Government goes all-out to keep soju prices below psychologically important 6,000 won

The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday. Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party also showed the share of the total income held by the top bracket had increased to 4.8 percent that year from 4.2 percent in 2018. The per capita annual income of the richest 0.1 percent was 1.85 billion won (US$1.4 million) in 2021, 69.5 times m

The state-run utility Korea Electric Power Corp. said Friday its operating loss more than quintupled on-year to hit a record high last year due to higher fuel costs and limited electricity rate hikes. Its operating loss came to 32.63 trillion won ($25.02 billion) in 2022, compared with 5.85 trillion won a year earlier, the company said in a regulatory filing. It is the largest ever yearly figure the company has logged so far, and the previous record was set in 2021. Sales grew 17.5 percent on-ye

Central bank cuts growth outlook to 1.6 percent from 1.7 percent

The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, putting on hold a rate-raising policy that has lasted 1 1/2 years. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. The BOK raised the benchmark interest rate seven consecutive times. The bank’s decision falls in line with market expectations which projected it would end the hike considering the slowing global economy. The US Federal Bank has s

South Korea retains title as country with lowest fertility rate in OECD

Expectations on end of rate hike cycle grow for Monetary Policy Committee meeting on Thursday

Hana Bank announced Sunday that it has raised 30 billion won ($23.07 million) through a joint labor-management fund to provide energy expense support for the financially vulnerable. The funds raised are enough to cover cash subsidies for the energy expenses of 150,000 people, including users of financial products for the working class and borrowers who are adversely affected by high interest rates. The fund was put together with donations and proceeds from the management’s additional volun

South Korea's Finance Ministry said Friday the country's economy has slowed amid higher inflation and sluggish exports. "South Korea's inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn," the Ministry of Economy and Finance said. The Finance Ministry had been mentioning the possibility of an economic slowdown in its monthly economic assess

South Korea sent an economic delegation involving Samsung Electronics Co., LG Energy Solution Ltd. and other major companies to Austria and Croatia for talks on ways to enhance economic and investment ties, and to drum up support for Busan's bid to host the 2030 World Expo, the industry ministry said Thursday. The delegation, led by Trade Minister Ahn Duk-geun, began a three-day visit to the two European nations Wednesday as part of South Korea's plan to send a delegation to 13 Europea

  Korea saw the smallest increase in the number of additional jobs in nearly two years in January, a sign of the toll the economic downturn has taken on the labor market. The pace of increase has slowed for eight months in a row since May last year, indicating a shrinking labor market. According to data released by the Statistics Korea on Wednesday, the number of employed people came in at 27.36 million last month, up 1.5 percent or 411,000 from a year ago. It was the lowest on-year growth

South Korea's import prices fell for a third straight month in January despite oil price hikes, largely due to the local currency's rise against the US dollar, central bank data showed Tuesday. The import price index stood at 134.95 in January, down 2.3 percent from a month earlier, according to the preliminary data from the Bank of Korea. The index dropped 5.5 percent in November and 6.5 percent in December. Compared with a year earlier, the January index rose 1.7 percent, growing at

Market expects Korea to join watch list in June, along with up to $56 billion potential net inflows

South Korea's exports increased 11.9 percent on-year in the first 10 days of February, data showed Monday, due to stronger shipments of automobiles and more working days. The country's outbound shipments stood at $17.6 billion in the Feb. 1-10 period, compared with $15.7 billion a year earlier, according to the data from the Korea Customs Service. The daily export volume, on the other hand, dipped 14.5 percent on-year, the data showed. The number of working days came to 8.5 days over t

Hana Financial Group announced Wednesday that it has delivered a total of $300,000 in emergency relief to help victims of a deadly earthquake in Turkey and Syria and the ongoing rescue and restoration efforts there. Hana, which has 206 regional branches in 25 regions worldwide, is the only local commercial bank to operate a regional office in Istanbul. The group said it decided to send the emergency support, delivered through the Community Chest of Korea and other global charities, out of sympat