President Moon Jae-in's new official car, based on hydrogen fuel-cell technology, made its debut Tuesday, rolling briefly across the grounds of Cheong Wa Dae.Moon moved from one office building to another inside the presidential compound in the Nexo crossover SUV, produced by Hyundai Motor, according to Cheong Wa Dae.   Moon chose it as a presidential car in a demonstration of his resolve to do his best for the growth of the hydrogen economy and efforts to tackle fine dust air pollutio

South Korea’s consumer sentiment came to 92.5 in August, the lowest indicator readout since January 2017, data released by the Bank of Korea showed Tuesday as global trade issues continued to weigh on the economy. According to the central bank, the composite consumer sentiment index dipped 3.4 points on-month to well below the baseline of 100, which means consumers are decidedly pessimistic compared with average readings between 2003 and 2018. The BOK cited a number of risks to explain the

The Export-Import Bank of Korea said Tuesday it had signed a loan agreement to provide $86 million from the Economic Development Cooperative Fund for Ethiopia’s project involving a university. The ceremony was attended by Eximbank Chairman Eun Sung-soo and Ethiopia’s State Minister of Finance Admasu Nebebe during Ethiopian Prime Minister Abiy Ahmed Ali’s state visit to Korea.The EDCF offers long-term low-interest loans to developing countries, set up and managed by the Korean g

South Korea's top financial regulator said Tuesday the government will expand financial support for companies hit by Japan's export restrictions if needed, as Tokyo's decision to drop Seoul from its list of trusted trading partners is set to take effect this week. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a meeting with senior executives of banks, a day before South Korea is officially dropped from Japan's so-called whitelist.  Japan, which tightened e

Ministry, ruling party agree to allocate budget to parts, materials makers

The ongoing US-China trade war is developing into a worst-case scenario, according to a report published by a local brokerage on Monday, citing that China has begun settling into a trade war of attrition. According to Hana Financial Investment analyst Kim Kyung-hwan, the global market is now exposed to further uncertainties stemming from the trade feud, as it is on the verge of entering a new stage, while negotiations between the two largest economies remain largely stalled.  “With Ch

South Korea's finance minister said Monday the country will implement a "greater and aggressive" fiscal policy next year to deal with a series of economic headwinds, such as an escalating trade row between the United States and China, and another trade tussle with Japan.Hong Nam-ki, the minister of economy and finance, said the government has drafted an expansionary budget next year, although a temporary fiscal deficit is likely. "An aggressive fiscal role is more important than e

South Korea's tax-to-gross domestic product ratio reached nearly 27 percent in 2018, but it was lower than that for other major economies, a report showed Monday.The country's tax-to-GDP ratio came to 26.8 percent last year, up 1.4 percentage points from the prior year, according to the report from the National Assembly Budget Office. It was the steepest on-year increase in 10 years, and last year marked the fifth consecutive year of rise.The ratio refers to a country's tax revenue and social se

A survey on 181 companies in South Korea reveals less job creation growth by companies subject to 52-hour workweek rule

International ratings agency Moody's on Friday slashed its forecast for South Korea's 2019 economic growth to 2 percent from the previous 2.1 percent. In a report, Moody's also cut its outlook for South Korea's economic growth for next year to 2.1 percent from 2.2 percent. "The weaker global economy has stunted Asian exports, and the uncertain operating environment has weighed on investment," Moody's said in the report. "In particular, softer capital formation has mirrored the w

A day after South Korea announced its decision to scrap a military intelligence-sharing pact with Japan, Deputy Prime Minister and Finance Minister Hong Nam-ki said Friday that the government will make efforts to minimize any negative impact this might have on the economy. On Thursday, Seoul announced it would terminate the General Security of Military Information Agreement amid an ongoing trade dispute with Japan. Hong said the “pact was deemed not beneficial to the country.”Wi

South Korean stocks opened lower Friday as investors waited to see clues for the future direction of US rates.The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.15 points, or 0.37 percent, to 1,943.86 in the first 15 minutes of trading. The drop came despite overnight gains on Wall Street ahead of the Jackson Hole Fed meeting, where US Federal Reserve Chairman Jerome Powell is widely expected to hint at a rate reduction down the road.The Dow Jones industrial average added 49.51 point

SEJONG -- It has been two decades since South Korea took its first steps into the free trade market, seeking bilateral deals with major world economies in hopes of enjoying tariff benefits.Since launching negotiations toward a free trade agreement with its first partner, Chile, in 1999, Korea has put 15 FTAs in place with three continental trade blocs (that involve 42 countries collectively) and 12 countries.The three trade blocs are the 28-member European Union, the 10-member Associat

South Korea has struck a free trade deal with Israel as part of efforts to strengthen economic ties with the Middle Eastern country and cope with the growing protectionism around the globe, Seoul’s Trade Ministry said Wednesday.In Jerusalem, Trade Minister Yoo Myung-hee and her counterpart, Eli Cohen, declared their bilateral free trade agreement around three years after the two held the first round of negotiations in 2016.The deal is expected to take effect in the first half of 2020, as i

The world's big three memory chip makers saw their revenues decline over 30 percent in the first half of the year due to weak demand and steep price declines following a two-year boom, a report said Wednesday. The Big 3 memory suppliers -- Samsung Electronics and SK hynix of South Korea and Micron of the United States -- grappled with slumping sales in the first six months of the year compared with a year ago amid weak memory chip markets, according to the report from IC Insights. Samsung and SK