Most Popular
-
1
Tensions heighten ahead of first president-opposition chief meeting
-
2
Seoul to provide housing subsidy to married couples with newborns
-
3
Rapper jailed after public street fight with another rapper
-
4
[KH Explains] No more 'Michael' at Kakao Games
-
5
Yoon, Lee end first talks with differences, agree to meet more
-
6
Woman gets suspended term for injuring boyfriend with knife
-
7
China outpaces Korea in smaller OLED shipments for 1st time
-
8
[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
-
9
What is Hybe’s next move?
-
10
Samsung chief bolsters ties with Germany’s Zeiss
-
S. Korea likely to give conditional OK to Delivery Hero's acquisition of Woowa
SEJONG -- South Korea's antitrust regulator is likely to give conditional approval to a $4 billion deal by Germany's Delivery Hero to acquire the nation's top food delivery app operator, Woowa Brothers, Delivery Hero officials said Monday. Delivery Hero officials in South Korea said the Korea Fair Trade Commission (KFTC) informed them that it would grant permission for the deal on the condition that the German firm sells its food delivery affiliate here, Yogiyo. Officials at the KFTC were not
Nov. 16, 2020
-
BOK chief discusses COVID-19, digitalization with Asia-Pacific central banks
Bank of Korea Gov. Lee Ju-yeol attended a videoconference with central bank representatives from 11 Asia-Pacific nations, the nation’s central bank said Monday. Key topics included the effects of COVID-19 on the economy. The 25th Executives’ Meeting of East Asia-Pacific Central Banks was a follow-up to a similar meeting held Aug. 19. The long-term effects of the pandemic on the economy, GDP outlooks and the digitalization of central banks were among the topics discussed, the BOK s
Nov. 16, 2020
-
Lawmakers set to adding ‘employment promotion’ to BOK’s role
South Korean lawmakers of both the ruling and opposition parties’ latest attempt to amend the law to add the goal of maximum employment to the Bank of Korea’s mandate has been prompting divided response from onlookers as of Monday. The related proposals submitted by lawmakers -- which came as Asia’s fourth-largest economy has been seeing record-high jobless rates -- would be reviewed by the National Assembly’s strategy and finance committee, starting Monday. Unlike the
Nov. 16, 2020
-
Auto exports slip 3.2% in Oct. on virus pandemic
South Korea's exports of automobiles fell 3.2 percent on-year in October after rebounding briefly the previous month, as the resurgence of COVID-19 cases around the globe hurt consumer sentiment. Local carmakers shipped a combined 200,666 units of automobiles overseas last month, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, auto exports edged up 5.8 percent to $4 billion. During the January-September period, the countr
Nov. 16, 2020
-
S. Korea to hold 4th round of talks on amending FTA with Chile
South Korea will hold the fourth round of negotiations with Chile this week on revising their bilateral free trade agreement (FTA) that went into effect in 2004, Seoul's trade ministry said Monday. The two-day videoconference talks, which are set to begin Tuesday, will focus on expanding the scope of free trade and updating terms of the 15-year-old FTA, according to the Ministry of Trade, Industry and Energy. The two sides will also hold discussions on five categories -- goo
Nov. 16, 2020
-
Chips, displays boost S. Korea's ICT exports in Oct.
South Korea's outbound shipments of information and communication technology (ICT) products rose 6 percent in October from a year earlier due to global demand for the country's semiconductors and displays, data showed Monday. Exports of ICT products stood at $16.4 billion last month, according to data from the Ministry of Science and ICT, marking an on-year rise since June this year. ICT imports stood at $10.2 billion in October, up 9.2 percent over the cited period, leading to a trade surplus
Nov. 16, 2020
-
Korean Air to buy indebted Asiana, emerging as world's 10th-largest airline
Korean Air Lines Co., South Korea's biggest carrier, said Monday that it will acquire Asiana Airlines Inc. in a deal valued at 1.8 trillion won ($1.6 billion) that would create the world's 10th-biggest airline by fleets. Korean Air plans to raise 2.5 trillion won via rights offerings early next year. Of the proceeds, it will spend 1.5 trillion won to buy new shares to be sold by Asiana and 300 billion won worth of Asiana perpetual bonds, the company said in a statement. "The company mad
Nov. 16, 2020
-
S. Korea's exports dip 3.8% on-year in Oct.
South Korea's exports fell 3.8 percent on-year in October on fewer working days and the fallout of the new coronavirus outbreak, customs data showed Monday. The country's overseas shipments stood at $44.9 billion last month, compared with $46.6 billion the previous year, according to the data from the Korea Customs Service. The October tally snapped a brief rebound in September, when the country's exports rebounded for the first time in seven months by growing 7.3 percent on-year amid the COVI
Nov. 16, 2020
-
Loans to accommodation, food services sectors jump amid resurgence of virus
Loans to accommodation and food services sectors have jumped due to a recent resurgence of the novel coronavirus, central bank data showed Monday. Outstanding loans to lodging and eating businesses totaled 71.1 trillion won ($64.2 billion) as of September, up 21.5 percent from a year ago, according to the data by the Bank of Korea (BOK). The BOK measured the sectors' production index at 79.7 at the end of September, the lowest since February 2007. The index rebounded to 99.8 in July but beg
Nov. 16, 2020
-
Alcohol imports drop for 1st time in 10 years in 2019
South Korea's alcohol imports fell for the first time in 10 years in 2019 amid a boycott of Japanese beer due to a bilateral trade row, data showed Monday. South Korea's liquor imports came to 466,000 kiloliters in 2019, down 6 percent from the previous year, according to the data from the Korea Customs Service and the local alcohol industry. It represents the first on-year decrease since 2009, shortly after the global financial crisis. Last year's decline was attributed mainly to a fall in i
Nov. 16, 2020
-
Hong calls for trade multilateralism, support for debt-ridden economies
South Korea‘s finance minister highlighted the need to promote free trade under multilateral regimes, while expressing support for assistance to debt-ridden developing economies during a G-20 meeting, his ministry said Saturday. “We need to revitalize global trade through multilateral trade systems,” Finance Minister Hong Nam-ki said during the Extraordinary G-20 Finance Ministers and Central Bank Governors’ Meeting held virtually on Friday. “Trade regulations ca
Nov. 14, 2020
-
S. Korea to extend anti-dumping duties on stainless steel bars
South Korea's trade commission on Friday made a preliminary decision to extend anti-dumping tariffs on stainless steel bars from a handful of nations for another three years. Under the decision, the commission will request that the finance ministry slap tariffs of 3.51 percent to 15.39 percent on imported stainless steel bars from Japan, India and Spain, according to the Ministry of Trade, Industry and Energy. Stainless steel bars are utilized in making auto parts, medical instruments, constru
Nov. 13, 2020
-
S. Korea to stabilize kimchi-making costs
South Korea‘s vice finance minister said Friday the government will stabilize the cost to make kimchi by expanding supplies of major vegetables and ingredients. “We are planning to extend the supply of vegetables in the market by employing either the government’s hoarded stocks for gimjang or those already purchased by local companies from agricultural farms under contract,” Kim Yong-beom, first vice minister of finance, said in a meeting with related officials to
Nov. 13, 2020
-
Regulator to tighten rules on overdrafts
Financial authorities will tighten rules on unsecured loans from later this month, as they seek to prevent people from borrowing excessively to buy homes or invest in stocks, officials said Friday. Effective Nov. 30, the Financial Services Commission (FSC) will stiffen loan limits for a home buyer to 40 percent of a property's value if the buyer's annual income exceeds 80 million won ($71,748) and holds unsecured loans worth more than 100 million won. If a person buys a home in a regulated a
Nov. 13, 2020
-
S. Korea's money supply grows at fast clip in September
South Korea's money supply continued to grow quickly in September as firms rushed to secure funds amid the coronavirus pandemic, central bank data showed Friday. The country's M2 stood at 3,115.8 trillion won ($2.8 trillion) as of end-September, up 0.5 percent from August, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 9.2 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply that count
Nov. 13, 2020
-
S. Korea eyes $2tr in trade by 2030
South Korea will seek to raise the value of its trade to $2 trillion by 2030 by pushing for the digitalization of its trade infrastructure, the industry ministry said Friday. South Korea, Asia's fourth-largest economy, will also push to hike the number of small and medium-sized exporting companies to 200,000 by that year. The ministry unveiled the ambitious plan during an expanded trade strategy coordination meeting chaired by Prime Minister Chung Sye-kyun. "A structural innovation is ne
Nov. 13, 2020
-
Economic uncertainty persists amid global flare-up in coronavirus cases: finance ministry
SEJONG-- The South Korean economy is on a recovery path, but it faces lingering uncertainty amid a global resurgence in new coronavirus cases, the finance ministry said Friday. The Ministry of Economy and Finance said South Korea's exports are on a mild recovery track and the country's production, consumption and investment are improving. "While the service sector and the job market have seen recovery momentum being capped, the Korean economy faces continuing uncertainty amid the fast spr
Nov. 13, 2020
-
Global GDP to grow 5% in 2021, but COVID-19 risks to linger: KIEP
The global economy will grow 5 percent next year, but risks will linger from the coronavirus pandemic, a state-run South Korean think tank forecast Thursday. “The global economy is projected to grow 5 percent in 2021, which is 10.1 percentage points higher than this year’s forecast of a 5.1 percent contraction, as it will likely recover from the spread of COVID-19,” Kim Heung-chong, president of the Korea Institute for International Economic Policy, said at an annual press br
Nov. 12, 2020
-
Biz groups' inter-affiliate trading dips in 2019
Transactions among affiliates of South Korea's large business groups slightly fell in 2019 from a year earlier on tough regulations, the corporate watchdog said Thursday. The value of inter-affiliate transactions by 1,955 units of 64 large business groups amounted to 196.7 trillion won ($176.9 billion) last year, down 1.1 trillion won from 197.8 trillion won a year earlier, according to the Fair Trade Commission (FTC). But such deals accounted for 12.2 percent of all business contracts clinche
Nov. 12, 2020
-
Rice output at half-century low in 2020 on bad weather
South Korea's rice output fell to the lowest level in 52 years in 2020 as a record-long rainy season and typhoons in the summer hampered production, data showed Thursday. The country's rice production came to 3.51 million tons this year, down 6.4 percent from 3.74 million tons last year, according to the data compiled by Statistics Korea. It marked the lowest level since 1968, when South Korea produced 3.2 million tons of rice. It also marked the fourth straight year of the country's yearly r
Nov. 12, 2020