Most Popular
-
1
Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
-
2
Medical reform committee kicks off despite boycott from doctors
-
3
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
4
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
5
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
6
DP leader says he will meet Yoon without conditions
-
7
Over 9,000 hotline calls made by stalking victims in 2023
-
8
[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
-
9
Monthly users on local streaming platforms outpace Netflix, Disney+
-
10
US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
-
Investors pour money into short-term vehicles amid low rates, uncertainty
Investors have increasingly shifted their money to short-term financial instruments, such as money market funds, amid low interest rates and growing economic uncertainties, data showed Sunday. Money market funds are short-term debt securities such as Treasury bills and commercial papers. They are widely considered to be as safe as bank deposits while providing a higher return. The net asset value of MMFs came to 120.18 trillion won ($102 billion) as of Wednesday, breaching the 120 trillion-won t
July 21, 2019
-
Q2 economic growth estimated at around 1%
South Korea's quarterly economic growth is estimated at 1 percent for the second quarter of the year, shifting from a contraction of 0.4 percent the previous quarter, financial industry sources said Sunday.The Bank of Korea is set to unveil its estimate for second-quarter growth this week. Earlier, the central bank had predicted that Asia's fourth-largest economy would expand 1.2 percent during the April-June period. But a drawn out trade dispute between the United States and China, combined wit
July 21, 2019
-
S. Korea cuts growth outlook to 2.2%, key rate to 1.5% amid uncertainties
The Bank of Korea has slashed its forecast for this year’s economic growth to 2.2 percent, reflecting the negative impact of external uncertainties including Japan’s ongoing export curbs.It also carried out an earlier-than-expected base interest rate cut to 1.5 percent, embracing the monetary easing signals in the United States and other developed economies.“Considering the changes in economic conditions since the last outlook (announcement) in April, we have set the economic g
July 18, 2019
-
[News Focus] ‘Sagging economy’ faces 2nd rebound in dollar, oil
SEJONG -- Prices of the US dollar and gasoline directly affect a large proportion of South Korean businesses and households in terms of manufacturing costs and purchasing power.While monetary authorities sometimes have intervened in the foreign exchange market and hamper the cheap dollar in an attempt to promote exports, the greenback’s current strong position versus the Korean won suggests the local economy has been sagging.Simultaneously, a hike in international prices of crude oil, whic
July 18, 2019
-
Home transactions down 28% in H1
Home sales in South Korea plunged more than 28 percent in the first half of the year compared to a year earlier, data showed Thursday, amid tightened regulations intended to curb rising housing prices. The number of housing transactions came to 314,108 in the first six months of the year, down 28.2 percent from a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The figure is 35.8 percent down on the five-year average of 489,373. In June alone, t
July 18, 2019
-
BOK cuts key rate to 1.5% amid uncertainties
South Korea’s central bank on Thursday cut the nation’s policy rate to 1.5 percent, amid mounting external uncertainties, officials have announced.It also decided to sharply slash the country's growth pace this year by 0.3 percentage point to 2.2 percent from 2.5 percent.The Bank of Korea held its rate-setting Monetary Policy Board and decided to cut the base interest rate by 25 basis points to 1.5 percent.The rate cut decision came a step earlier than the US Fed’s largely anti
July 18, 2019
-
BOK slashes policy rate to 1.50%
The Bank of Korea slashed its policy rate by a quarter percentage point to 1.50 percent Thursday in a surprise move to help spur growth amid prolonged trade tensions.The rate cut is the first since November when the central bank raised the rate by 25 basis points to 1.75 percent.The unexpected rate cut follows seven consecutive months of decline in the country's exports, which could face further downward momentum in the future due to Japan's export curbs on key materials for the production of se
July 18, 2019
-
[Monitor] Koreans make up 24.1% of Japan visitors: data
With boycotts of Japanese products becoming more widespread in South Korea in response to Tokyo’s export restrictions, accompanied by calls to stop visiting the neighboring country in a show of protest, data showed that Koreans were the second-largest group of visitors to Japan, the largest being Chinese travelers.The data from the Japan National Tourism Organization showed that almost 7.54 million Koreans traveled to Japan in 2018, making up 24.1 percent of all visitors to the country. It
July 17, 2019
-
S. Korea’s Trade Ministry refutes Japan by revealing catch-all system
The Ministry of Trade, Industry and Energy on Wednesday released details of its “catch-all system” for the country’s trade controls for security, refuting one by one Japan’s claims that South Korea’s system is insufficient.The ministry reiterated that Korea has been controlling exports of both strategic and nonstrategic items under stricter conditions than Japan.Japan has raised as a reason for its export restrictions of key materials for South Korea’s tech fi
July 17, 2019
-
[News Focus] Portion of pessimists over economy hits record: poll
SEJONG -- A large proportion of self-employed people have closed their businesses and joined the growing number of jobless people over the past two years. Simultaneously, the state payment of unemployment benefits has climbed to an all-time high.The Moon government started providing some young jobless people with 3 million won ($2,540) for six months per individual, while the number of people who lost jobs has been drastically increasing among those in their early 50s, 40s and late 30s. The
July 17, 2019
-
S. Korea's national assets grow 8.2% in 2018
South Korea's total wealth grew at a fast pace from a year earlier in 2018 but largely on rapid increases in real estate and housing prices, central bank data showed Wednesday.The country's national assets came to 15,511.7 trillion won ($13.13 trillion) as of the end of last year, up 8.2 percent from a year earlier, according to the national balance sheet released by the Bank of Korea.The annual report is jointly compiled by the central bank and the statistics office. The 2018 tally is 8.2 times
July 17, 2019
-
S. Korea considers lowering extra-high inheritance tax rate for top shareholders
South Korea's government and ruling party are considering a move to lower the extra-high rate levied on inheritance tax for top shareholders of big companies, a ruling party official said Monday. South Korea's top inheritance tax is set at 50 percent, but it could go up to as high as 65 percent if the rate is increased in cases that involve the largest shareholders.The ruling Democratic Party (DP) and the government have been in discussions to lower the extra-h
July 15, 2019
-
Market closely watches timing, pace of BOK’s upcoming rate cut
With its rate-setting board meeting slated for this week, South Korea’s central bank is gearing up to lower its economic growth forecast and base interest rate, in step with the sluggish recovery pace of the global economy and the US Federal Reserves’ signal of a rate cut.While most predicted a rate cut of 25 basis points from the current 1.75 percent by no later than August, views differed on the pace and frequency of further rate cuts this year. The Bank of Korea is scheduled to ho
July 15, 2019
-
[News Focus] Seoul apartments resilient to property measures since 2017
SEJONG -- The Moon Jae-in government has introduced stern regulations on rebuilding old apartments or redeveloping old areas in Seoul. Housing redevelopment projects have been effectively blocked in the capital.The city authorities have also fallen behind in increasing housing supply for citizens.The central government has bolstered rules on mortgages under the guise of curbing apartment prices in the city. The ceiling of bank loans for housing purchases has sharply been lowered as part of a set
July 15, 2019
-
WTO to formally discuss Japan's export curbs on S. Korea
Japan's export restrictions on advanced tech materials that could undermine South Korea's production of semiconductors will be formally discussed at the World Trade Organization, South Korea's commerce ministry said Sunday.The issue has been named a formal agenda item of the WTO General Council, the highest decision-making body of the WTO in Geneva, and will be discussed when the council meets from July 23-24, according to the Ministry of Trade, Industry and Energy.The move comes at a request fr
July 14, 2019
-
Japan sees decline in value-added trade surplus with Korea
Japan’s trade surplus in value-added goods and services (TiVA) with South Korea took a downturn during the 2005-2015 period, reflecting the diversifying structure of logistics and trade, statistics showed Sunday.In light of the interconnection of the global value chain, the country’s recent curbs on hi-tech exports to Korea are likely to affect not only the two countries but also the regional and global economy in general, Seoul’s government officials noted. According to t
July 14, 2019
-
Exports, investments remain dull amid worsening external conditions: ministry
South Korea’s economy continues to face pressure in exports and investments, mainly due to the prolonged trade war between the United States and China, the Finance Ministry said Friday.Japan’s export control measures, while remaining a core risk factor, will not affect Seoul’s growth outlook, it added.“Despite the gradual improvement in domestic consumption, exports and investments continue to remain dull,” the Ministry of Economy and Finance said in its monthly eco
July 12, 2019
-
BOK to face further delays in construction of new headquarters
The Bank of Korea is likely to experience further delays in the reconstruction of its headquarters as a disputed builder asserted its rights as the successful bidder, challenging the procurement office’s plan to carry out a re-tendering process.The Seoul Central District Court on Thursday granted a provisional injunction filed by Kyeryong Construction Industrial, demanding that the Public Procurement Service halt its re-tendering process for the reconstruction of the BOK’s annex, BOK
July 12, 2019
-
External conditions worsening amid weak exports, investment: ministry
The South Korean economy is increasingly facing uncertainties stemming from the prolonged trade dispute between the United States and China amid weak business spending, the finance ministry said Friday."Despite the gradual improvement in domestic consumption, the country's exports and investment continued to remain dull," the Ministry of Economy and Finance said in its monthly economic assessment report. The report, called the "Green Book," is based on the latest economic ind
July 12, 2019
-
S. Korea to raise minimum wage for next year by 2.9%
South Korea decided Friday to raise the minimum wage for next year by 2.9 percent, the slowest growth in a decade, as it took into account an economic slowdown and sluggish job growth.The Minimum Wage Commission, involving labor and business representatives and experts, set the minimum wage at 8,590 won ($7.32) per hour for next year, compared with 8,350 won for this year.The growth rate sharply slowed from a 10.9 percent rise for 2019 and is the slowest gain since the minimum wage for 2010 rose
July 12, 2019