South Korea's sovereign wealth fund said Tuesday it earned $21.8 billion from investment, boosted by stock rallies, as the coronavirus pandemic prompted central banks to cut rates and pump liquidity into markets. Choi Hee-nam, chief executive of Korea Investment Corp. (KIC), told reporters that its return on investment was 13.7 percent last year, compared with 15.39 percent in 2019. It marked the second straight year that the KIC posted a double-digit return on investment. Over the past two y

South Korea's imports of whisky plunged to a 21-year low in 2020 due to the coronavirus pandemic and a change in alcohol consumption here, government data showed Tuesday. The value of whisky imports amounted to $132.5 million last year, down 13.9 percent from the previous year, according to the data from the Korea Customs Service. It was the lowest level since the $115.9 million recorded in 1999 in the wake of the Asian financial crisis. An industry official said whisky consumption fell furth

South Korea's public sector employment tumbled nearly 18 percent in 2020 from a year ago due to a one-off factor, government data showed Tuesday. Public institutions in Asia's fourth-largest economy hired 27,490 new employees last year, down 17.8 percent from a year earlier, according to the state portal All Public Information in One (ALIO). State-run companies cut their employment by about 32 percent, and hiring by quasi-governmental institutions sank about 20 percent. Yet last year's tally

South Korea's consumer prices grew by less than 1 percent for the fourth straight month in January, data showed Tuesday, indicating that the country's inflationary pressure remains low amid the pandemic. The consumer price index rose 0.6 percent on-year in January, compared with a 0.5 percent on-year gain the previous month, according to the data compiled by Statistics Korea. It marked the fourth consecutive month that the on-year growth rate of the consumer inflation stayed in the 1 percent r

South Korea plans to set up 3,000 rapid charging stations for electric vehicles by the end of this year to expand the use of eco-friendly cars, the Finance Ministry said Monday. “Creating convenient charging infrastructure is a very important task to keep pace with the expansion of electric vehicle supply,” said Finance Minister Hong Nam-ki while presiding over a meeting to promote “Big 3” industries. Big 3 industries refer to green cars, biohealth, and non-memory chips

Experts express concerns over slower recovery of service sector, deepening social polarization

Suhyup Bank, the credit and banking division of South Korea's fisheries cooperative, said Monday its earnings tumbled more than 18 percent in 2020 due to the impact of the coronavirus outbreak. The lender, affiliated with the National Federation of Fisheries Cooperatives, said its pre-tax net profit came to 233.6 billion won ($209 million) last year, down 18.1 percent from a year earlier. The drop resulted mainly from increased loan loss provisions in the wake of the country's COVID-19 outbrea

South Korean small merchants' business confidence sank to a 10-month nadir in January amid a new wave of the novel coronavirus in the country, a poll showed Monday. The Small Enterprise and Market Service said its business survey index (BSI) for small merchants came to 35.8 last month, down 15.8 points from a month earlier. It was the lowest level since March last year, when Asia's fourth-largest economy was gripped by the second wave of COVID-19, whose first local case was reported two months

South Korea's exports rose 11.4 percent on-year in January to extend their on-year gains for a third consecutive month on the back of brisk demand for chips and cars, data showed Monday, though the global resurgence of new virus cases hindered a full-fledged recovery. Exports came to $48 billion last month, compared with $43 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports edged up 3.1 percent to $44 billion, resulting in a trade sur

In a year, recipients of unemployment benefits up 66% among women aged 20-29

Every day, we are bombarded with headlines and news flashes. Reading these pings, we can all be forgiven for asking, “will this year be any different from the last?” Infection rates are hitting record highs, with travel restrictions being further tightened and jobless rates facing a lagged hit. The geopolitical landscape appears as febrile as ever. Amid the lackluster news flow, it is easy to overlook the profound shifts which are rapidly taking shape. Here in Asia, there are incre

South Korea's exports of electric vehicles (EVs) advanced nearly 66 percent on-year in 2020, data showed Sunday, despite the overall slump in the automobile industry amid the COVID-19 pandemic. Outbound shipments of EVs came to $3.9 billion in 2020, marking the first time for the volume to surpass that of hybrid cars, whose exports came to $2.5 billion last year, according to the data compiled by the Korea International Trade Association. EVs accounted for more than half of the combined outbou

South Korean banks' lending rates edged up in December last year amid rising market rates, central bank data showed Friday. The average interest rate charged on new bank loans came to 2.74 percent in December, up 0.03 percentage point from the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK cut the key interest rate to a record low of 0.5 percent in May last year after delivering an emergency rate cut of half a percentage point in March to cushion the impact

The issuance of asset-backed securities (ABS) in South Korea jumped 53 percent in 2020 due to increased sales of government-led mortgage funds, data showed Friday. The value of ABS issues stood at 79.1 trillion won ($71 billion) last year, up 27.4 trillion won from a year ago, according to the data from the Financial Supervisory Service (FSS). ABS are structured with mortgages, auto loans, credit-card receivables and student loans as underlying assets. The jump came as the Korea Housing Finan

South Korea's industrial output, consumption and investment increased on-month in December, data showed Friday, in the latest sign that the country's economy is on a recovery track amid the pandemic. But stung by the fallout of the COVID-19 pandemic, the nation's industrial production declined last year for the first time since the statistics agency began compiling data in 2000. The industrial output grew 0.5 percent in December from the previous year, compared with a 0.8 percent on-month gain