Korea logs second-biggest fiscal deficit as stimulus weigh on budget

Korea’s fiscal deficit exceeded 100 trillion won ($73 billion) in the first nine months of the year, the second-largest shortfall on record for the period, as heavy spending tied to two supplementary budgets outpaced gains in tax revenue, government data showed Thursday. The Finance Ministry’s November fiscal report showed the managed fiscal balance, a key gauge that strips out the four major social security funds, posted a 102.4 trillion-won deficit through September. The shortfall is second on

Nov. 13, 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

AI dominates discussions at APEC

GYEONGJU, North Gyeongsang Province — Artificial intelligence dominated the 2025 APEC CEO Summit as the overriding theme in conversations across energy, health care, infrastructure and governance. During the four days of the event held in Gyeongju, world leaders and business chiefs cast AI as the foundation of a new global economy, examining its requirements, from chip production to data center power, and the questions it poses for ethics and cross-border rules. The event also served to cast lig

Nov. 1, 2025

'Korea and Indonesia can triple trade in a decade': Bakrie

GYEONGJU, North Gyeongsang Province — Anindya Novyan Bakrie, CEO of Indonesia’s Bakrie & Brothers and chair of the Indonesian Chamber of Commerce and Industry, said Indonesia is seeking deeper cooperation with Korean companies in energy transition, infrastructure, and digital technology to accelerate the country’s green industrialization. Speaking in an interview on the sidelines of the APEC 2025 CEO Summit in Gyeongju on Wednesday, Bakrie said Korea and Indonesia share “complementary strengths”

Oct. 31, 2025

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

Digital assets redefine trust in global finance, experts say at APEC forum

GYEONGJU, North Gyeongsang Province — With APEC leaders gathered in town, the Future Tech Forum put stablecoins at the center of the conversation, framing digital assets as a bridge connecting markets, people and policy. Held Thursday alongside the Asia-Pacific Economic Cooperation CEO Summit, the forum opened under the theme “Connecting the Future of Finance.” In his opening remarks, Oh Kyung-suk, CEO of Dunamu — operator of Upbit, Korea’s largest virtual asset exchange and host of the forum’s

Oct. 30, 2025

Global X Australia CEO: Digital innovation to drive next ETF wave

Australia’s booming exchange-traded fund market is entering a new phase of digital transformation and thematic diversification, says Alex Zaika, CEO of Global X Australia, who sees the next wave of growth coming from “research-led innovation and investor education.” “Australia’s ETF ecosystem is one of the world’s most competitive,” Zaika told The Korea Herald in a recent email interview. “Our strength lies in identifying areas where investor demand meets real market opportunity, from Australian

Oct. 30, 2025

Trump: US-Korea trade deal to be sealed very soon

GYEONGJU, North Gyeongsang Province — US President Donald Trump said Wednesday that Washington and Seoul are “very” close to finalizing a new trade agreement, describing South Korea as a key economic and security partner and urging deeper Korean investment in US industry. “The Republic of Korea is a cherished American friend and a close ally,” Trump said in his keynote speech during his address at the APEC CEO Summit in Gyeongju. “Here on this peninsula, the people of South Korea have forged a m

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

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