South Korea's annual trade volume surpassed the $1 trillion mark for the first time in three years, driven by upbeat exports of memory chips and petrochemical products, the government said Thursday.The total amount of trades by Asia's fourth-largest economy reached the threshold as of Thursday afternoon, according to the data from the Ministry of Trade, Industry and Energy and the Korea Customs Service.Annual trade volume surpassed the $1 trillion mark for four consecutive years from 2011, but i

South Korea's central bank chief said Thursday that the latest rate rise by the US Federal Reserve will have little impact on the local financial market, as the move was widely expected."The market has long anticipated the Fed's base rate increase this month," Bank of Korea Gov. Lee Ju-yeol told reporters. "The BOK is focused on the Fed's pace of rate rises next year and has kept its 2018 outlook unchanged."He said the Fed remained less "hawkish" than expected despi

An interest rate rise in South Korea will increase the debt repayment burdens of vulnerable households who over-extended themselves on mortgages during the low rate period, the central bank said Thursday."In general, household and corporate borrowers will be able to afford an increase in debt repayment incurred by a 1 percent point rise in loan rates, if they have solid income and financial assets," the Bank of Korea said in a report submitted to the parliament. "But those who too

The US central bank's latest rate hike has raised the possibility of a reversal of key interests in the world's top economy and South Korea next year that could destabilize the local financial market, analysts said Thursday.In a widely expected move, the US Federal Reserve hiked interest rates for the third time this year to 1.5 percent Wednesday and retained its forecast for three rate increases in 2018.With the hike, America's benchmark interest rate has equaled that of South Korea. In Novembe

A record number of South Koreans in their 20s gave up their search for work in November amid a severe job crunch, government data showed Thursday.A total of 284,000 South Korean 20-somethings were outside the labor force and did nothing to look for jobs last month, according to the data from Statistics Korea.The tally was up 48,500 from a year earlier and marked the highest-ever level for November.  The number of 20-somethings giving up looking for work had been on the rise over the past se

Gold funds in South Korea have fared poorly over the past months ahead of a US interest rate decision, a market tracker said Thursday.Those funds chalked up an average return of minus 11.6 percent over the three months to Tuesday, the worst performer among local investment funds worth 1 billion won ($920,000) or more, according to financial information provider FnGuide.Comparable yields were minus 5.6 percent for stock funds, minus 3.3 percent for funds investing in farm products and minus 2.7 p

Concerns are growing that a steep rise in corporate costs to be incurred by the Moon Jae-in administration’s anti-business policies will hold back companies from increasing investment and employment.Korean businesses are now bracing for a corporate tax hike, a minimum wage increase and a reduction in work hours in the coming year, which experts forecast will see them shoulder combined additional costs of 36.5 trillion won ($33.4 billion).Ruling party lawmakers, joined by some legislators f

South Korea rolled out plans Wednesday to curb speculation on cryptocurrencies, including trade bans for minors and ways to impose taxes on investment returns, in its resolve to tame the country’s bitcoin craze without completely shutting it off. Banks in Korea that provide virtual bank accounts for cryptocurrency trades will have to verify the identification of account holders when creating new ones and prohibit minors from opening accounts, according to the plan.The regulators will also

South Korea's government decided Wednesday to seek a series of measures to curb cryptocurrency speculation and crimes, including barring minors from trading cybermoney and opening investment accounts, officials said.During an emergency meeting of senior officials from related ministries, the government also decided to prohibit local financial institutions from possessing, purchasing or investing in the virtual currencies.The measures also include checking the identities of those doing bank trans

The minimum living expenses for retired elderly people was tallied at 1.77 million won ($1,600) per month for each household, a survey showed Wednesday.The optimum monthly cost of living for retirees, however, is 2.51 million won per household, according to KB Financial Group's recent survey of 2,000 people aged between 20 and 74.Only 27 percent of those surveyed said they are prepared for their minimum living expenses after retirement. Less than half of those in their 50s said they have yet to

Foreign investors bought South Korean stocks at a slower pace in November, but they turned to net sellers in the bond market amid security jitters and profit-taking, the central bank said Wednesday.Foreigners purchased $450 million worth of local stocks last month, down sharply from $2.8 billion in the previous month, according to the Bank of Korea.In the bond market, they offloaded $1.41 billion in November, compared with a $650 million purchase in October.Foreigners have been low key in the So

South Korea's household lending by banks slowed down slightly last month amid the government's toughened financial measures to cool down the real estate market, central bank data showed Wednesday.Outstanding household loans from lenders came to 762.7 trillion won ($698.4 billion) as of the end of November, according to the data by the Bank of Korea. This marks a 6.6 trillion-won increase from a month earlier, down from a 6.9 trillion-won rise in OctoberMortgages climbed 3 trillion won on-month t

A growing number of market experts are forecasting the US central bank will raise its key interest rate four times in 2018 on an economic recovery and a tax overhaul, industry sources said Wednesday.Global investment bank Goldman Sachs has recently projected the US Federal Reserve Board to jack up the federal funds rate four times in the coming year, with JP Morgan and Jefferies making the same forecast, according to the sources.So far, six investment banking giants -- Bank of America Merrill Ly

South Korea's government decided Wednesday to roll out a series of measures to curb cryptocurrency speculation, including barring minors from opening investment accounts, officials said.During an emergency meeting of senior officials from related ministries, the government also decided to prohibit local financial institutions from possessing, purchasing or investing in the virtual currencies.The measures also include checking the indentities of those doing bank transactions related to cybermoney

South Korea's jobless rate rose slightly in November as the construction sector hired fewer temporary workers than before amid relatively cold weather, government data showed Wednesday. The unemployment rate stood at 3.2 percent last month, up 0.1 percentage point from a year earlier, according to the report compiled by Statistics Korea.From a month earlier, it remained unchanged.October's unemployment rate marked the lowest rate since December last year, when it hit 3.2 percent. The number of e