Most Popular
-
1
Exports to US reach all-time high, widen gap with China
-
2
Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
-
3
[Music in drama] Rekindle a love that slipped through your fingers
-
4
S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
-
5
[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
-
6
Seoul Metro to seek legal action against malicious complaints
-
7
On May Day, labor unions blast Yoon's foreign nanny proposal
-
8
Illit, mired in controversy, remains on Billboard charts for 5th week
-
9
[KH Explains] Will alternative trading platform shake up Korean stock market?
-
10
Opposition-led Assembly unilaterally passes bill to probe Marine's death
-
14 online sellers of face masks involved in illegal practice: FTC
SEJONG -- The country's anti-trust regulator said Monday it has found 14 online sellers of face masks in possible violation of fair trade laws, amid surging demand for protective masks over the spread of the novel coronavirus. Some of the online sellers have been accused of unilaterally canceling orders and selling face masks at higher market prices, the Fair Trade Commission (FTC) said in a statement. For instance, one online vendor unilaterally canceled orders for 119,450 face masks betwee
Feb. 17, 2020
-
S. Korea's monetary policy must maintain accommodative stance: regional think-tank
SEJONG -- South Korea must maintain its accommodative policy stance as it seeks to prop up a slowing economy amid muted inflationary pressure, a regional think-tank said Monday. "Given ample fiscal space, the fiscal stance should remain expansionary in the near term with more spending allocated toward restructuring the economy," the ASEAN+3 Macroeconomic Research Office (AMRO) said in a report. "At the same time, monetary policy should be accommodative in view of moderating ec
Feb. 17, 2020
-
Owners of high-priced homes up 30 percent in Jamsil
The number of taxpayers owning expensive homes, subject to higher property tax, surged at the fastest pace in Jamsil, southern Seoul, data showed Sunday. The number of home owners who paid comprehensive real estate holding tax rose 36.1 percent on-year from some 15,000 to nearly 21,000 in Jamsil, said Rep. Kang Byung-won of ruling Democratic Party, quoting data from the National Tax Service. The number of taxpayers in Jamsil owning one residential unit with an appra
Feb. 16, 2020
-
Coronavirus likely to deepen auto sector woes: Fitch
Fitch ratings agency said Friday the new coronavirus outbreak will add to auto sector challenges this year as COVID-19 disrupts global supply chains. "The greatest impact on the sector is likely to come from lower sales during the outbreak in China, the world's largest market for new vehicles. The country's new vehicle sales are likely to be depressed until the outbreak is under control," Fitch said in a statement. Fitch expected sales in China to start recovering from April and acc
Feb. 14, 2020
-
S. Korea’s export prices drop in January
South Korea saw its export prices fall on-year in January, mainly due to the strengthening of the Korean won against the US dollar, central bank data showed Friday. The export prices index in terms of Korean won came to 96.59 last month, according to preliminary data released by the Bank of Korea. The figure was down 0.8 percentage point from a month earlier and down 2.8 percent from a year earlier. “The export price index prolonged an on-month downturn but the pace of the decrease sl
Feb. 14, 2020
-
BOK chief says will maintain ample liquidity
The head of South Korea's central bank said Friday the country will continue to maintain ample liquidity to help minimize the fallout from the outbreak of the new coronavirus amid growing market expectations for a rate cut down the road. "I believe now is the time when we need everyone's efforts to minimize the impact of this crisis," Bank of Korea (BOK) Gov. Lee Ju-yeol told a Seoul meeting hosted by Finance Minister Hong Nam-ki to review the impact of the outbreak. "To this e
Feb. 14, 2020
-
S. Korea to spare no efforts to minimize economic impact of coronavirus
South Korea will spare no efforts to minimize the economic fallout of the new coronavirus and draw up additional measures to support an economic recovery, Finance Minister Hong Nam-ki said Friday. Hong made the remarks in a meeting with Bank of Korea Gov. Lee Ju-yeol on Friday to discuss how to cope with the economic impact of the virus, which was recently named COVID-19. Hong also urged people to carry out "normal economic activities," saying private consumption was hit by the spr
Feb. 14, 2020
-
Seoul's export prices sink in Jan
South Korea's export prices fell slightly in January from a month earlier, central bank data showed Friday, largely due to the strengthening of the local currency against the US dollar. The export prices index, in terms of Korean won, came to 96.59 in the month, according to preliminary data from the Bank of Korea (BOK). The reading marks a 0.8 percent drop from a month earlier and a 2.8 percent drop from the same month last year. The BOK attributed the drop to the Korean won's appreciation
Feb. 14, 2020
-
S. Korea to unveil measures to support exports amid virus fallout
SEJONG -- South Korea plans to unveil measures to support exports as early as next week as the coronavirus epidemic in China is expected to cast a shadow on the Korean economy, Finance Minister Hong Nam-ki said Thursday. Hong said the Korean economy is expected to face a bigger economic impact from the virus, COVID-19, than that of the Middle East Respiratory Syndrome (MERS) outbreak in 2015. However, Hong said, "Too much fear can hurt the (Korean) economy," urging people not to b
Feb. 13, 2020
-
S. Korea steps up efforts to stabilize supply of face masks
SEJONG -- South Korea said Thursday it will step up efforts to stabilize supplies of face masks, as demand has soared over the spread of the novel coronavirus. Vice Finance Minister Kim Yong-beom told a meeting with relevant officials that the government will also take stern measures against those who hoard face masks or illegally ship them overseas. Currently, South Korean firms have enough materials to make about 10 million masks per day, Kim said. Earlier this month, the government app
Feb. 13, 2020
-
Buyers of expensive homes face probe over alleged tax evasion
SEJONG -- South Korea's tax agency said Thursday that it will launch an investigation into buyers of expensive homes over alleged tax evasion. The National Tax Service said it will start the probe into 361 people who are suspected of evading taxes or illegitimately raising money to buy homes. For instance, a 30-something person, who recently purchased a home in Seoul's affluent Gangnam district, is suspected of illegally receiving money from his or her mother. In the toughest steps ever to
Feb. 13, 2020
-
S. Korea to speed up private sector infrastructure projects
SEJONG -- South Korea will speed up its implementation of privately funded infrastructure projects this year in a bid to spur economic recovery through investment, the finance ministry said Thursday. Vice Finance Minister Koo Yun-cheol made the remarks at a meeting on infrastructure projects with relevant officials earlier in the day. A total of 62 infrastructure projects worth 5.2 trillion won ($4.4 billion) will be implemented this year. The government aims to start 50 percent of the pro
Feb. 13, 2020
-
S. Korea’s job indexes progress in Jan., likely to falter in Feb.
South Korea saw its jobless rate fall with job additions hitting the highest level in more than five years in January, on the back of the government’s continued fiscal efforts to expand the job market for the elderly, data showed Wednesday. But as the improved figures did not properly reflect the latest impact of the new coronavirus COVID-19, the government suggested a pessimistic outlook for this month. The nation’s unemployment rate fell 0.4 percentage point on-year to 4.1 pe
Feb. 12, 2020
-
FSC, Seoul City join hands to cultivate fintech specialists
A graduate school aimed at nurturing digital finance specialists will be launched in Seoul’s financial district of Yeouido in September, in a joint project between the Financial Services Commission and the city government, officials said Wednesday. Stressing that the financial service sector is going through a major transformation with information technology, the two will fund 19 billion won ($16.1 million) for the project that is designed to provide a two-year graduate and six-month non
Feb. 12, 2020
-
Fitch affirms S. Korea's credit rating at 'AA-'; outlook stable
SEJONG -- Global credit appraiser Fitch Ratings said Wednesday it has kept South Korea's foreign currency credit ratings unchanged at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level on its sovereign ratings table, since 2012, when the rating agency upgraded it from A+. "Korea's rating balances robust external finances, steady macroeconomic performance, and a record of sound fiscal management against evolving geopolitical risks
Feb. 12, 2020
-
ICT exports down for 15th consecutive month in Jan.
SEJONG -- South Korean exports of information and communication technology products dropped for the 15th straight month in January due to sluggish shipments of chips, displays, and mobile devices, data showed Wednesday. Outbound shipments of related goods moved down 7.2 percent on-year to reach $13.4 billion last month, according to the data compiled by the Ministry of Science and ICT. Asia's No.-4 economy imported $8.82 billion worth of ICT products in January, resulting in a trade surplus
Feb. 12, 2020
-
Online credit card use up 44.5% over coronavirus fears
Online credit card spending by South Korean consumers rose 44.5 percent in the fourth week of January, amid fears of the novel coronavirus outbreak, industry data showed Tuesday. According to data compiled by eight credit card issuers -- Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, Woori and Hana -- the combined online spending reached some 2.5 trillion won ($2.1 billion) following the Lunar New Year holiday. The total online spending in the same week last year amounted to 1.73
Feb. 11, 2020
-
S. Korea expanding efforts to normalize supply chain amid coronavirus spread
South Korea said Tuesday it is making efforts to minimize the economic fallout of the new coronavirus as local manufacturers' production lines have been partially disrupted due to shortages of Chinese parts. "South Korea will continue to look closely at the global supply chain and help local industries better cope with external risks," Industry Minister Sung Yun-mo said in a meeting with local businesses. Production lines at China-based suppliers have been partially or fully shut do
Feb. 11, 2020
-
Household debt growth sharply decelerates in Jan.
The household debt extended by banks in South Korea slowed sharply in January from a month earlier due to a seasonal factor, central bank data showed Tuesday. Fresh bank loans extended by banks to local households came to 3.7 trillion won ($3.1 billion) in the month, compared with a 7.2 trillion won increase the previous month, according to the data from the Bank of Korea. The amount marks a sharp rise from a 1.1 trillion won increase in the same month last year, however. "The rate of i
Feb. 11, 2020
-
Korea's exports jump 69.4% in first 10 days of Feb.
SEJONG -- South Korea's exports jumped 69.4 percent in the first 10 days of February, mainly due to rising shipments of cars and semiconductors, customs data showed Tuesday. The country's exports stood at $10.7 billion in the Feb. 1-10 period, compared with $4.38 billion in the same period last year, according to the Korea Customs Service. By product, exports of cars and semiconductors soared 114.5 percent and 37.8 percent, respectively. However, the average daily exports -- which reflect
Feb. 11, 2020