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Global banks cut Korea's growth outlook to 1.7%
JP Morgan predicts lowest growth of 1.3%, citing prolonged weakness in domestic demand South Korea's economic prospects continue to deteriorate as major global investment banks further downgrade their growth projections for the nation this year. According to the Korea Center for International Finance, eight leading global investment banks, including JP Morgan and Goldman Sachs, cut their average growth outlook for Korea to 1.7 percent in December, down 0.1 percentage point from November’s 1.8 pe
Jan. 7, 2025 -
FDI pledges to S. Korea hit record high in 2024 on rise in manufacturing sector
Foreign direct investment pledges to South Korea rose 5.7 percent from a year earlier in 2024 to hit a fresh high for the second consecutive year, driven by a sharp increase in the manufacturing sector, data showed Tuesday. South Korea received $34.5 billion worth of FDI commitments last year, surpassing the previous record of $32.7 billion posted in 2023, according to the Ministry of Trade, Industry and Energy. The amount of investment that actually arrived in South Korea, however, fell 24.2 pe
Jan. 7, 2025 -
Seoul shares open higher on tech gains
South Korean stocks got off to a strong start Tuesday, driven by solid gains of big-cap tech shares. The benchmark Korea Composite Stock Price Index added 25.3 points, or 1.02 percent, to 2,513.94 in the first 15 minutes of trading. Foreign buying led market gains, which offset selling by institutions and retail investors. Overnight, the Dow Jones Industrial Average inched down 0.06 percent, while the tech-heavy Nasdaq composite surged 1.24 percent, led by a rally for chip shares. Market bellwet
Jan. 7, 2025 -
Korea taking final steps to lift ban on stock short-selling
Korea Exchange testing program to detect illegal forms of short-selling ahead of short sale resumption in March South Korea is in the final steps of testing a new monitoring program designed to detect the illegal short-selling of domestic stocks before it removes a total ban on short-selling at the end of March. The country’s sole bourse operator, Korea Exchange, said it completed the development of a "naked short-selling detecting system," also called NSDS, which identifies illegal activities b
Jan. 6, 2025 -
Year-end tax filing begins for 600,000 foreign workers in Korea
Tax paid by foreign wage-earners declined in 2023, despite rising worker numbers Foreign workers employed by companies in Korea need to settle year-end taxes in February just like Korean workers, the National Tax Service said Monday, pointing out that a deadline to register for a simplified process was just nine days away. All foreign employees in Korea, excluding daily workers, should file their year-end taxes for last year's wages and salaries before the day they receive their February pay pac
Jan. 6, 2025 -
S. Korea's female employment rate low among OECD nations: report
South Korea's employment and labor indicators for women have remained low among members of the Organization for Economic Cooperation and Development over the past two decades due partly to the lack of adequate government support and sufficient jobs, a report showed Monday. According to the analysis report by the Federation of Korean Industries on employment and labor of women aged 15-64 in 38 OECD countries, the employment rate and labor participation rate of South Korean women came to 61.4 perc
Jan. 6, 2025 -
Ex-industry minister named envoy for intl. investment cooperation
A former industry minister has been appointed as the country's special representative tasked with promoting foreign direct investment to South Korea, the industry ministry said Monday. Choi Joong-Kyung, who served as the knowledge economy minister in 2011, the equivalent of the current industry minister, will serve as the ambassador-at-large for international investment under a one-year term, according to the Ministry of Trade, Industry and Energy. The ministry said the appointment aligns with t
Jan. 6, 2025 -
S. Korea's foreign reserves hit 5-yr low in Dec. amid strong dollar
South Korea's foreign reserves rose from a month earlier in December but reached the lowest level in five years in terms of year-end reading, central bank data showed Monday. The country's foreign reserves came to $415.6 billion as of end-December, up $21 million from a month earlier, according to the data from the Bank of Korea. The growth was attributable to the increase in the value of deposits of financial institutions, as well as their "rising operating return," a BOK official said. Foreign
Jan. 6, 2025 -
HD Korea Shipbuilding begins 2025 exports with LNG carrier delivery
HD Korea Shipbuilding & Offshore Engineering Co. started its export activities for 2025 on Monday with the delivery of a liquefied natural gas carrier, according to the company. According to HD KSOE, the vessel being delivered is a 174,000-cubic-meter LNG carrier ordered in June 2022 by an undisclosed Asian shipping company. The carrier was completed over a period of 2 1/2 years at a shipyard owned by affiliate HD Hyundai Samho Heavy Industries Co. in Yeongam, South Jeolla Province. Other affili
Jan. 6, 2025 -
Industry minister to visit U.S. this week for broader bilateral economic ties
Industry Minister Ahn Duk-geun plans to visit the United States this week to discuss bilateral economic exchanges with business and government officials ahead of the launch of the second Donald Trump administration, his office said Sunday. Ahn plans to leave for the US state of Georgia on Monday to meet with Gov. Brian Kemp and seek the state's support for South Korean businesses operating in the region, according to the Ministry of Trade, Industry and Energy. The minister will also visit the pr
Jan. 5, 2025 -
BOK chief expresses support for acting president in rare public statement
Rhee says acting president‘s judicial appointments an ’inevitable economic decision‘ Bank of Korea Gov. Rhee Chang-yong on Thursday called acting President Choi Sang-mok's controversial appointment of two judges who will handle President Yoon Suk Yeol's impeachment trial "an inevitable decision for South Korea's economy," marking a rare political comment from the central bank head. "While political views may differ, Choi's decision was necessary for the economy, not political motives, to prevent
Jan. 3, 2025 -
Govt. to take bold and swift market-stabilizing measures if necessary: acting president
Acting President Choi Sang-mok said Friday that the government would take "bold" and "swift" measures to stabilize the financial and foreign exchange markets if volatility intensifies. Choi, who also serves as deputy prime minister for economic affairs and finance minister, made the remarks during an economic meeting attended by the governor of the Bank of Korea and the heads of the Financial Services Commission and the Financial Supervisory Service. "Each institution will take all necessary pre
Jan. 3, 2025 -
Seoul shares open strong on bargain hunting
South Korean stocks pulled off a strong start Friday driven by gains in large-cap shares as investors sought to buy oversold shares. The benchmark Korea Composite Stock Price Index gained 26.95 points, or 1.12 percent, to 2,425.89 in the first 15 minutes of trading. Overnight, three US major stock indices closed in negative territory on the first trading day of 2025. The Dow Jones Industrial Average fell 0.36 percent, and the Nasdaq composite lost 0.16 percent, while the S&P 500 fell 0.22 percen
Jan. 3, 2025 -
Korea unveils W360tr trade fund to cushion slide in exports
By 2028, 95 trillion won to be funneled into supporting Korean firms obtaining megasized overseas orders South Korea will provide its most-ever trade financing of 360 trillion won ($245 billion) to shore up lackluster export performances expected this year amid increasing uncertainties in the global trade landscape. The government will seek to cement global leadership in the semiconductors industry by increasing the investment tax credit deduction rate for chip companies and offering 14 trillion
Jan. 2, 2025 -
Korea to provide subsidies to families of Muan victims
The South Korean government is to implement measures to help the families of the 179 victims who lost their lives in Dec. 29's Jeju Air plane crash at Muan International Airport in South Jeolla Province, such as providing emergency subsidies and access to consultations on tax cuts. Acting President Choi Sang-mok convened a meeting of the Central Disaster and Safety Countermeasures Headquarters at the government complex in Seoul on Thursday to discuss the response for the families. The Ministry o
Jan. 2, 2025