South Korea's vice finance minister said Thursday uncertainties surrounding the US presidential election will have limited impact on the local financial and foreign exchange markets, vowing for swift countermeasures if market volatility increases.  “The US presidential election risks have already been reflected in the local financial markets. Since the US government is likely to maintain its quantitative easing policies, there is a limited possibility of volatility in the local finan

World Bank recognizes Korea’s growth and COVID-19 response as case study that other countries can learn from

South Korea’s current account surplus, a key barometer of the nation’s trade, surpassed $10 billion and hit a two-year high in September, the central bank said Thursday, feeding anticipations that it would easily top its 2020 outlook of $54 billion. On the back of improved exports, the surplus came to $10.21 billion in September, compared to $6.57 billion the previous month, the Bank of Korea said. This marked a surplus for Asia’s fourth-largest economy for five consecutive m

British American Tobacco (BAT) Korea said Thursday it will increase the ratio of non-combustible cigarette products to 50 percent by 2030 to boost sales amid regulations and health concerns over smoking. The British tobacco company has sold the heat-not-burn glo tobacco heating product (THP) series in the Korean market since 2017 on top of its traditional cigarette products. Currently, traditional cigarette products account for 90 percent of BAT Korea's total sales, with the remaining 10 perc

South Korea pledged Thursday to provide U30 million to the local office of the World Bank by 2023 in an effort to promote cooperation with the international organization. South Korea's Ministry of Economy and Finance made the pledge in a conference in Seoul on innovative technology, which it hosted with the Korean office of the World Bank and the International Development Association. The conference was the first face-to-face forum held by the World Bank since the COVID-19 pandemic hit the glo

South Korean builders' business sentiment surged to a yearly high in October on a recovery in housing orders despite the prolonged coronavirus crisis, a poll showed Thursday. The construction business survey index (CBSI) stood at 79.9 last month, up 4.6 points from the prior month, according to the survey by the Construction and Economy Research Institute of Korea. The October figure was the highest monthly tally for this year, but it was still below the benchmark level. A reading below 100 i

South Korea's current account surplus hit a two-year high in September as exports rebounded for the first time in seven months on brisk shipments of chips and autos amid the new coronavirus outbreak, the central bank said Thursday. The current account surplus reached $10.21 billion in September, compared with $6.57 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. It marked the largest surplus since September 20

The Korea Herald’s first forum discusses paradigm shift in the nation’s financial sector, and its economic resilience

Efforts should be made to support Korean financial companies’ entry to Southeast Asian markets to secure sustainable future growth and foster stronger financial ties, a senior researcher said Wednesday. The country’s financial competitiveness along with the development of its economy has grown at large, and it is the time for the local financial industry to seek new opportunities by bolstering economic cooperation with Southeast Asia, said Jeong Young-sik, senior researcher for inte

‘COVID-19 threatens poverty reduction in developing nations’

SEJONG -- Online shopping in South Korea soared to a new high in September due to the coronavirus pandemic and the Chuseok holiday, data showed Monday, The value of online transactions stood at 14.72 trillion won ($12.9 billion) in the month, up 30.7 percent from a year earlier, according to the data from Statistics Korea. It was also the largest monthly amount since the agency began tracking related data in 2001. The surge was attributed largely to the pandemic that prompted more shoppers t

Sales of imported vehicles in South Korea rose 9.8 percent in October from a year earlier due to strong demand for German cars, an industry association said Wednesday. The number of newly registered foreign vehicles climbed to 24,257 units last month from 22,101 a year earlier despite the COVID-19 pandemic, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models were the Volkswagen Tiguan 2.0 TDI SUV, Volvo XC40 B4 AWD SUV and BM

Finance Minister Hong Nam-ki vowed Wednesday he will do his best to perform his duties in sync with the president after his resignation offer over a taxation issue was rejected. "In conformity with the intention of the personnel authority, I will do my utmost to do my official duties as a deputy prime minister," Hong said during the parliamentary budget and accounts committee's interpellation session. "As parliament kicks off its review of the (2021) budget bill, I will do my b

South Korea's foreign reserves climbed for the seventh straight month in October due to a rise in the value of non-dollar assets and an increase in investment returns, central bank data showed Wednesday. The country's foreign reserves came to a record high of $426.5 billion as of end-October, up $5.96 billion from a month earlier, according to the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve pos

South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki offered his resignation on Tuesday, in an apparent response to the market backlash against the government’s proposed changes to the taxation rules. “I have offered my resignation and submitted my letter today, taking responsibility over the prolonged disputes,” the fiscal chief said during a parliamentary finance committee meeting. His abrupt announcement came while answering a question from Rep. Ch