South Korean businesses are beginning to paint a rosier outlook for the coming months with the government gearing up to treat COVID-19 more like seasonal influenza and to ease social distancing, a report from a think tank showed Wednesday. The Korea Economic Research Institute’s forecast for next month’s business survey index of the country’s top 600 companies by sales showed the reading gained 2.8 points on-month to 103.4 for October. A reading above 100 means optimists ou

The government said Wednesday that it would try to freeze utility fees until the end of this year in an effort to stabilize prices amid rising costs for raw materials such as oil. 　 The Finance Ministry said there had been no talk of raising railroad and road fees, which include train fares, highway tolls, intercity and express bus fares, and wholesale regional water supply costs. 　 “While rates of local utilities such as gas, water and sewage, transport and garbage bags are to be determi

Ministries, Korea Communications Commission offer support programs to help resettlement

Ruling party could push bill for final vote on its own while opposition stages filibuster

South Korea's monetary policy is considered still loose although the Bank of Korea delivered its first pandemic-era rate hike in August, a member of the BOK's rate-setting board said Wednesday. The remarks by Suh Young-kyung are expected to reinforce market expectations that the central bank may again raise its key rate later this year or early next year. "In spite of a hike in the key rate in August, the current monetary policy is still loose," Suh told a forum in Seoul. The BOK must

Declaring an end to the Korean War could be a "very useful" and "meaningful" step that builds mutual trust between the two Koreas, and would pave the way for peace and cooperation on the Korean Peninsula, Unification Minister Lee In-young said Wednesday. During a press meeting held just before embarking on an overseas trip to Germany, Belgium and Sweden, Lee urged North Korea to come out for dialogue to discuss denuclearization, inter-Korean relations and other cross-border i

The number of babies born in South Korea dropped to a record low in July, data showed Wednesday, in the latest sign that underscores the country's gloomy demographic situation with the chronically low birth rate. A total of 22,352 babies were born in July, down 2.8 percent from the previous year, according to the data compiled by Statistics Korea. In the first seven months of this year, the number of newborns reached an all-time low of 159,269, down 3.4 percent from the previous year. South Kore

: KAMS event to encourage hands-on experiences, VR tours

Amid growing calls for regulating thriving digital platform businesses, South Korea’s top policymaker on technology and science called for a shift in perspective, saying they should be seen as innovators rather than a target for regulation. Minister of Science and ICT Lim Hye-sook made the remarks while meeting executives of Korea’s leading platform companies, including Naver, Kakao, Woowa Brothers and Yanolja. It was the first time that the ministry organized such a meeting with

Hosting 2027 WUG would mark Korea’s 4th Universiade

South Korean capital has largest number of high-ranking universities, UK consultant says

South Korea's terms of trade fell for the fifth consecutive month in August due to a rise in prices of imported goods, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- declined 5 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). The figure is calculated by dividing the index for export prices by that for import prices. It shows the amount of imports a country can buy for each

People aged 65 and older made up 16.5 percent of South Korea's population this year, a report showed Wednesday, highlighting concerns that the fast-aging demographic transition could pose a drag on the country's economy. According to the report by Statistics Korea, the number of people aged 65 and older stood at 8.53 million this year. The South Korean population is projected to peak in 2028 before going on a downward curve, the report showed. However, the graying of South Korea will accelerate,

LG Electronics Inc. is likely to report solid third-quarter earnings, analysts said Wednesday, as its mainstay home appliance business is expected to offset a slump from vehicle components and B2B units. The South Korean tech giant was projected to log a record 18.3 trillion won ($15.4 billion) in sales in the July-September period, up 8.2 percent from a year earlier, on a consolidated basis, while its operating profit was estimated to jump 16.9 percent on-year to 1.1 trillion won over the perio