South Korea's household debt growth slowed slightly in June, data showed Wednesday, as the government moved to control fresh loans. Household debt rose by 7.8 trillion won ($6.8 billion) last month, down from 11.6 trillion won tallied for the same month last year, according to the data by the Financial Services Commission. In the first half of the year, household debt grew by 40.3 trillion won,...

Middle-aged South Koreans want to work longer and believe they need about half of their present salaries to enjoy a stable life after retirement, a local business lobby said Wednesday. In a survey of 1,136 Koreans aged 40 or older, the Federation of Korean Industries' Center for Large and Small Business Cooperation said respondents said they need an average of 2.79 million won ($2.43 million) p...

South Korea's effective corporate tax rate has remained at around 16 percent since 2010 due to various deductions and exemptions despite the nominal corporate tax rate marked at 22 percent, government data showed Wednesday. The effective corporate tax rate was 16.6 percent last year, up 0.5 percent from the previous year, according to the figures provided by the National Assembly Budget Office. ...

South Korean exports of information and communication technology products increased for the eighth consecutive month in June on brisk overseas sales of semiconductors and displays, government data showed Wednesday. A total of $15.9 billion worth of Korean-made ICT products were shipped overseas last month, up 18 percent from a year earlier, according to the data compiled by the Ministry of Scien...

South Korea's top economic policy chief said Wednesday that he will make all-out efforts to stave off any fallout from heightening external pressures, such as a potential US rate hike and spreading trade protectionism. "We are facing Washington's tightening monetary policy and a trend toward trade protectionism," Finance Minister Kim Dong-yeon said in a policy meeting in Seoul. "We need concerte...

South Korean stocks opened nearly flat Wednesday as investors sought profit-taking after the market closed at a record-high level in the previous session. The benchmark Korea Composite Stock Price Index added 2.25 points, or 0.09 percent, to 2,398.25 in the first 15 minutes of trading. Carmakers gained ground, with industry leader Hyundai Motor increasing 1.69 percent and its sister Kia Motors ...

South Korea's jobless rate edged up in June as the number of newly employed people recorded a five-month low amid a feeble economic recovery, government data showed Wednesday. The unemployment rate stood at 3.8 percent last month, up 0.2 percentage point from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it also rose 0.2 percentage point. ...

South Korea's new government will seek both growth and fairer wealth distribution under the main theme of "good growth," a presidential official said Tuesday, hinting it will also break from the country's longstanding preoccupation with numerical targets. "The new government will pursue good growth," the official told reporters, declining to be named. "This means we will no longer follow the pat...

South Korea‘s top-tier stock market resumed its record run for an eighth trading day Tuesday, with its index inching closer to a closing mark of 2,400. The benchmark Korea Composite Stock Price Index closed at 2,396.00, up 0.58 percent from Monday, marking its 13th all-time high this year. This came nearly two weeks after the market closed at a previous record-high of 2,395.66 on June 29, havin...

With Korea Hydro & Nuclear Power’s pending decision to suspend the construction of Shin-Kori No. 5 and 6 nuclear power plants in Ulsan, the plant’s parent company Korea Electric Power Corp. is reviewing whether it could be held legally liable to its shareholders. After taking office in May, President Moon Jae-in decided to temporarily suspend the construction of the Shin-Kori plants as part of ...

The lack of convertibility of the local currency has stood in the way of South Korea’s reclassification into the Morgan Stanley Capital International’s developed market index. To Korea’s market oversight authorities, however, allowing local currency to be exchangeable offshore appears to be the least likely option out of fears of compromising stability in currency trading. MSCI Chairman Henry F...

South Korea's state audit agency on Tuesday requested that the prosecution probe the customs service over a suspected illicit selection of duty-free operators in 2015. The Board of Audit and Inspection raised suspicions that the Korea Customs Service arbitrarily applied rules to eliminate Hotel Lotte from receiving a license to run a duty-free store in Seoul in its July and November biddings. I...

South Korean stocks traded higher late Tuesday morning on the back of gains in technology firms and mobile carriers. The benchmark Korea Composite Stock Price Index added 8.53 points, or 0.36 percent, to 2,390.63 as of 11:20 a.m. Tech shares continued to advance, with No. 2 chipmaker SK hynix gaining 1.63 percent and LG Electronics increasing 0.99 percent. Top market cap Samsung Electronics ed...

South Korea's exports shot up nearly 40 percent in the first 10 days of this month from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Tuesday. Total outbound shipments reached $14.3 billion from July 1-10, up 38.5 percent from $10.3 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service. The sharp i...

South Korea ranked second among emerging economies in the amount of stocks purchased by foreign investors during the first six months this year, market data showed Tuesday. Foreigners net bought $9 billion worth of South Korean stocks during the January-June period, the second largest only after Taiwan's $9.4 billion, according to the statistics by Yuanta Securities. India came in third with $8...