South Korea will ease tight regulations on loans taken out for home rentals as part of efforts to protect people in actual need of borrowing as financial authorities are set to unveil additional measures to rein in household debt this month, the head of the country's financial regulator said Thursday. In a brief meeting with reporters, Koh Seung-beom, the chief of the Financial Services Commission (FSC), said that controls on such loans for the "jeonse" arrangement will be managed in

South Korea and the United Arab Emirates (UAE) announced Thursday that they will launch official talks toward a bilateral free trade agreement, Seoul's trade ministry said. Trade Minister Yeon Han-koo met his UAE counterpart, Thani Ahmed Al Zeyoudi, in Dubai, and issued a joint statement that calls for pushing to forge a Comprehensive Economic Partnership Agreement (CEPA), according to the Ministry of Trade, Industry and Energy. The CEPA is a type of free trade agreement that emphasizes a bro

South Korea's wine imports nearly doubled in the first eight months of 2021 from a year earlier as more people enjoyed drinking at home and alone amid the coronavirus pandemic, data showed Thursday. Asia's fourth-largest economy imported $370.5 million worth of wine in the January-August period, up 96.5 percent from a year earlier, according to the data by the Korea Customs Service and industry sources. The figure surpassed last year's imports worth about $330 million and exceeded those of bee

WASHINGTON -- The South Korean government will take market-stabilization steps should there be increased volatility in the foreign exchange market caused by abnormal factors, such as speculation, Finance Minister Hong Nam-ki said Wednesday. Hong, however, noted the recent fluctuations in the local FX market were largely due to external economic risks. "When it comes to the foreign exchange, the government cannot but accept changes caused by the market supply and demand, but it is closely

South Korea's export prices gained for the 10th straight month in September, driven by price hikes of energy and chemical products, central bank data showed Thursday. The country's export price index stood at 114.18 in September, up 1 percent from the previous month, according to the preliminary data from the Bank of Korea (BOK). The figure represented the 10th straight month of an on-month rise. From a year earlier, the index jumped 20.2 percent, the eighth consecutive on-year growth, the dat

South Korea’s Economy and Financial Minister Hong Nam-ki has said that the government will keep expansionary policies next year as the country eyes an economy recovery and return to “normal life” out of the COVID-19 pandemic. “We’re gradually preparing to go back to normalcy by increasing the vaccination rate and the country’s central bank is gradually adjusting its accommodative monetary policy,” Hong, who also doubles Deputy Prime Minister, told Kr

The Export-Import Bank of Korea said Wednesday it signed an memorandum of understanding with Angelicoussis to provide financial assistance for South Korean shipbuilders securing fresh orders of eco-friendly fleets from the Greek shipping company. Aimed at supporting Korean shipbuilders in securing overseas orders, Korea Exim Bank Chairman Bang Moon-kyu visited Angelicoussis headquarters in Kallithea on Friday, according to officials. The financial assistance will be carried out to Korean build

South Korea’s economy added the largest number of jobs in more than seven years in September, government data showed Wednesday, with officials citing a surge in contactless services backed by digitalization of industries and high vaccination rate as key catalysts. The economy added 671,000 jobs on-year to 27.68 million in September, Statistics Korea data showed. This marked the largest job growth since March 2014, when the economy added 726,000 jobs and also the seventh consecutive month

South Korea's top economic policymaker has said the government plans to maintain expansionary fiscal policy next year in a bid to prop up the economic recovery, Seoul's finance ministry said Wednesday. Finance Minister Hong Nam-ki made the remarks during his meeting with Kristalina Georgieva, managing director of the International Monetary Fund, in Washington, D.C. on Tuesday on the sidelines of the G-20 finance ministers and central bank governors meeting. Hong said South Korea's central bank

South Korea's exports of information and communication technology (ICT) products reached an all-time high in September on the back of solid global demand for chips and displays, data showed Wednesday. Outbound shipments of ICT products came to $21.34 billion last month, up 21.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. The September figure marked an all-time high since the government began compiling the data in 1996, and the largest for

South Korea reported the largest job growth in more than seven years in September in the latest sign that the country's job recovery has continued despite the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.68 million last month, 671,000 more than a year earlier, according to the data compiled by Statistics Korea. It marked the largest job additions since March 2014, when the number of employed people grew 726,000. It also was the seventh straight m

Output and exports of South Korea's state industrial complexes rose in the first half of the year from the pre-pandemic period, but their employment shrank, data showed Wednesday. Combined production of the 44 industrial parks came to 258 trillion won ($216 billion) in the January-June period, up 6.6 percent from the same period in 2019, months before the COVID-19 outbreak hit the country, according to an analysis by the Federation of Korean Industries (FKI). Their total exports also swelled 1

The International Monetary Fund maintained its forecast for South Korea’s economic growth for this year at 4.3 percent, while revising down its projection for the global economy, the Ministry of Economy and Finance said Tuesday. The IMF’s latest outlook for Asia’s fourth-largest economy remained unchanged from the earlier figure suggested in July. It is well above the growth estimates made by the government and the Bank of Korea -- 4.2 percent and 4.0 percent, respectively.&

Central bank keeps benchmark interest rate steady at 0.75 percent, warns of growing inflationary pressure due to surge in oil prices

South Korea's tax revenue rose for the eighth straight month in August amid an economic recovery and a boom in asset markets, the finance ministry said Tuesday. The country collected 24.6 trillion won in taxes in August, up 600 billion won from a year earlier, according to the Ministry of Economy and Finance. The government said tax revenue has increased so far this year as corporate tax income has risen in line with the economic recovery, while a boom in the stock and property markets jacked