Most Popular
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Korea enters full election mode
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Immigrant woman stabbed to death by Korean husband
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Hana Financial vows $300,000 for Turkey aid
Hana Financial Group announced Wednesday that it has delivered a total of $300,000 in emergency relief to help victims of a deadly earthquake in Turkey and Syria and the ongoing rescue and restoration efforts there. Hana, which has 206 regional branches in 25 regions worldwide, is the only local commercial bank to operate a regional office in Istanbul. The group said it decided to send the emergency support, delivered through the Community Chest of Korea and other global charities, out of sympat
Feb. 8, 2023
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S. Korea's current account turns to black in Dec. but sharply smaller than prior year
South Korea's current account swung back to the black in December from the previous month, but the amount was quite smaller than a year before as exports dwindled amid growing global recession woes, central bank data showed Wednesday. The country's current account surplus came to $2.68 billion in December, compared with a shortfall of $220 million a month earlier, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.
Feb. 8, 2023
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Korea to open up FX market to offshore firms
Financial authorities to push for allowing participation of offshore firms in forex market, while extending operating hours until 2 a.m. In hopes of conforming the Korean market to global standards, Korea is to push for changes in the foreign exchange market, including allowing the participation of offshore firms and extending market hours until 2 a.m. The Ministry of Economy and Finance and the Bank of Korea held a seminar on Tuesday in Seoul, announcing measures to be taken to elevate the st
Feb. 7, 2023
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BOK renews W9.6tr currency swap deal with Australia
South Korea and Australia have agreed to extend their currency swap agreement by another five years, in a bid to continue to increase trade and improve financial stability. Under the extension, the Bank of Korea and the Reserve Bank of Australia can exchange their local currencies up to 9.6 trillion won or 12 billion Australian dollars ($7.69 billion). The deal follows the previous agreement made in February 2020. The initial currency swap agreement between South Korea and Australia was sealed i
Feb. 6, 2023
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SK ecoplant renews North America push
SK ecoplant, the engineering and construction unit under SK Group, announced Monday that its North American unit has been renamed from BETEK to SK ecoplant Americas as part of efforts to renew its commitment to the all-important market. Under the new name, SK ecoplant Americas plans to ramp up efforts to expand its presence in environment and energy sectors, as well as existing fuel-cell businesses. Its core fuel-cell business, based on a value chain from product development to application techn
Feb. 6, 2023
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Export slump to continue through H1; inflation to slow in H2: finance minister
SEJONG -- South Korea's exports are anticipated to remain sluggish "at least" through the first six months of 2023, the finance minister said Friday, while inflation is expected to slow in the latter half. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting with economy-related ministers, after South Korea reported sluggish export figures and worrisome inflation data for January earlier this week. "Exports have lost ground for four consecutive mont
Feb. 3, 2023
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S. Korea to sell W13tr won worth of Treasurys in February
South Korea plans to sell 13 trillion won ($10.6 billion) in state bonds this month, the finance ministry said Thursday. The ministry will issue 2.4 trillion won in Treasurys with a maturity of three years and another 2.1 trillion won in five-year government bonds in February, according to the Ministry of Economy and Finance. It also plans to sell 2.3 trillion won in bonds with a maturity of 10 years, 1 trillion won in 20-year Treasurys and float 3.1 trillion won in bonds with a maturity of 30 y
Feb. 2, 2023
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US Fed hike, inflation create rate-setting challenge for BOK
Market expectation of a Bank of Korea rate freeze is growing, after the US Federal Reserve slowed its pace of interest rate increases for the second straight meeting on Wednesday. The US base interest rate climbed to 4.5-4.75 percent per annum as the Fed raised the key rate by 0.25 percentage point from the previous 4.25-4.5 percent at the Federal Open Market Committee meeting on Wednesday. The hike was in line with market expectations that projected the Fed would raise rates more slowly, afte
Feb. 2, 2023
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S. Korea closely monitoring financial market over US rate hike
South Korea's financial minister said Thursday the overnight rate-hike decision by the US Federal Reserve has eased market uncertainties, although the government will continue to keep a watchful eye on potential volatility. Earlier in the day, Finance Minister Choo Kyung-ho and other officials, including Bank of Korea Gov. Rhee Chang-yong, held an emergency meeting on macroeconomic situations. The meeting came hours after the Federal Reserve raised its benchmark rate by 25 basis points to a
Feb. 2, 2023
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S. Korea's consumer prices up 5.2 % in January on higher energy costs
South Korea's on-year growth in consumer prices accelerated from the previous month in January as energy costs shot up to a record level, data showed Thursday, amid expectations inflation will gradually slow throughout 2023. Consumer prices, a key gauge of inflation, rose 5.2 percent last month from a year earlier, compared with 5 percent growth estimated in December, according to the data from Statistics Korea. Inflation rose by 5 percent or higher for the ninth month in a row. It increased at
Feb. 2, 2023
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Geopolitical conflicts pose risk to chip, battery industries: BOK
Central bank warns of negative impact of US-China relations, geopolitical conflicts on Korea's key export industries Korea's export-oriented economy could face threats because of its heavy reliance on raw material imports amid rising geopolitical tensions, a senior researcher at the country's central bank said during a seminar Wednesday. The Bank of Korea stressed a fragmented global trade regime could harm the country's key export sectors such as semiconductors, electric veh
Feb. 1, 2023
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S. Korea's trade balance set to improve gradually: finance minister
Finance Minister Choo Kyung-ho said Wednesday that South Korea recorded a trade deficit last month due to higher energy imports, but its trade performance is anticipated to gradually improve down the road on the back of China's reopening. The remark came after the export-reliant economy suffered the largest-ever monthly trade deficit in January, with outbound shipments logging an on-year decline for the fourth consecutive month. "The increased trade deficit in January was blamed on sea
Feb. 1, 2023
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S. Korea's exports down 16.6% in January; trade deficit hits record high
South Korea's exports logged an on-year decline for the fourth consecutive month in January on weak global demand for semiconductors and other items amid an economic slowdown, the industry ministry said Wednesday. The country also suffered the largest ever monthly trade deficit on high energy prices last month, deepening concerns over the country's economic growth momentum. Outbound shipments fell 16.6 percent on-year to come to $46.27 billion in January, following a 9.5 percent on-year fall the
Feb. 1, 2023
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Base taxi fare in Seoul rises by 1,000 won to 4,800 won
The basic taxi fare in Seoul rose by 1,000 won ($0.8) to 4,800 won on Wednesday, marking the first hike in nearly four years. The Seoul metropolitan government raised the base rate for midsized sedan cabs operating in the capital city starting 4 a.m. The last hike was carried out in February 2019. The distance covered in the basic fare was shortened to 1.6 kilometers from the previous 2 km, and an additional 100 won is charged for every 131 meters of travel distance, changed from the previous 13
Feb. 1, 2023
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Yoon calls for 'innovative approach' to make best of $30b UAE investment
South Korean President Yoon Suk Yeol vowed Tuesday to make good of the United Arab Emirates' $30 billion investment pledge with two new consultative bodies, and called on the public and private sector to come up with mutually beneficial, innovative partnership projects. Stressing that the UAE’s decision for the investment was based on trust in Korea, the president said the country should “respond by discovering innovative investment partnership projects that serve the interests
Jan. 31, 2023
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[NPS in Action] Korea's pension fund, under pressure, hunts for gains in foreign stocks
This is the second part of a series on South Korea’s largest investor National Pension Service, analyzing its current status and identifying tasks that lie ahead. -- Ed. South Korea’s public pension fund has been stepping up investments in foreign stocks as it faces mounting pressure to enhance returns, amid concerns that the fund would run out sooner than expected due to rapid demographic changes. On Friday, a budget committee of the pension service announced in an updated forecas
Jan. 30, 2023
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Exports of passenger cars hit record high in 2022
South Korea's exports of passenger cars rose 15 percent on-year in 2022 to reach a record high, data showed Monday, on the back of robust shipments of eco-friendly models. Carmakers shipped passenger cars worth a combined $49 billion in 2022, up from $42.6 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The number of cars shipped reached 2.31 million units, also rising 10.1 percent on-year, the agency added. South Korea's imports of passenge
Jan. 30, 2023
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Transport costs to climb after steep rise in utility bills
As South Koreans are still trying to process the shocking heating bills they received this month, taxi and public transport fare hikes await. In some regions, water and sewer fees, as well as volume-based waste disposal fees, are also slated to rise. In Seoul, the base fare for a midsized sedan cab will jump by 1,000 won (81 cents) to 4,800 won from 4 a.m. on Wednesday, the first hike in four years. The distance covered with the initial fare will be reduced from the current 2 kilometers to 1.6 k
Jan. 29, 2023
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Hana to seek more M&As overseas
Hana Financial Group has announced plans to strengthen the company's global and digital sectors, while improving financial services in 2023. The financial holding firm, whose business spans from bank and card services to securities, shared its vision for the new year at an event held at Kyung Hee University in Seoul on Saturday. More than 4,000 employees from 15 affiliates -- including Hana Bank, Hana Securities, Hana Card and Hana Capital -- took part in the event, with Chairman Ham Young-
Jan. 29, 2023
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Banks' working hours to return to normal
With the Korean government lifting the indoor mask mandate, major banks are to normalize their operating hours to 9 a.m. to 4 p.m. from Monday. Major commercial banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup, are to normalize their operating hours from the current 9:30 a.m. to 3:30 p.m. to 9 a.m. to 4 p.m. as the government has lifted the indoor mask mandate, one of the last remaining pandemic restrictions. Major savings banks have also joined the move. Ban
Jan. 29, 2023