The number of layer chickens raised in South Korea fell 12.1 percent from a year earlier in the second quarter, affected by the impact of the outbreak of bird flu, data showed Wednesday. The number of layer chickens reached 65.9 million as of end-June, compared with 74.9 million the previous year, according to the data from Statistics Korea. It rose 6.1 percent from the first quarter when the number of layer chickens came to 62.1 million, the lowest in more than three years. The on-year decli

Investment deals by South Korea's private equity funds hit a new high in 2020, but their investments were still focused on local firms, data showed Wednesday. Local private equity funds invested 18.1 trillion won ($15.6 billion) in 565 companies last year, up from 16 trillion won in 2019, according to the data from the Financial Supervisory Service (FSS). They invested 12.6 trillion won in 488 South Korean companies and 5.5 trillion won in foreign companies, the data showed. At the end of la

The issuance of derivatives-linked securities (DLS) in South Korea sank more than 10 percent in the first half of the year amid the coronavirus pandemic, data showed Wednesday. The country's DLS sales came to 9.46 trillion won ($8.23 billion) in the January-June period, down 10.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The amount was also down 10.9 percent from six months earlier. DLS tracks the performance of interest rates, currency val

South Korea's electricity consumption is likely to hit a season high Wednesday, as the country remains gripped by a sweltering heat dome, the power market operator said. The Korea Power Exchange said the country's maximum power consumption will likely reach 91.4 gigawatts (GW) between 4 p.m. and 5 p.m., the highest number this summer. The previous record was set last Thursday, when the maximum power demand in Asia's fourth-largest economy stood at 88.6 GW. South Korea's maximum power use post

South Korea's exports rose 32.8 percent on-year in the first 20 days of July on the back of robust demand for chips, autos and petroleum products, customs data showed Wednesday. The country's outbound shipments stood at $32.6 billion in the July 1-20 period, compared with $24.5 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 46.1 percent on-year to $36.5 billion, resulting in a trade deficit of $3.9 billion during the cited period, the data showe

South Korea's top economic policymaker on Wednesday reiterated his warning that high-flying housing prices could undergo corrections as prices of homes in the greater Seoul area have excessively risen. Finance Minister Hong Nam-ki said the government will put policy priority on expanding the supply of residential properties in a bid to curb speculative demand for homes. "A rise in housing prices in the greater Seoul area has been led by expectations for easing rules on the redevelopment o

South Korea's producer prices gained 0.4 percent on-month in June due to a modest rise in prices of industrial goods, extending their monthly gains for the eighth straight month, central bank data showed Wednesday. The producer price index, a barometer of future consumer inflation, stood at 109.06 in June, compared with 108.65 a month earlier, according to the Bank of Korea (BOK). The May index advanced 6.4 percent from the previous year, the BOK data showed. The prices of agricultural goo

BMW, Porsche, Kia Corp. and Nissan Motor Corp. will voluntarily recall nearly 49,000 vehicles to fix faulty components, the transport ministry said Wednesday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The companies are recalling a combined 48,939 units in 15 kinds of models, the Ministry of Land, Infrastructure and Transport said in a statement. The problems include a faulty fuel hose in BMW's MINI Coo

As the South Korean economy faces the grave impact of the fourth wave of COVID-19, it is also being forecast to expand 4 percent this year due to strong exports and investments, the Asian Development Bank said Tuesday, revising up its previous projection of 3.5 percent. In an updated economic forecast, the regional lender cited “facility investment that reflected expansion in the digital economy,” as well as robust “export of information technology and transport equipment&r

An abrupt fall in housing prices in South Korea could deal a substantial blow to the nation’s consumer spending and the job market amid high levels of household debt, a report by the central bank showed Tuesday. Consumer spending and employment rate could both plummet 4 percent in the next two years if the median housing price falls 20 percent in the same period, according to the Bank of Korea’s calculations. The calculation adopted a high loan-to-value ratio of 75 percent and ref

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Tuesday it has received a $240 million trainer jet deal in Indonesia. Under the deal, KAI will supply six T-50 advanced trainer jets to the Indonesian air force from Dec. 16, 2021, to Oct. 30, 2024, the company said in a regulatory filing. In 2012, KAI achieved $400 million worth of deals to supply 16 T-50 trainer jets. As of Tuesday, KAI has exported a total of 154 trainer jets worth $3.1 billion -- 70 T-50

The amount of securities settlements in the South Korean financial market soared nearly 19 percent in the first half of the year from six months earlier, industry data showed Tuesday. Stocks and bonds worth 3,772.2 trillion won ($3.28 trillion) were delivered through the Korea Securities Depository (KSD) in the January-June period, up 18.6 percent from the second half of last year, according to data from the KSD. It was also up 10.3 percent from a year earlier and marked the largest-ever half-

South Korea will gradually lift or lower tariffs on more than 95 percent of its imported products from Indonesia and Israel as it has clinched trade deals with the two nations, the finance ministry said Tuesday. The Cabinet approved a revised enforcement ordinance in preparation for implementing trade deals with Indonesia and Israel. In December last year, South Korea and Indonesia inked the comprehensive economic partnership agreement (CEPA), which is equivalent to a free trade deal but cente

The Asian Development Bank (ADB) on Tuesday sharply revised up its growth outlook for the South Korean economy this year, citing robust exports and an expansion in facility investment. The Manila-based bank expected Asia's fourth-largest economy to grow 4 percent this year, up from its earlier estimate in April of 3.5 percent. The ADB maintained its 2022 growth forecast for Korea at 3.1 percent. The ADB joined other organizations that have jacked up their growth estimates for the South Korean

South Korea's corporate direct financing rose 34.2 percent in the first half from a year ago due to a robust rise in sales of bonds and stocks, data showed Tuesday. Local companies raised a combined 122 trillion won ($107 billion) by selling stocks and bonds in the January-June period, up 31.2 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales soared 486.9 percent to 10.4 trillion won, with the value of initial public offeri