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870,000 small business owners quit amid pandemic
Some 870,000 small business owners failed to see out the pandemic in 2020, while their companies’ operating profits nearly halved in the same period, government data showed Dec. 28. According to data from Statistics Korea and the Ministry of Small and Medium-sized Enterprises and Startups, the number of people ...
KAI inks deal with Brazilian aircraft firm to supply eVTOL components
Korea Aerospace Industries (KAI) said Monday it has signed a deal with Brazilian aircraft manufacturer Eve Air Mobility to supply a key component used in the production of electric vertical take-off and landing (eVTOL) vehicles. The contract is valued at over 1 trillion won ($722.9 million) and the period extends until the completion of the production of the eVTOL model, KAI said. KAI will be responsible for the development and mass production of Pylon, a core structure in eVTOL units used to
BOK to keep restrictive stance for longer period amid inflation woes
South Korea's central bank froze its key rate for the 10th straight session Friday, saying that its current restrictive stance will be maintained for a sufficient period of time amid woes over high inflation and household debt. In a widely expected decision, the monetary policy board of the Bank of Korea (BOK) kept its policy rate unchanged at 3.5 percent. The BOK has continued to stand pat following rate freezes last February, April, May, July, August, October, November, January and February.
Korea aligned with US export curbs on chips to China: minister
South Korea is largely aligned with the US government’s export curbs on chips to China, but it is also making efforts to maintain trade ties with Beijing, Korea’s trade minister said in the US on Wednesday. Minister of Trade, Industry and Energy Ahn Duk-geun, who is visiting the US for the first time after he was inaugurated in January this year, added that the government is working to ensure the US trade curbs do not hurt the interests of Korean chipmakers. "Our basic stance
HD Hyundai Heavy, GE Aerospace sign MOU for naval vessel development
South Korean shipbuilder HD Hyundai Heavy Industries said Thursday it has partnered with US industrial behemoth GE Aerospace for cooperation in winning overseas navy projects. HD Hyundai signed a memorandum of understanding with GE at Sea Air Space 2024, a global maritime exposition held in Washington, D.C., to build world-class naval ships with marine gas turbines provided by the US firm for exports, the company said in a statement. GE Aerospace was formerly called General Electric. On top o
ADB maintains S. Korea's 2024 growth forecast at 2.2%
The Asian Development Bank (ADB) kept its outlook for South Korea's economic growth this year unchanged at 2.2 percent and the forecast for the country's inflation at 2.5 percent, Seoul's finance ministry said Thursday. The ADB's outlook for 2024 is on par with that of the South Korean government and the Organization for Economic Cooperation and Development, while the International Monetary Fund presented a 2.3 percent expansion. The Manila-based bank said rising global demand for semiconducto
S. Korean regulator launches inspection into China's Temu over alleged unfair biz practices
South Korea's antitrust regulator has launched an inspection into China's Temu shopping app on suspicions of the retail platform's false advertising and other unfair business practices, officials said Monday. The Fair Trade Commission (FTC) recently sent documents to Temu for a probe to see if it violates South Korea's e-commerce acts and advertisement regulations by making false and exaggerated advertisements, according to the government and industry officials. The document-based probe came a
S. Korea, World Bank vow stronger cooperation on digital ID systems for developing nations
South Korea and the World Bank have agreed to enhance partnership on digital identification initiatives to share expertise and technologies related to South Korea's advanced digital ID system with developing nations, the state-run minting agency said Thursday. During a meeting held in Seoul last week, the Korea Minting, Security Printing & ID Card Operating (KOMSCO) and the World Bank discussed ways of how to work together for sharing technology with and providing assistance to developing n
HMM inks deal with Shanghai-based port operator on clean fuel supply
South Korea's top container shipper HMM said Wednesday it has signed a deal with global terminal operator Shanghai International Port Group (SIPG) on cooperation in the supply of eco-friendly fuel for the Chinese port. The memorandum of understanding calls for HMM to cooperate with SIPG in providing clean maritime fuels, such as methanol and liquefied natural gas (LNG), for the port of Shanghai. The deal comes as the global shipping industry has been ramping up efforts to develop next-generati