KDI chief downplays lasting economic impact of martial law

Korea Development Institute President Cho Dong-chul expressed confidence that the recent political turmoil sparked by President Yoon Suk Yeol's brief martial law declaration would not have a lasting economic impact, despite increased volatility in local financial markets. "It's undeniable that the recent unexpected political crisis has harmed our economy. However, I believe a severe risk, such as the foreign exchange crisis we faced in the past, is unlikely," Cho said Wednesd

EconomyDec. 11, 2024

Seoul shares surge over 1% as martial law investigation accelerates

Seoul shares closed over 1 percent higher Wednesday, extending their winning streak to a second session as a widespread investigation into President Yoon Suk Yeol's brief martial law declaration by various law enforcement agencies picked up speed. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index added 24.67 points, or 1.02 percent, to finish at 2,442.51. Trade volume was moderate at 607 million shares worth 7.53 trillion won ($5.26 billion),

MarketDec. 11, 2024

Two scenarios for Korea's economic outlook

How the political uncertainty caused by President Yoon Suk Yeol’s Dec. 3 martial law declaration and the opposition party’s push to remove him from power is resolved may change the course of the country’s economy. The market is keeping a close eye on Yoon’s political future as the main opposition Democratic Party will put to a vote a second motion to impeach him on Saturday. Yoon’s immediate removal and earlier election Market experts believe an early presidenti

EconomyDec. 11, 2024

Choi, Yellen reaffirm ‘strong’ Seoul-Washington ties

Finance Minister Choi Sang-mok held a video conference with US Treasury Secretary Janet Yellen Tuesday to reaffirm the two countries' bilateral relationship amid political turmoil grappling South Korea’s capital market, according to the ministry. The meeting, requested by the Korean side, lasted around 25 minutes, the Ministry of Economy and Finance said through a press release on the following day. The meeting follows Choi’s letter sent to Yellen on Dec. 4, in the aftermath of

EconomyDec. 11, 2024

Korean Air completes W1.8tr merger with Asiana Airlines after 4 years

Korean Air is set to finalize its long-awaited 1.8 trillion won ($1.4 billion) merger with Asiana Airlines Thursday, marking a significant step toward positioning the airline among the world’s top 10 carriers and solidifying its status as the largest in Northeast Asia. On Wednesday, Korean Air completed payments for Asiana shares to secure a 63.9 percent stake in the smaller rival, putting an end to the four-year-long journey. The merger marks the end of an era in which the nation’s

IndustryDec. 11, 2024

Production disruptions loom at Kia plants

Kia’s decision to join the Korean Metal Workers’ Union’s strike — demanding the resignation of President Yoon Suk Yeol amidst the ongoing martial law crisis — could lead to increased production disruptions for the carmaker, industry sources said Wednesday. The strike is part of the Korean Confederation of Trade Unions, the nation’s largest umbrella labor group with 1.2 million members, which has launched an indefinite strike until Yoon offers to resign, claimi

MobilityDec. 11, 2024

OCI Energy to supply solar power to San Antonio for 20 years

OCI Energy, a US-based subsidiary of Korean chemical and battery manufacturer OCI Group, will supply solar power to the San Antonio region of the US state of Texas for 20 years, OCI Holdings, the company's holding unit, announced on Wednesday. OCI Energy signed the contract for a long-term energy storage project called “Alamo City ESS LLC” with US local energy grid operator CPS Energy on Friday in San Antonio. The signing event was attended by officials from both sides, includin

IndustryDec. 11, 2024

Korea, US biz leaders call for easing trade barriers

Business leaders from South Korea and the United States have urged their governments to address persistent trade barriers and discriminatory policies, emphasizing the urgency of these issues as the incoming Trump administration brings fresh uncertainties in global economic and trade dynamics. The demands were outlined in a joint declaration adopted Tuesday at the 35th Korea-US Business Council meeting in Washington, organized by the Federation of Korean Industries and the US Chamber of Commerce.

IndustryDec. 11, 2024

Mirae Asset hits W200tr in global ETF assets

Mirae Asset Global Investments announced Wednesday that its total global exchange-traded fund net assets have exceeded 200 trillion won ($139 billion). Mirae Asset currently manages 624 ETF products across 13 countries, including Korea, the US, Canada, Australia and Japan. In just three years, after surpassing 100 trillion won in 2021, its ETF net assets have doubled to 202 trillion won, placing the company 12th among global ETF operators. Mirae Asset was the first Korean asset manager to list E

IndustryDec. 11, 2024

S-Oil honors coast guard officers for life-saving efforts

Korean oil refiner S-Oil on Tuesday honored eight members of the Korea Coast Guard for their life-saving efforts with awards totaling 90 million won ($62,800). The annual 2024 Hero Maritime Officers awards ceremony was held Monday at a Seoul hotel, with S-Oil CEO Anwar al-Hejazi, Korea National Council on Social Welfare Chairman Kim Seong-yee and Korea Coast Guard Commissioner General Kim Jong-wook in attendance. Han Seung-man, a senior police officer of the Gunsan Coast Guard Station in Gunsan

IndustryDec. 11, 2024

[Photo News] More accolades

Hyundai Motor announced Wednesday that the Ioniq 5N, the automaker's award-winning high-performance all-electric vehicle, has been selected as performance car of the year in the 2025 China Car of the Year Awards held at Crowne Plaza Beijing Lido. Hyundai Motor said that the Ioniq 5N's latest honor highlights the brand's competitiveness in China, which is one of the fastest EV-transitioning markets in the world. Based on its outstanding motor power, the Ioniq 5N also was recognized

MobilityDec. 11, 2024

LS Eco Energy posts record Q3 earnings on upbeat exports, telecom growth

LS Eco Energy, a subsidiary of LS Cable & System, said Tuesday it posted record-high revenue in the third quarter, driven by strong export performance in its power and telecommunications businesses. The company reported revenue of 223.4 billion won ($156 million) for the July-September period, up 33 percent from a year earlier. Operating profit rose 14 percent to 12.5 billion won, while net profit surged 227 percent to 8.4 billion won, fueled by strong sales in North America and Europe. Dema

IndustryDec. 11, 2024

Kolmar Korea named one of world's best companies by Time magazine

Kolmar Korea announced Wednesday that it has been named one of the World's Best Companies in Sustainable Growth 2025 by US weekly magazine Time. Ranking 125th among 500 global firms, it is the only Korean cosmetics company on the list. The rankings, compiled by German market research firm Statista, evaluated 70 million companies across 150 countries based on revenue growth, financial stability and environmental impact on a 100-point scale. Kolmar Korea scored 81.44 points, placing in the t

IndustryDec. 11, 2024

Political turmoil to have only limited impact on exports: trade minister

Trade Minister Cheong In-kyo on Wednesday insisted the recent political situation in South Korea will likely have only a limited impact on exports, stressing that the government will work to address both internal and external uncertainties. Cheong made the remark during an emergency meeting with trade-related organizations to address market concerns sparked by President Yoon Suk Yeol's short-lived martial law declaration last week, according to the Ministry of Trade, Industry and Energy. &q

EconomyDec. 11, 2024

Govt. to invest W14tr to build 'mega port' in Busan

South Korea's oceans ministry said Wednesday the government will invest 14 trillion won ($9.75 billion) through 2045 to upgrade Busan Port, aiming to achieve the world's largest container handling capacity and establish it as the leading logistics hub in the region. Under the plan, South Korea will construct a new port in Changwon, near Busan, integrating it with the existing Busan Port to create an unified "mega port" with double the current cargo handling capacity, accordin

EconomyDec. 11, 2024

Govt. to focus on enhancing competitiveness of domestic aviation industry following Korean Air-Asiana merger

The government said Wednesday it will work to enhance the competitiveness of the domestic aviation industry while minimizing potential monopolistic harm from the soon pending merger between Korean Air Co. and Asiana Airlines Inc. The transport ministry announced an aviation industry support plan during a meeting of industries-focused ministries held at Hanwha Ocean Co.'s research and development campus in Siheung, Gyeonggi Province. To manage monopoly concerns arising from the merger, the m

IndustryDec. 11, 2024

Market stabilization measures to be fully in place amid political turmoil: finance chief

Finance Minister Choi Sang-mok said Wednesday that the government will continue to closely monitor the market and to fully implement market stabilization measures amid lingering uncertainties from a political crisis. Choi made the remarks during a daily emergency meeting with Bank of Korea Gov. Rhee Chang-yong and other top financial officials, as the government is scurrying to minimize economic impacts of President Yoon Suk Yeol's short-lived imposition of martial law last week. "As u

EconomyDec. 11, 2024