Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Kia EV9 wins world car of year
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Yoon's office welcomes S. Korea-Japan currency swap deal
The office of President Yoon Suk Yeol welcomed the resumption of a currency swap deal between South Korea and Japan on Thursday, saying it shows the two countries' relationship is improving also in the financial sphere. The US$10 billion currency swap deal was agreed between Finance Minister Choo Kyung-ho and his Japanese counterpart, Shunichi Suzuki, in Tokyo earlier in the day, restoring an arrangement that was terminated in 2015 amid strained bilateral ties. "The resumption of the
June 29, 2023
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Korea, Japan revive $10b currency swap
South Korea and Japan agreed to resume a $10 billion currency swap deal after an eight-year suspension, showing bilateral economic ties are on a path of recovery. Finance Minister Choo Kyung-ho met with his Japanese counterpart Shunichi Suzuki in Tokyo on Thursday. It was the first time since 2016 for the top finance heads of Korea and Japan to hold an official one-on-one meeting. The new currency swap program will last three years and be based on the US dollar. A currency swap deal allows the e
June 29, 2023
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S. Korea eyes W100tr of investment in free economic zones by 2032
South Korea seeks to attract 100 trillion won ($76.55 billion) of investment in the country's free economic zones and create 450,000 jobs there by 2032 to make them global hubs of advanced industries and businesses, the industry ministry said Thursday. Under the draft of the comprehensive 10-year development plan, the government aims to attract the investment from domestic and foreign entities in key leading sectors and build smart, eco-friendly international cities in cooperation with muni
June 29, 2023
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Biz outlook worsens for July amid economic uncertainties
South Korea's business sentiment slightly fell for July amid continued uncertainties over the economy and monetary tightening here and abroad, a central bank poll showed Thursday. Local companies' business sentiment index for July came to 75, down from 76 tallied for the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The worsened o
June 29, 2023
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Retail sales up 5.7% in May on holidays
Retail sales in South Korea rose 5.7 percent on-year in May as consumers celebrated holidays amid the lifting of COVID-19 restrictions, the industry ministry said Wednesday. The combined sales of 25 major offline and online retailers came to 15 trillion won ($11.5 billion) last month, compared with 14.1 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The on-year increase came after people resumed outdoor activities as they returned to pr
June 28, 2023
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Consumer sentiment at 13-month high in June amid easing inflation
South Korea's consumer sentiment hit the highest in 13 months in June, as post-pandemic activities gathered pace and inflation eased, central bank data showed Wednesday. The composite consumer sentiment index stood at 100.7 in June, up from 98 the previous month, marking the fourth consecutive month of rise, according to the survey from the Bank of Korea. Also, the June reading is the highest since 102.9 in May last year. A reading above 100 means optimists outnumber pessimists. The central
June 28, 2023
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S. Korea to focus on revitalizing exports, stabilizing prices in 2nd half
South Korea's finance minister said Wednesday the country's second-half economic policy will primarily focus on revitalizing exports and investment, along with further stabilizing prices. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting with economy-related ministers, as South Korea plans to announce the country's economic policy for the July-December period next week. "Over the first half, inflation has clearly slowed, and the job market has rema
June 28, 2023
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Talks on minimum wage fall through as deadline looms
Talks on the minimum wage level for 2024 fell through Tuesday, two days before the deadline for the decision, after labor representatives walked out. The Minimum Wage Commission, which is composed of members spanning labor, business and the general public, was to its eighth round meeting to discuss the minimum hourly amount employers must pay their workers next year. But the meeting was cut short as labor representatives walked out of a meeting expressing their disapproval against the government
June 27, 2023
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Posco International inks partnership with Danish firm on offshore wind power development
Posco International Corp. said Tuesday it has signed an agreement with a Danish investment company to work together on the development of offshore wind power and cooperate in other green businesses. The memorandum of agreement was signed with Copenhagen Infrastructure Partners on Monday, under which they will work to develop offshore wind power projects in Pohang, an industrial city located 262 kilometers southeast of Seoul, Posco International said in a release. They will work together to find
June 27, 2023
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Choo remains wary of China's reopening
Finance Minister Choo Kyung-ho expressed his concern for the Korean economy as China’s reopening has had only a limited impact, falling below expectations. "The chip industry is yet to recover and the reopening of China, a country which we have a lot of trade with, has not shown much effect,” Choo said at a meeting held with the local business industry on Monday. Representatives of midsized businesses here attended the meeting, including Korea’s largest sauce maker Sempio
June 26, 2023
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Weak yen deepens concerns over trade balance
While Korean tourists are flocking to Japan to take advantage of a record-low yen, concerns are deepening among businesses over capital outflow and export slump in the coming months. The Korean currency closed in the 910 won ($0.70) range against 100 Japanese yen on Friday. The won-yen exchange rate had stayed above the 1,000-won range between 2019 and 2022, but the figure continued to fall this year to an eight-year low of 897.49 won last week. The cheaper yen comes as the Bank of Japan sticks
June 25, 2023
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Korea misses out again on MSCI upgrade
Korea failed to win developed market status on the global stock indices provided by Morgan Stanley, despite the hopes of being reclassified from an emerging market. Morgan Stanley, the index operator of Morgan Stanley Capital International, announced its 2023 Annual Market Classification Review results Thursday. The MSCI is a widely followed global stock market index. Korea will remain on the emerging market index without any changes, despite its efforts to move up to the developed market inde
June 23, 2023
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Higher rates, economic slowdown, slump in real estate market pose risks to financial system: BOK report
South Korea's financial system remains relatively stable, but a variety of factors -- higher rates, a delay in economic recovery and an extended slump in the real estate market -- may pose risks to its stability, a central bank report said Wednesday. According to the report from the Bank of Korea, debt repayment burdens have soared in tandem with rising market rates, and borrowers will face heightened difficulties in repaying debts if economic recovery is delayed further than expected. A de
June 21, 2023
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S. Korea to push for 'circular economy' of major resources
South Korea will push for a 'circular economy' of key resources, focusing on recycling in major industries, such as steel, petrochemicals and batteries, with the goal of cutting carbon emissions, the government said Wednesday. Under the drive named the "CE 9" project, the country will focus on seeking sustainable growth in nine segments: petrochemicals, steel, non-ferrous metals, batteries, electronics, fabrics, cars, machinery and cement, according to the Ministry of Trade,
June 21, 2023
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Exports up 5.3% during first 20 days of June
South Korea's exports rose 5.3 percent on-year in the first 20 days of June, although shipments of semiconductors remained sluggish, data showed Wednesday. The country's outbound shipments reached $32.9 billion in the June 1-20 period, compared with $31.2 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 11.2 percent on-year to $34.5 billion during the period, resulting in a trade deficit of $1.6 billion. In May, South Korea's overa
June 21, 2023
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Producer prices down for second month in May
South Korea's producer prices declined for the second consecutive month in May as a fall in the prices of industrial goods led the overall decline, offsetting a gain in the prices of agricultural products and utilities, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, fell 0.3 percent in May from a month earlier, following a 0.1 percent on-month dip in April, according to the data from the Bank of Korea. From a year earlier, the index ro
June 21, 2023
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S. Korea to freeze Q3 electricity rates amid mounting public burdens
South Korea's state power firm said Wednesday it would freeze electricity rates for the third quarter in a move to ease the burdens on people following two consecutive quarters of hikes. The planned freeze came as the government jacked up electricity rates by 5.3 percent on-year for the second quarter, or by 8 won per kWh, following a 13.1 won increase per kWh in the first quarter due to high global energy costs and the mounting losses of the Korea Electric Power Corp. KEPCO decided to fix
June 21, 2023
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Mounting national debt erodes S. Korea's competitiveness: report
South Korea's global competitiveness ranking fell by one notch this year, as the country suffers from an expanding fiscal deficit, a report showed Tuesday. Korea ranked 28th in terms of global competitiveness among 64 countries surveyed, according to the 2023 report by the International Institute for Management Development. Korea’s ranking in government efficiency came down to No. 38 this year, moving two places down from 2022. The Switzerland-based international institution has relea
June 20, 2023
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S. Korea's overseas investment dips 41.6% in Q1
South Korea's overseas direct investment dipped 41.6 percent in the first quarter of 2023 from a year earlier, data showed Tuesday, led by the manufacturing and property sectors. The value of overseas investments by South Korean companies reached $16.49 billion, down 41.6 percent from a year earlier, according to the data compiled by the Ministry of Economy and Finance. The ministry attributed the decrease to a base effect, considering major investment projects rolled out in the semiconduct
June 20, 2023
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S. Korean steelmakers seek extension of grace period for EU's carbon tax
South Korean steelmakers asked the government Tuesday to persuade the European Union to allow domestic carbon emission calculation methods for a longer period of time ahead of the full implementation of its new carbon border tax. The EU announced the new carbon-pricing system of the Carbon Border Adjustment Mechanism, which calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items equivalent to their carbon emissions from production. The regul
June 20, 2023