Asia’s fourth-largest economy shrank 3.2 percent on-quarter in the April-June period, central bank data showed Tuesday, slightly slower than the central bank’s previous estimate, but nonetheless showing its sharpest contraction since the 2008 global financial crisis. While the figure was an improvement from a 3.3 percent estimated contraction announced in July, it marked a sharp on-quarter decline from minus 1.3 percent for the January-March period. The economy also contracted 2.7

Korean Air Lines Co., South Korea's biggest carrier, said Tuesday it will convert two of its passenger jets into cargo planes upon government approval to meet growing demand amid the coronavirus pandemic.    The Ministry of Land, Infrastructure and Transport has approved the national flag carrier's request to convert two B777-300ER jets into cargo planes, a Korean Air spokeswoman said over the phone. "The company may consider making another request to the ministry to con

  South Korea's economy shrank at a slower-than-estimated pace in the second quarter from three months earlier amid the COVID-19 pandemic, central bank data showed Tuesday. The country's real gross domestic product (GDP) contracted 3.2 percent in the April-June period from the previous quarter, the biggest on-quarter drop since a 3.3 percent retreat posted in the last three months of 2008, according to preliminary data from the Bank of Korea (BOK). But the reading marks a slight increase

South Korea's exports extended their slump to a sixth month in August as the resurgence of the new coronavirus around the globe continued to strain business activities, data showed Tuesday. But the retreat was in the single digits on a recovery in shipments of chips. Outbound shipments came to $39.6 billion last month, down 9.9 percent from $44 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The latest figures were slightly better t

Authorities point to exhaustion of disaster relief handouts

With the COVID-19 pandemic accelerating digitalization of the financial sector and magnifying risks for individual investors, financial authorities recently vowed to create a safe and friendly environment for senior citizens here. To help the elderly carry out smooth banking transactions, local lenders would be required to alert their customers when closing a brick-and-mortar branch with a high-proportion of senior customers, Deputy Prime Minister and Finance Minister Hong Nam-ki said during a

Sources say the list includes Delivery Hero, Facebook and Netflix

Experts say under Level 3 guidelines Asia’s 4th-largest economy would show state of panic

South Korea's trade minister, who is running to become the new head of the World Trade Organization (WTO), plans to visit Geneva this week as the international body begins the selection process for its next leader. Trade Minister Yoo Myung-hee will head to Switzerland on Monday as the WTO plans to launch the first round of the selection process on Sept. 7, according to the Ministry of Trade, Industry and Energy. During the first round, representatives from 164 member states will provide a ma

Fitch Solutions, the consultancy arm of global credit appraiser Fitch Group, forecast that South Korea will further cut its policy rate by the end of the year, extending economic stimulating efforts amid the prolonged COVID-19 crisis. “We now expect the Bank of Korea to undertake one more 25 basis point rate cut before end-2020 in order to continue providing support to the economy,” the company said in a release. “We have also revised down our forecast for consumer price inf

South Korea is mulling another set of extra budget if the level of social distancing goes up a notch, enforcing a lockdown, according to the chief fiscal policymaker. “The rise in the coronavirus cases and implementation of stricter social distancing level would work as key variables in drafting the fourth extra budget,” Deputy Prime Minister and Finance Minister Hong Nam-ki said at a press briefing held Thursday. “If the situation reaches Level 3, then (the lockdown’s

SEJONG -- South Korea will review the need to draw up the fourth extra budget if the nation raises social distancing rules to the highest level amid a resurgence of the new coronavirus, Finance Minister Hong Nam-ki has said. Hong made the remarks at a meeting with reporters Thursday when he gave a briefing on next year's budget proposal. With daily virus infections surging to triple digits, South Korea raised the virus curbs to Level 2 in the three-tier system earlier this month, banning ind

Nation grapples with demographic change amid epidemic, economic crisis

Central bank keeps interest rate at record-low of 0.5%

South Korea's central bank on Thursday again sharply lowered its growth outlook for the economy this year and froze its policy rate at a record low as uncertainties stemming from spiking virus cases heightened. The Bank of Korea (BOK) forecast a 1.3 percent contraction for Asia's fourth-largest economy in 2020 amid the deepening virus fallout, sharper than its estimate in May of a 0.2 percent retreat. "The recovery of domestic economic growth is likely to be slower than previously foreca