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
NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
-
10
Samsung chief bolsters ties with Germany’s Zeiss
-
Former presidential economy secretary tapped as FSC vice chairman
President Moon Jae-in’s former secretary for economic policy, Doh Kyu-sang has been tapped as new vice chairman of the Financial Services Commission, Cheong Wa Dae said Sunday. Doh, a 53-year-old veteran bureaucrat, is well known for his career and expertise in economic policymaking. He joined the Ministry of Economy and Finance in 1991 after passing the civil servant exam and built his career both at the ministry and the FSC while taking key roles. Doh served as the main spokesperson
Nov. 1, 2020
-
Exports decline again in Oct. on fewer days; virus lockdowns set to weigh down shipments
South Korea's outbound shipments dipped 3.6 percent in October from a year earlier on fewer working days and virus resurgence, snapping the previous month's brief rebound, data showed Sunday. Outbound shipments came to $44.9 billion last month, compared to $46.6 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports moved down 5.8 percent to $39 billion, resulting in a trade surplus of $5.9 billion. The latest figure roughly falls in line
Nov. 1, 2020
-
Cigarette sales rise 5.6% in Jan.-Sept. period
SEJONG -- Sales of cigarettes in South Korea rose 5.6 percent on-year in the first nine months of this year, data showed Friday, thanks to robust sales of traditional cigarettes. South Korean smokers purchased 2.75 billion 20-cigarette packs in the January-September period, compared with 2.6 billion packs in the same period last year, according to the data compiled by the Ministry of Economy and Finance. Still, the nine-month reading represented a 15.1 percent drop from the same period in 2014
Oct. 30, 2020
-
Bond market sentiment worsens slightly for Nov.: poll
South Korean bond market sentiment worsened slightly for November amid rising interest rates and concerns over a second wave of coronavirus infections, a poll showed Friday. The Korea Financial Investment Association said its bond market survey index (BMSI) inched down to 100.1 for the coming month from 104.1 in October. Yet the November figure is above par. A BMSI reading above 100 means more experts expect bond market conditions to take a turn for the better. The association's monthly survey
Oct. 30, 2020
-
S. Korea to build more EV charging stations, offer incentives for purchases
South Korea on Friday unveiled its master plan to further the electric vehicles (EV) and hydrogen fuel cell automobile sector by expanding the number of charging stations while making such cars more affordable for the people. Under the blueprint, the country will increase the number of accumulated sales of electric cars and hydrogen fuel cell automobiles to 1.13 million and 200,000, respectively, by 2025, according to the Ministry of Trade, Industry and Energy. As of September this year, the a
Oct. 30, 2020
-
S. Korea, Mongolia to lower tariffs starting 2021 under regional trade pact
SEJONG -- South Korea and Mongolia will lower tariffs on some products starting next year, as Ulaanbaatar joined a regional trade pact known as the Asia-Pacific Trade Agreement (APTA), Seoul's finance ministry said Friday. Under the deal, South Korea will reduce tariffs by an average 33.4 percent on 2,797 items, while Mongolia will cut tariffs by an average 24.2 percent on 366 items, the ministry said in a statement. Mongolia's accession to the APTA is expected to help the two nations expand
Oct. 30, 2020
-
S. Korea's industrial output rises 2.3% in September
SEJONG -- South Korea's industrial output, consumption and facility investment increased in September, in a sign that the nation's economy may be on a track toward a mild recovery from the coronavirus pandemic-caused slump, data showed Friday. The nation's overall industrial production gained 2.3 percent on-month in September, following a 0.8 percent on-month decline in August, according to data compiled by Statistics Korea. Compared with a year earlier, overall industrial production jumped 3
Oct. 30, 2020
-
S. Korea to sell 12.4tr won worth of Treasurys in November
SEJONG -- South Korea plans to sell 12.4 trillion won ($10.9 billion) in state bonds next month, the finance ministry said Thursday. The ministry will issue 2.9 trillion won in bonds with a maturity of three years and another 2.4 trillion won in five-year bonds in November, according to the Ministry of Economy and Finance. It also intends to sell 3 trillion won in bonds with a maturity of 10 years and 1 trillion won in 20-year Treasurys, while floating 3.1 trillion won in bonds with a maturity
Oct. 29, 2020
-
Smaller firms' business confidence gains for Nov.: poll
South Korean smaller firms' business outlook rose for the second consecutive month for November on loosened coronavirus curbs and a recovery in exports, a poll showed Thursday. The survey of 3,150 small and medium enterprises (SMEs) showed that the small business health index (SBHI) stood at 74 for the coming month, up 2.8 points from October. It marked the second consecutive month of increase. The index gained to 71.2 for October from 67.9 in September. Yet the November tally was still below
Oct. 29, 2020
-
Debt of self-employed rises 4.7% in 2018
SEJONG -- Debt held by the self-employed grew 4.7 percent in 2018, as their income fell amid the economic slowdown, raising concerns about their capacity to service debt, data showed Thursday. Average bank loans extended to a self-employed person amounted to 164 million won ($144,000) as of end-2018, compared with 156 million won a year ago, according to the data released by Statistics Korea. Banks have increased loans to the self-employed as the financial regulator is seeking to curb the gr
Oct. 29, 2020
-
BOK again extends special lending program amid pandemic
The Bank of Korea (BOK) said Thursday it will again extend a special loan scheme for financial institutions by three months to help them stem a possible funding squeeze amid the coronavirus pandemic. The central bank said its decision-making monetary policy board decided to extend the special loan facility, originally set to expire on Nov. 3, until Feb. 3. It marks the second extension since the program's inception in May. In August, the BOK extended the special loan program by three months.
Oct. 29, 2020
-
No. of South Korean rich surges twofold in decade
The number of rich people in South Korea has more than doubled in the past 10 years, a report showed Wednesday. According to the Korea Wealth Report 2020 released by KB Financial Group Research Institute, the number of people with financial assets worth more than 1 billion won ($884,000) reached 350,000 last year, up 9.6 percent on-year. The report defines a rich as a person holding financial assets worth more than 1 billion won. The number of Korean rich has been growing for nine years, wit
Oct. 28, 2020
-
Consumer sentiment sees highest rise in some 12 years in October
South Korea’s consumer sentiment improved significantly in October driven by rising optimism over the economic outlook and relaxed social distancing rules, central bank data showed Wednesday. The composite consumer sentiment index gained 12.2 points to 91.6 on-month, marking the greatest single month increase the gauge has seen in some 12 years, the Bank of Korea said. The index gained 20.2 points on-month to 93 in April 2009, when the country was reeling from the 2008 financial crisis.
Oct. 28, 2020
-
S. Korea's daily FX turnover falls in Q3 amid won's gain
The daily foreign exchange (FX) trading by banks in South Korea declined 4.7 percent in the third quarter from three months earlier amid the local currency's gain against the US dollar, central bank data showed Wednesday. The daily FX turnover came to an average $49.56 billion in the July-September period, down $2.46 billion from the second quarter, according to the data by the Bank of Korea (BOK). The drop came as an inflow of foreign investors' stock funds slowed amid the won's gain and FX d
Oct. 28, 2020
-
Childbirths in S. Korea slip 7.8% in August
SEJONG -- The number of babies born in South Korea slipped 7.8 percent in August from a year earlier, data showed Wednesday, in the latest sign underscoring the low birthrate that has plagued the nation for more than a decade. The data compiled by Statistics Korea showed that 22,472 babies were born in August, compared with 24,371 tallied in the same month of 2019. It marks the lowest number of newborns for any July since the statistics agency started compiling monthly data on newborns in 1981.
Oct. 28, 2020
-
Banks' lending rates rebound in 4 months in Sept.
South Korean banks' lending rates rebounded for the first time in four months in September amid rising market rates, central bank data showed Wednesday. The average interest rate charged on new bank loans came to 2.66 percent in September, up from 2.63 percent the previous month, according to preliminary data from the Bank of Korea (BOK). The tally marked the first rebound after banks' lending rates declined for the third straight month since June due to the impact of the central bank's policy
Oct. 28, 2020
-
FTA partners help S. Korea continue trade surplus amid virus
South Korea's free trade agreement (FTA) partners have played a key role in helping the country maintain its trade surplus and volume this year amid the coronavirus pandemic, government data showed Wednesday. Asia's fourth-largest economy registered a trade surplus of $40.4 billion with its FTA partners in the January-September period, according to the data from the Korea Customs Service. In contrast, South Korea posted a $12.8 billion trade deficit with non-FTA partners, resulting in an overa
Oct. 28, 2020
-
Exports of cleaning appliances soar amid virus outbreak
South Korea's exports of air purifiers and other home cleaning appliances spiked in the first nine months of the year amid the coronavirus pandemic, data showed Wednesday. Outbound shipments of air purifiers shot up nearly 60 percent on-year to $157 million in the January-September period, according to the data from the Korea Customs Service. Exports of dishwashers surged 22.5 percent to $169 million over the cited period, and those of clothes dryers rocketed 72 percent to $556 million. Export
Oct. 28, 2020
-
S. Korea, Russia to build stronger ties in hydrogen sector
South Korea and Russia vowed Wednesday to bolster their ties in the hydrogen industry as both countries seek to utilize more environment-friendly resources and break away from traditional fossil fuels. The consensus was reached in a videoconference between Deputy South Korean Trade Minister Park Ki-young and his Russian counterpart, Aleksandr Morozov, according to the Ministry of Trade, Industry and Energy. "There is great potential for cooperation between South Korea and Russia, which ca
Oct. 28, 2020
-
S-Oil Q3 net down 41.3% on decreased cracking margins
S-Oil Corp., a major oil refiner in South Korea, said Wednesday its third-quarter net profit plunged 41.3 percent from a year earlier due to decreased cracking margins. S-Oil posted a net profit of 30.2 billion won ($26.7 million) in the July-September period, compared with a net profit of 51.5 billion won a year earlier, the company said in a regulatory filing. The company said decreased cracking margins caused by weak demand amid the coronavirus pandemic are to blame for the sharp decline i
Oct. 28, 2020