Industrial Bank of Korea Chairman Kim Sung-tae took office on Tuesday to lead the state-run bank after a recent approval from President Yoon Suk-yeol. A veteran insider, Kim has worked for IBK for over three decades since joining in 1989. At the inauguration ceremony held earlier in the day, the new chairman pledged to put his priority on supporting small- and medium-sized businesses.

South Korea's electricity consumption touched a record monthly high in December as the country was gripped by a nationwide cold wave and heavy snow, the power operator said Tuesday. The country's average maximum power consumption stood at 82,716 megawatts last month, up 5.1 percent from a year earlier, according to the Korea Power Exchange. It was higher than the previous monthly record of 82,0...

The Bank of Korea warned Monday that the aging population could drive down the macroeconomic benefits of fiscal expenditure. According to the central bank's monthly research report, studies show that one percentage point in an increased aging population leads to a 5.9 percent drop in the fiscal growth of gross domestic product. The bank announced the figures based on overseas research which sho...

'Half-baked' chips act needs revising, says Samsung executive-turned-lawmaker, calling it a big step back from her original proposal

President Yoon Suk-yeol on Friday ordered ministries to actively consider measures further expanding tax incentives for the semiconductor sector and other national strategic industries. Yoon requested the Ministry of Economy and Finance to come up with ways to further expand tax benefits for national strategic technologies such as semiconductors as they are "our security assets and core technolo...

South Korea's tax revenue grew 50.2 trillion won ($39.7 billion) in the first 11 months of 2022 from a year earlier, data showed Friday, on the back of improved corporate earnings. Tax revenue amounted to 373.6 trillion won in the January-November period, compared with 323.4 trillion won tallied the previous year, according to the Ministry of Economy and Finance. In November, the government col...

South Korea's consumer prices grew at the fastest pace in more than two decades in 2022, government data showed Friday, as the country felt the pinch of soaring prices of raw materials and energy sources following the Russia-Ukraine war. Consumer prices rose 5.1 percent on-year in 2022, accelerating from a 2.5 percent gain in 2021, according to the data compiled by Statistics Korea. It marked t...

The US dollar's recent downward move will likely continue for the time being, but its value could bounce back next year when global recession woes arise, the foreign reserve management team of South Korea's central bank said Tuesday. The dollar has recently been under downward pressure after gaining marked ground against major currencies thanks to aggressive monetary tightening in the United Sta...

Lowering profitability, growing debt coupled with rate hikes weigh down prospects for Korean businesses next year: KCCI

South Korea's customs agency said Monday it has started permitting imports of full-body sex dolls, three years after the country's top court ruled they are not "obscene materials." The Korea Customs Service had been allowing imports of sex dolls that depict particular human body parts, but not life-size dolls, since July. The agency, however, said dolls depicting minors -- based on height, weig...

South Korea plans to reduce some 4 percent of jobs at state-run organizations by 2025, the finance ministry said Monday, in line with efforts to tighten its belt amid the economic slump. Under the plan, the country will eliminate 17,230 jobs at public organizations, according to the Ministry of Economy and Finance. It marks the first job cut scheme for such institutions since 2009. A separate b...

The Bank of Korea put forward price stability as its major commitment for next year, hinting on further hikes of its key rate to fight ongoing inflation. The central bank released a report on its monetary policy for next year on Friday, suggesting forecasts on the economic outlooks in and out Korea. The bank said it will focus on price stability next year, so that consumer inflation will move to...

The government has drawn up new growth strategies to secure future technology such as aerospace and artificial intelligence and to accelerate digital transformation to help its sluggish economy leap forward. Through the "New Growth 4.0 Strategy" unveiled by economy-related ministries on Wednesday, the country seeks to secure forward-looking technology, digital transformation and further expandin...

Finance Ministry unveils growth outlook of 1.6%, lower than BOK, KDI estimates

An average wage earner in South Korea would have to save up one’s entire income for 14 years to buy a home in Seoul, a government study showed Wednesday. The price-to-income ratio -- the median home price divided by the median annual household income -- for Seoul in 2021 jumped to 14.1 from 12.5 in the year before, according to the 2021 Korea Housing Survey released by the Ministry of Land, Infr...