South Korea's industrial output rose in November from a month earlier on improving exports, but consumption declined for the second straight month amid a resurgence in new coronavirus cases, data showed Wednesday. The nation's overall industrial production increased 0.7 percent in November from the previous month, compared with a 0.1 percent on-month fall in October, according to the data compiled by Statistics Korea. Compared with a year earlier, the industrial output fell 0.6 percent in Nove

The number of employees with total paychecks exceeding 100 million won ($91,400) reached a record high of 852,000 in 2019, up some 50,000 from the previous year, data showed Tuesday. According to the National Tax Service, earners of over 100 million won accounted for 4.4 percent of the total 19.17 million salaried workers. An employee here earned 37.4 million won on average, before tax, last year, rising 2.7 percent, or 970,000 won, from 2018. Those who reported non-salary financial income

Consumers who order more than 20,000 won ($18.30) on designated delivery apps with a credit card will get 10,000 won as a cash back reward or discount, the government said Tuesday. Currently, seven delivery apps including Baedal Minjok, Yogiyo, Payco and Coupang Eats are participating, and four more apps are expected to join as soon as they complete system maintenance. 　 Payments have to be made on the delivery apps with credit cards issued by nine card companies -- KB Kookmin, NH Nonghyup,

South Korea’s central bank said Tuesday that it had published an English-language version of a booklet narrating its 70-year history. The Korean version was published in June to mark the Bank of Korea’s 70th anniversary. The booklet focuses on Korea’s growth into Asia’s fourth-largest economy, as well as on the establishment of the BOK and its role, the central bank said. The BOK plans to distribute the booklet to its overseas counterparts, international organizatio

Of 35 member nations studied, Korea’s personal income tax grew seventh-fastest

South Korea has unveiled the third batch of its economic relief package worth 9.3 trillion won ($8.49 billion) to support the country‘s small businesses and contract workers hit hard by the COVID-19 pandemic, amid growing fears of a virus resurgence and its impact on slowing down the economic recovery. Under the government plan, some 5.8 million people will benefit from the aid program. Direct cash payments will begin Jan. 11. A swift economic recovery and finding a solution to inequal

South Korea's terms of trade gained for the eight consecutive month in November as import prices fell at a faster clip than export prices, central bank data showed Tuesday. The nation's net terms-of-trade index for goods -- a gauge of trade terms -- came to 98.1 in November, up 7.8 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the eighth straight month of an on-year rise since April, when the trade terms logged the first on-year hike in over

South Korea's consumer sentiment fell for the first time in three months in December due to tougher antivirus measures and worsened economic expectations, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 89.8 for December, down 8.1 points from the previous month, according to the data from the Bank of Korea (BOK). The latest reading marks the first on-month drop following two consecutive months of increase. A reading below 100 means pessimists outnumb

A state visit to South Korea by the Chinese leader and the recovery of the world’s second-largest economy will improve trade and business ties between the two countries next year, a report suggested Monday.　 Comparing business sentiment between the two countries on a timeline, the Federation of Korean Industries said the relationship could get better than it was in 2016, just before the two started to bicker over the US decision to deploy an anti-missile system on Korean soil. The report

The number of South Korean companies that have suffered credit rating downgrades has reached its highest level since 2016 as the COVID-19 pandemic has taken a toll on their finances this year, industry data showed Monday. The debt ratings of 39 companies have been cut down by more than one of the three local credit rating agencies -- Korea Investors Service, NICE Investors Service and Korea Ratings Corporation -- as of Thursday, according to data compiled by Yonhap Infomax. In 2016, the figur

South Korea selected a total of 11 banks –- six South Korean and five foreign banks –- as institutions responsible for setting prices for direct won-yuan transactions next year, financial authorities said Monday. The banks will be responsible for determining the prices for the transactions and funneling liquidity into the market, the Ministry of Economy and Finance and the Bank of Korea said in a joint statement. The South Korean banks are major commercial lenders KB Kookmin, Shi

South Korean companies have suffered the most credit rating downgrades in 2020 in four years in the wake of the coronavirus pandemic, data showed Monday. Three major credit appraisers here -- NICE Investors Service Inc., Korea Ratings Corp. and Korea Investors Service Inc. (KIS) -- have downgraded credit ratings of 41 firms in separate evaluations, according to the data from Yonhap Infomax, the financial news arm of Yonhap News. It represents the highest number of rating cuts since 2016, when

The chief of South Korea’s financial market watchdog said Wednesday he feels sorry for causing public concern over the massive fiasco surrounding Lime Asset Management, which the regulator‘s employee was embroiled in. “As the head of FSS, I feel heavy responsibility for the issue and apologize for our employee’s involvement in the scandal. We will take the recent fiasco as an opportunity to enhance internal control over irregularities through measures to improve employ

The Bank of Korea (BOK) said Friday it will maintain an accommodative monetary policy next year to help the nation's economic recovery from the pandemic, but it will closely watch the side-effects of monetary easing. "Under the direction of its monetary policy in 2021, the Bank of Korea will maintain the easing stance of its monetary policy to support the recovery in growth and to ensure the rise in consumer prices will be stabilized at around the target level," the BOK said in a stat

Tally for female discouraged workers hits record-high