Nodding toward the latest global market jitters caused by a sudden spike in US bond yields, South Korea’s vice finance minister vowed Tuesday to “flexibly intervene” if market volatility increases. “Recently a dampened investor sentiment and increased volatility have been observed in the Treasury bond market,” Vice Finance Minister Kim Yong-beom said in a macroeconomics meeting. “We will make our best effort to stabilize the market, including making an adju

Critics blame boardroom members for failing to keep execs in check, question their reappointments

South Korea's deficit in the trade of intellectual property rights widened in 2020 from a year earlier as patent payments by firms increased, central bank data showed Tuesday. The nation's deficit in the intellectual property account came to $1.87 billion last year, compared with a shortfall of $530 million in 2019, according to preliminary data from the Bank of Korea (BOK). Its exports of products and services subject to intellectual property right payments reached $15.53 billion in 2020, sl

South Korea said Tuesday it plans to build two facilities that collect by-product hydrogen and transport the resource in an effort to further boost the country's green energy drive. The country will spend 6.3 billion won ($5.59 million) on the project, according to the Ministry of Trade, Industry and Energy. While sites for the construction have not yet been selected, the ministry plans to find suitable locations by May.   A shipping center reserves by-product hydrogen produced fr

South Korea's business confidence climbed for the ninth consecutive month in February amid growing hopes of an economic recovery, a poll by the Organization for Economic Cooperation and Development (OECD) showed Tuesday. The OECD business confidence index (CSI) came to 99.5 for Asia's fourth-largest economy last month, up 0.3 point from the prior month, according to the survey by the group of 37 mostly rich and advanced nations. The OECD index for South Korea has been on the rise since June wh

More than half of South Koreans believe that the nation’s labor market will further deteriorate this year, compared with the conditions before the COVID-19 pandemic, a survey conducted by a think tank here showed Monday. Some 77 percent of Koreans said in the survey commissioned by the Korea Economic Research Institute that the nation’s job market is likely to worsen compared with conditions in 2019. Of the 77 percent, 44.6 percent believe that the market will “extremely deter

South Korea’s household income surplus increased sharply last year as people tightened their belts to weather the protracted economic slowdown triggered by the COVID-19 pandemic, data showed Monday. The nation’s household income surplus rate posted 32.9 percent, 32.3 percent, 30.9 percent and 30.4 percent, respectively, in the first through fourth quarters of 2020, according to a report from Statistics Korea. The figure has surpassed 30 percent only five times since 2003, when the

Sales of imported commercial vehicles in South Korea fell 24 percent in February from a year earlier on lower demand amid the extended coronavirus pandemic, an industry association said Monday. The number of newly registered imported commercial vehicles fell to 261 units last month from 344 a year earlier, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Sales of all imported commercial vehicles declined last month as COVID-19 containment measures and u

South Korea said Monday it plans to raise 400 billion won ($354 million) through 2024 to support businesses seeking to innovate their products and services by utilizing high-end technologies. The first batch of the digital technology innovation fund, amounting to 102 billion won, will be rolled out throughout this year, according to the Ministry of Trade, Industry and Energy. The amount surpassed the original target of 80 billion won. The fund, raised jointly by the public and private financ

South Korea said Monday it will seek to expand the size of the local pet fish market by 35 percent through 2025 by developing more homegrown species while encouraging the public to adopt them. Under the goal, the size of the local pet fish market will reach 657 billion won ($581 million) in 2025, up 35 percent from 487.3 billion won tallied in 2020, according to the Ministry of Oceans and Fisheries. Over the period, the number of farms raising pet fish will increase to 186 from the current 151

South Korea's exports rose 12.5 percent on-year in the first 20 days of March on robust shipments of chips and autos amid the pandemic, customs data showed Monday. The country's outbound shipments stood at $33.9 billion in the March 1-20 period, compared with $30.1 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 16.3 percent on-year to $33 billion, resulting in a trade surplus of $820 million during the cited period, the data showed. By sector,

South Korea's main airport operator said Sunday it will participate in a 600 billion-won ($530 million) airport development project in Indonesia. The Incheon International Airport Corp. (IIAC) has formed a consortium with Indonesia's state-run airport operator PT Angkasa Pura 1 (AP1) and local construction firm PT Wijaya Karya Tbk (WIKA) to expand the Hang Nadim Batam airport by 2024, the IIAC said in a statement. "(Incheon airport) will invest in a 30 percent stake in the 600 billion-wo

The volume of cargo processed at South Korea's seaports declined 2.3 percent in February from a year earlier, data showed Sunday, amid economic jitters caused by the new coronavirus pandemic. Local seaports handled 118 million tons of cargo last month, compared with 121 million tons posted a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. Processed export-import cargo, meanwhile, rebounded after 14 months of decline, rising 0.4 percent on-year. The ministr

South Korean stocks are likely to suffer an extended choppy trading next week as concerns about the rising US Treasury yields are expected to be eclipsed by simmering hopes for quicker-than-expected economic recovery. The benchmark Korea Composite Stock Price Index closed at 3,039.53 points Friday, down 0.49 percent from a week ago. Volatility ran high globally this week, as investors were largely swayed by the news related to the bond yield movement. This week, foreigners sold a net 864 b

It is unlikely that global oil prices will rise further, South Korea’s first vice minister of finance said Friday, citing the supply capacity of major oil producers as well as the recent surge in US Treasury bond yields. “Prices of the country’s benchmark Dubai crude, which stood at $42 per barrel last year, surged to more than $60 per barrel this month,” said Vice Finance Minister Kim Yong-beom during an economic meeting. “Oil prices, however, are less likely