Home purchases are becoming increasingly unaffordable and prices and loan interest rates have reached their highest level in four year and three months, the Korea Housing-Finance Corp. announced Monday. 　In the first quarter of this year, the Korea-Housing Affordability Index rose to 59.3, a 0.4 percentage point increase compared to the previous quarter, according to data. The figure marks the highest average rate in more than four years since reaching 59.9 in the fourth quarter of 2012.　The K-

Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., voted for a strike on Friday to demand higher salaries and other benefits as the company struggles with three straight years of losses.   Some 69.4 percent of the carmaker's 15,000-strong unionized workers cast ballots in favor of the general strike, the union said, a move that may set the stage for a walkout.   In South Korea, by law, a union cannot go on strike during mediation by the state-run National Labor Relat

South Korean President Moon Jae-in sought to rally support from other global leaders Friday in condemning North Korea for its recent missile provocation and ridding the communist state of its nuclear ambitions, his presidential office Cheong Wa Dae said.   "It is not a scheduled topic for discussion, but as president of the Republic of Korea I cannot but talk to you about another serious challenge that urgently requires the joint interest and action of the G20," the South Korean president said i

North Korea hinted Friday that it would continue to stage provocations against the United States, as Washington warns of punitive action for its recent test of an intercontinental ballistic missile (ICBM).   The North's foreign ministry called Tuesday's ICBM test as a "gift package" for the U.S., repeating its long-standing assertion that its nuclear development is designed to defend itself against Washington's hostile policy and nuclear war threat.   "The U.S. will receive more 'gift packages'

A state panel to investigate a 2014 ferry disaster kicked off its official operations Friday amid continued calls to verify the exact cause of the country's worst maritime fiasco that killed more than 300 passengers.   The panel is mandated to examine the salvaged ferry Sewol for up to 10 months. The 6,800-ton ship was moved onto land in April, some three years after it sank off the country's southwestern coast near Jindo Island on April 16, 2014.   "Today is a very significant day given that th

The leaders of South Korea and Japan agreed Friday to improve the countries' relations, currently at a low ebb over history issues, while intensifying their joint efforts to resolve the North Korean nuclear issue peacefully, South Korea's presidential office Cheong Wa Dae said.   South Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe also agreed to restart summit diplomacy.   "The leaders of the two countries agreed to resume shuttle diplomacy between the countries' leaders, n

Creditors of Kumho Tire Co. on Friday decided to offer final concessions to resolve a dispute surrounding the usage fee of the Kumho brand between the tiremaker's parent company and China's Qingdao Doublestar Co.   The concessions came after a meeting earlier in the day with Kumho Tire's creditors, which are led by state-run Korea Development Bank.    Under the concessions, Qingdao Doublestar is required to pay 0.5 percent of its sales as a brand usage fee to Kumho Asiana Gro

South Korean companies’ high hopes were struck down following President Moon Jae-in’s Thursday meeting with Chinese President Xi Jinping, as the two countries failed to strike an accord to cease China’s unofficial economic retaliation against South Korean companies regarding the controversial deployment of the Terminal High Altitude Area Defense.  　Korea’s relationship with China has hit its lowest point in years due to political and economic tension over the install

Amid drawn-out speculation over the future of the Korea-US Free Trade Agreement, the two countries have been voicing differing views regarding the mutual benefits of the bilateral trade deal, which has now reached its fifth year.  　US President Donald Trump is arguing that the current stipulations are unfair and is the reason for the country’s worsening trade deficit. Trump has referred to the KORUS-FTA as “unacceptable” and a “horrible deal,” suggesting the de

Moody’s Investors Service has maintained South Korea’s credit rating at Aa2, a high quality and low risk rating, according to the Ministry of Strategy and Finance on Wednesday. It also raised the country’s 2017 growth outlook to 2.8 percent from 2.5 percent.　Moody accredited the country’s “very high” assessment based on economy size, diversity and competitiveness, which it credits as helping the country achieve reasonably robust medium-term growth against very

　Amid tense labor disputes, Hyundai Heavy Industries is speaking out against its labor union, arguing that members are distorting information related to the industry’s business conditions, such as shipbuilding orders and operating profits for the year.　The union recently claimed the company received orders for 62 vessels totaling $3.8 billion from January to May, five times more compared to the same period last year, according to the union’s news agency. Given the figures, members of the labor u

The Moon Jae-in administration’s new comprehensive macroeconomic blueprint will be announced later this month, according to Finance Minister Kim Dong-yeon on Tuesday. 　“The president, along with other officials, will hold a meeting to discuss the government‘s fiscal policies and strategies over the next five years sometime mid-July,” said the finance minister, during a policy meeting in Seoul with ministry officials, including the minister of land, infrastructure, transpo

The Korea-US summit in Washington last week finished with ambiguous statements from both sides as well as President Trump expressing his intent to renegotiate the current Korea-US Free Trade Agreement. In light of the circumstances, the Moon administration is expected to prepare a FTA task force for what is looking to be an intense economic showdown between the two nations.　President Moon Jae-in proposed the launch of a consultation task force to investigate, analyze and evaluate the impact of t

South Korean President Moon Jae-in flew back to Seoul on Sunday with a reaffirmed US alliance and renewed momentum to resolve the North Korea impasse, but he left open the controversial issue of Washington’s push to renegotiate a bilateral free trade agreement.　Upon their talks Friday, President Moon and his US counterpart Donald Trump each adopted different tones toward the Korea-US FTA, with Moon emphasizing their joint statement that did not include phrases regarding renegotiation and T

DAEJEON -- In an effort to appease a growing number of foreign parties and international patent cases tried in the country, the Patent Court of Korea on Wednesday held a test trial of an International Chamber case hearing adjudicated in English. 　According to the Patent Court, located in Daejeon, the demand for English-language trials has been repeatedly raised by international parties, who accounted for more than 40 percent of the 611 cases adjudicated by the court last year. 　The test trial, “

The Seoul Central District Prosecutor’s Office announced Tuesday it is speeding up its investigation into alleged large-scale collusion among Korea’s major construction companies, which are suspected of bid rigging a project to build liquefied natural gas storage tanks. 　Last year 13 construction companies, including Hyundai E&C, Daewoo E&C and Daelim E&C, were slapped with 351.6 billion won ($309.2 million) in fines by the Fair Trade Commission after the governmental watchdog accused the builde

　President Moon Jae-in is embarking on his first overseas trip as Korea’s leader, attending a critical two-day Korea-US Summit with President Donald Trump on Thursday and Friday. 　During the summit, Moon is slated to spearhead delegations that are to highlight the importance of the five-year Korea-US Free Trade Agreement as well as address looming uncertainties regarding the US’ attempts to renegotiate it -- a crucial economic issue here since Trump took office in January. 　With his

Bain & Company, a global management consulting firm, announced on Thursday that it has appointed Kang Ji-chul, 42, and Yoon Sung-won, 38, as the newest partners to its Seoul office. 　Kang is a graduate of Yonsei University’s Department of Economics with an MBA from Duke University’s Fuqua School of Business in the United States. He joined Bain & Company in 2009.　At Bain’s Seoul Office, Kang has worked as a specialist in consumer goods distribution and has conducted a variety of consulting servic

CEOs and business leaders from some of the country’s top conglomerates are heading to the United States alongside President Moon Jae-in for a two-day Korea-US Business Summit with President Donald Trump next week, the Korea Chamber of Commerce and Industry announced Thursday. 　In Moon’s first international trip as the new president, he will be joined by a 52-person Korean business delegation, which includes Hyundai Motor Company Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae

To help startups prepare for the future, Korea Development Bank has been running the “KDB Next Round” program that helps link companies with new investors.　First launched in August last year, KDB’s Next Round was introduced in an effort to minimize market friction and promote market expansion in order to further develop startup investments in the wake of the “fourth industrial revolution.”　The KDB’s investment platform does not involve a funding model or direc