South Korea's consumer sentiment ticked up in March, as the country eased social distancing curbs to bolster spending and help pandemic-hit small merchants, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came to 103.2 in March, up 0.1 point from the previous month, according to data from the Bank of Korea. A reading above 100 means optimists outnumber pessimists. The index has been up and down in the last few months, affected by the severity of the spread of

The International Monetary Fund (IMF) on Tuesday maintained its 2022 growth outlook for South Korea at 3 percent as exports and investment will likely remain robust despite heightened economic uncertainty. The IMF's latest projection is the same as its forecast made in January. It lowered its 2023 growth outlook for Asia's fourth-largest economy to 2.8 percent from 2.9 percent. The Washington-based organization said South Korea's economic growth is projected to remain robust in 2022 and 2023 on

The Yoon Suk-yeol government will loosen key housing rules that the current Moon Jae-in government introduced two years ago, because they had all backfired, turning the country into one of the world’s hottest property market, Yoon’s transition team said Monday. “Our team was briefed by the Land Ministry and we’re clear on one thing: A rule change coming in stages,” said Won Il-hee, the team’s deputy spokesperson, referring to rules on “jeonse,” or

SEJONG -- Spiraling international energy prices have been increasingly undermining the trade balance of South Korea, which posted deficit for the first 79 days of the year on a cumulative basis. According the Korea Customs Service, the nation’s imports of three major energy resources -- crude, gas and coal -- came to $38.4 billion during the period of Jan. 1 - March 20. This marked an 85.4 percent surge compared to the same period of 2021. A 69.8 percent increase was seen in imports of c

SEJONG -- South Korea's energy imports spiked more than 85 percent this year on soaring international prices, government data showed Monday, burdening the country's trade balance and consumer inflation. The country's imports of oil, natural gas and coal came to $38.49 billion from Jan. 1-March 20, up 85.4 percent from a year earlier, according to the data from the Korea Customs Service. Crude oil imports soared nearly 70 percent over the cited period, with those of natural gas and coal shooting

President-elect Yoon Suk-yeol said Friday that the government should think carefully before enacting tougher rules than needed on those who own multiple homes, a group that has seen a dramatic hike in their taxes imposed by the Moon Jae-in government. Moon focused on heavier taxes and tighter mortgage curbs. “Some say we should carry on with crackdown on owners of multiple homes while others call for a return to market dynamics and let it run its course so those seeking homes find on

SEJONG -- The tax administrative agencies of South Korea and the UK have agreed to closely collaborate on exchanging information on how to track tax evasion by wealthy individuals. The two also discussed ways to share confidential information regarding offshore tax evasion, said the National Tax Service of Korea on Friday. The bilateral agreement came during a meeting between Korea’s NTS commissioner Kim Dae-ji and the UK’s HM Revenue & Customs First Permanent Secretary and Chi

South Korea plans to invest more than 20 trillion won ($16.4 billion) in data, network and artificial intelligence (AI) sectors over the next three years in a bid to help nurture future-oriented industries, the finance minister said Friday. Along with fiscal spending, the government plans to provide support for research and development, and tax incentives for the development of the three sectors, called the D.N.A. industries, according to Finance Minister Hong Nam-ki. Hong said the development o

South Korea’s central bank chief nominee Rhee Chang-yong on Thursday pledged to carry out a balanced monetary policy as the nation deals with a growing economy and inflation risks. Rhee, director of the Asia and Pacific department at the International Monetary Fund, and tapped by outgoing President Moon Jae-in as the next Bank of Korea governor, expressed concerns of existing external uncertainties -- including the Russia-Ukraine crisis -- that have been fueling high inflationary pressure

South Korea's financial regulator called Thursday for local insurers to increase their loan loss reserves as part of efforts to better cope with potential risks facing the industry amid increasing financial market uncertainty. Jeong Eun-bo, head of the Financial Supervisory Service (FSS), made the call in a meeting with top officials of insurance firms in Seoul and voiced worries that there are signs for a "perfect storm," citing the US's move to tighten monetary policy and the fallout

The head of the International Monetary Fund (IMF) on Wednesday hailed the nomination of a South Korean IMF official, Rhee Chang-yong, to be the head of South Korea's central bank, calling him an outstanding leader and champion of analytical rigor. IMF Managing Director Kristalina Georgieva said Rhee will step down as director of the Asia and Pacific Department (APD) early next month to be considered for his new role as governor of the Bank of Korea. "Since joining the Fund in February 2014,

Corporate direct financing in South Korea plunged nearly 44 percent in February from the previous month due mainly to a base effect, data showed Thursday. Local companies raised a combined 15.5 trillion won ($12.7 billion) by selling stocks and bonds last month, down 43.7 percent from January, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financial institutions

Wrapping up 8 years as central bank chief, Lee says timing of additional rate hikes more important than ever

Nomination intensifies power struggle as Yoon denies Cheong Wa Dae’s claim of having prior consultation on the matter

South Korea's overseas direct investment hit a record high last year as the global economy recovered from the fallout of the COVID-19 pandemic, data showed Wednesday. The value of investments made by South Korean companies reached $75.87 billion last year, up 32.8 percent from a year earlier, according to the data by the Ministry of Economy and Finance. It marked the highest since the government compiled related data in 1968. In the fourth quarter, the country's overseas direct investment jumped