Business

OPEC+ is a group of 23 oil-exporting nations that meets regularly to decide the quantity of crude oil to sell on the world market. At its core are the 13 members of OPEC (Organization of the Petroleum Exporting Countries), primarily consisting of Middle Eastern and African countries. OPEC was formed in 1960 as a cartel aiming to fix the global supply of oil and its price. Today, OPEC nations produce around 30% of the world's crude oil, with Saudi Arabia being the largest single oil producer with

Dogecoin, a niche cryptocurrency, experienced a significant surge of over 30% on Monday. The spike came after Elon Musk, Twitter's CEO, swapped the company's iconic blue bird logo for the image of a Shiba Inu, which is also the emblem of the digital coin. On Friday, Musk and Twitter's lawyers requested that a federal judge dismiss a $258 billion lawsuit from 2022, which accused Musk of manipulating dogecoin's price, causing it to skyrocket by more than 36,000%. After the Shiba Inu image was inc

South Korea's exports experienced a decline for the sixth straight month in March, primarily due to weakened global demand for semiconductors in the face of an economic slowdown. According to the Ministry of Trade, Industry and Energy, the country has now faced a trade deficit for 13 consecutive months. In March, outbound shipments dropped 13.6% on-year to $55.12 billion. Since October last year, exports have fallen as major economies have tightened monetary policies to curb inflation. The down

The US Chips and Science Act, a bipartisan legislation aimed at boosting the country's semiconductor industry with a $52 billion investment, has sparked concerns among Korean chipmakers, such as Samsung Electronics and SK Hynix. These companies fear that their trade secrets may be compromised as they seek subsidies under the Act. In response, experts suggest a delicate balance between protecting trade secrets and promoting collaboration between the US and Korean companies. The US Department of

Disney CEO Bob Iger announced on Monday that the company will begin the first of three planned rounds of layoffs, with the goal of eliminating 7,000 jobs. This decision is part of a larger cost-cutting initiative to streamline operations amidst ongoing media industry turbulence and economic uncertainty. In a memo obtained by CNN, Iger outlined that the first wave of layoffs will commence this week, followed by a more extensive round in April, and a final round before the start of summer. These

Korean cultural content, commonly referred to as K-content, has been gaining immense popularity across the globe. This is according to the results of a survey conducted by the Ministry of Culture, Sports and Tourism of Korea, which shows that K-pop, Korean food, Hallyu stars, dramas, and information technology (IT) products/brands are among the most recognized aspects of Korea. K-pop has been ranked as the most popular category for six consecutive years, surpassing IT products/brands, which were

South Korea has recently posted its worst trade deficit in history, with a 13.9 billion-dollar deficit in February 2023. The country's worsening trade balance is concerning for its economy, which heavily relies on exports. The COVID-19 pandemic has hit the global economy hard, causing supply chain disruptions and demand shocks. This has also affected South Korea's economy, which heavily relies on exports of goods such as semiconductors, automobiles, and petrochemical products. The country's ex

Silicon Valley Bank (SVB), the preferred bank for the tech sector, collapsed suddenly after a series of unfortunate investment decisions. The California-headquartered organization grew to become the 16th largest bank in the US, catering to the financial needs of technology companies worldwide before its collapse. SVB’s services were in hot demand throughout the pandemic years. The initial market shock of Covid-19 in early 2020 quickly gave way to a golden period for startups and established tec

Hong Kong has been facing a major challenge in recent times, as it tries to regain its position as Asia's premier financial center after years of pandemic controls. However, a Financial Times analysis of real estate prices, air traffic, and other indicators shows that Singapore has taken the lead in the region, leaving Hong Kong to play catch-up. While Hong Kong's chief executive, John Lee, has launched a campaign to convince the world that the Chinese territory is not only open for business bu

The recently passed US Chips and Science Act, which allocates $52 billion toward domestic semiconductor manufacturing, has raised concerns for South Korean tech firms, including Samsung and SK Hynix. The legislation contains several provisions that could potentially harm the Korean tech industry, including "toxin clauses" that require the sharing of excess profits, the disclosure of confidential production facility information, and the submission of accounting records. Toxin Clauses: Sharing E

Japan's real wages have fallen by the most in almost nine years in January 2022, according to official data, as the country faces a four-decade high inflation rate that has undermined policymakers' efforts to revive the economy from the impact of the COVID-19 pandemic. The trend is being closely watched by Bank of Japan officials, who have repeatedly stated that wage hikes, coupled with 2% inflation, are essential to scaling back the central bank's loose monetary policy. However, the reality is

The Korean labor market has been a hot topic of discussion recently, with its severe polarization into large firms versus small and medium-sized companies. As previously discussed, regular employees of large companies account for only 12% of the workers in Korea, leaving small and mid-sized companies struggling with chronic labor shortages. This issue is also relevant to Busan, which is home to many small and medium-sized businesses that face similar challenges in attracting and retaining worker