South Korea's industrial output increased by the most in 17 months in November in the latest sign that economic recovery momentum has been extended despite the pandemic, data showed Thursday. Industrial output grew 3.2 percent in November from the previous month, a turnaround from a 1.9 percent on-month fall in October, according to the data compiled by Statistics Korea. It marked the largest on-month gain since June 2020, when industrial output went up 3.9 percent. The rebound came after ind

Portion of working age population slides to 1996 level

NongHyup Bank said Wednesday that it has developed a pin pad that kills germs like the coronavirus with a UV light after customers have used it to enter their passcodes. The pad, the first of its kind adopted by a local bank, will be used at NongHyup branches nationwide after a trial run at its key offices in Seoul, the bank said. It added that the pad does not pose health risks. Meanwhile, Lotte Chemical also said it has come up with an antiviral plastic to be used for credit cards issued by

South Korea’s vice finance minister said Wednesday that the nation’s healthcare data combined with information and communications technology will have a “dynamic effect” on the economy. “With the passage of three data-related bills last year, enactment of the Data Framework Act and pursuit of the data dam project has allowed us to secure a systematic platform to enter a data economy,” Vice Finance Minister Lee Eog-won said in a press conference for healthcare

South Korea's terms of trade hit a near nine-year low in November as import costs rose at a much faster pace than export prices, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- came to 88.27 last month, down 10.1 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). The November tally represented the lowest level since March 2013. The figure is calculated by dividing the index for expor

South Korea's corporate capital spending is expected to expand nearly 4 percent in 2022 on a recovery in manufacturing activity and private consumption, a poll showed Wednesday. The survey of 3,700 big, midsize and small companies, taken by the state-run Korea Development Bank (KDB), showed their combined facility investments will likely reach 186 trillion won ($158 billion) next year, up 3.6 percent from this year. "The country's corporate capital spending is likely to keep growing in th

South Korea’s exports of fishery products grew 20.5 percent on-year in the first 10 months of this year, data showed. Outbound shipments of fishery products reached $2.24 billion during the January-October period, compared to $1.86 billion tallied a year earlier, according to the data from the Ministry of Oceans and Fisheries. Exports to China rose 48.1 percent to $540 million, and those to the United States and the European Union surged 24.2 percent and 39.4 percent, respectively. Sales

South Korean manufacturers' business sentiment improved for January on optimism that the country's exports remain strong despite the global pandemic, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 92 for December, up from 88 for this month, according to the data from the Bank of Korea (BOK). The index measures manufacturers' prospects for business conditions in the following month. A reading below 100 means pessimists outnumber optimists.

2 in 5 company heads to be women in Korea in coming years

Failed digital transition cited as key reason for falling profits

SEJONG -- The number of small companies in South Korea expanded nearly 5 percent in 2020 from a year earlier despite the pandemic, but their profit fell sharply, government data showed Tuesday. The country had 2,902,000 companies with fewer than five workers as of the end of 2020, up 4.7 percent from a year earlier, according to the data from Statistics Korea and the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups. The largest number of such companies were retailers and who

SEJONG -- The number of businesses in South Korea rose nearly 18 percent over the past five years as almost all industrial sectors posted gains, data showed Tuesday. Asia's fourth-largest economy had a total of 6,013,000 businesses as of the end of 2020, up 17.8 percent from five years earlier, according to the data from Statistics Korea. One-man operations accounted for the biggest proportion of the total with 79 percent, followed by corporations with 15.4 percent and other establishments wit

A Seoul court has rejected a Hong Kong-based private equity firm's request for Kyobo Life Insurance Co. to carry out its obligation with regard to a put option that it has been trying to exercise, the South Korean insurer said Tuesday. The ruling appears to have removed a major hurdle for Kyobo Life's push to list shares on the local stock bourse in the first half of next year, according to company officials. In October 2018, Affinity Equity Partners exercised a put option on 6 million shares

The government will lift restrictions on sales of urea solution as the supply of the essential fluid used in diesel vehicles to cut emissions has been stabilized, the finance ministry said Tuesday. South Korea had struggled to cope with a shortage of urea solution after China imposed export curbs on urea to ease domestic supply bottlenecks. The government has imposed curbs on where and how much of the solution can be sold in a way to ease its shortage. Those restrictions will be lifted starti

South Korea’s exports of kimchi climbed nearly 14 percent in the first eight months of 2021 on growing overseas demand for healthier food amid the new coronavirus pandemic, data showed. Outbound shipments of kimchi reached $111.5 million in the January-August period, up 13.8 percent from a year earlier, according to the data from the Korea Customs Service and the food industry. In contrast, imports of kimchi shrank 9.7 percent on-year to $86.1 million over the cited period, resulting in