Tag - Korea Business

US-Korea trade deal even more important after US withdrawal from TPP

The US free trade agreement with South Korea has become even more important to American businesses as President Donald Trump withdrew the US from a massive Asia-Pacific free trade deal, a top official of the US Chamber of Commerce said Tuesday. Tami Overby, senior vice president for Asia at the largest US business lobby, made the remark during a discussion at George Washington University, a day after Trump signed an executive order pulling out of the 12-nation trade deal, known [...]


Hyundai Motor's Creta, ix25, KX3 SUVs lead overseas sales

Strategy models sold exclusively overseas are leading global sales for Hyundai Motor and Kia Motors, amid declining demand and domestic sales. According to sources Monday, Hyundai Motor’s ix25 and Creta, and Kia Motors’ KX3 small-size sports utility vehicle (SUV) are leading the two companies’ performance with global sales of 250,944 cars in the January to October period this year, a 70.4 percent surge compared to last year’s 147,252. Hyundai Motor sold 114,831 Creta SUVs in India during the period, up by [...]


Seven bidders win Woori Bank stake

The Financial Services Commission announced on Sunday it would sell a total of 29.7 percent government stake in Woori bank to seven bidders, ending sixteen-years of efforts to privatize the state-funded lender. The seven chosen buyers are: Tong Yang Life Insurance, Mirae Asset Global Investments, Eugene Asset Management, Kiwoom Securities, Korea Investment & Securities, Hanwha Life Insurance and IMM Private Equity. IMM PE has won the largest share of 6 percent among the buyers. Tong Yang took 4 percent, while Mirae [...]


BOK keeps rate unchanged amid US uncertainties

Bank of Korea Gov. Lee Ju-yeol said the bank will stay vigilant to stabilize financial markets amid growing uncertainties due to a domestic political scandal and Donald Trump unexpectedly winning the US presidential election. Earlier in the day, the seven members of the BOK’s monetary policy board unanimously kept its key rate unchanged at a record low of 1.25 percent for the fifth straight month for November, as was widely expected by the market. “Uncertainties over the growth path have increased [...]


Korea to invest 500 bln won to foster robot industry in coming 5 yrs

South Korea will spend a total of 500 billion won ($450 million) in the coming five years to foster the robot industry as a new growth engine for Asia’s fourth-largest economy, the trade ministry here said Tuesday. “The robot industry has emerged as a new technology frontier that will give a fresh boost to the manufacturing sector,” Trade Minister Joo Hyung-hwan said in a meeting with businessmen in Daejeon. “The government will fully support the businesses’ investment into research and [...]


Korea's exports advance 19.7% in first 10 days of Nov

South Korea’s exports jumped nearly 20 percent in the first 10 days of November on the back of increased working days, the latest customs data showed Friday. The country’s exports totaled US$13.9 billion from Nov. 1-10, up from $11.6 billion tallied over the same period last year, according to the Korea Customs Service. Outbound shipments of semiconductors and auto parts soared 25.9 percent on-year and 39 percent, respectively, over the 10-day period, while exports of wireless devices fell 7.9 percent and [...]

Wage level of Hyundai Motor workers in US

Wage level of Hyundai Motor workers in US, Korea ‘not the same’

Hyundai Motor’s head office in Seoul on Tuesday refuted recent reports that compared the average wage levels at the carmaker’s plants in US and Korea, highlighting differences in payment and taxes. The carmaker was responding to local reports that workers at Hyundai Motor’s production plant in Alabama were paid as much as their counterparts in Korea on average last year. Last year, workers at Hyundai’s Alabama plant received $90,400 on average, or 102 million won, if applying an annual average exchange [...]

US election to help boost Korean exports

Either victor in US election to help boost Korean exports: report

The outcome of the US presidential election will inevitably have an impact on South Korea’s exports to the US, but victory of either one of two leading candidates — Hillary Clinton and Donald Trump — may lead to a rise in South Korean shipments, just in different areas, a report said Wednesday. The report from the state-run Korea Trade-Investment Promotion Agency (KOTRA) insisted that Clinton, if elected president, may help strengthen Korea-US trade relations as she is widely expected to [...]