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APEC leaders vow to connect fragmented global economy
GYEONGJU, North Gyeongsang Province — Leaders from Thailand, Vietnam and the United Arab Emirates called for closer regional cooperation and open trade at the APEC CEO Summit on Thursday, warning that protectionism could undermine Asia’s growth momentum. Vietnamese President Luong Cuong urged APEC business and policy leaders to embrace “an inclusive, cooperative and human-centered approach” to the Fourth Industrial Revolution. He warned that artificial intelligence is already reshaping economies
Oct. 30, 2025 -
Korea's clear growth path inspires others: World Bank
South Korea serves as a role model for developing countries, having achieved growth by setting a clear direction for expansion, according to a senior executive at the World Bank. Anna Bjerde, managing director of operations at the multilateral institution, visited Korea to attend this week's Asia-Pacific Economic Cooperation CEO Summit in Gyeongju, North Gyeongsang Province. "Over the decades, Korea has gone from an impoverished country relying on donor funds from the likes of the World Bank to
Oct. 30, 2025 -
SK Telecom shifts to red in Q3 due to data breach compensations
SK Telecom Co., South Korea' leading mobile carrier, said Thursday its third-quarter earnings swung to a net deficit from a year earlier due mainly to massive compensation costs following a data breach that affected its entire 25 million-user base. It posted a net loss of 166.7 billion won ($117.1 million) for the July-September period, compared with a profit of 280.2 billion won a year earlier, the company said in a regulatory filing. The loss was 33.3 percent higher than the average estimate,
Oct. 30, 2025 -
Samsung Electronics Q3 net profit up 21% on robust chip sales
Samsung Electronics Co. on Thursday said its net profit shot up 21 percent in the third quarter from a year earlier with the chip segment posting a record performance amid the artificial intelligence industry boom. Net profit came to 12.22 trillion won ($8.6 billion) in the July-September period, up 21 percent from the 10.1 trillion won tallied a year earlier, the company said in a regulatory filing. Operating profit for the three-month period surged 32.5 percent on-year to 12.16 trillion won. R
Oct. 30, 2025 -
Trump: US-Korea trade deal to be sealed very soon
GYEONGJU, North Gyeongsang Province — US President Donald Trump reaffirmed the strength of the US-Korea alliance Wednesday, calling Seoul a key economic and security partner and urging closer cooperation in industry, technology and defense during his address at the APEC CEO Summit in Gyeongju. “The Republic of Korea is a cherished American friend and a close ally,” Trump said in his keynote speech to business leaders. “Here on this peninsula, the people of South Korea have forged a miracle of ec
Oct. 29, 2025 -
Amazon to pour $5b into new AI data centers in Korea
GYEONGJU, North Gyeongsang Province — Amazon Web Services will invest more than $5 billion by 2031 to build AI data centers across Incheon and Gyeonggi Province, the government said on Wednesday following President Lee Jae Myung’s meeting with AWS Chief Executive Matt Garman on the sidelines of the APEC CEO Summit in Gyeongju. The investment represents Amazon’s largest-ever greenfield commitment in Korea and comes just months after the US tech giant pledged $4 billion to establish an artificial
Oct. 29, 2025 -
Korea's economic growth likely to top 1% this year: BOK chief
Bank of Korea Gov. Rhee Chang-yong said Wednesday that the Korean economy is likely to grow at a higher-than-earlier forecast rate, probably expanding by more than 1 percent, though structural reforms will be needed to support sustainable growth. In the July–September period, the economy expanded 1.2 percent on-quarter, surpassing the BOK's forecast of 1.1 percent growth. For the full year of 2025, the BOK expects the economy to grow 0.9 percent and plans to release a revised outlook next month.
Oct. 29, 2025 -
Korean economy beats expectations with 1.2% Q3 growth
The South Korean economy grew 1.2 percent in the third quarter of this year, driven by a rebound in private consumption and signs of resilience in domestic demand, indicating that Asia’s fourth-largest economy is gradually regaining momentum after a sluggish first half. According to data released by the Bank of Korea on Tuesday, the country’s real gross domestic product, a key measure of economic output adjusted for inflation, expanded 1.2 percent in the July–September period from the previous q
Oct. 28, 2025 -
Retail leaders chart AI-driven, sustainable future
GYEONGJU, North Gyeongsang Province -- Artificial intelligence, data-driven personalization and sustainability will define the next era of global retail, industry leaders said Tuesday at the APEC Retail Future-Tech Forum in Gyeongju. Speakers from Amazon, JD.com, Lotte Shopping, Coupang and other major players said the rapid convergence of technology and consumer insight is reshaping every layer of the retail experience -- from supply chains and product design to last-mile delivery and in-store
Oct. 28, 2025 -
Industry minister holds 2 rounds of virtual talks with US counterpart on $350b investment deal: sources
Industry Minister Kim Jung-kwan and US Commerce Secretary Howard Lutnick have held two rounds of virtual talks since last weekend, government sources said Tuesday, as the two countries try to narrow differences over the implementation of Seoul's $350 billion investment pledge under a trade framework agreed in July. Since returning from a trip to Washington last week, Kim has continued discussions with his US counterpart in an effort to reach a compromise, but sources familiar with the talks said
Oct. 28, 2025 -
Indonesia’s Bakrie seeks green, digital partnerships at APEC summit
Bakrie & Brothers CEO Anindya Novyan Bakrie, who doubles as chairman of the Indonesian Chamber of Commerce and Industry (Kadin), will join global business and policy leaders at the APEC 2025 CEO Summit in Gyeongju this week, seeking new partnerships to accelerate Indonesia’s green and digital transformation. Bakrie heads Bakrie & Brothers, a listed conglomerate with businesses spanning infrastructure, electric vehicles, mining, oil and gas, renewable power, property and plantations. He is the he
Oct. 28, 2025 -
K-food exports during Jan.-Sept. period rise to record high of 8.5b won
Accumulative exports of South Korean food products for this year so far reached an all-time high, customs agency data showed Tuesday. The country's exports of food products during the January-September period grew 8.9 percent from a year ago to 8.5 billion won ($5.9 million), according to the data from the Korea Customs Service. By category, outbound shipments of processed foods, such as instant ramyeon and beverages, rose 6.7 percent on-year to 5.2 billion won. Processed foods were the most exp
Oct. 28, 2025 -
Govt. to prevent excessive rise in fuel prices ahead of adjustment of tax cut
The government pledged Tuesday to prevent an excessive rise in domestic fuel prices ahead of a planned adjustment to fuel tax reductions set to take effect next month, the industry ministry said. Under the latest extension decision, the current tax reductions -- 10 percent on gasoline and 15 percent on diesel and liquefied petroleum gas -- will be adjusted to 7 percent for gasoline and 10 percent for diesel and LPG. The revised rates will take effect starting Nov. 1 and will remain in place for
Oct. 28, 2025 -
Consumer sentiment dips for 2nd month amid tariff woes: BOK
South Korea's consumer sentiment fell for the second consecutive month in October amid concerns over prolonged negotiations with the United States on its new tariff scheme and renewed tensions in Sino-US trade relations, the central bank said Tuesday. The composite consumer sentiment index came to 109.8 this month, down 0.3 point from September, according to a survey by the Bank of Korea. A reading above 100 indicates that optimists outnumber pessimists, while a figure below 100 means the opposi
Oct. 28, 2025 -
S. Korea's GDP expands 1.2% in Q3 to mark fastest growth in six quarters
The South Korean economy expanded at the fastest pace in 1 1/2 years in the third quarter, supported by solid exports and rising private consumption, central bank data showed Tuesday. Real gross domestic product, a key gauge of economic growth, rose 1.2 percent in the July-September period from the previous quarter, preliminary data from the Bank of Korea showed. It marked the fastest quarterly expansion since the first quarter of 2024, when the economy grew 1.2 percent, and was up from a 0.7 pe
Oct. 28, 2025