One in three companies in South Korea may trim workers in the future if the economy does not show signs of a significant recovery from the new coronavirus pandemic, a poll showed Sunday. In the poll conducted by the Korea Economic Research Institute, about 30 percent of the surveyed 120 companies said that they will not be able to maintain the current level of employment if the COVID-19 pandemic not mitigate over the next six months. To batten down the hatches for the economic fallout from t

For President Moon Jae-in, June will be a crucial month in preparations for the post-coronavirus era and efforts to jump-start inter-Korean ties. He is setting his sights on a string of major projects in the coming month related to the economy and inter-Korean cooperation, while quarantine authorities here are struggling to contain COVID-19 amid concerns about new cluster infections in Seoul's nightlife district of Itaewon. Moon and his aides hope that the number of daily confirmed cases will

South Korea's export prices dropped for a second consecutive month in April, central bank data showed Friday, apparently adding to woes over a slump in outbound shipments by Asia's fourth-largest economy amid the new coronavirus pandemic. The export prices index, in terms of local currency, came to 94.54 in the month, down 1.6 percent from the revised 96.08 the previous month, according to preliminary data from the Bank of Korea. From a year earlier, the reading marks a 5.9 percent drop. Apri

South Korea said Friday it has adopted an action plan with other Group of 20 members that centers on maintaining the global supply chains and refraining from implementing new trade barriers as the new coronavirus pandemic continues to put great strains on business activities. South Korean Trade Minister Yoo Myung-hee discussed with her counterparts from the group of 20 advanced and emerging economies on late Thursday how to expand global cooperation in the face of the COVID-19 pandemic, accord

Govt. vows to lead job creation, hoping to boost private sector

A multilateral convention of the Organization for Economic Cooperation and Development to combat multinational corporations’ tax avoidance strategies, which exploit gaps and mismatches in tax rules, is slated to take effect here in September, Korea’s Finance Ministry said Thursday. The government has recently deposited its instrument of ratification in the OECD, which would allow South Korea to more smoothly deal with the corporations’ base erosion and profit shifting through

Despite potential for backlash, government hints it may pursue plan to nurture industry

South Korea's financial regulator said Thursday that 16 fintech firms and startups have attracted a combined 136.4 billion won ($111 million) in investment over the past year as the country is pushing to promote the fintech industry. The investments came a year after South Korea introduced a regulatory sandbox meant to allow fintech firms using new technologies, such as blockchain and big data, to develop new financial services without regulatory hurdles. The move came as South Korea is count

South Korea aims to create 1.56 million jobs in the public sector, Finance Minister Hong Nam-ki said Thursday, as the nation's economy suffered its sharpest job losses in 21 years over the coronavirus pandemic. Hong said the government will soon draw up plans to mitigate the impact of the coronavirus on the job market. About 1 million jobs in the public sector have not been opened due to social distancing rules, but the government will soon open such jobs by easing some rules, Hong said. T

Finance minister vows to swiftly create 550,000 plus jobs

South Korea's exports, which have been hit hard by the new coronavirus that has halted global supply chains, are not likely to rebound immediately in the post-pandemic era, as its key trade partners are raising their guard to protect their own industries, a report showed Wednesday. "Major countries, including the United States, are already intervening deeper into the market, disbursing large sums of subsidies to protect their industries," the Korea International Trade Association (KI

The Bank of Korea (BOK) on Wednesday said it plans to provide an additional 5 trillion won ($4.08 billion) in special, low-interest loans to local businesses hit by the new coronavirus outbreak. The additional amount will bring to 35 trillion won the amount the central bank will provide to local lenders, which in turn will offer low-interest loans to firms. "The move is expected to help expand the financial access of self-employed businesses and small and medium-sized firms that are faci

SEJONG -- South Korea reported the sharpest drop in its April employment since 1999 as the coronavirus pandemic hammered job markets, data showed Wednesday. The number of employed people in South Korea stood at 26.56 million in April, 476,000 people fewer than a year ago, marking the biggest on-year decline since February 1999. The labor force participation rate, which refers to the percentage of those who are aged 15 or older and remain in the labor force by either being employed or activel

Global economy expected to log minus 2.6% growth while S. Korea suffers sharpest drop in service sector

SEJONG -- Finance Minister Hong Nam-ki said Tuesday he will donate his coronavirus relief handout, joining other senior officials in donating their handouts to benefit others. South Korea has begin providing relief handouts to every household to ease the economic fallout from the coronavirus pandemic. For a household with four or more people, 1 million won ($815) will be given. In a Facebook posting, Hong said such a donation will become an "asset of hope" as the world is fighting