The 27th Economic Development Cooperation Fund Annual Workshop, hosted by the state-run Export-Import Bank of Korea (Eximbank), kicked off Tuesday, inviting a total of 15 government officials from 14 developing countries. The EDCF Annual Workshop, a four-day event, aims to introduce South Korea’s EDCF financing to public officials around the world. The EDCF, an aid loan funded by the Korean government, was launched in 1987 under an official development assistance initiative. Eximbank is in

South Korea's business sentiment index fell in November amid concerns that tensions in the Middle East stemming from the Israel-Hamas conflict may add to inflationary pressure and production costs here, a poll showed Wednesday. The business survey index for 364 out of the country's top 600 companies by sales stood at 90.1 for next month, down 0.5 point from October, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber opti

South Korea's consumer sentiment slid for the third straight month in October amid woes over an economic slowdown, slumping exports and weakened spending power, a central bank poll showed Wednesday. The composite consumer sentiment index stood at 98.1 in October, down from 99.7 the previous month, marking the lowest since May this year, when the comparable figure was 98, according to the survey conducted by the Bank of Korea. A reading below 100 means pessimists outnumber optimists. The cen

South Korea's industry ministry said Tuesday the government has formally accepted an agreement by the World Trade Organization aimed at banning subsidies for illegal fishing. The agreement centers on prohibiting subsidies that contribute to overfishing and other illegal, unregulated fishing so as to ensure the sustainability of fish stocks and the industry. Following South Korea's approval, the total number of WTO members that have formally endorsed the rule reached 51, taking up 46 pe

The American Chamber of Commerce in Korea said Monday its delegation will travel to Washington this week to meet with key US government officials and lawmakers. The three-day trip to the United States starting Tuesday is part of the annual business-promotion program it calls “Doorknock.” The delegation will meet with officials of the Joe Biden administration as well as members of the US Congress to share insights about US-South Korea economic ties. The AmCham Korea delegation is expe

The chief of South Korea's central bank said Monday that the bank needs to maintain its restrictive monetary policy for a considerable time as uncertainties over inflation are rising. During a parliamentary inspection, Bank of Korea Gov. Rhee Chang-yong said consumer price growth is expected to slow, but remain above the target rate of 2 percent amid increased volatility in global oil prices and currency rates following the Israel-Hamas conflict. "Given these situations, uncertainties

South Korea's economy will post a mild recovery amid a slowdown in inflation but face heightened uncertainties amid geopolitical tensions and higher rates in major economies, the central bank said Monday. In a report to lawmakers for parliamentary inspection, the Bank of Korea said the economy will post a mild recovery into next year as a slump in exports eases, while private spending remains relatively weak. In May, the bank cut its growth projection for Asia's fourth-largest economy

South Korea's exports rose 4.6 percent on-year in the first 20 days of October on robust shipments of cars and petroleum products, data showed Monday. The country's outbound shipments reached $33.8 billion in the Oct. 1-20 period, compared with $32.3 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports rose 0.6 percent on-year to $37.6 billion during the period, resulting in a trade deficit of $3.74 billion. Exports fell for the 12th month in a

Central bank holds key rate at 3.5 percent for 6th consecutive time

The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid heightened economic uncertainties provoked by tension in the Middle East. Falling in line with market expectations, the central bank held the rate once again, keeping it steady since February. The BOK was pressured by rebounding inflation. Consumer prices growth in Korea stood at 3.7 percent in September and 3.4 percent in August, surging from how the figure stayed in the 2 percent range in the previous t

Some 200 corporate and government officials from South Korea and Latin American countries will gather in Mexico this week to discuss ways to enhance bilateral trade and cooperation on advanced technology sectors and explore new business chances, Seoul's finance ministry said Wednesday. The inaugural Korea-Latin America and the Caribbean Innovation and Trade Forum will take place in Mexico City on Wednesday for a two-day run, which will be hosted by the Ministry of Economy and Finance and th

Most South Korean industries are likely to see a modest recovery next year, with rechargeable batteries, automobile and shipbuilding sectors expected to show robust growth, according to a think tank Wednesday. The Hana Institute of Finance stressed the need to prepare for China's slowing growth, strengthening of global environmental regulations and new technological advances that it said will have mid- and long-term effects on local industries. "Local industries are generally expected

The US Department of Commerce announced a set of rules Tuesday to update and strengthen its restrictions on the export of advanced computing semiconductors to China in an apparent move to further curb China's technological advancement. The department's Bureau of Industry and Security released the rules to reinforce the export controls, which were published about a year ago to restrict China's ability to purchase and manufacture certain high-end chips critical for military advantag

Global credit appraiser Fitch Ratings has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook, the finance ministry said Tuesday. It is the fourth-highest level on the agency's table, and Fitch has maintained the rating of AA- since September 2012.

Volatility in oil prices, currency adds pressure on Korean economy