South Korea’s hope upon this year’s 10-day Chuseok holiday was that the long break would boost consumption and revive the domestic market momentum, but external risks mean that the nation’s economic prospects for the last quarter of the year remain murky.The foreseeable challenges include the ongoing dissent between Korea and the US over their bilateral trade deal, the imminent expiration of the Korea-China currency swap agreement, and impact on the markets from escalating mili

More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday.A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a year ago, according to the report by Rep. Park Kwang-on from the ruling Democratic Party. The number of overseas credit card users has been on a steady rise for years: 5.55 million in 2012, 6.36 million in 201

South Korea’s central bank suggested that a key interest rate hike is plausible in the near future in step with economic recovery, even if the inflation rate continues to remain slow.“We may consider some adjustment (in the interest rate) without being restrained by (slow) inflation, as long as economic recovery holds out in the midterm flow,” Bank of Korea Gov. Lee Ju-yeol said Friday during a workshop with the press.The central bank’s stance has remained unchanged from

South Korea's exports soared 35 percent to reach an all-time high in September thanks to strong demand for semiconductors and displays, government data showed Sunday.Outbound shipments came to $55.1 billion for the month, up from $40.8 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy, and the Korea Customs Service.The September figure marks the largest monthly total in South Korean history, eclipsing the earlier record of $51.6 billion set

South Korea's bourse struggled ahead of this year's long Chuseok holiday as tensions between the United States and North Korea reached new heights causing jitters among investors, observers here said Saturday.According to the Korea Exchange (KRX), the country's KOSPI lost ground for seven straight sessions from Sept. 19 through Wednesday of this week. This is the longest losing streak for the main bourse since Sept. 25-Oct. 6 of 2014, it said. "The loss of momentum caused the KOSPI, which w

Finance Minister Kim Dong-yeon said Friday he expects exports and other economic data for next month to deteriorate due to the 10-day Chuseok holiday.Kim made the remarks during a meeting with religious leaders earlier in the day.  This year's Chuseok, or autumn harvest celebration, which falls next Wednesday, will be longest in decades because of its nearness to two other national holidays. The government even declared next Monday a one-off holiday to bridge the gap between this weekend an

South Korea's financial authorities said Friday they will ban all forms of initial coin offerings, joining a wave of global regulations against the popular fundraising scheme with cryptocurrencies. The decision came after a meeting of senior officials from relevant ministries, led by the Financial Services Commission, the regulator said in a statement. Initial coin offerings allow start-ups or individuals to raise funds by offering cryptocurrencies. It has fueled a surge in values of digital cur

Retail sales in South Korea increased 4.3 percent in August from a year earlier, driven by strong sales posted by online malls and convenience stores, government data showed Friday.Sales of 13 major online stores and marketplaces jumped 13.1 percent on-year last month as more people bought airline tickets and travel packages, as well as clothing and fashion items via the Internet, according to the data from the Ministry of Trade, Industry and Energy.In contrast, sales of 13 offline-based retaile

South Korea's current account surplus widened last month from a year earlier thanks to brisk semiconductor exports, central bank data showed Friday.The country's current account surplus reached $6.06 billion in August, compared with a surplus of $5.03 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 66 months in a row. The current account is the biggest measure of cross-border trade. The goods account surplus widened to $9.

One in 5 new businesses that opened last year were owned by young people (classified as those in their late teens, 20s, 30s), data by the National Tax Service showed.The most preferred establishments were mail-order businesses, restaurants and commodities brokerages.A majority, or 56.7 percent, of the young and new business owners were men. But there were more women among new business owners aged 20 and 21. By sustainability, manufacturing businesses had the longest rate of 40.7 percent, followe

South Korea's national tax office said Thursday its chief is attending a meeting of top tax officials from leading industrialized economies on tackling offshore tax evasion.Han Seung-hee, commissioner of the National Tax Service, is now in Oslo to participate in the 11th meeting of tax chiefs from the Organization for Economic Cooperation and Development that kicked off in the Norwegian capital Wednesday for a three-day run.The conference brings together the top tax officials from 35 OECD member

WASHINGTON -- South Korea's trade minister said Wednesday he believes the United States should yield more in talks over their free trade agreement in the face of North Korea's nuclear threat.In a meeting with reporters in Washington, Kim Hyun-chong said the current military tensions with Pyongyang should strengthen, not weaken, Seoul's hand in negotiations over a possible amendment to the agreement known as KORUS."When there is a national security issue, shouldn't the US make more concessio

South Korean manufacturers' business sentiments are expected to worsen in the fourth quarter due mainly to growing North Korea risks, a survey showed Thursday. The business sentiment index, compiled by the Korea Chamber of Commerce and Industry, stood at 85 in the October-December period, down from 94 tallied in the third quarter, maintaining its bearish run for years. The BSI has been under the benchmark 100 point for the past 13 consecutive quarters. The last time the BSI measured above 1

South Korea's consumer prices continued their sharp growth in September due to high-flying food prices, government data showed Thursday.The country's consumer price index advanced 2.1 percent this month from a year earlier, decelerating from a more than five-year high of 2.6 percent tallied in the previous month, according to the data compiled by Statistics Korea.The index has stayed over the 2 percent level for three months in a row.Starting a month earlier, the index went up 0.1 percent in Sep

The government will buy 720,000 tons of rice harvested this year to stabilize domestic market prices amid chronic oversupply of the staple grain, the agriculture ministry said Thursday. The Ministry of Agriculture, Food and Rural Affairs said it will buy 350,000 tons of rice for its reserve and 370,000 tons to help maintain market prices at a certain level.The government increased the amount of rice purchased for the supply adjustment from 299,000 tons in 2016, when rice prices fell to a 21-year