The Korean currency weakened to an over two-year low against the yen last month as concerns about a global economic slowdown prompted investors to search for safer assets, central bank data showed Sunday. The local currency was traded at an average of 1,030.57 won per 100 yen in January, down 31 won from the previous month, according to the Bank of Korea.The January reading marked the lowest level since November 2016, when the won hit 1,076.82 against 100 yen.The US dollar serves as the ben

The contribution of government spending and investment to South Korea's economic growth reached a nearly 20-year high in the fourth quarter of last year amid sluggish private consumption and production, central bank data showed Sunday.According to the latest data by the Bank of Korea, South Korea's gross domestic product grew a surprising 1 percent in the October-December period from three months earlier. It helped meet the BOK's target of a 2.7 percent expansion for the whole of 2018.In the fou

The possibility of South Korea defaulting on its credit loans has dipped to the lowest level in over 11 years, with its credit default risk shrinking to lower than those of other major economies such as China, Britain and France, the central bank said Saturday.According to the Bank of Korea, the country's Credit Default Swap premium on foreign exchange stabilization bonds with a five-year maturity came to 32 basis points, or 0.32 percent, as of Friday, down 9 basis points from 41 bp on Jan. 3.A

South Korea's consumer prices rose 0.8 percent in January from a year earlier as agricultural products stabilized and oil products fell, government data showed Friday.The reading represents a decline from the previous month's 1.3 percent on-year gain, according to figures released by Statistics Korea. It marked the lowest tally in 12 months. From a month earlier, the index fell 0.1 percent.Prices of agricultural, livestock and fishery goods rose 2.5 percent on-year in January, compared with a 5.

South Korea's exports moved down 5.8 percent in January from a year earlier, government data showed Friday, due mainly to weaker performances by chips and petrochemical goods. Outbound shipments came to US$46.3 billion for January, down from $49.2 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.  It marked the second consecutive month to post an on-year drop.South Korea did not post an on-year decrease in exports for two straight m

CCI and CLI both extend into 7th monthly decline, indicating sluggish upcoming year

South Korea's industrial output fell 0.6 percent in December from a month earlier due in part to decreased exports of cars and semiconductors, government data showed Thursday.The data compiled by Statistics Korea showed semiconductor output fell 4.5 percent in December from a month earlier as chip exports declined 5.9 percent during the same period.Production of cars declined 5.9 percent in December from a month earlier as overseas shipments of cars fell 10.5 percent during the same period.Semic

The South Korean government has decided to promote specific business interests by city and region for the sake of balanced regional development, injecting some 56 trillion won ($50.1 billion) over the next five years.To this end, new business clusters and zones utilizing the latest technologies will be designated, the government said. (khnews@heraldcorp.com)

The monthly rental price of one-room studio apartments in Seoul was highest in December and lowest in April last year, according to data released by South Korea’s real estate and housing listing site operator DaBang on Wednesday.The Seoul-based studio apartments under consideration were those less than 33 square meters in size, DaBang said. The results are based on monthly rent fees of 1 million studio apartments in Seoul that were listed on DaBang in 2018, after unilaterally fixing the de

South Korea's finance minister said Wednesday that the government will come up with measures next month to boost exports amid concerns that overseas shipments would contract in January from a year earlier.Hong Nam-ki said measures to revitalize exports have gained urgency as uncertainties have deepened over slowing global growth and trade frictions between the United States and China. Hong made the comments in a meeting with relevant officials on how to boost the economy at a government building

South Korea's trade ministry said Wednesday it will thoroughly prepare for the anticipated departure of Britain from the European Union to minimize potential negative impacts on local exporters.The Ministry of Industry, Trade, and Energy hosted a seminar on the outlook of the European market to discuss ways to better prepare for Europe-related risks throughout 2019. The ministry said such preparations are needed as Britain plans to leave the EU, with looming protectionism and the planned impleme

President Moon Jae-in was set to hold a meeting with his top economic advisers Wednesday as his government is apparently struggling to keep the local economy from slowing down.The meeting will be held over lunch at the presidential office Cheong Wa Dae, attended by Moon's new special adviser for science and economy Lee Jeong-dong and the new vice chair of the National Economic Advisory Council, Lee Jay-min. The luncheon comes one week after the president appointed the two, but it marks a very ra

South Korea's agricultural ministry said Wednesday it has won approval from its Australian counterpart to ship Korean Kyoho grapes there starting this year.The Ministry of Agriculture, Food and Rural Affairs said it has paved the way for South Korean farms to ship Kyoho grapes, which are normally larger than typical breeds, to Australia under a simple procedure. The ministry has been requesting Australia ease regulations in terms of quarantines since 2017.Starting this year, the grapes can be sh

The state-run Korea Trade-Investment Promotion Agency has decided to withdraw from Venezuela amid the escalating political turmoil, sources said Wednesday.According to official insiders, KOTRA plans to shut down its Caracas-based office March 1. Its business center located in Panama will continue to oversee Venezuela-related affairs. Officials from KOTRA said the move came as the South American country has been facing political instability, threatening the safety of the staff."KOTRA maintai

Cabinet waives feasibility test for nonmetropolitan SOC projects, citing balanced regional growth