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Reporter : Yoon Ja-young
Mon, September 25, 2023 | 21:18
Korean won continues to weaken against dollar
The Korean currency is weakening against the dollar as global funds are leaving the local market amid concerns over an intensifying trade war between the United States and China and a key rate hike by the Federal Reserve.
KHNP to get compensation for nuclear shutdown
Korea Hydro & Nuclear Power Co. (KHNP) will be compensated by the government for the early shutdown of its aged nuclear power plant as well as the cancellation of its new reactor construction plans. Regions that will lose government subsidies for being the locations of nuclear reactors will also receive special support.
Korea seeks to speed up 'northern' economic projects with Russia
As President Moon Jae-in began his four-day trip to Russia Thursday, expectations are rising over trilateral economic cooperation plans linking South and North Koreas with Russia. They are likely to start in sectors such as railways, pipelines and electricity grids.
FTC head draws fire from shareholders of chaebol units
Minority shareholders of Samsung SDS are taking action against Fair Trade Commission (FTC) Chairman Kim Sang-jo as his comment pulled down prices of company shares.
Self-employed alarmed by rising interest rates
As interest rates on loans are surging following a U.S. key rate hike, the self-employed, already suffering from a sluggish economy and soaring costs following the steep minimum wage hike, are facing snowballing burdens of paying back loans. Analysts warn that it could hamper economic recovery as well as cause trouble in the financial market if they have problems paying back ...
Nuclear reactor shutdown clouds Korea's export plan
The decision to shut down Wolsong-1 nuclear reactor as well as canceling plans for the construction of four new ones is raising concern that it will adversely affect export plans and hurt the industrial ecosystem. Analysts also expect electricity rate hikes will be inevitable.
Business lobby calls for more effective deregulation
The head of the country's leading business lobby group called for the government to show more sincere efforts for deregulation, stressing businesses cannot create jobs due to tough regulations.
Samsung, SK, Hyundai pressed to sell non-core units
Conglomerates are facing pressure from the government to sell non-core businesses controlled by owner families. While the measure aims at blocking owner families from fattening their own wallets through intra-group trading at the sacrifice of small- and medium-sized enterprises (SMEs), conglomerates say they will lose efficiency.
J-nomics to get momentum following election victory
The landslide victory of the governing party in the local elections is expected to add momentum to the controversial economic policies of the Moon Jae-in administration. Economists however point out that with political issues having overshadowed economic failures in the election, the government should make up for shortcomings in policies amid deteriorating economic figures.
FTC urged to promote competition
Fair Trade Commission (FTC) Chairman Kim Sang-jo vowed to continue reforming conglomerates, on top of rooting out power abuse over weaker competitors. However, he is facing criticism that the FTC has been negligent in promoting competition.