National debt tops 800 trillion won for 1st time

Apartment units in southern Seoul's Gangnam-gu stood out among housing options in South Korea’s capital city in October in terms of their valuation, as they are increasingly regarded as a safe haven in times of uncertainty in housing market regulation. The estimate comes as multiple-home owners are struggling to keep multiple flats in their portfolio due to tougher housing regulations to stamp out the speculative buying. The price gap between Gangnam-gu and adjacent districts in southeas

Doosan Group's scholarship foundation signed a deal Tuesday to sell its 3.16 percent stake in Doosan Fuel Cell Co., the fuel cell maker said. The foundation will sell 2.27 million preferred shares in Doosan Fuel Cell after the market closes via a block deal, Doosan Fuel Cell said in a regulatory filing. The stake sale to be made Thursday will lower the interest in Doosan Fuel Cell held by the group's holding company, Doosan Corp., and major shareholders to 50.31 percent from 53.47 percent.

Non-face-to-face payments have surged 17 percent on-year since the outbreak of COVID-19, a report released by the central bank on Tuesday showed. Contactless payments made via electronic devices and other noncash methods inched up by 1.4 percent on-year in the first nine months of this year, the Bank of Korea said in a report.　 “Contactless payment transactions have expanded as usage of mobile payments have increased compared with actual credit or debit card payments,” the report

Doosan Infracore Co. said Tuesday its Chinese unit has produced its 200,000th excavator in the country. The accumulated output came 26 years after South Korea's leading construction equipment maker entered the Chinese market in October 1994, the company said in an emailed statement. The Chinese excavator market is expected to grow by 275,000 units this year, surpassing last year's overall sales of 200,000 units, Doosan Infracore said. Sales of excavators by the company rose 21 percent to 14

At the recent e-Leaders 2020 meeting of the Organization for Economic Cooperation and Development, Korea ranked first in the Digital Government Index, which the OECD conducted for the first time. The latest result, a consecutive achievement after the OECD ranked Korea first in the OUR (Open-Useful-Reusable) Data Index in 2019, showed that Korea is leading the world’s digital government transition and innovation. The Digital Government Index measures the level of digital transformation an

Despite the coronavirus pandemic, South Korea's exports to China fell at a slower rate than its overall overseas shipments in the first half thanks to brisk Chinese demand for consumer goods and electronics parts, a report showed Tuesday. South Korea's exports to the world's second-largest economy came to $61.4 billion in the January-June period, down 6.4 percent from a year earlier, according to the report from the Korea Trade-Investment Promotion Agency (KOTRA). The decline is much lower tha

South Korea's consumer prices grew at the slowest pace in four months in October due largely to one-off state subsidies for mobile phone bills, data showed Tuesday, underscoring the country's low inflationary pressure. The consumer price index inched up 0.1 percent on-year last month, sharply slowing from a 1 percent on-year gain in the previous month, according to the data from Statistics Korea. It marked the slowest on-year growth since June, when the price index stayed flat, and the fourth

President Moon Jae-in predicted Monday that South Korea’s economy will be able to return to a normal track in the first half of next year if the current trend of economic rebound from the new coronavirus pandemic continues in the fourth quarter. “When reviewing recent indicators, we can see that the economy is rapidly recovering by overcoming the recent difficulties,” Moon said during a weekly meeting with his senior Cheong Wa Dae aides. “If the trend of economic reboun

On-year basis, ‘unemployed or underemployed’ up 800,000

SEJONG -- South Korea's finance ministry said Monday it will allow people to exchange the Korean currency for foreign currency banknotes at convenience stores starting next year, as part of its efforts to ease regulations in the foreign exchange market. Under the move, people can ask banks to exchange the Korean won for foreign bills via smartphone applications, according to the Ministry of Economy and Finance. They can then get the foreign bills at automated teller machines in convenience s

South Korea's central bank will take measures to stabilize the financial markets in a timely manner when needed as the outcome of the US presidential election could increase market volatility, its head said Monday. Bank of Korea (BOK) Gov. Lee Ju-yeol said that volatility in the financial markets at home and aboard could increase, depending on the outcome of the US election, set for Tuesday, amid concerns about a resurgence in COVID-19 cases in Europe, according to the central bank. "The

South Korea's manufacturing activity entered an expansionary phase for the first time this year in October on increased new orders, a global market researcher said Monday. The purchasing managers' index (PMI) of the country's manufacturing sector stood at 51.2 last month, up 1.4 points from the previous month, according to a survey by IHS Markit. It represents the first time this year for South Korea's PMI, a key measure of factory activity in a country, to surpass the 50-point mark that separ

South Korea's exports of instant noodles and kimchi products rose sharply in the first nine months of the year on the back of rising demand for ready-to-eat meals and healthy foodstuffs amid the new coronavirus pandemic, data showed Monday. Outbound shipments of instant noodles jumped 36.3 percent on-year to $456 million during the January-September period, while those of kimchi jumped 38.5 percent to $109 million over the cited period, according to the data compiled by the Ministry of Agricult

The South Korean government is apparently caught in a real estate dilemma, as its aspiration to ease the supply shortage of “jeonse” apartments will likely contradict its efforts to cool the heated housing market. While policymakers are struggling for a breakthrough, the announcement of jeonse-related measures will probably not take place within this week, according to multiple officials of the Ministry of Economy and Finance and the Ministry of Land, Infrastructure, and Transpo