South Korea's tax agency said Thursday it has launched probes into suspected tax evasion by 165 people and entities that sought to take profit from speculative or illegal property transactions. The National Tax Service (NTS) said it has cracked down on 158 individuals and others over alleged tax evasion. The tax agency has been looking into land transactions made around six public housing development sites in satellite cities outside Seoul as part of the country's efforts to stem property spec

South Korea's exports advanced 16.6 percent in March from a year earlier on the back of solid demand for chips and autos to extend their gains for the fifth consecutive month, data showed Thursday, stoking speculation that recovery in Asia's fourth-largest economy is gathering pace. Outbound shipments came to US$53.8 billion last month, compared with $46.1 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports rose 18.8 percent to $49.6 bi

South Korea said Wednesday it aims to acquire core technologies in eco-friendly energy sectors, such as highly-efficient solar panels and large-scale wind turbines, to reach carbon neutrality by 2050. Last year, South Korea unveiled its carbon neutrality goal to reduce reliance on fossil fuels and nurture eco-friendly industries. Under the plan, the country aims to develop new technologies to meet its target, such as improving efficiency in solar panels from the current level of 27 percent to

South Korea's consumer prices are not expected to sharply rise to top the central bank's 2 percent target even as the country faces upward inflationary pressure, a senior government official said Wednesday. First Vice Finance Minister Kim Yong-beom said prices of agricultural and livestock products are expected to stabilize on the back of efforts to increase supply and curb the spread of bird flu. "There is a limited possibility that the growth of consumer inflation will surpass the Bank

South Korea said Wednesday it has launched a committee on carbon neutrality with automobile firms in line with efforts to effectively reduce carbon emissions to zero by 2050. The committee will pave the way for the government to expand cooperation with local carmakers, including Hyundai Motor Group, in rolling out policies related to carbon neutrality, according to the Ministry of Trade, Industry and Energy. "In the long term, we plan to beef up our competitiveness in the electric and hyd

Despite advocacy work on climate action, the Bank of Korea turned out to have lagged behind major economies in terms of concrete policy actions to limit financing for businesses with climage-related risks, a report showed Wednesday. According to a list of the Group of 20 nations ranked by green initiatives -- published by the non-profit Positive Money, the Bank of Korea took 13th place with the aggregate score of 11 out of 130, giving it a rating of D- on a scale of F to A+.  China top

South Korea's terms of trade rose for the 11th consecutive month in February, as exports have shown signs of a gradual recovery, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- increased 6.4 percent last month from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the 11th straight month of an on-year rise since April last year, when the trade terms logged the first on-year hike in over two yea

Non-life insurers' loss rate for their car insurance businesses dropped last year, thanks to fewer car accidents amid the COVID-19 pandemic, data showed Wednesday. The nation's 12 non-life insurers posted an average loss rate of 85.7 percent last year, compared with 92.9 percent a year ago, according to the data by the Financial Supervisory Service (FSS). The loss rate refers to the proportion of coverage a non-life insurer pays to its policyholders from insurance premiums. The higher the loss

South Korea's central bank said Wednesday the portion of its US dollar-denominated assets in its overall foreign assets declined last year due to the weakness of the greenback. At the end of last year, dollar-denominated holdings accounted for 67.7 percent of overall foreign assets held by the Bank of Korea (BOK), the central bank said in its annual report. The reading marks a 1.4 percentage-point drop from a year earlier. The portion of US dollar-denominated assets slightly fell due to a wea

Finance Minister Hong Nam-ki has forecast domestic demand and the job market will gradually improve as the country is on a recovery track amid the pandemic, the finance ministry said Wednesday. Hong made the assessment during his online meeting Tuesday with Alastair Wilson, managing director and head of the sovereign risk group of global rating agency Moody's Investors Service. The country held its annual consultation meetings with Moody's between March 25 and 30 over its economic conditions a

South Korea's national pension and other state funds sold more than 15 trillion won ($13.2 billion) worth of shares in the first quarter of the year due to their portfolio rules, data showed Wednesday. Net selling of shares listed on the main bourse by the National Pension Service and other state funds came to 15.7 trillion won in the January-March period, according to the data from the Korea Exchange. It accounted for 56 percent of institutional investors' total net selling worth 27.9 trillio

South Korean manufacturers' business sentiment rose for the third straight month for April, but concerns about sluggish consumption remained amid the COVID-19 pandemic, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 91 for April, up from 85 for March, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the following month. A reading below 100 means pessimists outnumber op

South Korea's industrial output grew at the fastest pace in eight months in February to recover to pre-pandemic levels, data showed Wednesday, in the latest sign that the economy is on a recovery track supported by exports. The industrial output increased 2.1 percent in February from the previous month, sharply turning around from a 0.6 percent on-month decline in January, according to the data compiled by Statistics Korea. From a year earlier, it rose 0.4 percent. It marked the fastest on-mo

The government will keep its expansionary fiscal policy stance next year to support the recovery of the coronavirus-hit economy, the government said, hinting at another mega budget exceeding 600 trillion won ($529.2 billion). The Cabinet approved Tuesday the 2022 budget guidelines, drafted by the Ministry of Economy and Finance to revive the sluggish economy. It focuses on fiscal inputs on boosting employment and domestic consumption and boosting investment in innovative technologies. Such

Pessimists outnumber optimists for 34 consecutive months