South Korea's travel trade balance deficit widened to a three-year high in the first quarter of 2023, as the number of Koreans departing for overseas travel surged amid eased COVID-19 restrictions. According to numbers from the Bank of Korea on Tuesday, the country's travel trade balance marked a $3.23 billion deficit in the first three months of the year, with travel revenue coming in at $3.08 billion and expenditure at $6.32 billion. The figure hit its highest level since it stood a

Economy May 30, 2023

By Kim Tae-ho National Tax Service vice commissioner Amid high inflation and elevated interest rates worldwide, the growth of the global economy is being hampered by sluggish domestic demand, as well as contractions in the manufacturing sector and trade. In an effort to overcome the global economic downturn, the Korean government has designated key industries such as semiconductors, secondary batteries and displays as national strategic technologies. This designation aims to expand tax ben

Economy May 29, 2023

Police filed an arrest warrant request for a male passenger in his 30s who opened the emergency exit door on a plane before landing on Sunday. The man is accused of opening an emergency exit door on an Asiana Airlines flight from Jeju Island to Daegu on Friday. He has been detained by police. He told officials he wanted to get off the plane quickly because he felt suffocated. On Sunday, Asiana Airlines decided it will ban the sales of a seat on the emergency exit aisle of aircraft model A321-200

Social Affairs May 28, 2023

While heavy downpours hit Korea over the weekend, the 35th Chuncheon Mime Festival kicked off Sunday. The festival is held from Sunday to June 4 across the city of Chuncheon, Gangwon Province. It is the first time in four years for the festival to fully take place following the COVID-19 pandemic, along with water fights -- a major feature of the outdoor festival. The photos show participants enjoying water fights on the streets amid the heavy rain. The festival is accounted to be one of the thr

Travel May 28, 2023

While foreign investors are scooping up major tech shares, retail investors in Korea are continuing to bet on a battery boom, anticipating further growth for the industry. Earlier this year, share prices of battery-related firms soared, as Korean battery firms are expected to benefit from the US Inflation Reduction Act with tax incentives when battery materials are processed there. Reflecting the outlook, the top shares bought by retail investors on the Korean stock market from Jan. 2 to May 2

Market May 28, 2023

Foreign investors have returned to the Korean stock market, net buying more than 11 trillion won ($8.29 billion) this year, buoyed by the outlook of a chip recovery. According to data compiled by the Korea Exchange, non-Korean investors net bought Korean shares worth 11.77 trillion won from Jan. 2 to Thursday, marking a turnaround from massive sell-offs the previous two years. The buying spree of foreign investors was led by big-name tech giants, including Samsung Electronics and SK hynix, backe

Market May 28, 2023

While it's not breaking news that luxury fashion houses have been broadening their customer bases to younger customers, teenagers have risen as a new lucrative target demographic for such brands. More teenagers are purchasing high-end goods -- everything from lower-priced luxury beauty products and shoes to pricier bags, watches and jewelry. “Being a fan of Dior, I wanted to experience the brand,” said Lee Kyung-min, a high school student who visited a pop-up event held by Frenc

Industry May 27, 2023

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, opting for a third consecutive freeze as inflation has been showing signs of easing off in Korea in recent months. Korea’s base rate has stayed at 3.5 percent since February, when the central bank first froze the rate after more than a year of rate hikes to tamp down soaring prices. “The BOK decided to keep the rate unchanged as it is appropriate to maintain the monetary tightening stance, with the inflat

Economy May 25, 2023

The inflation index of utility bills for households -- including electricity and gas -- spiked by more than 30 percent in the first three months of 2023, marking the highest on-year increase since the 1998 financial crisis. The increase in utility prices for electricity, gas and other fuels converted into the inflation index logged 135.49 points in the first quarter of 2023, up 30.5 percent from the same period last year, according to the Korea Statistical Information Service on Monday. This mar

Economy May 22, 2023

The Bank of Korea is likely to maintain the current base interest rate at its next rate-setting meeting on Thursday, going for a third consecutive rate freeze amid waning inflation and a sluggish economy. The market expects the central bank to maintain the key rate at 3.5 percent, following two previous rate freezes in February and April. Inflation has been coming down in Korea. The consumer price index, a barometer of inflation, showed a 3.7 percent on-year increase in April, falling into the 3

Economy May 21, 2023

The South Korean government is seeking to push the growth of cutting-edge display technologies, providing aggressive support such as hefty tax cuts and deregulation. “Displays will be designated as a national advanced strategic technology to encourage private investments, ensuring a stable supply network while supporting policy financing, research and development, and training,” Finance Minister Choo Kyung-ho said at a governmental meeting held in central Seoul on Wednesday. He added

Economy May 17, 2023

Ukraine’s top governmental officials called for Korea to take part in the reconstruction of the war-torn country following Russia's invasion at a meeting held by the Korea Chamber of Commerce and Industry in Seoul on Tuesday. The KCCI held a meeting under the title of “Korea-Ukraine Partnership for the Future,” in cooperation with the Embassy of Ukraine in Korea as high-ranking Ukrainian governmental officials visited Seoul, to discuss how Korean companies could take par

Industry May 16, 2023

The Bank of Korea and Samsung Electronics on Monday have joined hands to develop Central Bank Digital Currency technology that enables transactions to be made without internet access. The two sides signed a memorandum of understanding at Samsung’s headquarters in Suwon, Gyeonggi Province to strengthen their partnership on the development of CBDC, a form of digital currency issued by the central bank, as well as a solution for offline transactions using the virtual money. Samsung Electroni

Market May 15, 2023

Electricity rates and gas prices in South Korea will increase by 5.3 percent from Tuesday, to ease the financial burden of cash-strapped state-run energy companies. The electricity rate will go up by 8 won ($0.006) per kilowatt-hour and the gas rate by 1.04 won per megajoule, the government announced Monday. The hiked rates take effect from Tuesday, but will not be applied retroactively. This means that a four-person household that uses an average amount of electricity and gas will have to pay

Economy May 15, 2023

Four Korean companies -- Hanwha Aerospace, Cosmo Advanced Materials, KT and Posco International -- were included to the Korean index powered by US index provider Morgan Stanley Capital International on Friday. The much-anticipated inclusion of battery material firm EcoPro fell through due to its recent "extreme" price surge. Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha; battery material firm Cosmo Advanced Materials; telecommunications firm KT; and Pos

Market May 12, 2023