South Korea's top central banker on Thursday took a cautionary stance on the country's ever-growing household debt level, seemingly taking a step back from an additional rate cut."Because of the increase in household debt since October, we are very closely paying attention to ensuring financial stability in Korea," Bank of Korea Gov. Lee Ju-yeol told reporters when asked about the central bank's monetary policy.The BOK will take time to measure the effects of last year's rate cuts in August and

The government on Wednesday pledged to frontload this year's budget outlays in the first half to bolster growth and meet calls by the business community.In the first fiscal management review meeting of 2015 chaired by Vice Finance Minister Bang Moon-kyu, the government confirmed the goal is to use 58 percent of the allocated budget before the end of June, with outlay numbers rising to 60 percent in social overhead capital development, job creation and measures to stabilize the livelihoods of ord

South Korea's top economic policymaker on Wednesday stressed the need for timely and sweeping reforms in order to boost the country's growth momentum that has struggled to meet expectations.Speaking at a ministerial meeting in Seoul that assessed the latest economic developments, Finance Minister Choi Kyung-hwan pointed out that despite some positive signs like the drop in crude oil prices and more free trade agreements reached between South Korea and trading partners last year, more must be don

The number of South Korean products facing import regulations in other countries rose 18.4 percent in 2014 from a year earlier, data showed Wednesday, as emerging nations turned to trade barriers to protect their mainstay businesses. A total of 167 goods from South Korea faced import restrictions in 26 countries last year, up by 26 items compared to 2013, according to the data compiled by the Korea International Trade Association.The figure includes regulations that are currently being imposed a

Hanjin Energy Co. has sold all of its stake in South Korean refiner S-Oil Corp. to Saudi Aramco’s overseas unit, the refiner said Tuesday, in a deal aimed at easing financial troubles at the energy firm’s parent company.The stake sale came six months after Hanjin Energy, an affiliate owned by No. 1 full-service carrier Korean Air Lines Co., announced its plan to sell 31.9 million shares worth 1.98 trillion won ($1.83 billion) to Aramco Overseas Company B.V., a unit of Saudi Arabia’s state oil fi

South Korean start-ups and venture firms have received over 1.5 trillion won ($1.39 billion) in investment last year on the back of increased funding by institutional investors and a rise in investment funds, data showed Tuesday.According to the Small and Medium Business Administration, 1.64 trillion won was invested in start-ups last year, up 18.4 percent from a year earlier.The number of start-ups that received investment also increased to 901 from 755 over the cited period, the data showed.So

The overall earnings of 10 South Korean companies that are operating in a jointly run inter-Korean industrial complex have increased by an average of over 10 percent per year since 2005, data showed Monday, indicating that they have been doing relatively well despite political tensions that have emerged over the years.The South Korean firms doing business in the Gaeseong Industrial Complex, a manufacturing zone jointly run by the two Koreas in a North Korean border city, posted an annual operati

South Korean companies saw their forward exchange net purchases increase in 2014 from a year earlier as the won strengthened against the dollar in the first half of the year, central bank data showed Tuesday.The net purchases reached $10 billion last year, sharply increasing from $1.6 billion in 2013, according to the data by the Bank of Korea. The amount is smaller than the $24.1 billion posted in 2012.The on-year rise was attributed to a fall in forward selling in the first half as shipbuilder

South Korea's operational fiscal balance was in the red by 30.2 trillion won ($27.96 billion) for January-November period last year, mainly due to a drop in tax earnings while the government spent more, the finance ministry said Tuesday.The deficit is significantly larger than the 21.1 trillion won deficit for the whole of 2013, the ministry's Monthly Finance Report showed."The steep rise in the fiscal balance deficit was caused by the drop in tax revenue brought on by the sluggish economy and e

The local market for mobile advertisements is anticipated to top the 1-trillion won ($928 million) mark in 2015, a report showed Monday, as people spend more time on smartphones compared to traditional PCs.South Korea’s market for mobile advertisements is estimated to rise 27 percent on-year to reach 1.06 trillion won this year, according to the report released by market researcher DMC Media.The market expanded 74.1 percent on-year to reach 832.9 billion won in 2014.The researcher said the growt

South Korea’s low-cost carriers transported more than half of domestic passengers for the first time last year as more consumers opted for their cheaper and improving flight services for short-distance travel, industry data showed Monday.According to the data compiled by Jeju Air Co., the country’s largest budget carrier, the country’s five LCCs provided flight service to a combined 12.49 million passengers on their domestic lines last year, up 16 percent from a year earlier. The figure accounte

The turnover ratio of Korean stocks decreased last year as the local equity market remained sluggish despite ample liquidity under low interest rates, the main bourse operator said Monday. The turnover ratio of stocks listed on the main KOSPI market was 198.38 percent in 2014, down 37.76 percent from a year ago, the Korea Exchange said. Stocks changed hands twice on average last year. The corresponding ratio for shares on the tech-laden KOSDAQ market was tallied at 390.51 percent, 72.71 percent

South Korea’s producer prices posted a fifth month of decline in December as global oil prices continued to slide, falling to the lowest level in four years, central bank data showed Monday.The producer price index, a barometer of future consumer inflation, reached 103.23 in December, slumping 2 percent from the previous year, according to the preliminary data from the Bank of Korea.It marks the lowest level since 102.71 in December 2010. It also marks the fastest on-year decline since May 2013