The number of jobless people last month reached its highest level since 1999, while the government’s unemployment allowance payments also hit a record high, government data showed Sunday.According to data compiled by the Korea Employment Information Service, the monthly average number of South Koreans without a job -- referring to those who have been out of job for four weeks or longer -- stood at 1.13 million as of end-August this year, up 45,000 from a year earlier and marking the highes

South Korea's consumer confidence rebounded after a three-month slide in September on the back of brisk exports and low inflationary pressure, central bank data showed Friday.The composite consumer sentiment index for this month stood at 101.7, up 2.5 points from the previous month, according to the survey by the Bank of Korea.The figure had skidded since May to come to below the breakeven point of 100 in August due mainly to unsatisfactory employment data and the soaring prices of everyday good

But growing rate gap between Korea and the US presses BOK to raise base rate

South Korea's air passenger traffic reached a new record high in August on increased overseas travel demand, the government said Thursday. The number of air passengers came to 10.58 million in August, up 6.1 percent from a year earlier, making it a new monthly record, according to a tally from the Ministry of Land, Infrastructure and Transport.It is the second time that the country's monthly number of air passengers has surpassed the 10 million mark. In January this year, the figure was 10.06 mi

The employment rate of senior citizens has been rising steadily, with such individuals actively seeking jobs to avoid falling through the country's weak social safety net, official data showed Thursday.According to the data compiled by Statistics Korea, the number of people aged 65 years or older reached 7.38 million in 2018, accounting for 14.3 percent of the country's total population.The employment rate for those aged between 55 and 59 was 72.6 percent in 2017, compared to 70.6 percent in 201

NEW YORK,  -- South Korean President Moon Jae-in and Chilean President Sebastian Pinera agreed Wednesday to further develop their countries' bilateral relationship and also boost their trade by seeking to revise their free trade agreement.In a bilateral summit held here on the sidelines of the United Nations General Assembly, the leaders noted the South Korea-Chile FTA has greatly contributed to boosting the countries' bilateral trade since it went into effect in 2004. "The two leaders

The latest rate hike by the US Federal Reserve will have a limited impact on South Korea, with authorities here ready to take actions if the need arises, the country's chief economic policymaker said Thursday.As widely expected, the US Federal Reserve raised interest rates by a quarter of a percentage point to a range of 2 percent to 2.25 percent Wednesday and signaled one more rate hike within this year. The US central bank said it foresees three more rate hikes in 2019. "Given our sound e

The country’s large companies have been piling up growing amounts of cashable assets as they remain reluctant to expand investments in the face of what they perceive as anti-business policies at home and increasing uncertainty in the global economic environment.According to data from the Financial Supervisory Service, Korea’s top 30 companies in terms of turnover had 88.48 trillion won ($79.24 billion) in cashable assets in the first half of this year, up 11.5 percent from a year ear

Anticipation is growing for the nation’s third internet-only bank as the authorities move to clear away hurdles affecting nonbanking institutions, including limits on ownership, following positive remarks from South Korea’s top financial regulator last week.Choi Jong-ku, chairman of Korea’s financial regulatory body, the Financial Services Commission, mapped out a plan to help the new digital banks to move in tandem with the changing environment in the financial industry landsc

A record-high number of job-seekers have given up on finding a job, amid a feeble employment market and slowing economic growth, government data showed Sunday.The monthly average number of “discouraged job-seekers” -- referring to those with no signs of job seeking for at least four weeks over the past year -- stood at 510,000 as of end-August, up 5.4 percent from the same period last year, according to Statistics Korea. This was also the highest figure since the government started c

The uncertainty concerning South Korea’s economic growth and economic policies reached the highest level in 15 months, global data showed Sunday.According to the Economic Policy Uncertainty Index, Asia’s fourth-largest economy recorded 155.15 in July, the highest since 165.4 in April last year.The global index, conducted on 20 key economies across the world, also reached the highest since March last year, standing at 227.77, data showed. The index, developed by three US-based ec

Seoul shares may undergo upward momentum next week, as eased concerns over global trade disputes and positive forecasts for corporate earnings could whet investors' appetite for bargains, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,339.17 on Friday, up 2.32 percent from a week earlier.The index started the week on a bearish note, as conflicts over tariffs between the United States and China appeared to worsen due to President Trump's decision to proceed wit

A senior lawmaker of the main opposition party faced seizure over charges of accessing and leaking confidential government data on the state budget, prosecutorial officials said Friday.The Seoul Central District Prosecutors’ Office seized and searched the office of Rep. Shim Jae-cheol, a fifth-term lawmaker of the conservative Liberty Korea Party, whose aides are suspected of leaking information from the government’s digital budget accounting system.“Please gather immediately a

Fired up by the thawing peninsular mood built on the latest inter-Korean summit, banks here have buckled down on establishing business in the North in the near future, their initial focus fixed on the resumption of the Kaesong industrial park and Kumgangsan tours.Steering the move are the state-run banks that strive to win an upper hand in infrastructure financing, as well as Woori Bank and NH NongHyup Bank, which had operated businesses in the joint operations zones in the past.On Wednesday and

Sung Yun-mo advocates Moon’s nuclear-free vision at hearing