South Korea's central bank is expected to hold its key rates steady this month due to weak domestic spending, a report by Moody's Analytics said Sunday. The Bank of Korea kept its policy rate at an all-time low of 1.25 percent for the 10th consecutive month in April to bolster Asia's fourth-biggest economy. The leading provider of economic analysis, said the BOK will "likely stand pat" on rates...

South Korea's new Moon Jae-in government is expected to make only small changes to the current merit pay system for all public agency employees instead of scrapping it all together, analysts said Friday. During a campaign rally for the May 9 presidential election, Moon of the liberal Democratic Party of Korea promised to immediately abolish the performance-based wage system should he be elected ...

Retailers are struggling with weak sales amid unfavorable market conditions industry data showed Friday, with prospects of new government regulations adding to their worries. According to the sales tally, April's numbers by major department stores shrank nearly 2 percent compared to same month last year. Lotte showed a 1.9-percent contraction while sales at Hyundai fell 1.6 percent. The lone inc...

Conditions are ripe but detailed policies for implementation remain to be seen, experts say

Kim says curbing cross-shareholdings not a priority

South Korea's state-run cybersecurity agency said Thursday that 17 companies have been struck by "WannaCry" so far, but the spread of the ransomware has slowed. The Korea Internet & Security Agency KISA said it is keeping a watchful eye on the spread of the ransomware, although the situation is presumed to have past its peak. Ransomware refers to malware that locks up files on a computer with e...

Overseas card spending by South Koreans hit a record high in the first quarter due to a hike in the number of people going overseas, the central bank said Thursday. In the January-March period, overseas card spending amounted to $4.02 billion, up 21.9 percent from $3.3 billion a year earlier, according to the Bank of Korea BOK. From a month earlier, the Q1 tally marked a 7.4-percent increase. O...

South Korea's financial regulator on Wednesday eased penalties against the nation's top three life insurers over unpaid suicide insurance benefits. Kyobo Life Insurance was ordered to halt operations for one month, while Samsung Life Insurance and Hanwha Life Insurance received a warning and were both banned from making inroads into new businesses for one year, the Financial Services Commission ...

Middle-aged South Koreans who live with or support their parents financially feel the heaviest burden when bearing their medical bills, but some saw it as a duty that has to be fulfilled even if means getting loans or giving up on their own savings, a survey said Wednesday. In the poll of 1,000 people in their 40s and 50s who have experience supporting their parents, 48.1 percent answered doing ...

Buoyed by rising international oil prices, South Korea’s export and import prices each surged by 0.5 percent in April compared to the previous month, the Bank of Korea said Wednesday. The provisional import price for April was 81.79 (based on the standard of 100 in 2010, in local currency terms), showing the first increase in three months. The rise in import price, which is reflected in consume...

New industries such as electric and autonomous vehicles, smart ships and robots will create some 380,000 new jobs, a report by the Minister of Commerce, Industry and Energy showed Wednesday. In the report released at a forum of experts, academics and businesses, the ministry said such jobs will be created by 2025 from 12 sectors it designated as new industries last year. The forum was held on t...

South Korea’s per capita gross national income has remained below $30,000 for more than a decade since it surpassed the $20,000 mark for the first time in 2006. A survey conducted by a local pollster days before the May 9 presidential election showed most people here are pessimistic about the possibility of their country passing what is regarded as the threshold for joining the club of wealthy a...

South Korea's export prices hit a record eight year high in April due to strong demand for electric and electronic products as well as petrochemicals, central bank data showed Wednesday. In local currency terms, export prices rose 8.7 percent on year last month, according to preliminary data provided by the Bank of Korea. The dollar came to an average of 1,132.73 won in April, down 0.2 percent ...

Hit by the prolonged slump, South Korean shipbuilders and related businesses cut 8,670 or 14.8 percent of their workforce last year, data by industry tracker Chaebul.com showed Tuesday. The data based on 2016 business reports from 1,831 listed firms showed that their combined workforce reached 1.51 million at the end of last year, down 5,915, or 0.4 percent, from a year ago. Samsung Group slash...

Overseas card spending by South Koreans rose 65 percent during the "golden" holiday period in May from a year earlier, data showed Tuesday. The data compiled by KB Kookmin Card Co. showed that purchases made by its credit and debit card customers in foreign countries amounted to 25.4 billion won ($22.7 million) during the April 29-May 9 holiday period, compared with 15.4 billion won from the sam...