budget

Automobiles Hyundai to launch 42 new cars to cope with Trump tariffs, EV slowdown

Hyundai Motor Group, the world’s third-largest automaker, plans to unveil 42 new models, including hybrids of existing cars, next year to cope...

Central bank BOK stands pat; rate cut likely within 3 months as economic growth slows

The Bank of Korea (BOK) left its benchmark interest rate unchanged at 2.75% on Thursday, with Governor Rhee Chang-yong warning that a surge in globa...

Economy South Korea to boost aid for chipmakers to $23 billion, expanding extra budget

South Korea’s government is planning to increase support for chip makers to around $23 billion, proposing a bigger-than-expected supplementary...

IPOs LG Electronics set for early-May Indian stock market debut

LG Electronics Inc. is set to list its wholly owned subsidiary in India on the country's stock exchange in early May, aiming to raise up to $1.5 bil...

Airlines Sono Hospitality becomes new owner of Korean budget carrier T’way Air

South Korea’s top resort operator Sono Hospitality Group has emerged as the new owner of budget carrier T’way Air Co. by acquiring ...

Business & Politics Korea sharply cuts 2025 growth forecast, opens door for extra budget

South Korea sharply lowered its economic growth forecast for this year amid the prolonged political turmoil following President Yoon Suk Yeol’...

Economy Opposition-controlled Korean Parliament passes slashed $470 bn budget

South Korea's opposition-controlled National Assembly on Tuesday passed a government budget bill for 2025, slashed from the government's proposal am...

Airlines Korean Air-Asiana merger to spur M&A among budget carriers

Korean Air Lines Co.'s anticipated acquisition of Asiana Airlines Inc. is expected to spur domestic budget carriers to seek mergers, with the two do...

Robotics Hyundai Movex to lead S. Korea’s unmanned robot project

South Korea’s Hyundai Movex Co. was selected to lead the design of a high-precision large autonomous mobile robot (AMR) platform and integra...

Electronics Samsung’s Galaxy S24 FE: Budget smartphone packed with AI functions

Samsung Electronics Co. on Friday unveiled the Galaxy S24 FE, the latest addition to its AI-enabled smartphones series, with which the South Korean ...

Corporate strategy Hyundai's Chung to nurture Czech plant as hub for eco-friendly mobility

Hyundai Motor Co. Executive Chairman Chung Euisun has vowed to turn the South Korean automotive conglomerate’s plant in the Czech Republic int...

Culture & Trends Korea to launch regular K-content festival in June

South Korea plans to host a regular event showcasing its cultural products such as K-pop and foods in June of next year with the goal of making the ...

Electronics Samsung’s Circle to Search available on Galaxy A series to rival Xiaomi

Samsung Electronics Co. has been battling Apple Inc. in the high-end smartphone segment with its premium Galaxy S series packed with advanced featur...

Artificial intelligence LG Elec expands workforce to enhance AI cyber security

LG Electronics Inc., the leading global home appliance maker, is actively increasing its workforce to improve artificial intelligence cyber security...

Energy S.Korea to up the ante on small modular reactor foundry business

South Korea will nurture the small modular reactor (SMR) foundry business to revive the country’s nuclear power industry by rolling back the p...

Korean food Bulgogi & ramyun top Jeju Air's in-flight menu in 2023

South Korea'st budget carrier Jeju Air Co. announced on Monday that its most popular in-flight meals and cabin cafe items in 2023 were bulgogi deopb...

Electronics Samsung to unveil budget phone Galaxy A25

Samsung Electronics Co. announced on Thursday that it will launch the Galaxy A25 5G, a new budget phone in the South Korean market on Jan.5.It featu...

Airlines Air Premia posts first-ever quarterly profit

Air Premia Inc., a South Korean budget carrier, on Thursday reported its first-ever quarterly profit in the third quarter of this year, fueled by a ...

Bio & Pharma Korea to invest $200 mn in new drugs, vaccines by 2028

South Korea’s health ministry will allocate 261.6 billion won ($200.2 million) for two funds over the next four years to boost private sector ...

Airlines Air Premia mulls $110 mn rights offer for more long-haul flights

South Korean low-cost carrier (LCC) Air Premia Inc. will make a decision on a rights offering worth up to 150 billion won ($110.4 million) at a boar...

Research & Development S.Korea’s corporate R&D spending lags global rivals

Major South Korean companies’ spending on research and development lags investments made by their global competitors due to lower government t...

Mergers & Acquisitions Hanwha Group gears up for foray into aviation industry

South Korea’s chemicals-to-defense conglomerate Hanwha Group is preparing a bid for domestic low-cost carrier (LCC) Fly Gangwon under court pr...

Airlines Budget carriers turn around with highest-ever profits in Q2

South Korea’s low-cost carriers (LCCs) posted their highest-ever quarterly profits on the back of a surge in international travel as the indus...

Business & Politics S.Korea to fully open gov't R&D projects to foreign researchers

South Korea's Ministry of Trade, Industry and Energy on Wednesday said it will allocate 5 trillion won ($3.8 billion) of its R&D budget for exce...

Foreign exchange S.Korea to discuss bilateral currency swap with Japan

South Korea plans to discuss with Japan the re-establishment of their bilateral currency swap line, said its finance minister on Thursday, as the di...

Airlines Korean LCC Air Premia to spur growth through IPO, more aircraft

Air Premia Inc., a South Korean low-cost carrier (LCC) that was established in 2017 and started flight operations last July, is gearing for fast gro...

Airlines S.Korea gov’t urges caution on using Vietjet Air, AirAsia

South Korean consumers have witnessed a substantial rise in complaints related to Vietjet Air and AirAsia, popular low-cost carriers used for trav...

Aerospace & Defense S.Korea to raise R&D's share of defense budget to 10%

South Korea will develop a reconnaissance and interception system to respond to North Korea's nuclear weapons and missile threats from space by rais...

Tech, Media & Telecom S.Korea to allocate 70% of annual R&D budget to eleven core tech areas

The South Korean government plans to allocate 70% of its annual R&D budget to 40 projects for research and development in eleven core industrial...

Economy South Korea groans under snowballing national liabilities

South Korea’s liabilities ballooned last year following heavy fiscal spending related to the COVID-19 pandemic to buttress growth in Asia...