Seoul, April 8 (IANS) South Korean stocks rose sharply higher late on Wednesday morning as the United States and Iran agreed on a two-week ceasefire and reopening the Strait of Hormuz.The benchmark Korea Composite Stock Price Index (KOSPI) rose 326.12 points, or 5.94 percent, to 5,820.9 as of 11:20 am (local time), reports Yonhap news agency.The bourse operator activated a buy-side sidecar, temporarily halting program-driven buy orders in KOSPI futures earlier in the session.U.S. President Donal…
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Seoul, April 2 (IANS) South Korea has secured around 50 million barrels of alternative oil supplies for this month to replace supplies from the Middle East blocked due to the effective closure of the Strait of Hormuz, government officials said on Thursday, vowing continued efforts to stably manage energy supplies.The government and oil refineries are working hard to secure alternative oil supplies from different countries, Yang Ghi-wuk, deputy minister for trade, industry and resource security, …
Seoul, March 31 (IANS) The Ministry of Trade, Industry and Resources said on Tuesday it has allocated 924.1 billion won ($609 million) in a supplementary budget to respond to the Mideast crisis amid disruptions in energy and industrial supply chains.The announcement came after the Cabinet, chaired by President Lee Jae Myung, approved a government bill for a 26.2 trillion-won supplementary budget aimed at tackling difficulties stemming from the escalating conflict in the Middle East and revamping…
Seoul, March 27 (IANS) South Korean stocks opened sharply lower on Friday on increased risk-off sentiment following renewed concerns over tensions in the Middle East.After opening 2.93 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 204 points, or 3.74 percent, to 5,256.46 in the first 20 minutes of trading, reports Yonhap news agency.Overnight, U.S. markets suffered a sharp drop, as U.S. President Donald Trump gave mixed signals about where Washington stands in its n…
Seoul, March 20 (IANS) The Ministry of Trade, Industry and Resources launched on Friday a joint task force with private industries to coordinate responses to the United States’ trade investigations into South Korea over structural excess capacity and forced labour, officials said.Earlier this month, the office of the U.S. Trade Representative (USTR) launched consecutive trade inquiries into South Korea and other major economies to uncover what it calls “unfair” trade practices related to structu…
Seoul, March 1 (IANS) The industry ministry said on Sunday it is preparing for all contingencies, including a possible closure of the Strait of Hormuz, amid escalating tensions surrounding Iran, adding the impact on shipping logistics currently remains limitedThe Ministry of Trade, Industry and Resources held an emergency meeting with relevant ministries and institutions to assess the economic and industrial impact of the massive U.S.-Israeli strike on Iran the previous day, which came amid stal…
Seoul, Feb 15 (IANS) South Korea is preparing to form a team of working-level specialists to back a newly launched government committee tasked with the preliminary review of potential investment projects in the United States as part of a trade deal between the two countries, trade authorities said on Sunday.The move comes shortly after the Korea-U.S. strategic investment memorandum of understanding (MOU) implementation committee held its inaugural meeting Friday to explore potential projects, as…
Seoul, Feb 5 (IANS) Major global investment banks (IBs) have upgraded their forecasts for South Korea’s economic growth this year, citing an upcycle of the global semiconductor industry, a report by a financial organisation said on Thursday.The average forecast for economic growth of Asia’s fourth-largest economy by eight major global investment banks (IBs) stood at 2.1 percent as of end-January, up 0.1 percentage point from their median outlook published a month earlier, according to the report…
Seoul, Feb 4 (IANS) South Korea’s electric vehicle (EV) exports to the United States plunged nearly 90 per cent last year, hit by Washington’s auto tariffs and the rollback of subsidies under the administration of US President Donald Trump, industry data showed on Wednesday.According to the data from the Korea Automobile & Mobility Association, South Korea’s EV exports to the U.S. totalled 12,166 units in 2025, down 86.8 percent from 92,049 units the previous year, reports Yonhap news agency…
Seoul, Jan 18 (IANS) The number of companies operating in South Korea’s free economic zones rose 4.4 per cent from a year earlier in 2024, driving gains in employment and investment, the industry ministry said on Sunday.A total of 8,590 companies were operating in the country’s free economic zones at the end of 2024, up from 8,228 firms a year earlier, according to data from the Ministry of Trade, Industry and Resources, reports Yonhap news agency.Employment at those firms increased 8.8 percent …