Korea considers scaling back on tax reductions for fuel, cars and real estate holding

South Korea posted a current account deficit for the second straight month in February as exports remained sluggish amid global recession woes, central bank data showed Friday. The country's current account shortfall came to $520 million in February, following a record deficit of $4.21 billion a month earlier, according to the preliminary data from the Bank of Korea. It also swung from a surplus of $5.87 billion a year earlier. February's deficit came as the goods balance worsened due

Oil production cuts could lead to price hikes, posing inflation risks; experts assess otherwise

By Choi Sang-dae Vice Minister of Economy and Finance In the history of Korea’s treasury bond market development, 2002 is remembered as the year that marked a significant milestone -- inclusion into the Bloomberg-Barclays Global Aggregate Index, one of the world's three major bond indices. It was the first step toward globalization of the nation’s treasury market that led to more than a fivefold increase in foreign investment in just one year. For several years into 2002, th

South Korea's financial regulator on Thursday urged banks to beef up competition and provide better services amid criticism that they sought easy profits from loan-deposit margins without making sufficient efforts to diversify income sources. Banks have been under fire for reaping record profits from interest income last year and handing out hefty bonuses to employees while people are suffering from high borrowing costs caused by the central banks' monetary tightening to tame inflation

South Korea's foreign reserves grew in March as the dollar's descent increased the conversion value of holdings in other currencies, central bank data showed Wednesday. The country's foreign reserves had come to $426.07 billion as of end-March, up $780 million from the previous month, according to the data from the Bank of Korea. The dollar's fall last month boosted the converted value of holdings denominated in other currencies, the BOK explained. The dollar index that gauge

South Korea will diversify its free trade partnerships with more nations to address the growing economic uncertainties and jitters in the global supply chain, the finance minister said Wednesday. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting, where economy-related ministers discussed various issues, including expanding free trade deals and coping with protectionism from major countries, according to the Ministry of Economy and Finance. "Recently, the global e

Competition is fierce for countries around the world to win the bid to host the 2030 World Expo -- not only would the event significantly raise a nation's status, but it could also potentially provide a huge boost to the region's economy and the domestic business ecosystem. According to research conducted by South Korea's 2030 Expo Bid Promotion Headquarters, if Busan wins the contest to host the event, the country will be able to raise more than 60 trillion won ($45 billion) duri

South Korea's national debt is growing at an alarming pace, posting a record high of over 1,067 trillion won ($811 billion) last year, the Finance Ministry said Tuesday. The country’s debts – the amount owed by central and provincial governments, excluding state and public bonds owned by national institutions such as the National Pension Service -- came to a record 1,067.7 trillion won last year, according to a report on the 2022 national settlement of accounts approved at a C

South Korea's on-year growth in consumer prices fell to the lowest level in a year in March, data showed Tuesday, in the latest signal that inflation could slow throughout this year. Consumer prices, a key gauge of inflation, rose 4.2 percent last month from a year earlier, slowing from the rise of 4.8 percent tallied in February, according to the report from Statistics Korea. It marked the lowest level since a 4.1-percent growth tallied in March 2022. Inflation stayed above 2 percent --

Launching branches outside of Ho Chi Minh, Hanoi shows localization commitment

Despite the government’s efforts, Korea failed to join World Government Bond Index, a global benchmark that measures the performance of sovereign bonds. Financial Times Stock Exchange Russell, the index operator of WGBI, announced its Fixed Income Country Classification on Thursday. Korea will remain on the watch list, being placed on hold for its index inclusion until the next decision. Korea, which had been on the watch list, a prerequisite for its potential inclusion, since September,

KB Financial Group announced Wednesday that it earned the title of the first and only Korean financial firm to receive the top AAA rating on the 2022 MSCI ESG Index -- an index organized by Morgan Stanley Capital International which evaluates companies based on their environmental, social and governance performance. The MSCI ESG Index measures a company’s management of long-term, financially relevant ESG risks and opportunities relative to their peers, according to MSCI. The rating categor

New measure unveiled to spur spending at home, attract 10 million tourists

After years of revamping market policies, Korea likely to join global sovereign bond index in September