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S. Korea to cut 2016 growth forecast on China woes: finance minister

South Korea will lower its growth forecast for 2016 in the face of an economic slowdown in China, the country's top export market, Seoul's top economic czar said in an interview released online by the Wall Street Journal on Friday.  On the sidelines of the Group of 20 finance ministers m...

Updated : 2015.09.04 10:57

Loans to self-employed spike as baby boomers retire

Loans extended to the self-employed by South Korean lenders spiked by more than 24 trillion won ($20 billion) in the past year since retired baby boomers opted to open their own businesses, data showed Friday.  Local banks' outstanding loans to the self-employed reached 222.9 trillion wo...

Updated : 2015.09.04 10:10

Foreigners' card spending dips in Q2

Foreigners swiped less with their credit cards during their stays in South Korea in the April-June period as the Middle East Respiratory Syndrome outbreak led to a fall in the number of visitors to the country, data showed Friday.  Foreigners' card spending in the country totaled $2.73 b...

Updated : 2015.09.04 09:11

Korea’s quarterly GNI falls for 1st time since 2010

The nation’s gross national income posted minus growth in the second quarter of the year, dropping 0.1 percent from the previous quarter, data from the Bank of Korea showed Thursday. This is the first time in 4 1/2 years that the country marked negative GNI growth on a quarter-to-quarter ...

Updated : 2015.09.03 16:06

Trade minister urges quick approval of FTAs with China, Vietnam

South Korea's minister urged lawmakers Thursday to swiftly approve free trade agreements with China and Vietnam in order to turn around slumping exports.  Seoul formally signed the FTA with China, its largest trading partner and the world's No. 2 economy, on June 1, while the pact with V...

Updated : 2015.09.03 14:04

S. Korean economy grows 0.3 pct in Q2: BOK

South Korea's economic growth slowed in the second quarter of this year from three months earlier due to the fallout from the Middle East Respiratory Syndrome outbreak and one of the worst droughts in a century, revised central bank data showed Thursday.  The economy grew 0.3 percent in ...

Updated : 2015.09.03 09:07

[Graphic News] Travel deficit hits 7-year high on MERS

Korea’s monthly travel deficit in July soared to a 7-year high, as the Middle East respiratory syndrome outbreak held back foreign travelers from visiting the country, central bank data showed on Wed...

Updated : 2015.09.02 18:44

Mortgage loans rise at fast pace in Aug.

Home-backed loans extended by South Korean banks gained at the fastest clip in five years in August, industry data showed Wednesday, due to increased home transactions and a rise in apartment prices.   Outstanding mortgage loans by the country's six major commercial banks, including Kook...

Updated : 2015.09.02 11:16

Personal credit card spending flat in July amid MERS outbreak

Growth in credit card spending by South Korean individuals remained unchanged in July from a year ago due apparently to the Middle East Respiratory Syndrome outbreak, data showed Wednesday, pointing to the slow recovery of consumer spending.  In July, individuals' credit card billings ex...

Updated : 2015.09.02 10:17

S. Korea's current account surplus narrows in July

South Korea's current account surplus narrowed in July from a record high in the previous month due mainly to a fall in the goods balance, data showed Wednesday.  The current account surplus reached $10.11 billion in July, compared with a revised $12.11 billion surplus in June, according...

Updated : 2015.09.02 09:45

S. Korea's tax revenue gain fails to match economic growth: report

South Korea's tax revenue growth has failed to keep up with its economic expansion, a lawmaker said Wednesday, calling for the "normalization" of the country's corporate income taxes.  Citing a report by the National Assembly Budget Office, Rep.Park Kwang-on of the main opposition New Po...

Updated : 2015.09.02 09:36

Amnesty for offshore tax cheats

The Finance Ministry said Tuesday that it would pardon individuals and companies that not paid taxes on gains from overseas investments, as long as they voluntarily report their gains for tax payment ...

Updated : 2015.09.01 18:39

S. Korea's short-term foreign debt hits 2-year high

The ratio of South Korea's short-term foreign debt to its foreign reserves soared to the highest level in two years as local branches of foreign lenders increased their borrowing from overseas, data showed Tuesday.The country's short-term external debt totaled $121.2 billion as of the end ...

Updated : 2015.09.01 15:12

S. Korea's foreign assets hit record high in Q2

South Korea's foreign assets reached a record high in the second quarter of the year on more investments in overseas securities and increased foreign exchange reserves, government data showed Tuesday.  According to the data released by the finance ministry, the country's external assets ...

Updated : 2015.09.01 10:41

S. Korea's exports plunge 14.7% on-year in Aug.

South Korea's exports tumbled nearly 15 percent on-year in August despite a series of government measures to boost trade, the government said Tuesday.  Outbound shipments came to US$39.33 billion in August, down 14.7 percent from the same month last year, according to the Ministry of Tra...

Updated : 2015.09.01 10:38