South Korea is making last-minute struggles this week to exempt itself from the US government’s impending steel tariff which would strike a heavy blow to steel producers here and the nation’s export-dependent economy.Unlike other major steel exporting states such as China, Canada and the European Union, however, Seoul refrained from adopting reciprocal tariffication.Trade Minister Kim Hyun-chong on Tuesday left for Washington DC as part of his second outreach program to respond to th

The recent reappointment of South Korea’s chief monetary policymaker is expected to encourage hawkishness at the Bank of Korea, possibly bringing forward a key interest rate hike to as early as April, despite sluggish consumption and snowballing household debt.BOK Gov. Lee Ju-yeol met with Deputy Prime Minister and Finance Minister Kim Dong-yeon met for lunch on Monday, their first one-on-one encounter after Lee’s reappointment on Friday.The two top officials agreed that Seoul should

South Korea’s bourse operator is expected to ease regulations on stock split processes in the wake of market top cap Samsung Electronics’ latest decision to implement a first-ever stock split.Korea Exchange is expected to announce a revised set of plans later this week to shorten the trading suspension period caused by stock splits, according to the benchmark Kospi operating headquarters Sunday. Under current regulations, stock trading is to be banned for 10-15 days after the gi

Patents are often considered ways to appreciate and protect technological inventions. But they are also a highly practical capitalist resource that may open the door to a lucrative market, according to the developer of a patent big data technology system.“Even those who recognize the market potential of the intellectual property sector are quite nearsighted, failing to see beyond the current industrial borders,” Eric Min-soo Kang, patent attorney and CEO of PatentPia, told The Korea Herald in an

Amid mounting offensives from Washington on key export products, South Korea’s trade department is locking horns with the finance sector in its push to expand its trade negotiating muscle.The Ministry of Trade, Industry and Energy is working on a restructuring proposal to elevate its Office of Trade Negotiations from its current director-led organization to an assistant minister-led one, and also to increase its staff by 50, according to officials on Wednesday.Empowered by President Moon J

A global automaker’s move that could potentially lead to a withdrawal of business here, key rates pressures, and increasing trade pressure from the United States -- these are the three major US-related hurdles weighing upon South Korea’s economy this year.In the industrial sector, GM Korea’s decision to shut down its Gunsan plant after 22 years of operation is increasingly imposing strain upon the local economy and Seoul’s government. Macroscopically, Asia’s fourth-

For small enterprises with limited resources and technology, the extensive intellectual property war of industry giants such as Samsung and Apple may seem quite irrelevant.But the steady growth trend in the domestic patents sector over the years indicates that even second-tier businesses have now picked up on the importance of their intangible intellectual assets, according to an IP service leader of the state-run Korea Trade-Investment Promotion Agency.“Patents are a highly sophisticated field,

As part of its efforts to honor the nation’s modern history and cultural heritage, Starbucks Coffee Korea has donated 100 million won ($92,217) in preservation funds for the Korean Empire legation headquarters in the United States, officials said Thursday.The company also unveiled a limited edition tumbler with pokerwork describing the legation building located in Washington DC, a third product of the cultural heritage project.During the ceremony which took place at the coffee franchise’s signat

South Korea grasped the silver medal in the men’s speed skating team pursuit event on Wednesday, marking the country’s third silver medal and ninth medal in total in this year’s Winter Games. Lee Seung-Hoon, Chung Jae-won and Kim Min Seok of South Korea on Wednesday win gold medal in the men's team pursuit event held at Gangneung Oval, Gangneung. (Yonhap)The four-member team consisting of Lee Seung-hoon, Kim Min-seok, Chung Jae-won, and Joo Hyong-jun timed 3:38.52 at Gangneung Oval in the easter

South Korea’s female speedskating team on Wednesday lost its team pursuit playoff race against Poland finishing in eighth place.The result comes in the wake of a disputed race which triggered discussion on an apparent teamwork strife.Korea's three-member team of Kim Bo-reum, Park Ji-woo and Noh Seon-yeong (Yonhap)The three-member team of Kim Bo-reum, Park Ji-woo and Noh Seon-yeong clocked 3:07.30 in the event at Gangneung Oval in the eastern sub-host city of the 2018 Winter Games.During the quar

After enjoying a prosperous 2017, South Korea’s financial players are now facing a challenging year ahead, amid escalating competition in the digital financing sector, government pressure on household debt control and incoming financial consumer law.Hana Financial Group, the nation’s third-largest banking group in assets, is determined to hold ground and prolong its uptrend by maximizing the synergy between its banking and non-banking businesses.It is also planning to expand financia

South Korea’s agriculture cooperative-based NH NongHyup Bank developed a system to assess the quality of its customer calls in November and recently had a patent registered for the technology, officials said Tuesday.Built and operated on artificial intelligence and big data, the system gathers customer phone call records, sorts them out according to demands and designates an optimized level of customer service.“The new system will help us keep a more detailed watch on our financial c

Seoul Semiconductor, a light-emitting diode manufacturer, has won a $1 million patent lawsuit against Taiwan’s Everlight Electronics, which used a flawed patent against industry rivals.The UK Patents Court declared on Feb. 14 that Everlight’s LED heat protection patent was invalid, ordering the defending Taiwanese company to pay all legal expenses, officials said Tuesday,The court’s decision was based on Everlight’s written statement in which it admitted that the patent in question was invalid.A

Anxiety built up among South Korea’s steel manufacturers over the weekend, following the latest signals from the United States to drastically increase the tariff rate for steel imports as part of President Donald Trump’s trade protectionist policy.While figuring out a countermeasure, companies complained that the suggested action plan was not only excessive but also unfair as it unaccountably excluded some of the top steel exporting nations to the US.The Ministry of Trade, Industry and Energy on

When faced with legal action by “patent trolls” -- entities that own patents without intending to use them -- companies can be tempted to resort to an out-of-court settlement. But such evasive measures only create a vicious circle, according to a top official of a US-based company against patent trolls, also called non-practicing entities.“Conforming to these NPEs’ demands for money will only further incentivize their behavior,” Shawn Ambwani, COO and co-founder of Unified Patents, told The Kore

Companies and individuals -- even nonpracticing entities, commonly referred to as “patent trolls” -- should not be restrained from or blamed for exercising their guaranteed patent rights in the market, according to the chief of a leading intellectual property service provider.“The core point of the patent system is to bestow legal rights upon new technology and allow the patent holder to derive consequent economic profits,” Lee Hyung-chil, president of Worldwide Intellect

Conglomerate’s social enterprise to supply meals during Winter GamesOver a period of 44 days surrounding the 2018 PyeongChang Winter Olympics from Jan. 14 to Feb. 26, some 36,000 meals are to be delivered to members of the staff and cast residing in 33 residences in the vicinity.And the company designated for the job is Happy Dosirak, or Happy Meal Box. Happy Dosirak‘s meal boxes to be provided to the 2018 PyeongChang Olympics staffThe company is one of the social enterprises run by nonprofit fu

Seoul Semiconductor, a leading light-emitting diodes manufacturer here, has filed a patent lawsuit against electric component distributer Mouser Electronics for selling patent-infringing products, officials said Thursday.The semiconductor company filed the litigation in the Court of Milan, claiming the US-based distributer and its Italian subsidiary consistently sold items that infringe upon its patent. The disputed products are manufactured by Taiwanese LED manufacturer Everlight Electronics.In

South Korea’s economy has entered a recovery track, steered by global economic improvement and strong exports, but its private consumption sector remains slow due to a record-high amount of household debt, the nation’s central bank said Thursday.According to the Bank of Korea‘s monetary policy report to the National Assembly, private consumption climbed by 2.3 percent from the fourth quarter of 2016 to the third quarter of last year, marking slow growth compared to the conventi

As part of an ongoing campaign to eradicate recruitment irregularities from the financial circle, the authorities are now seeking to expand their investigation into nonbank financial institutions. Concerns have been raised, however, that excessive control over private financial units may be taken as an infringement of business autonomy, which the incumbent government has often been blamed for.The Financial Supervisory Service is currently discussing with the Financial Services Commission on kick