Most Popular
-
1
BTS, NewJeans fandoms clash over Hybe-Min Hee-jin conflict
-
2
N. Korea launches missiles in latest show of military, nuclear strength
-
3
High temperatures may worsen mental health conditions: study
-
4
Samsung chief travels to France to encourage young talents
-
5
Korean battery makers zero in on global commercial EV market
-
6
Yoon leaves for Prague to cement nuclear energy push
-
7
N. Korea fires multiple short-range ballistic missiles: JCS
-
8
[Off the Pages] German bestseller gets new twist in ‘Snow White Must Die -- Black Out’
-
9
4th case of lumpy skin disease confirmed in S. Korea
-
10
Main opposition to railroad multiple contentious bills after Chuseok
-
Inflation falls to 2% target
South Korea may be nearing the end of its fight against inflation, as the rate of rising prices eased to the 2 percent target last month, backed by a retreat in the prices of international crude oil and farm produce, data showed Tuesday. The Consumer Price Index, a key gauge of inflation, advanced 2 percent on-year last month, according to Statistics Korea. It was the lowest advance since 1.9 percent in March 2021. CPI inflation, which remained at 1.9 percent in March 2021, reached its peak at 6
Sept. 3, 2024
-
Better Korea-Mongolia cooperation can reduce trade reliance on China: officials
South Korea and Mongolia need to strengthen cooperation on the supply of critical minerals to lessen their trade reliance on China, officials and experts from the two countries said at the Korea-Mongolia Vision Forum in Ulaanbaatar, Mongolia. Co-hosted by Herald Media Group and the Ahnsei Foundation, the forum was held at the Novotel in the Mongolian capital on Aug. 27. During the session titled “Core Minerals Cooperation Plan," participants discussed ways for the two countries to wor
Sept. 2, 2024
-
Korea, Mongolia explore energy cooperation at Vision Forum
South Korean and Mongolian government officials discussed opportunities for cooperation in green energy, mineral resources and trade, emphasizing a shared vision for mutual growth and strategic partnership at the 2024 Korea-Mongolia Vision Forum held Tuesday in Ulaanbaatar, Mongolia. About 250 representatives from the government, state-run organizations and academic and political sectors attended the event co-hosted by the Ahnsei Foundation, Herald Corporation, Yonsei University and Korea Univer
Sept. 1, 2024
-
[Photo News] Smart ambassadors boost Hana
Hana Financial Group on Friday concluded the 18th round of its Smart Ambassador program, a three-month initiative promoting its ESG, or environmental, social and governance activities. In the photo, Vice President Lee Eun-hyung (second row, center) poses with the student ambassadors during the closing ceremony at the company's headquarters in Myeong-dong, Seoul. Since June, 50 college students have engaged in various projects such as creating public relations content, visiting Hana affiliat
Sept. 1, 2024
-
Banks tighten curbs on mortgage loans amid worries over rising home prices in Seoul
Banks in South Korea started tightening curbs on mortgage loans on Sunday, officials said, amid concerns over rising housing prices in Seoul and household debts. The move came as the Financial Services Commission asked banks to toughen screenings for new mortgage borrowers and to reduce the size of loans available under the tightened criteria. The stress debt service ratio (DSR), which measures how much a borrower has to pay for principal and interest in proportion to their yearly income, serves
Sept. 1, 2024
-
Exports rise for 11th straight month in August on strong chip demand
South Korea's exports extended their on-year gains for the 11th straight month in August, driven by strong demand for semiconductors, data showed Sunday. Outbound shipments rose 11.4 percent on-year to $57.9 billion last month, according to data compiled by the Ministry of Trade, Industry and Energy. Imports increased 6 percent on-year to $54 billion, resulting in a trade surplus of $3.83 billion. South Korea has maintained a trade surplus for 15 consecutive months. By sector, exports of ch
Sept. 1, 2024
-
Nearly 60% of major Korean companies have no immediate hiring plans in H2
Some 57.5 percent of major corporations in South Korea have either not set up plans to recruit new employees in the second half of this year or do not plan to hire at all, a survey showed Thursday. In a recent survey of the top 500 companies by sales, 40 percent said they do not yet have plans to hire college graduates while 17.5 percent said they are not looking for recruits. The poll was conducted on Aug. 5-19 by local pollster Research and Research, under the commission of the Federation of
Aug. 31, 2024
-
Tax revenue falls 8.8 tr won through July on weak corporate earnings
South Korea's tax revenue fell 8.8 trillion won ($6.59 billion) from a year earlier over the first seven months of 2024, due to the lackluster corporate earnings, data showed Friday. The government collected 208.8 trillion won of taxes over the January-July period, down 4 percent from the same period last year, according to the data from the Ministry of Economy and Finance. In July alone, however, the country's total tax revenue increased 1.2 trillion won from a year earlier, reaching
Aug. 30, 2024
-
Industrial output falls 0.4% in July on weak demand for chips, cars
South Korea's industrial output fell for the third consecutive month in July due to sluggish production in the semiconductor and automobile sectors, data showed Friday. Industrial output decreased 0.4 percent on-month in July, following a 0.1 percent drop the previous month, according to data compiled by Statistics Korea. Compared with a year earlier, however, industrial output increased 2.7 percent in July, the data showed. "While industrial output has decreased for three consecutive
Aug. 30, 2024
-
Combined net loss of savings banks widens in H1
Savings banks in South Korea saw their combined net loss widen in the first half from a year earlier, due largely to a sharp increase in loan-loss reserves set aside for real estate project financing (PF) loans, data showed Friday. The banks posted a combined net loss of 380.4 billion ($284.5 million) in the January-June period, sharply up from a net loss of 96.5 billion won over the same period last year, according to the data from the Financial Supervisory Service. Their interest income came t
Aug. 30, 2024
-
Nearly 60 pct of big firms have no plan or undecided over hiring in H2: survey
Nearly 60 percent of big companies in South Korea have either not yet established a recruitment plan for the second half of the year or do not plan to hire at all, a poll showed Thursday. According to the survey carried out by polling agency Research & Research on the country's top 500 companies by sales from Aug. 5-19, 57.5 percent of responding firms said they have yet to come up with recruitment plans or don't plan to hire new college graduates during the remainder of the year.
Aug. 29, 2024
-
Korea's economy to stop growing without drastic labor change: FKI
South Korea’s economy is expected to stop growing and hit a negative mark in less than 40 yeares if a plunging birth rate and rapidly aging population continue, according to the Federation of Korean Industries on Wednesday. The FKI, a major economic organization, projected that the potential growth of Asia’s fourth-largest economy would sink to minus 0.1 percent in 2061 and afterward. However, the expansion of the labor supply could drive up the potential growth of Asia’s fourt
Aug. 28, 2024
-
Govt. to provide record amount of foodstuffs, discount for Chuseok holiday
The government plans to supply a record amount of 170,000 tons of high-demand foodstuffs and provide a discount worth 70 billion won ($52.63 million) for the upcoming Chuseok holiday, the finance ministry said Wednesday. These measures are part of a broader effort to support the livelihoods of the people and curb inflation ahead of the major traditional holiday. The plan also includes providing financial support to small and midsized companies and micro-business owners. According to the plan, th
Aug. 28, 2024
-
Trump presidency to boost Korea-US chip alliance: Heritage Foundation VP
Derrick Morgan, executive vice president of the US think tank Heritage Foundation, said he expected that economic cooperation between South Korea and the US would deepen, focusing on shipbuilding and semiconductors, if Donald Trump wins the 2024 US presidential race. “The US and the rest of the world is overly dependent on Taiwan for semiconductors. … The innovation coming out of Korea these days is amazing and should be applauded,” he said during an event hosted by the Kore
Aug. 27, 2024
-
Another tight year ahead for Korea in 2025 with 3.2% budget increase
The Ministry of Economy and Finance has proposed a 677.4 trillion won ($509.2 billion) budget for next year, focusing on fiscal consolidation while bolstering public welfare and investing in strategic emerging industries. The budget, proposed by the finance ministry and endorsed by the Cabinet on Tuesday, represents a 3.2 percent hike from this year, reflecting the government's commitment to spending control and improved fiscal health. "Once known for its strong fiscal soundness, Korea
Aug. 27, 2024
-
Korea's 'value-up' efforts stall on 0.7% corporate participation
Nearly three months after the government launched the "Corporate Value-up Program" in May, participation by South Korean companies remains minimal. As of Friday, just eight companies had released value enhancement disclosures, representing a mere 0.3 percent of the 2,585 firms listed on the Kospi and Kosdaq, according to Korea Exchange data. Including the 10 firms that have preannounced disclosures, just 0.7 percent have joined the program. The "value-up" initiative, rolled o
Aug. 25, 2024
-
National, household debt surpasses 3,000 tr won amid lower state revenue
The combined debt of the government and households in South Korea has surpassed 3,000 trillion won ($2.26 trillion) for the first time, driven by lower tax revenue, increased bond issuance and aggressive borrowing from households for real estate investments, government data showed Sunday. According to data from the finance ministry and the central bank, the country's combined national debt and household debt reached a record 3,042 trillion won as of the end of the second quarter. This amoun
Aug. 25, 2024
-
Korea's private consumption to pick up after H2: BOK
South Korea’s domestic consumption is expected to recover gradually after the latter half of this year, but an aging population and sluggish self-employed businesses could dampen the rebound hope, the country’s central bank said Friday. The Bank of Korea said that the recovery of private consumption remains delayed as the debt repayment burden has risen due to high prices and interest rates in a report analyzing the current economic situation. It said deferral in corporate performa
Aug. 23, 2024
-
BOK keeps rate at 3.5%, cuts growth projection to 2.4%
The Bank of Korea kept the base rate steady at 3.5 percent Thursday while slashing the projection for economic growth by 0.1 percentage point to 2.4 percent due to slow domestic demand. All members of the monetary policy board agreed on the rate freeze. Of the six members, excluding BOK Gov. Rhee Chang-yong, four suggested leaving room for a rate cut within the next three months, according to Rhee. With the rate decision, the BOK has kept the rate steady for the 13th straight time since it raise
Aug. 22, 2024
-
S. Korea will expand free trade deals with emerging markets: PM
Prime Minister Han Duck-soo said Thursday that South Korea will push to expand free trade agreements (FTAs) with emerging markets in Asia and Africa to boost the export-driven economy and enhance supply chain resilience. Han unveiled the trade policy road map during a ministerial meeting to address challenges from the rapidly changing global trade environment and supply chain disruptions. "We will expand the FTA network in major emerging markets, including Asia and Africa, to support local
Aug. 22, 2024