South Korea's state pension fund posted a return rate of 6.81 percent in the first four months of2019 on the back of solid performances in domestic and foreign stock markets, the fund's operator said Friday.The state pension logged a 9.97 percent investment return from the local stock market and a 20.34 percent yield from investments in overseas stocks, according to the National Pension Service. The NPS' return rates from investments in domestic and foreign bonds reached 1.42 percent and 6.

The average lending rate for fresh loans extended by banks dropped in May from a month earlier on a large dip in the rates for businesses that more than offset a slight increase in rates for households, central bank data showed Friday.The average interest rate on all new bank loans came to 3.62 percent last month, down 0.03 percentage point from the previous month, according to the data from the Bank of Korea.The drop comes amid growing market expectation that the central bank may be poised to s

South Korea is deepening ties with Southeast Asia in hopes of creating new growth engines in the region’s young, fast-growing economies and seeking a breakthrough amid growing uncertainties in global trade. In 2017, the Moon Jae-in administration launched the New Southern Policy as its key foreign economic policy, reflecting its strong commitment to prosper with ASEAN countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. As a f

SEJONG -- An election campaign pledge of President Moon Jae-in early 2017 was to create 1.31 million jobs -- 500,000 in the private sector and 810,000 in the public sector.At that time, he criticized the theory that employment should follow market principles, saying that “the (next) government (unlike past administrations) will be able to create up to 1.31 million jobs by taking the initiative (not by handing it over to the market).”In addition, he suggested that parents with prescho

Fiscal chief vows to raise tax refund ceiling, speed up theme park project for tourism, logistics

Monetary policymaker remains defensive against ‘July easing’ scenario amid lingering uncertainties

SEJONG -- South Korea is sparing no efforts to promote its agricultural products globally, including Korean traditional dishes, beverages and alcoholic drinks.According to the Ministry of Agriculture, Food and Rural Affairs, “K-food Fair” held in Paris earlier this month drew wide attention from European consumers and retailers.“Twenty-one Korean producers participated in the fair in France and signed export contracts worth $17 million (19.6 billion won),” said a ministry

Koreans purchase first home at average age of 43.3

South Korea's finance ministry is expected to slightly cut its growth estimate for the year in the face of a delayed recovery in chip prices and the escalating trade dispute between the United States and China, sources said Sunday.The South Korean government has been adhering to the stance that Asia's fourth-largest economy will gather pace during the second half of the year on the back of an improvement in prices of chips, a major export item for the country, and expanded fiscal spending.But a

South Korean exports of information and communication technology products fell for the seventh straight month in May on weak demand for semiconductors, mobile phones and displays, data showed Friday.Total outbound shipments reached $14.3 billion last month, a plunge of 22.6 percent from a year earlier, according to the data compiled by the Ministry of Science and ICT. Exports of semiconductors, one of the country's key export items, nose-dived 30 percent on-year to a little over $7.6 billion, ma

South Korean carmakers Hyundai Motor and Kia Motors said Thursday they have garnered the three highest marks in J.D. Power’s annual automotive quality survey. The companies said they expected the achievements to help boost sales in the United States as J.D. Power’s closely followed Initial Quality Study is widely accepted as a barometer of automotive quality.  In the 2019 IQS report released Wednesday, Hyundai Motor, its independent brand Genesis and Kia Motors, long regarded as

SEJONG -- Two major economic indices under the Moon Jae-in administration have plumbed to new lows since the nation was hit by the 2008-09 global financial crisis.Those are the growth of gross domestic product in the first quarter and the current account balance in April 2019.South Korea suffered a contraction of 0.4 percent in GDP during the January-March period on a quarter-to-quarter basis.This was the worst quarter-on-quarter GDP performance since the first year of the Lee Myung-bak governme

50,000 won bills increase presence in market, both in value and in volume

Government to inject 8.4 trillion won in non-memory chips, future mobility and bio

Global credit appraiser Fitch Ratings has substantially slashed its growth outlook for South Korea‘s economy this year to 2 percent, citing weaker underlying momentum.The latest forecast, contained in its global economic outlook report posted on its website Monday, represented a sharp downward revision from its previous forecast of 2.5 percent in February. Fitch said the South Korean economy would grow 2.6 percent in both 2020 and 2021.The South Korean economy expanded 2.7 percent in 2018,