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Korea needs US swap to mitigate risks from $350b demand: Lee
South Korea could face a “financial crisis” if it complies with US demands that Seoul put up $350 billion in cash investment as a follow-up to the trade deal, President Lee Jae Myung warned in an interview. Under a trade agreement reached in July, Seoul pledged to invest $350 billion in the US in exchange for Washington reducing its “reciprocal” tariffs from 25 percent to 15 percent. The initial agreement lacked specific details on how the $350 billion investment would be handled, leaving Seoul
Sept. 22, 2025 -
S. Korea's exports up 13.5% in first 20 days of Sept.
South Korea's exports expanded 13.5 percent from a year earlier in the first 20 days of this month, led by a greater number of working days and solid demand for semiconductors, data showed Monday. Outbound shipments reached $40.12 billion in the Sept. 1-20 period, compared with $35.36 billion tallied over the same period last year, according to the data from the Korea Customs Service. Imports increased 9.9 percent on-year to $38.22 billion during the period, resulting in a trade surplus of $1.9
Sept. 22, 2025 -
KEPCO likely to freeze electricity rates for Q4
The state-run Korea Electric Power Corp. said Monday it will freeze the adjusted fuel cost for the fourth quarter, raising the possibility South Korea's electricity rates will remain unchanged in the last three months of this year. KEPCO said it will keep the adjusted unit fuel cost, a key part of the country's electricity rates, unchanged at the highest threshold of 5 won ($0.004) per kilowatt-hour for the October-December period. The company has maintained the adjusted unit fuel cost at 5 won
Sept. 22, 2025 -
Korea in final prep to host global tycoons at APEC
The government and the South Korean business community are making a final push to invite global tycoons to business events to be held on the sidelines of the upcoming Asia-Pacific Economic Cooperation summit, industry sources said Sunday. Co-hosted by the Industry Ministry and the Korea Chamber of Commerce and Industry, the APEC CEO Summit will be held from Oct. 28 to 31 in Gyeongju, North Gyeongsang Province, bringing together 1,700 participants from APEC member economies and global companies.
Sept. 21, 2025 -
Gov't, S. Korean biz community in final prep to host global tycoons at APEC
The government and the South Korean business community are making a final push to invite global tycoons to business events to be held on the sidelines of the upcoming Asia-Pacific Economic Cooperation summit, industry sources said Sunday. Co-hosted by the industry ministry and the Korea Chamber of Commerce and Industry, the APEC CEO Summit will be held from Oct. 28 to 31 in Gyeongju, about 275 kilometers southeast of Seoul, bringing together 1,700 participants from APEC member economies and glob
Sept. 21, 2025 -
AmCham kicks off executive roundtable with Korea’s Labor Ministry
The American Chamber of Commerce in Korea said Friday that it hosted the inaugural session of its executive roundtable series at the Conrad Seoul Hotel in Yeouido. The roundtable brought together Vice Minister of Employment and Labor Kwon Chang-jun and senior executives from major South Korean and multinational companies to exchange views on the new administration’s labor policies and path to economic growth. Kwon presented the government’s labor policy direction under the vision of “real growth
Sept. 19, 2025 -
BOK weighs October cut as Fed shift eases currency risks
With the US Federal Reserve cutting rates for the first time in nine months, the Bank of Korea now has more room to ease in October as the policy gap shrinks and currency risks recede. The Fed on Wednesday lowered its benchmark rate by 25 basis points to a range of 4 to 4.25 percent, down from 4.25 to 4.5 percent, in a move that Chair Jerome Powell described as a “precautionary step” against mounting downside risks in the labor market. The decision reduced the US-Korea policy rate gap to 1.75 pe
Sept. 18, 2025 -
Economic chiefs see limited domestic impact from latest US rate cut
South Korea's top economic policymakers said Thursday the latest interest rate cut by the US Federal Reserve is expected to have a limited impact on the domestic economy. The remarks were made during a macroeconomic policy meeting chaired by Finance Minister Koo Yun-cheol and attended by Bank of Korea Gov. Rhee Chang-yong, as well as the heads of the Financial Services Commission and the Financial Supervisory Service, according to the Ministry of Economy and Finance. Rhee, who is currently in Wa
Sept. 18, 2025 -
Interest rate policy alone cannot control housing prices: BOK chief
The central bank chief said Tuesday that interest rate policy alone cannot control real estate prices, and the bank seeks to stabilize the housing market by preventing an oversupply of liquidity. Bank of Korea Gov. Rhee Chang-yong made the remarks during a lecture at Seoul National University, as the central bank held its key rate steady for the second consecutive time during a rate-setting meeting late last month amid persistent concerns about rising housing prices and household debt. "Putting
Sept. 16, 2025 -
AmCham, CBRE to host US site selection seminar in Seoul
The American Chamber of Commerce in Korea said Tuesday it will co-host the “US Site Selection Seminar” with CBRE Group’s Korea Desk North America on Sept. 25 at the Four Seasons Hotel Seoul. The seminar marks CBRE’s first large-scale event in Korea, underscoring its commitment to providing practical guidance as Korean companies step up efforts to expand or invest in the US. The program will address key considerations for US market entry, including location incentives, workforce planning, project
Sept. 16, 2025 -
Auto exports grow over 8% in Aug. on strong demand from Europe: data
South Korea's car exports increased 8.6 percent from a year earlier in August despite US tariffs, thanks to robust demand for electric vehicles in Europe, data showed Tuesday. The value of outbound shipments of automobiles came to $5.5 billion last month, the highest figure for any August, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, exports gained 5.5 percent on-year to 200,317 vehicles last month. The value of accumulated auto exports from January
Sept. 16, 2025 -
Import prices rise for 2nd consecutive month in Aug. amid weak won: BOK
Import prices rose for the second consecutive month in August despite falling global oil prices, mainly due to a weaker Korean won, central bank data showed Tuesday. The import price index went up 0.3 percent last month from a month earlier, following a 0.8 percent hike, according to preliminary data from the Bank of Korea. The increase came as the local currency fell to 1,389.66 won against the US dollar in August from an average of 1,375.22 won per dollar in July, the BOK said. Import prices a
Sept. 16, 2025 -
AmCham, US Deputy Secretary of State Landau discuss boosting Korea’s investment competitiveness
The American Chamber of Commerce in Korea said Monday that it had hosted an exclusive closed-door roundtable with Christopher Landau, US deputy secretary of state, during his first official visit to Seoul. Held at the Grand Hyatt Seoul on Sunday, the meeting brought together senior executives from leading US and Korean companies across industries such as automotives, airlines, health care, ICT, digital services and steel. The roundtable offered a platform for candid discussions on strengthening
Sept. 15, 2025 -
Govt. to supply record food stocks, expand discounts to stabilize prices ahead of Chuseok
The government said Monday it will release a record 172,000 tons of major food items and expand discount programs worth 90 billion won ($64.5 million) to help stabilize living costs and boost household consumption ahead of the Chuseok holiday next month. The measures, finalized at a ministerial meeting presided over by Finance Minister Koo Yun-cheol, come amid concerns over rising prices of key holiday goods despite overall inflation remaining within the Bank of Korea's 2 percent target. Under t
Sept. 15, 2025 -
Weak won delays Korea’s $40,000 GDP milestone
South Korea’s climb toward a $40,000 per-capita gross domestic product is slowing: recent government data predicts the milestone can be reached by 2027 at the current pace, but this could slip to 2028 if the won weakens further. According to estimates based on government data on Sunday, Korea’s per-capita GDP is expected to reach $37,400 this year and $38,900 in 2026 before surpassing $40,000 two years later. Last year, the figure was confirmed at $36,200. The projections are based on the Financ
Sept. 14, 2025