The head of South Korea's central bank vowed full support for corporate restructuring Monday, but warned against what he called public misunderstanding."The bank has repeatedly stressed that corporate restructuring is a very important task for our economy and that it will actively fulfill its necessary role in the process," Bank of Korea Gov. Lee Ju-yeol said while meeting with senior BOK officials. BOK chief Lee Ju-yeol (Yonhap)"As discussions on corporate restructuring are now seriously underw

The number of Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose in April from the previous month, the antitrust watchdog said Monday.The Fair Trade Commission (FTC) said the number of firms on its monthly watch list came in at 1,741 on Monday, up five from the previous month. Fair Trade Commission in Sejong City (Yonhap)Such affiliates are owned by the country's 66 largest business groups.Last month, the FTC added six companies including Ka

Monetary and fiscal policymakers here have been out of step on how to finance restructuring debt-laden companies that are weighing on Korea’s economy.It may not be unusual for them to hold different views. But their prolonged discord risks derailing the urgent task of corporate restructuring.BOK Governor Lee Ju-yeol. YonhapMoreover, central bankers and government policymakers have recently sent inconsistent signals, partly influenced by the changing political climate.BOK officials have changed w

South Korea’s industrial output fell in March mainly due to a drop in the machinery and electronics parts sector, government data showed Friday.Production in the manufacturing, mining and utilities declined 1.5 percent in March from a year earlier, according to Statistics Korea. The March figure is a setback from a 2.2 percent growth in February, which was the first increase in three months.From a month earlier, industrial output fell 2.2 percent in March. (Yonhap)By sectors, the machinery’s out

Lotte, SK vow all-out efforts to win license after failed bids last year

No extra budget for corporate bailouts, finance minister says

South Korea currently faces no deflation risks and its consumer prices are projected to move upward to reach the target in the second half of the year, a central bank report said Friday.The consumer price index has remained below the 1 percent level throughout last year, sparking concerns that deflation is already under way in Asia's fourth-largest economy. Bank of Korea (Yonhap)In 2016, the index showed tepid signs of rebound although it hit 1.1 percent in February and 1 percent in March, follo

South Korean manufacturers' business sentiment climbed to an 11-month high for May, a poll showed Friday, apparently reflecting what top officials here have called recent signs of improvement.The business survey index (BSI) of manufacturing companies came to 73 for the upcoming month, up from 70 for April, according to the survey by the Bank of Korea (BOK).The May reading marked the highest level since 76 registered for June 2015.A reading below 100 means pessimists outnumber optimists while a r

South Korea's industrial output fell from a year earlier in March due to a drop in the machinery and electronics parts sectors, while domestic consumption hit a four-month high, a government report showed Friday.Production in the mining, manufacturing, gas and electricity industries fell 1.5 percent last month from a year ago, according to the report by Statistics Korea. From a month earlier, industrial output also retreated 2.2 percent.(Yonhap)The March figure backtracked to negative territory

South Korean national broadcaster KBS's latest smash-hit TV series has created a huge economic impact by contributing to exports, luring more foreign tourists and creating new jobs, a report showed Friday.According to the report by the state-run Export-Import Bank of Korea, the direct and indirect economic effects of the KBS 2TV military-romance TV series "Descendants of the Sun" are estimated to hover above 1 trillion won ($880 million).  "Descendants of the Sun" poster (Yonhap)Partly funded by

Nearly half of salaried workers in Korea take home less than 2 million won ($1,754) a month, with the proportion rising to over 80 percent in restaurant and hospitality businesses, data showed. According to Statistics Korea, the ratio of workers with monthly pay under 2 million won came in at 47.4 percent at the end of last year, continuing its steady decline from 50.7 percent in 2013 and 49.5 percent in 2014. Those earning less than 1 million won account for 12.4 percent, while 35 percent belon

The Fair Trade Commission said Thursday it is reviewing easing rules on the designation of large business groups to reduce the number of conglomerates under strict antitrust regulations.The watchdog’s intention to review these rules came just a few days after President Park Geun-hye said in a meeting with local media that the rules on the designation of conglomerates should be changed “in line with reality,” publicly citing Kakao Corp., which was recently included in the FTC watch list. Fair Tra

Korea's industrial electricity sales grew slightly from a year earlier in the first three months of the year on a business recovery in the chip and oil refinery sectors, the government said Thursday.The amount of electricity consumed by the country's industrial sector reached 69.36 billion kilowatt-hours in the January-March period, up 1.5 percent from the same period last year, according to the Ministry of Trade, Industry and Energy.It marked a turnaround from a 1.2-percent on-year drop in the

The Korean government said Thursday it will hold a shopping festival engaging major retailers, manufacturers and traditional markets to draw foreign travelers and boost stagnant domestic consumption. The Ministry of Trade, Industry and Energy said it will join hands with the Ministry of Culture, Sports and Tourism to hold the shopping campaign from Sept. 29 to Oct. 31 across the nation. "We will hold various cultural and entertainment events during the period to make it a global festival that co

The latest government decision to designate May 6 as an extra holiday to pave the way for a four-day break is expected to sharply drive up people's leisure activities, as well as their reservations for domestic or overseas travel, local online shopping sites said Thursday. As the government has designated an extra day off between Children's Day on May 5 and the weekend, Koreans are rushing to make reservations for travel to Jeju Island or neighboring countries such as China, Taiwan and Hong Kong