South Korea's state power firm said Wednesday it would freeze electricity rates for the third quarter in a move to ease the burdens on people following two consecutive quarters of hikes. The planned freeze came as the government jacked up electricity rates by 5.3 percent on-year for the second quarter, or by 8 won per kWh, following a 13.1 won increase per kWh in the first quarter due to high global energy costs and the mounting losses of the Korea Electric Power Corp. KEPCO decided to fix

Deteriorating fiscal health pulls down national competitiveness ranking to 28th

South Korea's overseas direct investment dipped 41.6 percent in the first quarter of 2023 from a year earlier, data showed Tuesday, led by the manufacturing and property sectors. The value of overseas investments by South Korean companies reached $16.49 billion, down 41.6 percent from a year earlier, according to the data compiled by the Ministry of Economy and Finance. The ministry attributed the decrease to a base effect, considering major investment projects rolled out in the semiconduct

South Korean steelmakers asked the government Tuesday to persuade the European Union to allow domestic carbon emission calculation methods for a longer period of time ahead of the full implementation of its new carbon border tax. The EU announced the new carbon-pricing system of the Carbon Border Adjustment Mechanism, which calls for levying an import charge on steel, cement, electricity, fertilizer, aluminum and other related items equivalent to their carbon emissions from production. The regul

South Korea's finance minister said Tuesday the government is committed to building a favorable business environment by revamping regulations and offering tax cuts as he asked local firms to proactively roll out investments. Finance Minister Choo Kyung-ho made the remark during a meeting with officials from the Federation of Korean Industries, one of South Korea's biggest business lobbies that speaks for large companies, according to the Ministry of Economy and Finance. "In genera

Core inflation remains stubborn, following high service rates

South Korea's consumer prices are expected to grow at a 2 percent level around June or July, the finance minister said Sunday, amid signs of eased inflationary pressures. "In general, consumer prices are gradually finding stability," Finance Minister Choo Kyung-ho said during a program aired by KBS. "I think the inflation will hit the 2 percent level this month or the following one." Consumer prices, a key gauge of inflation, rose 3.3 percent in May from a year earlier,

South Koreans' combined purchase of the Japanese currency at local banks jumped nearly fivefold in May from a year earlier, data showed Sunday, as more people took advantage of a weaker yen. The amount of Japanese currency sold at the country's four major banks came to 30.16 billion yen ($213 million) in May, soaring from 6.28 billion yen tallied a year earlier, according to the market data. The increase apparently came as more people took advantage of the weak yen in recent weeks, whi

South Korea's finance ministry said Friday that 18 state-run companies were rated "lackluster" or below during its annual management assessment, noting it plans to order such firms to cut bonuses and take corresponding measures. Under the comprehensive performance evaluation of 130 state-run companies, which divides them into six tiers, 14 were labeled "lackluster," according to the Ministry of Economy and Finance. The other four, including the Korea Railroad Corporation

South Korea's finance ministry said Friday that Asia's No. 4 economy has recently experienced weaker inflationary pressure, although it continued to suffer an economic slowdown. "Recently, the South Korean economy saw its price hikes continue to lose steam. The economic slowdown lingered due to exports and the manufacturing sector," the Ministry of Economy and Finance said in a report. The growth of South Korea's consumer prices slowed for the fourth consecutive month in

South Korea's economic strategy for the second half is set to focus on solidifying people's livelihoods and seeking a rebound, the finance ministry said Friday. The remark was made in light of the Ministry of Economy and Finance's ongoing efforts to prepare a report on the economic policy direction for the upcoming July-December period, which is set to be released in the near future. "Amid the lingering uncertainties in the global economy, exports and the manufacturing indust

Amid the increasing trend for high-net-worth individuals to migrate to other countries, more than 800 Korean millionaires, which is double the amount compared to last year, are expected to migrate to foreign countries in 2023, a report said. According to a report released by English residence and citizenship investment advisory firm Henley & Partners, Korea's net outflow of high-net-worth individuals, or HNWIs, is estimated to jump from 400 to 800 in 2023. The number marks Korea as the

US Fed foregoes interest rate increase in June meeting, signals two more rises on the way

Outbound container shipping costs for major destinations, including the United States and the European Union, rose in May from a month earlier, data showed Thursday. The average rate for a 40-foot container from Asia's fourth-largest economy to the US east coast came to 4.95 million won ($3,877), up 3 percent from a month earlier, according to the data from the Korea Customs Service. It marked the first time in 13 months for the rate to rise on-month, the agency said. Rates for the US west

South Korea's fiscal deficit expanded in the first four months of 2023 from a year earlier amid economic uncertainties, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 45.5 trillion won in the January-April period, larger than a shortfall of 37.9 trillion won a year earlier, according to the finance ministry. South Korea's tax revenue came to 134 trillion won during the cited period, down 33.9 trillion wo