Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[News Focus] Korean retail investors are victims of ‘unpaid’ stock buying
SEJONG -- Foreigners’ aggressive net-seller position on the local market has not yet subsided as of the fourth week of March. Over the past 16 trading sessions between March 5-26, foreign corporate investors net sold local stocks worth 10.7 trillion won ($8.69 billion), which are listed on the main bourse. Their divesting has continued for the 16th consecutive session since March 5. Their selling spree, which is attributed to fast spreading COVID-19 worldwide as well as the epidemic&rsq
March 26, 2020
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BOK to supply 'unlimited' amount of liquidity for next 3 months
The Bank of Korea said Thursday that it will supply an "unlimited" amount of liquidity over the next three months to financial institutions to help prevent a credit crunch caused by the coronavirus pandemic. "The Bank of Korea decided to provide an unlimited amount of liquidity to financial firms to help minimize the economic fallout from the spread of COVID-19 and remove uncertainties in the financial market," the BOK said in a press release. (Yonhap)
March 26, 2020
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S. Korea expands job subsidies, eases FX rules
Bracing for the prolonged fallout from COVID-19, South Korea will drastically expand the employment promotion subsidy and alleviate foreign exchange liquidity rules for financial companies, the country’s chief fiscal policymaker said Wednesday. While presenting the central government’s latest market-stabilizing measures, he also said individual subsidy plans may create confusion, implying disapproval of moves by some local governments to distribute an “anti-disaster basic
March 25, 2020
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S. Korea to loosen FX liquidity guidelines to boost dollar liquidity
South Korea will ease foreign exchange liquidity rules temporarily to prod local financial firms to provide more dollars in the currency market currently roiled by the market turbulence, the country's chief economic policymaker said Wednesday. Local financial institutions have been required to hold an adequate amount of foreign currency assets on hand to get over short-term liquidity disruptions. Currently, the foreign exchange liquidity coverage ratio (LCR) for banks is set at least 80 percent.
March 25, 2020
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S. Korea calls on G-20 to work on alleviating excessive travel, logistics bans
South Korea has urged advanced nations to refrain from excessive restrictions on human activities and material resources amid the global novel coronavirus spread, citing the economic repercussions, according to the Ministry of Economy and Finance on Tuesday. Finance ministers and central bank governors from the Group of 20 member nations on Monday met virtually to discuss the impact of the COVID-19 outbreak. The meeting was also attended by representatives from the International Monetary F
March 24, 2020
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Moon vows W100tr rescue package to reinvigorate economy
President Moon Jae-in on Tuesday announced plans to double the size of an economic rescue package to 100 trillion won ($80 billion) to boost local businesses suffering due to the novel coronavirus outbreak. The announcement follows a second emergency economic council session this year. Officials handling the nation’s fiscal and monetary policies including Finance Minister Hong Nam-ki, Bank of Korea Gov. Lee Ju-yeol and Financial Services Commission Chairman Eun Sung-soo were present at
March 24, 2020
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[Economy in Pandemic 4] Impact of plunging oil prices on Korean markets
The plunging crude oil prices may increase pressure on South Korea’s financial market with rising volatility forcing investors to secure cash, not to mention its negative impact on the economy. The sharp drop in oil prices in recent weeks has rattled the stock market, already reeling from the deepening coronavirus pandemic. Oil refining and chemical industries are bearing the brunt, not only from plummeting demand but also lackluster investor sentiment. According to data of the
March 24, 2020
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Govt. stresses role of fiscal spending for growth in 2021
South Korea on Tuesday highlighted the importance of its budget spending in supporting the country's economic growth next year, signaling a budget hike amid the growing fallout from the spread of the new coronavirus. Under its 2021 budget guidelines, the government said it will continue to maintain the active role of fiscal spending in boosting growth, while seeking to enhance its fiscal soundness. The guidelines, reviewed and approved by the Cabinet on Tuesday, are designed to direct governme
March 24, 2020
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Uncertainty growing over S. Korean exports despite recent upturn
Despite a recent recovery, uncertainty is growing over South Korea's exports down the road due to the economic impact of the coronavirus pandemic, sources said Tuesday. The country's outbound shipments grew 10 percent on-year in the first 20 days of March on brisk overseas demand for chips and automobiles, along with more working days, according to government data. The solid increase follows a 4.5 percent rise in February, the first rebound in 15 months. This month's improved export performan
March 24, 2020
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S. Korea keeps keen watch on New York, London markets
South Korea on Monday said it was carefully monitoring the financial market situations in New York and London, lest the global spread of COVID-19 lead to system breakdown in major economies and spill over to the global financial market. It also vowed to immediately initiate an exclusive task force to keep round-the-clock tabs on the macroeconomic financial situation here, further tightening guard against the snowballing fallout. “The global real economy will contract more dramatically
March 23, 2020
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Seoul, Moscow hold FTA talks for service sector
South Korea on Monday launched another round of trade talks with Russia to flesh out details on the two country's pending free trade agreement (FTA) in the service and investment segments. The two countries have decided to hold the four-day video conference on their free trade talks due to the global spread of the novel coronavirus, according to the Ministry of Trade, Industry and Energy. So far, the two countries held three rounds of trade negotiations, with the previous meeting being held in
March 23, 2020
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Virus outbreak may lead to Korea's first negative growth since 1998: reports
South Korea's economy may post its first negative growth in more than two decades this year should the spread of the new coronavirus continue to undermine global economy and trade, reports suggested Monday. Capital Economics, a London-based economic research consultancy, said in a report last week that the South Korean economy could shrink 1 percent this year, the worst outlook for Asia's fourth-largest economy so far. South Korea also said its economic growth will likely slow due to the globa
March 23, 2020
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Korea's exports up 10% in first 20 days of March amid virus woes
South Korea's exports moved up 10 percent in the first 20 days of March from a year earlier despite the new coronavirus pandemic, customs data showed Monday, led mostly by improved shipments of chips and automobiles, along with increased working days. The country's outbound shipments came to $30.7 billion in the March 1-20 period, rising from $27.9 billion in the same period a year earlier, according to the data from the Korea Customs Service. The daily average for the period, however, slipped
March 23, 2020
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S. Korea likely to provide 2nd extra budget in May amid coronavirus crisis
Speculation is growing here that South Korea will compile an additional supplementary budget after the April general elections to deal with the extended economic fallout from the COVID-19 pandemic. Last Tuesday, the National Assembly approved an extra budget bill worth 11.7 trillion won ($9.4 billion), the country’s largest ever, in response to the coronavirus crisis. While the total amount of the budget remained unchanged from the government’s initial suggestion, some planned
March 22, 2020
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Hyundai Mobis develops sensing system to prevent hot car deaths
Hyundai Mobis Co., South Korea's biggest auto parts maker, said Sunday it has developed a radar-based in-cabin sensing system meant to prevent hot car deaths. The radar-based rear occupant alert (ROA) system alerts a driver to check the vehicle's back seat in case the presence of a child is detected. Hyundai Mobis said it had "preemptively" developed the ROA system as carmakers should adopt such an in-cabin safety alert in their vehicles in Europe from 2022. "The radar-based R
March 22, 2020
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Additional financial measures to come next week to revive virus-battered economy
The South Korean government will unveil an additional package of financial measures in detail next week to placate staggering financial markets roiled by the spread of the novel coronavirus. According to financial authorities, the upcoming announcement will include follow-up measures related to the massive 50 trillion-won ($39.8 billion) financial support program that was already introduced Thursday. The aid package, which aimed at supporting small and medium-sized firms and people with low
March 21, 2020
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‘Financial authorities need flexibility to help virus-hit economy’
A top financial regulatory body urged authorities Friday not to panic and keep funds flowing during the coronavirus pandemic. The Financial Stability Board, which coordinates the work of national authorities around the world, said in a recent statement that the global financial system is in a better position to cope with the severe market shock from COVID-19, than it was for the global financial crisis in 2008. However, it called on authorities to take action to support market functions by ens
March 21, 2020
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ADB postpones meeting in S. Korea amid coronavirus fears
The Asian Development Bank’s upcoming annual meeting, originally slated to be held here in May, will be postponed to September in light of the coronavirus spread, according to ADB and the South Korean government. “As COVID-19 continues to spread around the globe, (ADB and Korea) have agreed to postpone the 53rd ADB Annual Meeting of the Board of Governors from the originally planned May 2-5 to Sept. 18-21,” the Ministry of Economy and Finance said in a release. “We p
March 20, 2020
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S. Korea to import 53 tons of mask filters amid supply shortage
South Korea said Friday it plans to import 53 tons of mask filters through June to keep up the supply of the sanitary item amid the spread of the new coronavirus. The first batch of 2.5 tons of melt-blown nonwoven fabric filters will arrive here next week, according to the Ministry of Trade, Industry and Energy. The country has been running short of protective masks, as well as their materials, as demand for them has soared amid the COVID-19 epidemic. Starting last week, South Korea has been
March 20, 2020
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Pension fund to naysay appointment of some board members at banks, conglomerates
South Korea's state pension fund will vote against the appointments of some board members at banks and major companies during shareholder meetings as they are not qualified for the positions. The National Pension Service (NPS) said its trust management committee has decided to object to the appointments of Woori Financial Group Chairman Sohn Tae-seung and Shinhan Financial Group chief Cho Yong-byoung as board members at the banks. The pension service also said it will vote against the motion t
March 20, 2020