s K-pop Square in Seoul on Thursday. The atmosphere at Coex quickly turned electric as the trio appeared before a packed crowd of gamers, fans and tech enthusiasts. Just hours earlier, the three business leaders had shared a casual get-together, which also i

Oct. 31, 2025

Kkanbu Chicken revels in limelight following business moguls' dinner

Kkanbu Chicken, a South Korean fried chicken joint, is suddenly the hottest table in South Korea right now, after Nvidia's Jensen Huang, Samsung Electronics's Lee Jae-yong and Hyundai Motor's Chung Euisun had a much-talked-about "chimaek" get-together at one of its branches in Seoul on Thursday. The three moguls’ casual meeting over chimaek — fried chicken and beer — took place around 7:30 p.m. at a Kkanbu Chicken outlet near Samseong Station in Seoul's Gangnam-gu. The dinner lasted about an hou

Oct. 31, 2025

Hyundai Mobis Q3 net rises, operating profit falls on US tariffs

Hyundai Mobis Co., South Korea's leading auto parts maker, said Friday its third-quarter net profit grew 1 percent from a year earlier, while operating profit fell more than 14 percent due to US import tariffs. Net profit for the three months ended in September rose to 930.5 billion won ($651.4 million) from 921.2 billion won a year earlier, the company said in a regulatory filing. "Favorable exchange rates and increased supply of module and core parts to global carmakers, as well as to Hyundai

Oct. 31, 2025

Industrial output expands in Sept. on robust chip production; retail sales down for 2nd month

South Korea's industrial production expanded from a month earlier in September, driven by gains in the service sector, while retail sales lost ground for the second consecutive month, data showed Friday. Industrial production went up 1 percent last month compared with the previous month, according to data from the Ministry of Data and Statistics. Retail sales, a gauge of private spending, inched down 0.1 percent on-month. Facility investment jumped 12.7 percent, rebounding from an on-month decli

Oct. 31, 2025