Business - The Korea Times

REPORTER'S NOTEBOOK Prague's last-minute delay comes as little surprise

"I knew it" was this reporter's response to late Tuesday's push notification of the news that a Czech court had blocked Prague from signing a multibillion-dollar nuclear reactor construction deal with Seoul the following day. This reaction did not stem from the frequently cited concerns about the deal, such as its profitability or uncertainty surrounding governmental negotiations after Seoul's leadership vacuum following the impeachment of former President Yoon Suk Yeol and the resignations of two acting presidents — former Prime Minister Han Duck-soo and former Finance Minister Choi Sang-mok. While the news embarrassed the Korean delegation to the Czech Republic — which includes two ministers, four vice ministers and five lawmakers from three parties — this reporter was reminded of an episode involving a senior Czech government official who canceled an appointment with Korean reporters at the last minute. In the early morning on Feb. 18, when this reporter was en route to interview Czech Industry and Trade Minister Lukas Vlcek in Seoul, the Czech Embassy notified The Korea Times

May 7, 2025By Park Jae-hyuk

[REPORTER'S NOTEBOOK] Prague's last-minute delay comes as little surprise

Asan Institute chair awarded honorary doctorate from Korea University

Korea University has awarded an honorary doctorate in political science to Chung Mong-joon, founder and honorary chairman of the Asan Institute for Policy Studies. The university held a ceremony Monday at its Seoul campus to award the degree in recognition of Chung's contributions to social welfare and his efforts to support younger generations through the Asan Foundation and the Asan Nanum Foundation. The honorary doctorate also acknowledges Chung’s dedication to advancing political, diplomatic and national security affairs during his seven terms as a lawmaker. "Chairman Chung has shed light on Korea’s future in various fields including politics and diplomacy," Korea University President Kim Dong-one said. “His life and footsteps embody leadership with values of intellectualism and public service, which deeply align with Korea University's vision to contribute to the future of humanity. The chairman's future endeavors will continue to lead positive changes for our society and the world." Chung studied economics at Seoul National University as an undergraduate and earned a Master o

May 7, 2025By Lee Gyu-lee

Asan Institute chair awarded honorary doctorate from Korea University

Czech court temporarily halts nuclear plant deal with S. Korea: reports

A Czech court on Tuesday temporarily blocked the government in Prague from signing a multibillion-dollar agreement with South Korea for the construction of two nuclear reactors, according to multiple reports, making it highly unlikely that an official contract will be concluded this week. A South Korean consortium led by Korea Hydro & Nuclear Power Co. (KHNP) had been scheduled to finalize the deal on Wednesday with Czech state-run energy company Elektrarna Dukovany II (EDU II), a subsidiary of the country's main electricity firm, CEZ. However, according to multiple Czech media reports, the regional court in Brno, the Czech Republic's second-largest city, issued an injunction preventing CEZ from signing the estimated 26 trillion-won (US$18.6 billion) contract until it reviews a legal complaint filed by France's EDF, a losing bidder in the tender. Last year, both EDF and another bidder, U.S.-based Westinghouse, filed complaints with the anti-monopoly office, Czech Office for the Protection of Competition (UOHS), over the government's selection process. In October, however, the UOHS rejec

May 6, 2025By Yonhap

Czech court temporarily halts nuclear plant deal with S. Korea: reports

Will homebuyers have to pay for property tours in Korea?

A realtor in Gyeonggi Province had an unsettling experience in February when she brought prospective homebuyers to visit a newly built apartment complex. They asked to see units by size, so she worked hard to arrange viewings and show them around. However, they avoided questions about their intended move-in date and budget, and in the end, they failed to contact her or respond to her inquiries. "One of my clients, who is trying to sell her home, mentioned seeing a (real-estate) study group gathering at a cafe near the complex. She asked me not to bring such visitors to her home," the realtor said. "Honestly, if I could tell them apart, I wouldn't bring them either. It's difficult to distinguish real buyers from researchers." Such incidents are becoming common, with realtors voicing frustration over the surge in activities by so-called 'imjang' (to be present at the scene) crews." "Imjang crews" are people who visit properties under the pretense of buying but without real intention to purchase. Instead, they scout properties for future investment opportunities or research purposes. It is

Apr 28, 2025By Lee Yeon-woo

Will homebuyers have to pay for property tours in Korea?

S. Korea-U.S. tariff talks ease uncertainty, open path for orderly consultation: finance chief

South Korea's Finance Minister Choi Sang-mok said Sunday that last week's talks with the United States on its sweeping tariff scheme helped ease uncertainties and opened the door for orderly consultations. Choi made the remarks upon arriving at Incheon International Airport, west of Seoul, after his visit to Washington, where he, along with Industry Minister Ahn Duk-geun, held trade talks on Thursday with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative (USTR) Jamieson Greer. "We clarified the agenda items and laid the groundwork for future negotiations after reaching a consensus on the discussion schedule," Choi said. "We have reduced uncertainty and opened the door for orderly discussions moving forward." During the meeting, the two nations agreed to make joint efforts to craft a "package" agreement on new U.S. tariffs and economic cooperation issues by July 8, when the 90-day pause of the Trump administration's sweeping tariffs is set to be lifted. Choi also noted that he fully explained to the U.S. side about South Korea's political schedule and the need for cooper

Apr 27, 2025By Yonhap

S. Korea-U.S. tariff talks ease uncertainty, open path for orderly consultation: finance chief

Business sentiment for May pessimistic over int'l trade risks, poll shows

Korea's business sentiment remains pessimistic for May, a poll showed Wednesday, amid growing risks associated with global trade. The business survey index (BSI) of the country's top 600 companies by sales stood at 85 for next month, according to the monthly poll by the Federation of Korean Industries (FKI). A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has remained below 100 for 38 consecutive months since April 2022. The BSI for the manufacturing sector came to 79.2 for May, while the index for nonmanufacturing was recorded at 90.8. Among nonmanufacturing industries, all but the restaurant and lodging sectors anticipated weakened confidence for May. Most manufacturing industries also anticipated negative sentiment except those involving pharmaceuticals and foodstuff products. "International trade uncertainty is significantly increasing due to the tariff policies of the United States and response measures from major countries," an FKI official said.

Apr 23, 2025By Yonhap

Business sentiment for May pessimistic over int'l trade risks, poll shows

Korean exports expected to see US tariff impact starting second quarter, trade minister says

Korean exports will likely come under the substantive influence of U.S. tariffs starting in the second quarter, the trade minister said Thursday, pledging "swift" support measures for affected industries. "Local industries are feeling a growing sense of unease as unprecedented uncertainties persist," Trade Minister Cheong In-kyo said in a meeting with export-related officials, noting the impact of tariffs imposed by the Donald Trump administration is anticipated to materialize in the second quarter. Cheong said the government will work together with related authorities to closely monitor export conditions in each region and "swiftly" devise measures to ease challenges faced by local exporters. The government has announced plans to inject trillions of won in financial support to help exporters weather the effects of Washington's hefty tariffs on key items, including steel, aluminum and automobiles. In the first quarter, Korea's outbound shipments decreased 2.1 percent from a year earlier to $159.8 billion on the weak performance of the auto and machinery sectors, according to government d

Apr 17, 2025By Yonhap

Korean exports expected to see US tariff impact starting second quarter, trade minister says

Casinos see revenue surge as tourism returns to pre-COVID levels

Sales at Korea's top three casinos, which operate exclusively for foreign nationals, surged in the first quarter of 2025, buoyed by the return of international travelers, data showed Tuesday. Industry watchers expect further earnings growth, with the government planning to allow visa-free entry for Chinese group tourists — potentially as early as the third quarter. According to the Financial Supervisory Service's electronic disclosure system, DART, Paradise Hotel & Resort's casino division recorded preliminary sales of 222.9 billion won ($156.5 million) in the first quarter of 2025, an 8.8 percent increase from the year before. Although figures declined in January and February year-on-year, the casino posted a sharp rebound in March, with monthly sales surging 51.6 percent to 81 billion won. Grand Korea Leisure (GKL), operator of the Seven Luck casinos, also reported strong growth, with its preliminary first-quarter sales rising 15.6 percent to 108.3 billion won from a year earlier. "The increase in the hold percentage (casino's retained share of the total betting volume) and our target

Apr 15, 2025By Lee Yeon-woo

Casinos see revenue surge as tourism returns to pre-COVID levels

Auto exports edge up in March, shipments to US down 10 %

Korea's car exports inched up from a year earlier in March, driven by rising demand from Asian nations while shipments to the United States dropped sharply ahead of the start of U.S. tariffs on auto imports, data showed Tuesday. The value of outbound shipments of automobiles came to $6.24 billion last month, up 1.2 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy. It marked the second consecutive month of increase and the second-highest export value ever for any March, it added. In terms of volume, however, exports fell 2.4 percent on-year to 240,874 vehicles. The export value of eco-friendly cars declined 3.1 percent on-year to $2.02 billion in March. In terms of volume, however, sales advanced 5.8 percent to 68,760 units. Of the total, 41,969 were hybrid models, and 20,757 units were electric vehicles (EVs), the data showed. By region, exports to North America fell 8.4 percent on-year to $3.27 billion, primarily due to a 10.8 percent decline of shipments to the United States, which totaled $2.78 billion. Exports to the European Union decreased

Apr 15, 2025By Yonhap

Auto exports edge up in March, shipments to US down 10 %

Customs agency launches special probe into antidumping tariff evasion

The Korea Customs Service (KCS) said Monday it has launched a special inspection into attempts to evade antidumping tariffs. The customs agency has formed a task force dedicated to the probe, which will run through July 22, with the focus on identifying and investigating companies suspected of circumvention dumping. Circumvention dumping refers to an attempt to avoid antidumping duties through minor alterations of goods subject to such duties. Companies found in breach may be subject to back taxes and face criminal charges, the KCS said. "There is a possibility that third countries facing difficulties in exporting goods to the United States may divert low-priced goods to the Korean market to avoid antidumping duties," a KCS official said on condition of anonymity. The latest measure follows U.S. President Donald Trump's recent decision to impose country-specific reciprocal tariffs, including 145 percent duties on Chinese goods, though the new tariff scheme has been put on hold for 90 days.

Apr 14, 2025By Yonhap

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