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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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Korean labor force to shrink by 10 million by 2044: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Gov't appears to shelve punitive measures against mass walkout by doctors
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Allegations surrounding BTS resurface, enraged fans demand apology
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Students with history of violence will be barred from becoming teachers
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Samsung mocks Apple over iPhone alarm glitch
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S. Korea loses footholds in Chinese market amid tightened competition: KIEP
South Korea accounted for the biggest share of imports to China in 2019, but its slice has been shrinking in recent years due to intensifying competition with other Asian players, a think tank said Tuesday. While South Korea accounted for 8.42 percent, the largest share, of China's overall imports in 2019, the portion marked a slight drop from 9.65 percent posted a year earlier, according to the Korea Institute for International Economic Policy (KIEP). Instead, Association of Southeast Asian
July 7, 2020
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Tax revenue continues to decline in May
South Korea collected 31.9 trillion won ($26.6 billion) in taxes in May, down 13.2 trillion won from a year earlier, the finance ministry said Tuesday. Income tax revenue amounted to 7.8 trillion won in May, down 3.5 trillion won from a year earlier, according to the Ministry of Economy and Finance. Dues collected from companies reached 4.4 trillion won in the month, down 10.8 trillion won from a year earlier. Value-added tax revenue reached 2 trillion won in May, up 1 trillion won from a
July 7, 2020
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S. Korea posts $2.29b current account surplus in May
South Korea posted a current account surplus in May, central bank data showed Tuesday, although its surplus more than halved from a year earlier on a sharp decline in exports caused by the new coronavirus pandemic. The country's current account surplus came to $2.29 billion in the month, according to preliminary data from the Bank of Korea (BOK). The reading marks a turnaround from a $3.33 billion deficit posted the previous month, the largest deficit since January 2011. However, it also mar
July 7, 2020
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Finance minister sees worse Q2 contraction, but vows positive growth in Q3
SEJONG -- Finance Minister Hong Nam-ki said Monday he expects South Korea's second-quarter economic contraction to be worse than the first quarter due to the coronavirus pandemic, but the government aims to achieve economic growth in the third quarter. The nation's economy shrank 1.3 percent in the first quarter as the pandemic hit exports and consumption. The Bank of Korea predicted that the economy would contract 0.2 percent this year. "I think that the second-quarter growth rate will
July 6, 2020
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Korea's economy to rebound by 3% in 2021: IMF economist
South Korea's economy will likely rebound to grow 3 percent in 2021 after contracting 2.1 percent this year in the face of the coronavirus pandemic, an IMF economist said Monday. Asian countries are expected to post 1.6 percent negative growth for the first time in history as the COVID-19 pandemic continues to weigh on demand and exports, but they will rebound to growth of 6.6 percent next year, Angana Banerji, senior economist at the International Monetary Fund, said in a webinar hosted by t
July 6, 2020
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S. Korea to execute largest-ever extra budget to battle pandemic
South Korea will execute its third supplementary budget of 35.1 trillion won ($29.3 billion) on Monday as part of a move to minimize the economic impact of the ongoing coronavirus pandemic, the Ministry of Economy and Finance said Sunday. The latest COVID-19 response budget, the single biggest spending in the country’s history, was approved by the National Assembly late Friday, surpassing the extra budget of 28.4 trillion won passed amid the 2009 global financial crisis. Earlier i
July 5, 2020
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S. Korea's gold bourse turnover hits new record high amid virus pandemic
South Korea's gold turnover reached an all-time high in the first half of 2020 as investors flocked to safer assets amid the coronavirus pandemic around the globe, data showed Sunday. The combined turnover on the gold bourse stood at 710 billion won ($591 million) over the January-June period, exceeding the 591.9 billion won posted for all of 2019, according to the data compiled by the Korea Exchange (KRX). The gold bourse was launched on March 24, 2014, as the country tried to bring more tra
July 5, 2020
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S. Korean economy tipped to contract this year, but positive growth still possible: report
South Korea's economy is widely expected to suffer its first annual contraction in over a decade this year but may expand, depending on how swiftly and effectively the government implements its budget spending and how quickly the COVID-19 pandemic is brought under control, a think tank said Sunday. "Considering that economic indicators are worsening to levels seen during the Asian financial crisis when the country posted a negative growth, the possibility of the country posting a negative
July 5, 2020
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S. Korean parliament likely to pass largest-ever extra budget in history
S. Korean lawmakers on Friday are set to pass a bill for the third extra budget of up to 35.3 trillion won ($29.5 billion) in the afternoon, marking the passage of the largest-ever supplementary budget, in an effort to cushion the economy from the blows of the coronavirus pandemic. In a press briefing held earlier in the day, ruling Democratic Party of Korea Rep. Park Hong-keun set the time for the National Assembly’s plenary session vote at 7 p.m., saying that related Special Comm
July 3, 2020
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S. Korea’s forex reserves hit record-high of $410.75b
South Korea’s foreign exchange reserves hit a fresh record high of $410.75 billion last month, having gained $3.44 billion on-month due to a weak dollar trend, the nation’s central bank said Friday. “Profits and investment returns from foreign assets coupled with the weak dollar trend translating into a higher dollar-converted value of other currencies contributed to the gain,” A Bank of Korea official said. Korea’s forex reserves have increased for three conse
July 3, 2020
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NPS logs record high annual return in 2019
South Korea’s public pension fund National Pension Service has posted a return rate of 11.34 percent last year, hitting a 10-year record high, Minister of Health and Welfare Park Neung-hoo said Friday. “After recording a return rate of minus 0.89 percent in 2018, last year’s figure rebounded within just a year. It is the highest return rate since establishing the NPS Investment Management Committee in 1999,” said Park, who also heads the state pension’s asset mana
July 3, 2020
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S. Korea to expand IP financial investment market to W1.3tr by 2024
South Korea aims to foster its intellectual property financial investment market to 1.3 trillion won ($1.08 billion) by 2024 to help firms deal with liquidity issues triggered by the coronavirus pandemic, the nation’s IP office said Thursday. The Korean Intellectual Property Office announced 14 specific tasks under four pillars that would establish platforms for individuals and firms to directly invest in IP and profit from royalties, sales and even lawsuits. This is expected to boost th
July 2, 2020
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Fiscal chief urges Japan to move on export curbs
South Korea’s top fiscal policymaker on Thursday urged Japan to show sincere efforts to lift export curbs and resolve a yearlong trade dispute between the Asian neighbors. “(South Korea) calls on the Japanese government to make efforts with a sincere attitude to normalize its export regulations targeting the nation,” said Finance Minister Hong Nam-ki during an economy-related ministerial meeting held at Seoul Government Complex. “The Korean government has stepped up ef
July 2, 2020
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Number of Chinese tourists to S. Korea dips 30% over THAAD row
The number of Chinese tourists to South Korea fell by more than 30 percent in the 2017-2020 period from three years earlier due to a bilateral diplomatic row, data showed Thursday. The monthly average number of Chinese tourists in South Korea reached 380,000 during the three-year period starting in April 2017, down 33.1 percent compared with the three-year span beginning in February 2014, according to data by the Korea Tourism Organization (KTO). The fall came as China -- South Korea's larges
July 2, 2020
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S. Korea's exports of agricultural goods up 4.4% in H1
South Korea said Thursday its exports of agricultural goods and foodstuffs advanced 4.4 percent on-year in the first six months of 2020 as the global new coronavirus pandemic has sparked higher demand for processed products. The country's outbound shipments of agricultural products and foodstuffs reached $3.6 billion in the January-June period, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Exports of fresh produce advanced 1.2 percent over the period t
July 2, 2020
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Seoul urges Tokyo to show 'sincere attitude' to resolve trade row
SEJONG -- South Korea's finance minister on Thursday called for Japan to adopt a "sincere attitude" in talks to resolve a trade row between the two Asian neighbors. Finance Minister Hong Nam-ki said South Korea "calls on the Japanese government to show a stance of progress with a sincere attitude to lift its export curbs." Seoul and Tokyo have been at loggerheads since July last year, after Japan abruptly rolled out restrictions on exports of key industrial materials to S
July 2, 2020
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S. Korea's annual inflation unchanged in June amid pandemic
SEJONG -- South Korea's annual inflation remained unchanged on-year in June amid the coronavirus pandemic, data showed Thursday. The consumer price growth remained flat last month compared with a 0.3 percent on-year decline in May, according to the data released by Statistics Korea. The nation's inflation rose 0.2 percent on-month, the data showed. Core inflation, which excludes agricultural and petroleum products, rose 0.6 percent from a year earlier. Utility prices fell 0.3 percent on-yea
July 2, 2020
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Authorities to expand local companies’ access to financial database
South Korea’s financial authorities said Wednesday they will ramp up their efforts to open up financial big data to local markets in an effort to nurture the industry here. Starting August, the Korea Credit Information Services, a pan-industry body tasked with data preservation and protection, will offer various information collected from nearly 50 million anonymous insurance consumers to both financial and nonfinancial companies via its online-based Financial Bigdata Open System, dubbed
July 1, 2020
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Seoul still open for talks over trade row with Tokyo
SEJONG -- South Korea said Wednesday it is still open to talks with Japan to settle the yearlong trade spat with the Asian neighbor but hinted that it has no intention to drop its complaint at the World Trade Organization (WTO). "We are always open to talks and communications with Japan. But we have not yet received any requests from Tokyo," Na Seung-sik, deputy minister for trade and investment at the Ministry of Trade, Industry and Energy, said during a meeting with reporters. &qu
July 1, 2020
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S. Korean insurers' financial health worsens in Q1
South Korean insurance companies saw their financial health worsen slightly in the first quarter as share price falls eroded capital, data showed Wednesday. The risk-based capital (RBC) ratio of insurance firms stood at 267.2 percent at the end of March, down 2.4 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). A key yardstick of financial stability, the RBC ratio -- the actual solvency capital divided by the minimum solvency cap
July 1, 2020