The Korean government is joining forces with the local steel industry to jointly tackle the United States’ import regulations on Korean steel, the Ministry of Trade, Industry and Energy said Wednesday.　The ministry hosted a meeting titled “Mutual Cooperation with the Steel Industry” at the Lotte Hotel in Seoul on Wednesday morning, gathering ranking officials from the country’s steel industry, including Posco Chairman Kwon Oh-joon, to discuss ways to deal with ongoing trade issues with the Trump

Industry Aug. 30, 2017

　Jeju Air’s operating profit grew by 2,448 percent in the second quarter of this year compared to the same quarter last year, reaching a record high for twelve consecutive quarters, the airline said in a statement Tuesday.　Jeju Air recorded a second-quarter operating profit of 16.2 billion won ($14.4 million) and sales of 228 billion won, which was a 40.7 percent jump compared to the same period last year. In the first half of the year, the company recorded sales of 468.2 billion won, up 3

Market Aug. 29, 2017

Amid soaring apartment prices, data showed Monday that management fees for apartment residents in South Korea have risen roughly 24 percent over the past five years. 　According to data from the Bank of Korea and Statistics Korea, the housing price index for apartment living increased to 108.68 in the second quarter, a 24.3 percent increase from 87.4 in 2012. The jump is about quadruple the 6.3 percent consumer price index inflation rate. 　By the end of July, housing management fees rose 3.8 perc

Economy Aug. 28, 2017

Despite the global economy seeing positive growth this year, Korea’s economic bounce back appears to be marred by continuous political disruptions with the North Korean regime’s nuclear threats, as well as China’s war against the deployment of THAAD, data showed. 　According to data recently released by the Bank of Korea, escalating economic hurdles caused by North Korea’s missile threats and China’s blackballing of Korean goods and products amid continued disputes r

Market Aug. 27, 2017

Cheong Wa Dae announced on Thursday that President Moon Jae-in has named Park Seong-jin as the head of the new Ministry of SME and Startups. 　Park is a professor of engineering from Pohang University of Science and Technology and also serves as the CEO of Postech Holdings. 　　The new minster nominee is scheduled to attend a confirmation hearing led by a parliamentary committee before his appointment becomes official. Parliamentary approval is not required for Park’s appointment. 　The new Mi

Economy Aug. 24, 2017

Amid ambiguity hovering over future negotiations on the Korea-US Free Trade Agreement, Speaker of the Korean National Assembly Chung Sye-Kyun on Thursday defended the agreement as a win-win bedrock of Korea-US relations that must be negotiated wisely so as not to disrupt more than six decades of strong bilateral ties. During a general membership meeting with the American Chamber of Commerce in Korea, or AmCham, at Lotte Hotel in Seoul, Chung stressed the importance of continuing the strong polit

Economy Aug. 24, 2017

　The Office of the United States Trade Representative announced Wednesday that the Trump administration remains committed to amending terms of the Korea-US Free Trade Agreement, following a joint committee session with Seoul and Washington on Tuesday where the two parties were unable to reach a consensus. 　“Ambassador Lighthizer remains focused on improving implementation of KORUS and amending or modifying the agreement to benefit American workers, farmers, ranchers and businesses,”

Economy Aug. 23, 2017

Seoul is expected to play defense against the United States’ push to utilize the two nations’ upcoming special joint committee meeting to discuss possible amendments to the bilateral free trade agreements, by limiting talks regarding trade modifications, local experts said Monday.　The capital is gearing up to play host to a Korea-US Free Trade Agreement joint session at the request of the US Trade Representative Robert Lighthizer, at the Lotte Hotel on Tuesday. Although the US Trade

Economy Aug. 21, 2017

United States Trade Representative Robert Lighthizer announced on Friday that the special session meeting of the Joint Committee under the Korea-US Free Trade Agreement will be held in Seoul on Aug. 22.　According to a USTR press release, the upcoming special session will, “consider matters affecting the operation of the KORUS Agreement, including possible amendments and modifications to resolve several problems regarding market access in Korea for US exports and, most importantly, to addre

Economy Aug. 18, 2017

With the looming possibility of a trade war between the US and China over intellectual property rights, the Korea International Trade Association says prospects are high that Korean companies will see a consequent slump in export figures. 　In a report Wednesday, KITA researchers said, “We need to take action,” claiming that if the US unilaterally imposes trade sanctions against China -- and if a full-scale trade dispute is sparked, the economic battle between the two economies is lik

Economy Aug. 17, 2017

The Patent Court of Korea is gearing up to launch the 2017 International IP Court Conference on Sept. 6 in Daejeon under the theme of “court, IP and business.” 　This year’s conference will feature four sessions: cooperation and harmonization among IP courts; new challenges in IP litigation from a business perspective; recent issues on pharmaceutical and biotech patents; and patentability and remedies with a focus on the ICT industry.The upcoming international forum will also fe

Economy Aug. 17, 2017

　Amid ambiguity regarding the US President Donald Trump administration’s vow to alter certain terms of the Korea-US Free Trade Agreement, Tami Overby, senior vice president for Asia at the US Chamber of Commerce, reiterated her stance that the trade deal continues to be mutually beneficial to both nations. 　“What the Korea-USA FTA provides to American companies in Asia is a launching pad,” Overby said during an interview with Yonhap News Agency on Tuesday.　“US businesses

Economy Aug. 16, 2017

The supply of labor in the country’s electronics industry, in particular the booming semiconductor industry, has become stagnant, raising concerns that the trend will heavily undermine global competitiveness, according to a report released by the Korea Electronics Association on Tuesday.　The report stated that the current shortage of labor means Korea’s chip industry, which is on pace for 16 percent growth this year, will struggle in the future to meet rising global demand amid the “fourth indus

Industry Aug. 15, 2017

Rising geopolitical instability over North Korea’s provocations hit South Korea’s stock market last week, but experts expressed mixed views on the prospects for the Kospi, which has been setting records in recent months. 　Some say the market responding to North Korea risks is not new. However, what makes the difference now is that the bigger presence of foreign investors could make the market more vulnerable, as they view the North Korea factor more seriously.　The Kospi has fallen 4.

Market Aug. 13, 2017

Amid the government’s continued struggle to tackle Korea’s high unemployment rate, the number of newly employed individuals reached 26.9 million last month, up 313,000 from the previous month, according to data released by Statistics Korea on Wednesday. 　It was the sixth consecutive month that the newly employed figure exceeded more than 300,000 on-month. July’s figure was also 15,000 more than the same month last year.　The number of newly employed surged by 243,000 in January,

Economy Aug. 9, 2017