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LATEST NEWS

S. Korea inks $600 mln investment deals with European firms: trade ministry
Prince Harry and Meghan expecting their 1st child in spring
Football head coach hints at lineup changes in friendly vs. Panama
ASEAN becomes center stage for Korean retail, beauty and entertainment biz
‘New Southern Policy’ encourages financial companies to look to Southeast...
Korean businesses venture into ASEAN in search of new opportunities
[Graphic News] Day care usage way below government 40% target: data
Family of three found dead of carbon monoxide poisoning at campsite
SK Telecom, Samsung announce successful 5G first call
New labor minister burdened with challenges

Oct 15, 2018 Economy

S. Korea inks $600 mln investment deals with European firms: trade ministry

South Korea has clinched new investment deals totaling $600 million with firms in European Union countries, achieving the annual target for foreign direct investment, Seoul’s trade ministry said Monday. The Ministry of Trade, Industry and Energy said it secured the new deals with four EU-based companies at the investment roundtable it held in Paris. It came on the sidelines of South Korean President Moon Jae-in’s four-day state visit to France that ends Tuesday. (Yonhap)Moon is currently on a t

Seoul shares down 0.29% late Monday morning

South Korean stocks traded lower on Monday as investor sentiment remained subdued over the lingering trade tensions between the United States and China and rising US nterest rates.The benchmark Korea Composite Stock Price Index dropped 6.34 points, or 0.29 percent, to 2,155.51 as of 11:20 a.m. (Yonhap)Market heavyweights were seeing bearish trade across the board as foreigners and institutions remained net sellers of foreign stocks, following a deep loss last week. Tech shares traded in negative

Oct 15, 2018
Economy
Korea eyes development of port in Russian Far East

South Korea's oceans ministry said Monday it will look into the feasibility of developing a port in Russia's Far East to help local companies take advantage of its strategic location.The Ministry of Oceans and Fisheries said it will carry out the feasibility study until September 2019 on the Port of Slavyanka, which borders North Korea and China. The ministry said the project is aimed at providing essential investment information to Korean companies, which have shown interest in development of t

Oct 15, 2018
Economy
Percentage of household savings falls to lowest level since 1975 in H1: BOK

The percentage of household savings held by local lenders fell to the lowest level since 1975 in the first half of the year, as low interest rates caused people to invest their money in real estate and stocks, central bank data showed Sunday.According to the Bank of Korea, household savings made up 45.4 percent of all deposits in the January-June period. This represents a 1.2 percentage-point dip from a year earlier. (Yonhap)At the same time, deposits by businesses have been on the rise.In the s

Oct 14, 2018
Economy
Finance minister urges global ratings agencies to reflect

South Korea‘s top economic policymaker called on global ratings agencies to reflect the latest developments in inter-Korean relations when evaluating Seoul’s credit standing, the finance ministry here said Sunday.　It said Finance Minister Kim Dong-yeon, who is in Bali, Indonesia, to take part in the Group of 20 Finance Ministers and Central Bank Governors meetings, met with representatives from Fitch Ratings and Standard & Poor‘s (S&P) on Friday and Saturday. 　At the talks, Kim stressed that a s

Oct 14, 2018
Economy
Seoul to announce measures to achieve job goal this year

South Korea will announce a set of measures later this month to help generate new jobs as it views the country's employment as being "at a critical situation" based on data, its finance minister said Sunday. For job creation, the government will focus on encouraging businesses to make investments by easing regulations, supporting innovative growth in businesses, and providing customized jobs to local provinces and industries, Finance Minister Kim Dong-yeon said in a meeting with reporters in Ba

Oct 14, 2018
Economy
S. Korea's Q3 jobless numbers top 1 mil mark for first time

South Korea's jobless numbers in the third quarter surpassed the 1 million mark for the first time since the country struggled with the fallout of the Asian financial crisis, government data showed Sunday. Numbers released by Statistics Korea showed the average monthly unemployment stood slightly over 1.06 million in the July-September period, up a sharp 102,000 from a year earlier. This is the highest reading for the third quarter after the 1.33 million tallied in 1999, when the country was

Oct 14, 2018
Economy
S. Korea sees surplus from media content surge in Aug.

South Korea's trade surplus in the media content sector grew a 16-month high in August on the back of the growing popularity of Korean culture products and eased tensions with CHina over a US missile system, central bank data showed Saturday.South Korea logged a trade surplus of $42.7 million in sound and image services in August, the highest since $55 million tallied in April last year, according to the data compiled by the Bank of Korea.The trade balance in this segment mainly refers to the im

Oct 13, 2018
Economy
Trade minister to attend RCEP talks in Singapore

South Korea's trade minister will attend the ministerial meeting of the Regional Comprehensive Economic Partnership in Singapore to discuss ways to deepen economic ties with the fast-growing bloc, his office said Friday.Kim Hyun-chong will participate in the latest round of talks for RCEP -- a proposed mega trade deal involving Asian nations -- in Singapore on Saturday, the Ministry of Trade, Industry and Energy said. (Yonhap)RCEP is in essence a massive regional trade deal between the 10 membe

Oct 12, 2018
Economy
Economy backed by exports, domestic consumption despite growing uncertainties: finance ministry

South Korea's economy is showing decent growth on the back of robust exports and domestic consumption, although capital spending and job creation remain sluggish and external uncertainties are on the rise, a government report said Friday.A weaker job market, rate hikes in the United States and rising oil prices pose downside risks for Asia's fourth-largest economy, the finance ministry said in its monthly economic assessment report."The economy is still on a firm growth path backed by sound expo

Oct 12, 2018
Economy
Korea's jobless rate rises in Sept., sluggish job creation continues

South Korea's jobless rate rose slightly in September due to a fall in employment in the retail and restaurant sectors, with poorer-than-expected job creation continuing, government data showed Friday.The unemployment rate stood at 3.6 percent last month, up 0.3 percentage point from a year earlier, marking the highest rate for September since September 2005, according to the report compiled by Statistics Korea.The number of employed people reached 27.05 million in September, up 45,000 from the

Oct 12, 2018
Economy
Korean banks' household lending slows in Sept.

Household lending by South Korean banks grew at a slower pace in September than the previous month despite an increase in mortgages, central bank data showed Thursday.Outstanding household loans from banks came to 807.7 trillion won ($707.9 billion) as of the end of last month, up 5.1 trillion won from June, according to the data from the Bank of Korea.(Yonhap)The on-month gain was lower than the 5.9 trillion won tallied in August.But home-backed mortgages increased by 3.6 trillion won on-month

Oct 11, 2018
Economy
Korea ranks 2nd in World Bank's human capital index

South Korea came in second in the World Bank Group's human capital index, which shows the productivity of the next generation of workers, the bank's report showed Thursday.Singapore ranked first with its index standing at 0.88. South Korea and Japan tied for second with 0.84. Hong Kong, Finland, Ireland and Australia came next in that order, according to the report titled "World Development Report 2019: Changing Nature of Work."The HCI measures the amount of human capital that a child born today

Oct 11, 2018
Economy
Korea's current account hits $8.44b in Aug.

South Korea's current account surplus continued to remain firmly in the black in August on brisk overseas sales, central bank data showed Thursday.The country's current account surplus came to $8.44 billion in August, up from $6.03 billion in the black a year ago, according to the preliminary data from the Bank of Korea. From a month earlier, the August figure declined from a yearly high of $8.76 billion.Asia's fourth-largest economy has maintained a current account surplus for 78 straight month

Oct 11, 2018
Economy
Korean economy underperforms growth potential

Economists have raised the alarm on the weakening growth momentum of the Korean economy, calling on the government to take steps to prevent the country from being stuck in a prolonged slowdown.Local research institutes predict that Asia’s fourth-largest economy will next year expand at a slower pace than its annual potential growth rate, which is estimated by the Bank of Korea to be around 2.8-2.9 percent. The potential growth rate refers to the maximum growth an economy could achieve through th

Oct 11, 2018
Economy

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