South Korea's sole icebreaker kicked off its 13th Arctic mission Monday to conduct research on clues about climate change in the North Pole, a local polar research institute said. The Araon left the western port of Incheon for a 92-day mission to study the causes of abnormal weather conditions there and the impact of global warming on its ecosystem, the Korea Polar Research Institute said. It is the Araon's first Arctic mission in three years, which had been delayed in the wake of the

South Korea's electricity demand touched a fresh all-time high in June as the country was struck by an early heat wave, data showed Monday. The country's maximum power demand averaged 71,805 megawatts (MW) last month, up 4.3 percent from a year earlier and marking the highest tally for any June, according to the data from the Korea Power Exchange. June also represented the first time the figure has surpassed the 70,000-MW level for the month. The power exchange said unusually hot weath

Business leaders of South Korea and Japan called Monday for the leaders of the two countries to hold a summit at an early date to address pending bilateral issues and help restore economic ties. The Federation of Korean Industries (FKI) and the Japan Business Federation, or Keidanren -- major business lobbies in the two countries -- made the joint call during their annual meeting that was resumed after a nearly three-year hiatus caused by the COVID-19 pandemic. "We must upgrade the declara

South Korea's finance minister, the central bank chief and financial regulators said Monday they will step up policy coordination to minimize fallout from rising interest rates at home and abroad. In a meeting presided over by Finance Minister Choo Kyung-ho, they discussed economic and financial situations amid heightened external economic uncertainty from the prolonged war between Russia and Ukraine, and the Federal Reserve's aggressive monetary policy tightening. The meeting brought

Finance Minister Choo Kyung-ho said Sunday that he would help Korean companies sell more goods overseas by offering more loans at a time when Korea’s exports snapped 15 months of double-digit growth in June, stocking recession worries. The trade deficit in January-June this year reached $10.3 billion, the highest level ever recorded in the first six months of a year, despite record-high exports in the same period, as soaring energy prices offset the export gains. “I am not quite su

Financial authorities said Friday they will take a series of measures from next week to ease volatility in stock markets, as the nation's benchmark stock index sank to a 20-month low due to fears of an economic recession.    From next Monday, brokerage firms will be exempted from an obligation to hold at least 140 percent of the value of each stock purchase, to provide credit to their customers, the Financial Services Commission (FSC) said in a statement.    The exemption

SEJONG -- South Korea posted a record-high trade deficit during the first half of 2022 in the wake of a spike in import prices of raw materials, state data showed Friday. According to the Ministry of Trade, Industry and Energy, the nation’s exports recorded $350.3 billion during the January-June period, up 15.6 percent compared to the corresponding period of 2021. Imports increased by 26.2 percent on-year to post $360.6 billion. This brought about a trade deficit of $10.3 billion, which

Government should restructure ‘zombie’ firms and set spending priorities straight, analysts say　

Kepco, LH, Korail included on the list

South Korea has collected around 34.8 trillion won ($26.72 billion) more in taxes during the first five months of this year compared with the previous year amid growth in employment and economic recovery, the finance ministry said Thursday. In May alone, the government's tax revenue rose 300 billion won from a year earlier to come to 28.7 trillion won, as the economic recovery boosted income and corporate taxes, the data showed. The tax revenue amounted to 196.6 trillion won in the January-

Representatives of South Korea's labor and management have agreed to set next year's minimum hourly wage at 9,620 won ($7.41) in a 5 percent increase from this year, officials said Thursday. The Minimum Wage Commission, which is composed of nine members each from labor, business and the general public, struck the agreement Wednesday night during a plenary session held at the government complex in Sejong. The new rate translates to a monthly wage of 2.02 million won. It will apply equal

South Korea's industrial output and facility investment rebounded in May from the previous month in the latest sign that Asia's fourth-largest economy maintains mild recovery momentum amid heightened external uncertainty, data showed Thursday. Industrial production rose 0.8 percent in May from the previous month, compared with a 0.9 percent on-month fall in April, according to the data from Statistics Korea. Compared with a year earlier, industrial output grew 7.1 percent. Facility inv

South Korea's business sentiment worsened for July amid deepening concerns over high raw materials prices and a global economic downturn, a central bank poll showed Thursday. The business sentiment index (BSI) for local companies came to 82 for July, down 5 points from the previous month, according to the survey by the Bank of Korea (BOK). The index measures corporate prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists. The figu

SEJONG -- South Korea has recently carried out a senior-level promotion in the Czech Republic for its nuclear energy technologies in an attempt to win a reactor project in the European nation, the Energy Ministry said Wednesday. The core of promotion activities was Minister of Trade, Industry and Energy Lee Chang-yang’s meetings with Czech senior officials and political heavyweights in Prague on Tuesday.   In a meeting with his counterpart Jozef Sikela, Lee commented on details on Ko

Inflation expectations hit 10-year high ahead of BOK rate decision in July