The total value of goods purchased via online shopping in South Korea rose 22.3 percent in September from a year earlier, government data showed Monday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods.The total value of online transactions reached 11.18 trillion won ($9.6 billion) in September, the highest level for any September since Statistics Korea started collecting data on online shopping in 2

The volume of South Korea's chip exports has climbed more than 5 percent this year despite a tumble in prices of key products, data showed Monday.The country's semiconductor exports totaled 29,834 tons for the year up to Oct. 25, up 5.2 percent from the same period a year earlier, according to the data from the industry ministry and the Korea International Trade Association. In particular, the volume has been rising at a double-digit rate since July. In the first 25 days of October alone, the am

My father fought in the Korean War. Six decades later, it was the last foreign country he visited before he died. His love for the country, something he passed on to me, was so strong that he planned the visit knowing it was his last. It is with this heavy heart that I write my points below -- not as a criticism but as a warning. Change is coming. After the Korean War, the concept of chaebol -- a family-run business conglomerate structure -- was born. They are so successful that today, five chae

South Korea logged one of the sharpest falls in its potential growth rate over the past two years among advanced economies, data showed Sunday.The country’s potential economic output was estimated at 2.7 percent for this year, according to the Organization for Economic Cooperation and Development.Potential output refers to the maximum growth that a given economy may achieve over the medium to long term without stroking inflation.The latest figure, though slightly higher than the 2.5-2.6 pe

Woori Financial Group said Friday that it has helped finance small and midsized companies and startups with 6.6 trillion won ($5.6 billion) in loans as of September. The announcement came a day after Woori held a meeting of its innovation finance committee to discuss both existing and future plans to support SMEs and startups. The committee, led by Woori Financial Group Chairman Sohn Tae-seung, was launched in May in an effort to improve access to financing for SMEs and startups.  The lates

South Korea's consumer inflation was unchanged in October compared with a year earlier as decreased prices of agricultural products offset increased utility prices, the statistics agency said Friday.The consumer price index was unchanged in October from a year earlier as consumer demand remains weak amid an economic slowdown, Statistics Korea said in a statement. The country's inflation has been extremely weak, staying far below the Bank of Korea's 2 percent target as companies and consumers tig

South Korea’s central bank chief on Friday called for domestic banks to enhance productivity amid the country’s slowing growth. “The International Monetary Fund has recently stressed the need to increase growth potential while revising down the growth outlook for the global economy,” Bank of Korea Gov. Lee Ju-yeol said at a policy meeting with the heads of 10 major banks here.“In the end, productivity improvement through innovation is key to achieving this goal.&rdq

Regarding the US Federal Reserve’s latest decision to cut interest rates, South Korea’s central bank on Thursday said the move will have a positive impact on the local economy, though other factors will be considered for its own rate cut decision.“On the principle that a US rate cut leads to a rise in stock prices and interest rate cuts, the latest decision is expected to contribute to growth in the global economy,” Yoon Myun-shik, senior deputy governor of the Bank of Ko

South Korea's central bank on Thursday welcomed the latest US rate cut, saying it may help remove some uncertainties facing Asia's fourth-largest economy."We believe a US rate cut generally works toward boosting the economy and raising stock prices. It will support global growth and certainly have a positive effect on the global economy," said Yoon Myun-shik, senior deputy governor of Bank of Korea.The remarks came hours after the US Federal Reserve slashed its key rate by 25 basis poi

The head of South Korea’s self-regulatory organization of the financial investment services industry refused to step down on Wednesday despite a public outcry over recent allegations of verbal abuse of his staff -- behavior dubbed “gapjil” in Korean.“I have decided to continue as Korea Financial Investment Association chairman until the end of my term,” Kwon Yong-won said in a press conference held at the organization’s headquarters in Yeouido. “I w

Kyobo Life Insurance said Wednesday it had developed the world’s first artificial intelligence-based underwriting system that automatically analyzes and approves contracts with clients. The system -- named “BARO” in abbreviation of best analysis and rapid outcome -- employs machine learning technology, along with the ability to process large amounts of natural language data, according to the insurer. Like a human underwriter, BARO has the ability to insure or reject client

CREATIVE AWARDS/ GOLD PRIZESHINHAN CARDBy Kim Il-bongGeneral manager of Brand CommunicationWe would first like to thank our customers who have always had faith in us. Shinhan Card is honored that The Korea Herald has recognized its “My DIY series: Deep Making Deep Taking Card” advertisement. With the beginning of a new digital era, Shinhan has deeply considered ways to provide customized services through technologies such as big data and artificial intelligence. The “Deep

Seoul stocks opened higher Tuesday, taking a cue from gains on Wall Street and growing hope for a trade deal between the United States and China. The benchmark Korea Composite Stock Price Index moved up 6.52 points, or 0.31 percent, to reach 2,100.12 in the first 15 minutes of trading. Wall Street advanced Monday, encouraged by a wave of better-than-expected earnings results by major companies. Tech shares gained. Market behemoth Samsung Electronics edged up 0.39 percent, and No. 2 chipmake

South Korea's parliament on Monday ratified a trade deal between Seoul and London that will take effect automatically following Britain's departure from the European Union.The free trade agreement essentially replicates the terms of the existing EU-South Korea deal and comes in the face of continuing uncertainty over a Brexit timetable. The new FTA secured "stability and continuity" in South Korea's trade environment with Britain amid "increasingly complex situation over Brexit&qu

South Korea's financial regulator said Monday it will deepen cooperation with the 10-member Association of Southeast Asian Nations in the financial technology sector.Sohn Byung-doo, vice chairman of the Financial Services Commission, said in a meeting with envoys from ASEAN earlier in the day that an upcoming summit is expected to help better connect South Korea to ASEAN. President Moon Jae-in is set to host the special summit with his counterparts from the region in South Korea's southern port