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Finance chief emphasizes role of overseas officials amid heightened global uncertainty
Finance Minister Koo Yun-cheol on Friday highlighted the importance of the role of ministry officials stationed abroad amid rising global economic uncertainty, urging them to maintain close communication with host governments, businesses and investors. Koo made the remarks during a video conference with ministry officials based at South Korean embassies in key countries, including the United States, China and members of the European Union, according to the Ministry of Economy and Finance. "Durin
Sept. 12, 2025 -
Gov't to supply 25,000 tons of additional rice for price stabilization
The agriculture ministry said Friday it will supply an additional 25,000 tons of rice from its reserves of the staple grain to help stabilize soaring prices sparked by a supply shortage. The decision came as the producer price of a 40-kilogram bag of rice surpassed 220,000 won ($158) for the first time in nearly four years as of last Friday. The average retail price of a 20-kilogram bag stood at 61,000 won, up 20 percent from last year. The Ministry of Agriculture, Food and Rural Affairs had ear
Sept. 12, 2025 -
Seoul's top 20% of households make 4.6 times more than poorest fifth: study
Seoul's top 20 percent of households have an average income of 124.8 million won ($89,810), nearly five times that of households in the bottom 20 percent, a study by a government think tank showed Thursday. According to the Seoul Institute's survey of 3,004 households living in Seoul, conducted from Sept. 2 to Oct. 31 in 2024, their average annual income stood at 64.23 million won, while the median figure was 58 million won. Those in the bottom 20 percent made 27 million won, meaning the top 20
Sept. 11, 2025 -
Exports up 3.8% during first 10 days of Sept.; US shipments fall amid tariffs
South Korea's exports went up 3.8 percent from a year earlier in the first 10 days of September on solid demand for semiconductors and vessels, data showed Thursday. Outbound shipments reached $19.2 billion in the Sept. 1-10 period, compared with $18.5 billion tallied a year earlier, according to the data from the Korea Customs Service. However, the daily average volume of exports decreased 8.7 percent on-year over the cited period. The number of working days during this period stood at 8.5, com
Sept. 11, 2025 -
Over 60% of large firms have no recruitment plans in H2: survey
More than 60 percent of large firms have no plans to recruit in the second half of the year or have yet to decide, casting a grim outlook for the job market, a survey showed Thursday. According to the survey conducted by the Federation of Korean Industries, 38 percent of the nation's top 500 companies by sales said they have not yet drawn up recruitment plans for the second half, while 24.8 percent said they have no plans at all. The combined share of such negative responses came to 62.8 percent
Sept. 11, 2025 -
Overhauling financial regulators after 17 years: What’s changing and what’s next
South Korea is facing turbulence as it prepares its first major restructuring of financial regulators in 17 years, with resistance inside the agencies and looming legislative battles. The government and ruling Democratic Party are set to submit a bill to the National Assembly on Sept. 25 to strip the Finance Ministry of its budgeting authority and create a new Budget Office under the prime minister. In parallel, the administration plans to merge the Financial Services Commission and the Financia
Sept. 10, 2025 -
Samsung Biologics signs W1.8tr deal with US pharma firm
Samsung Biologics Co., South Korea's leading biotech firm, said Tuesday it has secured a 1.8 trillion-won ($1.29 billion) contract to provide manufacturing services for a US pharmaceutical company through 2029. The latest agreement raises the company's cumulative contract manufacturing value this year to more than US$3.6 billion, it said in a press release. Samsung Biologics did not disclose the name of the US firm. Samsung Biologics said it has landed sizable deals this year by responding to ev
Sept. 9, 2025 -
Korea, Qatar deepen IP partnership to build knowledge economy
The Korean Intellectual Property Office is strengthening cooperation with Qatar as the Gulf state accelerates its transition from an oil-dependent economy to a knowledge-based one under its “Qatar National Vision 2030.” As part of this effort, KIPO Commissioner Kim Wan-ki met with Mohammed bin Hassan Al Malki, undersecretary of Qatar’s Ministry of Commerce and Industry, on July 6 at the ministry’s headquarters in Lusail. The two sides discussed ways to bolster bilateral collaboration in the inte
Sept. 9, 2025 -
IP emerges as new pillar of Korea-ASEAN economic partnership
South Korea and the Association of Southeast Asian Nations are stepping up cooperation in intellectual property as both sides look to harness new technologies and support cross-border business expansion. Since inking their first memorandum of cooperation in Brunei in 2018, Seoul and ASEAN have built a framework of collaboration in intellectual property rights through annual meetings and joint initiatives. Their partnership has increasingly focused on practical tools for companies, such as patent
Sept. 9, 2025 -
From quantity to quality: Korea sets sights on ‘luxury patents’
The Korean Intellectual Property Office is steering a shift toward what it calls “luxury patents” — high-quality, business-driving intellectual property that the agency sees as a key part of Korea’s next economic leap. KIPO Commissioner Kim Wan-ki, in an interview with The Korea Herald, described luxury patents as “strong, money-making patents” that secure broad exclusive rights, are clear and enforceable against third parties, and carry significant economic value. “South Korea already ranks fou
Sept. 9, 2025 -
Finance minister: Short-term fiscal strain inevitable for growth
Finance Minister Koo Yun-cheol said South Korea should target investment in strategic sectors instead of fixating on spending cuts, arguing that growth is the only way to repair its weakening finances. “By concentrating resources on strategic industries, we will secure new growth engines, expand GDP and restore fiscal health over the medium to long term,” said Koo, who also serves as deputy prime minister for the economy, at a press briefing Monday. He warned against austerity now. “If we suppre
Sept. 8, 2025 -
Govt. to inject 7tr won more to spur investment from public institutions: finance chief
Finance Minister Koo Yun-cheol said Monday the government plans to inject an additional 7 trillion won ($5.03 billion) by the end of this year to spur investment from public institutions, as part of efforts to revitalize the economy amid a prolonged slowdown. Koo made the remarks during his first official press briefing since taking office, during which he outlined the ministry's priorities in macroeconomic management. "The government plans to carry out an additional 7 trillion won in budget exe
Sept. 8, 2025 -
PM vows government's utmost respect for capital market
Prime Minister Kim Min-seok visited the country's main bourse operator Monday and promised the government's utmost respect for the capital market. Kim visited the Korea Exchange office in Yeouido, western Seoul, and held a meeting with KRX Chairman Jeong Eun-bo, standing members of the Financial Services Commission and analysts from major securities companies. "The government will do its best to enhance economic vitality through the promotion of the inflow of funds into the capital market and ot
Sept. 8, 2025 -
Government outlines plans for 1.35m new homes in Greater Seoul
The South Korean government unveiled a plan Sunday to start construction of 1.35 million new homes in Seoul and the broader capital area by 2030 to cool the housing market, with expanded state-led initiatives at the core of the plan. “Nationwide housing supply has topped 100 percent, but Seoul and the capital region still fall short, leaving a persistent shortage. On top of that, the recent rise in construction costs and financing hurdles are weighing further on supply,” Land Minister Kim Yoon-d
Sept. 7, 2025 -
Finance minister says govt. to announce measures to supply homes Sunday
Finance Minister Koo Yun-cheol said Sunday that the government will announce measures to supply homes later in the day, with the aim of stabilizing the property market. "The government's top priority is stabilizing the housing market and ensuring the residential stability of the people," Koo told KBS in an interview, without disclosing details of the planned measures. Koo said the government is aware of concerns over a rise in national debt, but it is time to invest in creating new growth engine
Sept. 7, 2025