Following the government’s recent announcement it plans to increase fiscal support for innovative startups and venture firms and revitalize second-tier markets, the Kosdaq has slowly rebounded, closing above the 700-marker last week for the first time in a year and two months. 　And will the nation’s tech-heavy stock market get a boost from the government’s venture support? Some experts gave a positive outlook.　According to industry experts, while stock buying is likely to slow

Market Nov. 5, 2017

The world‘s semiconductor industry is continuing its record-breaking boom as it has recorded quarterly sales of more than $100 billion for the first time in the third quarter of this year, according to industry reports. 　In its latest summary on worldwide semiconductor sales, the Semiconductor Industry Association reported third quarter chip sales totaled $107.9 billion, marking the industry’s highest-ever quarterly sales. The sales number also represent an increase of 10.2 percent compared to t

Industry Nov. 2, 2017

As Seoul played host to the Asia-Pacific Economic Cooperation’s fourth annual Meeting of Ministers Responsible for Forestry, ministers from around the region came to Korea to highlight the importance of woodland expansion and management on an economic level.  　Alan Bollard, executive director of the APEC Secretariat based in Singapore, says aside from the obvious environmental advantages for increasing forestation in any nation, expanding a region’s woodland also provides countless economic bene

Industry Oct. 31, 2017

Ministers from across the Asia-Pacific region have gathered in Seoul this week to discuss the varying social, economic and environmental issues related to forestry management, during the Asia-Pacific Economic Cooperation’s fourth annual Meeting of Ministers Responsible for Forestry, held from Monday to Wednesday. 　One of the main focuses of this year’s forum is stressing the need for regional cooperation in tackling illegal logging and related product trade restrictions. The ministers meeting hi

Industry Oct. 31, 2017

Semiconductors export shares accounted for more than 16 percent of Korea‘s annual exports for the year, a record high for the industry, according to industry data on Friday. 　Led by Samsung Electronics and SK hynix, the world’s leading chipmakers, the data showed that chip exports reached $70.4 billion from January to September, an increase of 55.6 percent compared to last year. The figure accounts for 16.4 percent of Korea’s total exports of roughly $430.1 billion, representin

Economy Oct. 27, 2017

The Korea International Trade Association announced that its chairman, Kim In-ho, formally tendered his resignation during a board meeting held at the Trade Tower in Seoul on Tuesday, despite his term not officially expiring until February next year.　”I am resigning because of the new government,“ said Kim, during a press conference held at the Trade Tower on Tuesday.　Kim told reporters that he recently received a message from the government asking him to resign from his post. He, however, refus

Industry Oct. 24, 2017

The American Chamber of Commerce in Korea has appointed a new vice chair and seven new board of governors, it said Monday. 　Myung Chan Lee, country chief executive of Lockheed Martin Global, Inc. Korea, has been elected as vice chair. AmCham’s new board of governors include Steven Barnett, president and CEO of AIG Korea Inc., Brad Buckwalter, president and general manager of Johnson Controls Korea, and Colm Flanagan, head of the Seoul Foreign School.  (American Chamber of Commerce in Korea)　Jae

Industry Oct. 23, 2017

Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. 　Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e

Economy Oct. 23, 2017

Trade representatives of China denied the existence of trade-restrictive measures in tourism and distribution services against South Korean companies, despite the United States and Japan voicing support for Korea, a report by the World Trade Organization showed Sunday.　According to the meeting minutes for a council meeting held in June by the Council for Trade in Services, the Korean government raised again the issue of China’s trade-restrictive measures seen as retaliatory actions against

Economy Oct. 22, 2017

With Korea serving as one of the largest trading partners of Dallas-Fort Worth, Texas, Dallas Mayor Mike Rawlings is in Seoul pushing to expand the presence of local enterprises in the Lone Star State.  　The mayor invited some 30 delegates, including representatives from DFW International Airport, to meet with local government officials and business executives and discuss the benefits of business operations in the DFW region as well as the economic relationship between North Texas and Korea. 　“T

Industry Oct. 19, 2017

South Korea‘s Korean Intellectual Property Office attended the World Intellectual Property Organization’s General Assembly meeting at its headquarters in Geneva, Switzerland this month, urging the member states to take pre-emptive measures for the anticipated changes in the intellectual property market with the advent of the “fourth industrial revolution” brought on by artificial intelligence and big data. 　The WIP is a self-funding agency of the United Nations for intell

Economy Oct. 19, 2017

The number of employed people in Korea reached 26.84 million in September, marking the largest monthly employment growth since May, according to data compiled by Statistics Korea on Wednesday. The government data showed that the unemployment rate hit 3.4 percent last month, down 0.2 percentage point from a year ago. The number of newly employed also marked an increase of 314,000 compared to September last year. Korea’s employment rate last month also saw a 0.3 percentage point increas

Economy Oct. 18, 2017

Posco Engineering & Construction has teamed up with Italian architect Alessandro Mendini to design the exterior of its latest construction of The Sharp apartment brand, the company said in a statement Tuesday. 　According to Posco E&C officials, the company chose to collaborate with the designer for the second time in an effort to develop an apartment building that features unique colors and box-shaped geometric designs. Italian architect, artist and designer Alessandro Mendini (POSCO E&C)“The ap

Industry Oct. 17, 2017

The World Trade Organization announced Tuesday that its dispute settlement report regarding South Korea’s ban on fisheries imports near Japan’s Fukushima is expected to be released in January or February next year.  　Following the Fukushima Nuclear Power Plant explosion in March 2011, Korea imposed a ban on imports of agricultural and marine products near Fukushima. In 2013, the country extended its import ban and announced special measures to prohibit the importation of fisheri

Economy Oct. 17, 2017

Following Seoul and Washington’s decision to begin talks on possibly modifying certain aspects of the Korea-US Free Trade Agreement, US congressmen appeared unanimous that the US president should avoid making any drastic amendments that would jeopardize bilateral relations, though the trade deal has its flaws. 　According to the US House of Representatives on Monday, the House Ways and Means Committee launched a hearing on “Opportunities to expand US trade relationships in the Asia-Pa

Economy Oct. 16, 2017