Talks on the minimum wage level for 2024 fell through Tuesday, two days before the deadline for the decision, after labor representatives walked out. The Minimum Wage Commission, which is composed of members spanning labor, business and the general public, was to its eighth round meeting to discuss the minimum hourly amount employers must pay their workers next year. But the meeting was cut short as labor representatives walked out of a meeting expressing their disapproval against the government

Economy June 27, 2023

Finance Minister Choo Kyung-ho expressed his concern for the Korean economy as China’s reopening has had only a limited impact, falling below expectations. "The chip industry is yet to recover and the reopening of China, a country which we have a lot of trade with, has not shown much effect,” Choo said at a meeting held with the local business industry on Monday. Representatives of midsized businesses here attended the meeting, including Korea’s largest sauce maker Sempio

Economy June 26, 2023

While Korean tourists are flocking to Japan to take advantage of a record-low yen, concerns are deepening among businesses over capital outflow and export slump in the coming months. The Korean currency closed in the 910 won ($0.70) range against 100 Japanese yen on Friday. The won-yen exchange rate had stayed above the 1,000-won range between 2019 and 2022, but the figure continued to fall this year to an eight-year low of 897.49 won last week. The cheaper yen comes as the Bank of Japan sticks

Economy June 25, 2023

Korea failed to win developed market status on the global stock indices provided by Morgan Stanley, despite the hopes of being reclassified from an emerging market. Morgan Stanley, the index operator of Morgan Stanley Capital International, announced its 2023 Annual Market Classification Review results Thursday. The MSCI is a widely followed global stock market index. Korea will remain on the emerging market index without any changes, despite its efforts to move up to the developed market inde

Economy June 23, 2023

South Korea’s tertiary bourse, the Konex, has seen stunning growth since its debut in 2013, with its total market capitalization surging tenfold over the past decade. Konex, or the Korea New Exchange, is the nation’s third stock market that opened in July 2013 in addition to the benchmark Kospi and tech-heavy Kosdaq. The bourse aims to trade shares in smaller firms and give them growth-inducing capital. According to the Korea Exchange, the nation’s sole bourse operator, the mar

Market June 22, 2023

The chief of the state-run Korea Development Bank said the plan to relocate its headquarters from Seoul to Busan is underway, despite the continued resistance from its employees. “The relocation to Busan is not to reduce or substitute the functions of the bank, but to add a new role of encouraging the revival of the southeastern region of Korea. We will come up with an organization and operating system fit for the role,” KDB Chairman Kang Seog-hoon said at a press conference held in

Market June 20, 2023

South Korea's global competitiveness ranking fell by one notch this year, as the country suffers from an expanding fiscal deficit, a report showed Tuesday. Korea ranked 28th in terms of global competitiveness among 64 countries surveyed, according to the 2023 report by the International Institute for Management Development. Korea’s ranking in government efficiency came down to No. 38 this year, moving two places down from 2022. The Switzerland-based international institution has relea

Economy June 20, 2023

Consumer inflation is expected to come down to the 2 percent range mid-year and bounce back to the 3 percent range by the end of this year, while core inflation will be slow to ease off, according to the Bank of Korea on Monday. Consumer price growth has been slowing down after reaching its peak at 6.3 percent in July 2022. Price increases have cooled down in the last few months due to the base effect of a surge in international oil prices last year. Consumer prices came down to 3.3 percent last

Economy June 19, 2023

Canada has high potential to become a key trading partner for South Korea in its ongoing efforts to reduce geopolitical risks fueled by the escalating US-China rivalry, according to partners from an Ottawa-based international law firm. As Korea looks to make the most of the Inflation Reduction Act in the US, more companies are seeking to expand their presence in Canada, appreciating its proximity to the all-important US market and abundant natural resources. “Korea has the technology and C

Industry June 11, 2023

With strong global demand for K-pop, share prices of major entertainment agencies are on a robust rally this year. The added market value of the four major K-pop agencies -- Hybe, JYP Entertainment, YG Entertainment and SM Entertainment -- has increased by some 8 trillion ($6.16 billion) won this year, nearing 20 trillion won. Shares of Hybe, the K-pop company behind the global boy group BTS, closed at 270,000 won on Friday. Though it is lower than the peak of 303,000 won on May 3, it marks a st

Market June 4, 2023

Shinhan Card looks to expand its business in Kazakhstan through its affiliate Shinhan Finance, joining hands with the local automobile dealership industry and stepping up its digital transformation efforts. Since its founding in November 2014, Shinhan Finance, Shinhan Card's subsidiary in Kazakhstan, has been focusing on microfinance products such as auto loans and credit loans. Shinhan Card CEO Moon Dong-kwon, who took office earlier this year, recently visited Kazakhstan to meet with th

Market June 4, 2023

Despite North Korea's failed satellite launch attempt in the morning, Seoul shares remained relatively stable on Wednesday. The local stock market opened higher backed by foreigners’ buying spree, but closed lower as a newly released figure showed that China’s economic recovery has lost steam. North Korea's launch attempt did not have much impact on the market, as it had repeatedly signaled its intention to launch its first military spy satellite over the past few days.

Market May 31, 2023

South Korea's travel trade balance deficit widened to a three-year high in the first quarter of 2023, as the number of Koreans departing for overseas travel surged amid eased COVID-19 restrictions. According to numbers from the Bank of Korea on Tuesday, the country's travel trade balance marked a $3.23 billion deficit in the first three months of the year, with travel revenue coming in at $3.08 billion and expenditure at $6.32 billion. The figure hit its highest level since it stood a

Economy May 30, 2023

By Kim Tae-ho National Tax Service vice commissioner Amid high inflation and elevated interest rates worldwide, the growth of the global economy is being hampered by sluggish domestic demand, as well as contractions in the manufacturing sector and trade. In an effort to overcome the global economic downturn, the Korean government has designated key industries such as semiconductors, secondary batteries and displays as national strategic technologies. This designation aims to expand tax ben

Economy May 29, 2023

Police filed an arrest warrant request for a male passenger in his 30s who opened the emergency exit door on a plane before landing on Sunday. The man is accused of opening an emergency exit door on an Asiana Airlines flight from Jeju Island to Daegu on Friday. He has been detained by police. He told officials he wanted to get off the plane quickly because he felt suffocated. On Sunday, Asiana Airlines decided it will ban the sales of a seat on the emergency exit aisle of aircraft model A321-200

Social Affairs May 28, 2023