Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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ASEAN+3 sets base for more local currency swaps to strengthen regional support
The finance chiefs of 13 Asian countries, including South Korea, on Thursday agreed on a preliminary framework to strengthen regional currency swap agreements, with aims to avoid overreliance on the US dollar.According to the Bank of Korea, the consensus was reached during the 22nd ASEAN Plus Three Finance Ministers’ and Central Bank Governors’ Meeting held in Nadi, Fiji.The ASEAN+3 is a regional body consisting of the 10 Association of Southeast Asian Nations members as well as Kore
May 2, 2019
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Korean won performs worst among major currencies against US dollar
Among major currencies, the South Korean won suffered the steepest monthly decline against the US dollar, reports showed Wednesday, due to the latest trend of a persistently strong greenback. The won had fallen 2.82 percent on-month as of Tuesday, Bloomberg data that measured the monthly rate of decline of 16 major currencies showed.Most currencies weakened against the US dollar, except the Mexican peso and South Africa’s rand, which gained 1.98 percent and 1.07 percent, respectively. 
May 1, 2019
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S. Korea’s exports slip 2% in April amid chip, China factors
South Korea’s exports dropped 2 percent in April from the previous year, marking the fifth consecutive month of downtrend amid a prolonged slump in the chip-making business and sluggish demand from China, government data showed Wednesday.The volume of outbound shipments totaled $48.86 billion in April, down from $49.85 billion a year earlier, according to statistics released by the Ministry of Trade, Industry and Energy.Imports inched up 2.4 percent to $44.75 billion during the same period
May 1, 2019
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S. Korea's exports down 2% in April
South Korea's exports dropped 2 percent in April from a year earlier, extending their on-year fall for the fifth consecutive month, government data showed Wednesday.Outbound shipments came to $48.86 billion for April, down from the $49.85 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports, on the other hand, moved up 2.4 percent over the cited period to $44.74 billion, the ministry added.South Korea's trade surplus came to $
May 1, 2019
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S. Korea’s production, consumption, investment all rise in March
South Korea’s key industrial indexes for production, consumption and investment all marked an increase in March due to the low-base effect from the previous month, government data showed Tuesday.According to Statistics Korea, the country’s industrial output inched up 1.1 percent in March from a month earlier, reflecting the increased production of semiconductors.Semiconductors, a key export item of Asia’s fourth-largest economy, recorded a 3.6 percent on-month rise in output. &
April 30, 2019
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BOK chief departs for ASEAN+3 economic cooperation meeting
Bank of Korea Gov. Lee Ju-yeol departed for Fiji on Monday to take part in a meeting of finance ministers and central bank governors representing the ASEAN nations as well as China, Japan and South Korea. While there they will exchange views on regional economic development and forge closer financial cooperation. It is the 22nd meeting of ASEAN+3 finance and central bank chiefs and will take place Thursday in the Fijian city of Nadi. The same day, the finance and central bank heads of China, Jap
April 29, 2019
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S. Korea vows stable gas prices despite Iran sanctions
Addressing the latest spike in gas prices, stemming from the uncertainty associated with tighter US sanctions on Iranian oil, South Korea’s chief economic policymaker vowed Monday to bring stability to the domestic market while at the same time bracing for the full impact of the sanctions. “To brace for the possibility of a short-term spike in global oil prices, we plan to revitalize the use of budget gas stations and e-commerce to boost competition in the local oil market as efforts
April 29, 2019
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PM Lee visits southwestern province to foster hydrogen economy
WANJU -- Prime Minister Lee Nak-yon on Thursday visited a center focusing on hydrogen fuel cell technology and a factory run by leading carmaker Hyundai Motor Co. in North Jeolla Province.Lee's trip is part of the government's efforts to nurture the so-called hydrogen economy as the country seeks to shift toward emission-free energy resources. North Jeolla Province, in the southwest of the country, seeks to become a hub of hydrogen fuel cell-related industries.Riding in a hydrogen fuel cell
April 25, 2019
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South Korea's economy shrinks 0.3% in Q1 2019, worst since global financial crisis
South Korea’s economy shrank in the first quarter of this year in the biggest contraction since the 2008 global financial crisis, owing to a sharp drop in exports and slowing capital investments, an advanced estimate by the central bank showed Thursday.According to the Bank of Korea, the country’s gross domestic product for the first three months of 2019 shrank 0.3 percent quarter-on-quarter -- a surprise figure considering the median market forecast of a 0.3 percent gain for the per
April 25, 2019
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Korea’s economy shrinks 0.3% in Q1, worst in decade: BOK estimate
The South Korean economy is estimated to have shrunk in the first three months of the year on a drop in capital investment and falling exports, the Bank of Korea said Thursday. In the three months ended March 31, the country’s gross domestic product is projected to have backtracked 0.3 percent from the previous quarter, according to estimates from the central bank. The reading marks the lowest growth since the fourth quarter of 2008, when Asia‘s fourth-largest economy contracted 3.3
April 25, 2019
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S. Korea asks Moody’s to reflect its policy efforts in credit evaluation
South Korea’s chief economic policymaker asked Moody’s officials to take into account Seoul’s efforts to boost the economy and eased geopolitical risks in evaluating the country’s sovereign rating, the finance ministry said Wednesday.Hong Nam-ki, the minister of economy and finance, made the appeal in a meeting with a Moody’s delegation led by Michael Taylor, chief credit officer for the Asia-Pacific, at a government building in Seoul.Moody’s upgraded the rati
April 24, 2019
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S. Korea draws up W6.7tr budget bill to curb fine dust, boost economy
The South Korean government has drawn up an extra budget of 6.7 trillion won ($5.9 billion) in an effort to alleviate the fine dust problem and respond to economic downside risks, the country’s top fiscal policymaker said Wednesday.The budget, though it fell short of the 9 trillion won recommended by the International Monetary Fund, came as a response to the government’s struggles to achieve the targeted growth range of 2.6-2.7 percent amid a slowing economy and export challenges. &l
April 24, 2019
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S. Korea draws up 6.7 tln-won extra budget to tackle economic slowdown, fine dust
South Korea proposed a 6.7 trillion-won ($5.8 billion) extra budget Wednesday to cope with a slowdown in Asia's fourth-largest economy and rising concerns over fine dust that often blankets the country.Under the supplementary budget bill endorsed by the Cabinet, the government will spend 4.5 trillion won on a series of measures to boost exports, strengthen the social safety net and create more jobs.Also the government set aside 1.5 trillion won to combat the deepening fine dust pollution, which
April 24, 2019
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[Herald Interview] PPS chief to strengthen procurement exports by emphasizing innovative growth
Celebrating the 70th anniversary of the launch of South Korea’s state-run Public Procurement Service, the organization has placed special emphasis on creating a variety of opportunities for domestic companies, particularly the smaller venture firms and startups, to step up exports with innovative technologies.In an interview with The Korea Herald, PPS Administrator Jung Moo-kyung said his drive for innovative merging of technologies and active support from the organization on the occasion
April 23, 2019
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S. Korea says exports likely to improve in 2nd half
South Korea's exports are likely to improve in the second half as demand for semiconductors picks up gradually, a senior government official said Friday.Lee Ho-seung, the first vice minister of economy and finance, made the forecast in a regular meeting with officials from the central bank and other relevant financial authorities.South Korea's outbound shipments fell 8.2 percent on-year to US$47.1 billion in March due to falling global prices of chips. It marked the fourth straight month that ex
April 19, 2019
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[News Analysis] High inheritance tax fuels chaebol monopoly
Following the death of Hanjin Group Chairman Cho Yang-ho last week, the inheritance tax his bereaved family will have to pay is in the spotlight, with estimates suggesting as much as 200 billion won ($175 million).According to analysts, the lofty taxes could shrink the owner family’s stake. However, they also note that it is unlikely, reminding that the high inheritance tax rate is actually what drives the obsessive culture of family-monopolized management among conglomerates here. South K
April 18, 2019
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BOK cuts growth forecast to 2.5%, freezes base rate
The Bank of Korea on Thursday revised down its economic growth forecast for this year to 2.5 percent, amid economic uncertainties and weakening exports.The nation’s base rate was frozen at 1.75 percent, as the central bank suggested a rate cut would be inconsistent with the government’s expanded fiscal spending later in the year.“The slowing trend of the global economy has prolonged, while the volatility of policy rates and exchange rates has expanded in the financial market,&r
April 18, 2019
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BOK freezes key rate at 1.75% for April
South Korea's central bank held its policy rate unchanged at 1.75 percent for April on Thursday amid persistent concerns over an economic slowdown, despite a decline in inflationary pressure. The monetary policy board of the Bank of Korea voted to leave the bellwether call rate steady for the fifth straight month after raising it by a quarter percentage point in November last year.The BOK's wait-and-see stance had been widely expected as South Korea's economy shows some signs of a downturn in ex
April 18, 2019
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Working Koreans spend annual W1.4m on cash gifts: survey
South Koreans holding office jobs spend over 1.4 million won ($1,235) annually on cash gifts for special occasions, a poll showed Monday. The research, conducted by job research portal Saramin, involved 435 local office workers. Cash gifts cost about 73,000 won on average per event, the survey revealed, and respondents attended an average of 1.6 events per month, so their monthly expenses on such gifts totaled about 117,000 won. Of the respondents, 74.3 percent cited “maintaining conn
April 15, 2019
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Seoul calls on Washington for auto tariff exclusion
South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki has asked the US government for an exemption from a new tariff on imported vehicles, the Ministry of Economy and Finance said Sunday.He also met with representatives of major credit ratings agencies, to persuade them to reflect the peninsula’s eased geopolitical risk in their upcoming sovereign rating adjustments.The fiscal chief met US Treasury Secretary Steven Mnuchin on Saturday, on the sidelines of the Group of
April 14, 2019