Most Popular
-
1
Contentious grain bill put directly to plenary meeting for vote
-
2
Yoon's approval rating plunges to all-time low
-
3
Will tug-of-war between doctors, government end soon?
-
4
Climate impacts set to cut 2050 global GDP by nearly a fifth
-
5
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
6
[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
-
7
North Korea removes streetlights along cross-border roads with South
-
8
Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
-
9
S. Korea votes in favor of Palestinian bid for UN membership
-
10
Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
-
Sales of derivatives-tied securities fall in Q3 as investor sentiment ebbs
Sales of derivatives-linked securities in South Korea fell in the third quarter, as investor sentiment weakened on bearish markets, data showed Friday. The combined value of equity-linked securities and derivatives-linked securities issued in the quarter came to 13.2 trillion won ($10.1 billion), down 3.1 trillion won from a quarter ago, according to the data from the Financial Supervisory Service. The products are structured to track the performance of underlying assets, not guarantee the princ
Dec. 22, 2023
-
S. Korea's fiscal deficit, debt to rise further in 2024: ministry
South Korea's fiscal deficit is projected to rise to nearly 4 percent of gross domestic product (GDP) next year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, is expected to post a deficit of 91.6 trillion won ($70.19 billion) in 2024, or 3.9 percent of the country's GDP, according to the Ministry of Economy and Finance. The amount was 400 billion won smaller than what the government expected earlier, as the N
Dec. 21, 2023
-
National Assembly passes W656tr budget for 2024
The National Assembly on Thursday passed the government budget for 2024 amounting to 656.6 trillion won ($502 billion). The final package showed a 2.8 percent gain from that of last year’s, marking the smallest on-year increase for the government budget. It was down 300 billion won from the government proposal of 656.9 trillion won submitted in September. The government's fiscal soundness will continue to face challenges next year, as the proposed tax revenue stands at 612.2 trillion
Dec. 21, 2023
-
[KH Explains] What's at stake in Korea's digital currency push
The Bank of Korea is proactively pushing for the introduction of a central bank digital currency to maintain its grip on the sovereign currency amid the continued digital transformation of the finance sector. The BOK has developed a two-track system for Korea's CBDC: a retail CBDC for individuals and a wholesale CBDC for institutions. It will first test out the wholesale CBDC by having banks issue tokenized deposits to some 100,000 people in the fourth quarter of 2024. “Digitalizati
Dec. 21, 2023
-
Banks draw up largest-ever support plan for small businesses
Local banks rolled out 2 trillion won ($1.53 billion) in cash funding to relieve individuals and small businesses having trouble paying back loans or debts amid the prolonged economic downturn. The measure comes in a month since the commercial banking sector and the financial authorities put their heads together to find means to reduce the burden for small companies and share the banks' profit gained from excessive interest rate. The biggest part of the new plan is the 1.6 trillion won inte
Dec. 21, 2023
-
Big 5 banks brace for losses from foreign real estate projects
South Korea’s top commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- are facing a potential risk of suffering losses in overseas real estate investments amid a slowdown in the global property market following persistent high rates. The balance of overseas real estate funds sold by the five banks stands at 753.1 billion won ($580 million), according to financial authorities. Of the amount, fund products worth 257.1 billion won are set to expire next year. With the global r
Dec. 18, 2023
-
Industry minister nominee vows to address concerns about supply chain disruptions
Industry Minister nominee Ahn Duk-geun said Monday he will focus on securing key industrial materials to safeguard local industries from global supply chain disruptions. "I will promptly stabilize issues surrounding the supply chain and further solidify the latest signs of export recovery," Ahn told reporters, a day after President Yoon Suk Yeol announced his nomination. "I will also bolster energy security, the most critical pillar of fostering cutting-edge industries, and enhanc
Dec. 18, 2023
-
IMF chief warns against premature monetary easing
International Monetary Fund Managing Director Kristalina Georgieva said it is too early for central banks to go easy on inflation control despite signs of recovery. “We have seen through history that at this very last moment of controlling inflation, some countries prematurely declare victory,” the IMF chief said during a press conference held in Seoul Friday. Georgieva’s remarks come on the heels of the US Federal Reserve’s monetary policy meeting Wednesday, during which
Dec. 15, 2023
-
Closing gender gap will boost Korea's national income: IMF chief
Empowering women in economic activities is needed to help South Korea increase its national income and birth rate while making workplaces more equitable for women will result in higher growth and financial stability for businesses, the International Monetary Fund chief said during a forum held in Seoul on Thursday. “Korea has recently made significant progress in increasing women’s economic participation, but it still has among the highest gender gaps for rich countries,” IMF
Dec. 15, 2023
-
Food exports rise 2.1% through Nov.
South Korea's exports of foodstuffs and related industrial products gained 2.1 percent on-year through November, data showed Friday, on the back of stronger demand for kimchi and instant noodles. Exports in the food segment have reached $10.9 billion as of November, according to the Ministry of Agriculture, Food and Rural Affairs. Over the period, exports of kimchi, a traditional Korean side dish typically made from fermented cabbage, climbed 9.9 percent to $142.4 million. Exports of instan
Dec. 15, 2023
-
IMF chief calls for regulatory efforts to control crypto assets
Regulating digital currency is a major priority on the global agenda, International Monetary Fund Managing Director Kristalina Georgieva said at an international conference held in Seoul on Thursday. "We must consider the effects if crypto assets become widespread. The scenario is not far-fetched," Georgieva said in her opening speech at the event co-hosted by the Ministry of Finance, Bank of Korea, Financial Service Commission, and the International Monetary Fund. The event was held u
Dec. 14, 2023
-
Gimbap, kimchi-jjigae prices go up, as cost of eating out keeps rising
State-run agency data showed Thursday that the average price for gimbap and kimchi-jjigae, two of the most popular eating-out options in South Korea, rose in November to 3,292 won ($2.50) and 7,923 won, respectively. The price for a roll of gimbap has been moving upward since breaking the 3,000-won mark for the first time in August of 2022, according to the Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission. Price for a bowl of kimchi-jjigae -- conventionally served with a bo
Dec. 14, 2023
-
Finance minister says to continue efforts to stabilize markets
Finance Minister Choo Kyung-ho said Thursday that the government will continue to make efforts to stabilize financial markets, citing high interest rates, anxiety in property financing and global economic uncertainties. Choo made the remarks at a meeting with heads of financial authorities, after the US Federal Reserve held its benchmark lending rate steady for a third consecutive time and signaled at least three rate cuts next year. "Recently, the local financial market, including the stoc
Dec. 14, 2023
-
US Fed keeps key lending rate unchanged for 3rd straight time
The US Federal Reserve held its benchmark lending rate steady for a third consecutive time during a monetary policy meeting on Wednesday, saying inflation has eased over the past year though it still remains elevated. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to keep the rate between 5.25 and 5.50 percent, and hinted that its hiking campaign -- launched in March 2022 -- may be near or at an end. FOMC members' latest median economic proj
Dec. 14, 2023
-
Korea to improve market access for foreign investors
South Korea is lowering the bar considerably for foreign investors to enter the local capital market with several new measures -- including the abolishment of a cumbersome registration policy -- set to come into effect Thursday. The new measures are being implemented in around a year since local financial regulators announced them in January, as part of their efforts to attract more overseas investment and meet global standards. Among the reforms is the abolition of a 30-year-old registration po
Dec. 13, 2023
-
S. Korea pushing to require shrinkflation signs on products for downsizing
The finance ministry said Wednesday the government will push to make it mandatory for companies to put shrinkflation warning signs on their products if they reduce packet contents without a price fall to match. The measure is in response to growing public complaints about shrinkflation practices, where companies downsize their products while keeping prices unchanged without any notice, shifting a rise in production costs to consumers amid high inflation. After a monthlong investigation, the gove
Dec. 13, 2023
-
Korea's trade to turn around in 2024 on tech recovery
While South Korea's trade balance is likely to record a surplus next year after three years of struggle, experts warned that the country should brace for worsening global economic instability and geopolitical complications. At a seminar held by the Korea International Trade Association on Tuesday in Seoul, experts presented outlooks for next year's export environment and trade issues related to the US presidential election, along with geopolitical risks. Overall, Korea's trade is
Dec. 12, 2023
-
[Herald Interview] 'Reunification could damage S. Korea’s sovereign rating'
North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i
Dec. 12, 2023
-
Exports gain 3.3% from Dec. 1-10 on solid demand for cars, ships
South Korea's exports rose 3.3 percent on-year in the first 10 days of December despite the fall in sales of semiconductors, data showed Monday. Outbound shipments reached $15.79 billion in the Dec. 1-10 period, compared with $15.29 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports jumped 18 percent on-year to $2.26 billion. The number of working days during the cited period came to seven days, compared with eight days from a year earlier.
Dec. 11, 2023
-
S. Korea to launch pan-govt commission on enhanced supply chain management
South Korea will establish a government-wide commission for the comprehensive management of supply chains of items necessary for major industries and the people's everyday lives amid growing supply chain risks, the finance ministry said Monday. The government also plans to create a fund to secure critical items and support investment in relevant facilities as the country seeks to reduce dependence on China and other nations to better ensure stable supply chains of key items, according to th
Dec. 11, 2023