South Korea's business sentiment dipped for the third consecutive month in August amid dim prospects for the US economy and other major economies, a central bank poll showed Friday. Local companies' business sentiment index (BSI) stood at 91.2 this month, down from 95.1 the previous month following the 92.5 in July, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions. A reading below 100 means pessimists outnumber optimists. The

The South Korean government is expected to see another significant shortfall in tax revenue this year, due mainly to the sluggish semiconductors industry and the real estate market slump, according to the Ministry of Economy and Finance on Thursday. The government is forecast to collect 337.7 trillion won ($254 billion) this year, 29.6 trillion won -- 8.1 percent -- less than the ministry's earlier forecast when planning the 2024 budget. This year’s projection is 6.4 trillion won unde

Egypt's Ambassador to Korea, Khaled Abdelrahman, highlighted the growing potential for collaboration between Egypt and South Korea, particularly in investment and tourism, during the second session of the Global Business Forum Wednesday. Hosted by The Korea Herald, the forum seeks to facilitate knowledge exchange and build networks among Korean business and academic leaders to address the challenges posed by technological advancements and societal shifts. The GBF commenced its sixth edition

Revision, effective in February next year, aims to boost lukewarm domestic carbon credit market

South Korea's financial system remains relatively stable, but rising household debt and home prices may increase potential financial instability, a central bank report showed. In its report on financial stability, the Bank of Korea said there are high expectations about monetary easing as household debts and home prices do not show signs of drastically slowing down. The central bank warned of high chances of financial imbalance growing due to a rise in home prices and household debts. The a

The country's top financial watchdog warned against illegal transactions of virtual assets, calling on cryptocurrency exchanges and other virtual asset firms to strictly follow rules. The warning came about two months after the country enacted the new Virtual Asset Users Protection Act, allowing the maximum penalty of life imprisonment for financial gains of more than 5 billion won ($3.75 million) through illegal transactions of virtual assets. "The financial government will continue t

The financial regulator stressed the need to supply enough funds to local businesses in a "timely" manner, noting a recent US rate cut may increase market volatility. Kim So-young, deputy chief of the Financial Services Commission, also insisted that there still remained many uncertainties stemming from the upcoming US presidential election and increasing tensions in the Middle East, as well as widely expected rate reductions in major economies. "The speed of rate reductions in ma

Korea Hydro & Nuclear Power said Monday it has signed a memorandum of understanding (MOU) with a Czech hydrogen association to seek cooperation for clean hydrogen. The agreement, inked with the Czech Hydrogen Technology Platform (HYTEP) in Prague last week, will focus on exchanging information and seeking cooperation in the European market for clean hydrogen, according to KHNP. Under the agreement, the two institutions aim to collaborate in the production of clean hydrogen using surplus ener

South Korea's exports lost 1.1 percent on-year in the first 20 days of September despite robust sales of semiconductors due mainly to the fewer number of working days and weak demand for automobiles, data showed Monday. Outbound shipments reached US$35.58 billion in the Sept. 1-20 period, compared with $35.97 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, advanced 18 percent on-year to $2.74 billion. The number of working days

With the upcoming US presidential election scheduled for November, South Korea stands to benefit significantly if the new administration brings a change in economic policy, according to Arthur B. Laffer, founder and chairman of Laffer Associates. "A return to pro-growth economic policies in the US is a prerequisite for widespread global economic growth, much as we saw during the Reagan era, where nations around the world cut tax rates after seeing US success," Laffer said during an ema

The growth pace of household loans slowed in September amid fresh loan tightening measures and the extended holiday period, data showed Sunday. As of last Thursday, the accumulative household loan balance at the five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NongHyup Bank — totaled 728.9 trillion won ($545.6 billion), reflecting a marginal increase of 2.72 trillion won since the end of August. At the current pace, the monthly increase for September is ex

South Korea’s retail investors are trying to exert their influence on the country’s stock market policies, having tasted success in their last campaign. Dubbed as “ants” for their ability to influence policies when they act as a group, the individual investors are backing a proposal by President Yoon Suk Yeol’s administration to scrap a capital gains tax imposed on financial investments. The main opposition Democratic Party opposes the abolition of the levy, say

Experts say effective household debt control should come first for BOK's October cut

South Korea's food delivery industry continued to grow this year, with the most prominent increase seen in fast-food delivery services, according to a Thursday report by a local data analysis firm. The value of food delivery services came to 7.87 trillion won ($5.9 billion) in the first half of the year, according to Finda, marking a 6.55 percent increase compared to the same period last year. Fast-food delivery in particular saw a rise of 22.72 percent to come in at 1.72 trillion won for t

Container shipping costs from South Korea to the US east coast and Europe increased for the fourth consecutive month in August amid prolonged geopolitical risks in the Red Sea, data showed Thursday. The average shipping cost for a 40-foot container from South Korea to the US east coast rose 11.9 percent on-month to 8.66 million won ($6,530), according to data from the Korea Customs Service. The cost to Europe increased to 8.06 million won, up 2.8 percent over the same period. On the other hand,