The worst of the summer heat may be over, but the nation is still on guard for a potential blackout next month as several thermoelectric and nuclear power plants face temporary shutdowns for repairs and maintenance. Regional power suppliers are currently planning to halt the operation of some 14 or more steam power plants consecutively for maintenance reasons, according to the Ministry of Trade, Industry and Energy.Two nuclear power plants will also follow suit, in which case seven out of 23 nuc

South Korea's short-term foreign debt declined to its lowest level in more than six years in the second quarter, the central bank said Wednesday, helping improve the country's capacity to service external debt.The country's short-term external debt totaled $119.6 billion as of the end of June, down $2.6 billion from three months earlier, according to the Bank of Korea (BOK).It marked the lowest level since the fourth quarter of 2006 when short-term foreign debts hit $113.7 billion.The second-qua

After unprecedented electric power shortages this summer, the government said on Monday it would renovate the nation’s electricity management system by applying advanced information communication technology. The Ministry of Trade, Industry and Energy announced a new energy management plan to help improve energy efficiency as a part of the government’s creative economy drive. The ministry’s objective is to operate a comprehensive energy management and energy storage system so that companies may g

Six out of 10 South Koreans are unwilling to pay more taxes to increase spending on welfare, a poll showed Monday, in the latest sign of lukewarm public reaction to shouldering extra tax burdens.The poll, which surveyed 1,000 adults across the country in December, found that 26 percent said the government should lower taxes even if it means that welfare benefits are cut.It also showed that 25.4 percent said current taxes and welfare spending were appropriate while 8.6 percent of respondents said

An English-language book on South Korea’s foreign exchange policies written by a former veteran central banker will be released next week, shedding light on the country’s experience in overcoming the global financial crisis, the publisher said Friday.In the book titled “Exchange Rate and Foreign Exchange Policies in Korea,” Ahn Byungchan, a former director general at the Bank of Korea, stressed the need to thoroughly manage the foreign reserves and improve macroprudential soundness to prevent th

South Korea's producer prices fell for the 10th straight month in July as the local currency's gain to the U.S. dollar helped offset higher oil costs, the central bank said Friday.The producer price index, a barometer of future consumer inflation, slid 0.9 percent in July from a year earlier, compared with a 1.4 percent on-year decline in June, according to the Bank of Korea (BOK).On a yearly basis, the producer prices have fallen every month since October 2012 when such prices fell 0.5 percent

The nation’s top 10 industrial groups paid significantly less in income taxes mostly on the back of lackluster earnings amid a sluggish economy, figures showed on Thursday.This, in turn, indicates that the government will earn less in taxes from the corporate sector. The Park Geun-hye administration is currently struggling for more tax revenue as it seeks to uphold its welfare pledges. Tax revenues for the first half of this year tumbled to the lowest in three years to 96.7 trillion won. A year