Most Popular
-
1
Yoon banned from leaving country
-
2
[Exclusive] ‘Troops paused on way to Election Commission, felt something was up’
-
3
Korean millennials, Gen Z make presence felt at protests
-
4
Power struggle intensifies among investigative bodies over Yoon Suk Yeol’s martial law case
-
5
'Orderly retreat' struggles to win support
-
6
Next impeachment vote against Yoon to take place Saturday
-
7
'Squid Game 2' will leave audience reflecting on social chaos of today
-
8
Ruling party lawmaker to back impeachment motion
-
9
Assembly to vote Tuesday on Yoon insurrection probe
-
10
Cheaper Chinese chips hamper profit outlook for Samsung, SK hynix
-
Exports fall 2.9% during first 20 days of October
South Korea's exports lost 2.9 percent on-year in the first 20 days of October due to falling demand for vehicles and petroleum products and fewer working days, data showed Monday. Outbound shipments reached $32.77 billion in the Oct. 1-20 period, compared with $33.74 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, rose 1 percent on-year to $2.62 billion. The number of working days during the cited period of this year came to 1
Oct. 21, 2024
-
Domestic demand shows signs of recovery despite gaps among sectors: finance ministry
The South Korean economy has been on a path for recovery led by exports and domestic demand showed signs of improvement, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, while noting that the pace of recovery differs among sectors. "The economy continues to show a recovery trend centering on exports and the manufacturing sector amid the stabilization of consumer prices. Domestic demand is also showing signs of a gradual recov
Oct. 18, 2024
-
Central bank chiefs from S. Korea, China, Japan meet over economic, financial issues
Central bank chiefs from South Korea, China and Japan held a meeting in Beijing on Thursday to discuss a variety issues, including economic and financial trends. Bank of Korea (BOK) Gov. Rhee Chang-yong met with his Chinese counterpart, Pan Gongsheng, and Japanese counterpart, Kazuo Ueda, at the gathering, the 13th of its kind, chaired by Beijing's top central banker, according to the BOK. The BOK said the central bank chiefs exchanged their views on recent economic and financial issues.
Oct. 17, 2024
-
Finance minister vows all-out efforts to win Czech nuclear deal
Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok vowed to secure the final deal for Czech nuclear plants amid ongoing criticism that it would result in a pork-barrel project. “We will put an utmost effort to ensure that the construction of the Czech nuclear power plant reaches the final contract without any setbacks,” Choi said during a ministerial meeting on external economics. Korea's consortium, led by the state-run Korea Hydro & Nuclear Power, is s
Oct. 17, 2024
-
Multinationals in Korea pay OECD’s lowest share of corporate tax
The proportion of South Korea's total corporate tax revenue that comes from foreign multinational companies, including Google and Netflix, stands at just 7 percent, one of the lowest ratios in the Organization for Economic Cooperation and Development. According to an analysis of OECD corporate tax data by Rep. Ahn Do-geol, submitted at the parliamentary audit of the National Tax Service on Wednesday, the share of corporate tax revenue from foreign multinationals in Korea is less than one-th
Oct. 17, 2024
-
K bank eyes W5tr IPO to spur growth
K bank, South Korea's first internet-only bank, has announced plans for business expansion, seeking to raise over 1 trillion won ($733.6 million) from its upcoming initial public offering. "K bank will drive inclusive and innovative finance by using the IPO funds to advance our three core growth strategies — retail, small- and medium-sized enterprises and platforms — along with risk management and technology," said CEO Choi Woo-hyung during a press conference in Seoul
Oct. 15, 2024
-
Spike in KAIST dropouts as med school draws talent away
Over the past three years, 182 students from the Korea Advanced Institute of Science and Technology have withdrawn from the university to pursue medical or dental school, with some even abandoning their graduate-level studies to make the switch. According to data provided by Democratic Party Rep. Hwang Jeong-ah, a member of the National Assembly's Science, ICT, Broadcasting, and Communications Committee, these 182 students left KAIST between 2021 and Oct. 4 this year, specifically citing th
Oct. 15, 2024
-
Land ministry delegation to visit Philippines, Thailand for infrastructure cooperation
The Ministry of Land, Infrastructure and Transport said Tuesday it plans to send a delegation to the Philippines and Thailand to explore infrastructure and development-related cooperation with the countries. During the four-day trip beginning Tuesday, the delegation headed by First Vice Land Minister Jin Hyun-hwan plans to meet with Manila's land and transport ministries, as well as the Asian Development Bank officials, to discuss cooperation in related areas. In Thailand, the delegation pl
Oct. 15, 2024
-
S. Korea-China route container shipping costs on constant rise: data
Container shipping costs from South Korea to China rose for the eighth consecutive month in September, the customs agency said Tuesday. The average shipping cost for a 40-foot container from South Korea to China climbed 17.6 percent on-month to 862,000 won ($634.48) last month, according to the data from the Korea Customs Service. The figure has been on a constant increase since February. But the average shipping costs from South Korea to the European Union shed 14.7 percent, the first fall in f
Oct. 15, 2024
-
'8 out of 10 foreign students willing to work in Korea'
Eight out of 10 international college students studying in Korea are willing to work in the country, yet the proportion of professional foreign laborers securing jobs remains quite low, according to a recent report by the Korea International Trade Association. The report, released Monday, noted that the number of foreign students in Korea has steadily increased over the past decade, reaching 197,000 in 2022. However, only 6 percent of these students secured employment through the E-7-1 professio
Oct. 14, 2024
-
ICT exports rise for 11th straight month in Sept. on record chip sales
South Korea's exports of information and communication technology (ICT) products rose for the 11th consecutive month in September, driven by record sales of semiconductors, data showed Monday. Outbound shipments of ICT products came to $22.4 billion last month, up 24 percent from $18.04 billion a year earlier, according to data compiled by the Ministry of Science and ICT. The monthly tally marked the second highest since March 2022. Imports of ICT products increased 15.9 percent on-year to
Oct. 14, 2024
-
BOK cuts key rate by quarter point to 3.25%
South Korea's central bank lowered the policy rate by 0.25 percentage point on Friday, signaling the end of an era of monetary tightening that had extended over three years. The Bank of Korea’s monetary policy board slashed the base rate by 25 basis points, bringing it down to 3.25 percent. Five of the other six monetary policy board members, not including BOK Gov. Rhee Chang-yong, agreed to the rate cut, while the remaining member suggested maintaining the rate at the 3.5 percent lev
Oct. 11, 2024
-
Korea added to key bond index
South Korea finally succeeded in joining the World Government Bond Index, a global benchmark measuring the performance of sovereign fixed income. The inclusion is expected to draw in passive foreign funds worth over $56 billion. The WGBI, managed by Financial Times Stock Exchange Russell, is one of the three key government bond indices, along with the Bloomberg-Barclays Global Aggregate Index and JP Morgan Government Bond Index-Emerging Markets. It is tracked by global funds worth over $2.5 tril
Oct. 9, 2024
-
Banks, brokerages, insurers spent W2.4tr in entertainment expenses over last five years
South Korea’s financial sector, including banks, brokerage houses and insurers, spent a staggering 2.4 trillion won ($1.78 billion) on entertaining clients over the past five years, data showed Tuesday. From 2019 through the first half of this year, banks, brokerages and insurance companies spent 957.8 billion won, 1.13 trillion won and 308.5 billion won, respectively, on entertainment expenses, according to Financial Supervisory Service data submitted to Rep. Kim Hyun-jung of the main opp
Oct. 8, 2024
-
S. Korea logs current account surplus for 4th month in August
South Korea racked up a current account surplus for the fourth consecutive month in August, driven by robust exports, central bank data showed Tuesday. The country's current account surplus reached $6.6 billion in August, marking a surplus for the fourth consecutive month, according to data compiled by the Bank of Korea. The August surplus was smaller than the previous month's $8.97 billion. The country's goods account racked up a $6.59 billion surplus in August following an $8.33
Oct. 8, 2024
-
Regulator to begin probe into TikTok over potential violation of personal data law
South Korea's media regulator is set to look into TikTok over a potential violation of the nation's personal data protection law, an official at the regulator said Monday. TikTok is accused of automatically requiring its users to receive advertisements, instead of letting users give their consent to receive such content under the Korean law, according to industry sources. The Korea Communications Commission suspects that TikTok may be violating the Act on Promotion of Information and C
Oct. 7, 2024
-
Foreign reserves up for 3rd month in Sept. on weak dollar, investment gains
South Korea's foreign reserves increased for the third straight month in September on the back of the increased value of non-US dollar assets and investment gains, central bank data showed Monday. The country's foreign reserves had come to $419.97 billion as of end-September, up $4.05 billion from the previous month, according to the data from the Bank of Korea. The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and in
Oct. 7, 2024
-
Money Festa 2024 offers investment tips in uncertain market
Herald Media Group hosted Money Festa 2024 last week, a two-day event offering insights into the latest investment trends spanning from real estate to equity, shedding light on making wise investment decisions to achieve financial freedom. "Everyone dreams of a financially-free life, but the reality is harsh," Choi Jin-young, CEO of Herald Media Group, said in his opening speech at The Platz exhibition hall in Coex, southern Seoul, on Oct 1. "I hope the attendees can find the answ
Oct. 6, 2024
-
Over 60% of automotive exports shipped to N. America in Jan.-Aug.
Over 60 percent of South Korea's automotive exports during most of 2024 have been shipped to North America, according to industry data, raising concerns about the need for more balanced global export strategies. The combined exports of the five South Korean automotive firms — Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors — totaled 1,857,111 units during the January-August period. Of those, 61.4 percent, or 1,140,073 units, were shipped to North America, mar
Oct. 6, 2024
-
Market uncertain on Korea's October rate cut despite slowed inflation
Despite clear signs of slowing inflation, market sentiment remains mixed regarding whether South Korea's central bank will follow the US Federal Reserve to pivot toward lowering rates this month. Statistics Korea reported that the consumer price index — a key measure of inflation — rose 1.6 percent on-year in September, down from 2 percent in August, marking the lowest level since February 2021, when it recorded a 1.4 percent increase. The last time the index fell below the 2 pe
Oct. 4, 2024