South Korea’s central bank raised the nation’s benchmark interest rate Friday to 1.75 percent, amid growing household debt and further rate hike signals from the United States.The Bank of Korea held its last Monetary Policy Board meeting for this year, in which it decided to raise the key interest rate by 25 basis points to 1.75 percent, officials said.The rate had been frozen at 1.5 percent since November last year, when the BOK made its first hike in more than six years from a reco

The excessive focus on gross domestic product has often misguided economic policies and has to some extent contributed to major global challenges including the 2008 global financial crisis, according to key speakers participating in the Organization for Economic Cooperation and Development’s sixth World Forum held here Tuesday.In the case of South Korea, policymakers need to address agenda related to subjective well-being, such as long working hours, they said. The OECD and Statistics Kore

Despite pessimistic projections for global growth and consequent market anxiety, South Korea’s economy is expected to put up a reasonably good fight in the coming years, according to the chief official of the Organization for Economic Cooperation and Development.The primary concern for Asia’s fourth-largest economy, however, is whether it can expand beyond the conventional frame of economic measurements and use its capacities and potential to fundamentally improve people’s live

Global leaders, scholars and policymakers from all sectors of society are to gather in Incheon’s Songdo area this week to discuss well-being and inclusive growth, according to the Organization for Economic Cooperation and Development and Statistics Korea.The sixth OECD World Forum, titled “The Future of Well-being” and held jointly by the OECD and South Korea’s statistics office, will take place at Songdo Convensia in the western metropolitan city of Incheon from Tuesday

Korea’s judiciary system, especially its patent trial system, has long been noted for its advanced electronic procedure, relatively low litigation expenses and highly qualified human resources.But to further promote its global status and to appeal its forte to multinational businesses, one additional factor was required -- a multilingual pleading process for foreign litigants, according to the Patent Court of Korea.The Patent Court on Friday held an English pleading for foreign litigants, markin

Woori Bank, South Korea’s third-largest commercial lender in terms of operating profit, said Wednesday that it will allocate 3 trillion won ($2.7 billion) to supporting midsized enterprises by 2022.The bank unveiled its road map during a business summit at Seoul’s Plaza Hotel, an event hosted jointly with the Association of High Potential Enterprises of Korea.Announcing a mid-term plan named “Great Vision 2022,” Woori Bank pledged to create a financial package worth about

As the global economy faces an inevitable slowdown next year, major economies should lay emphasis on structural reforms to respond to the decline in labor productivity and growth potential, according to a top-level official of the Bank for International Settlements.“I agree with the International Monetary Fund’s revised forecast in September, when it cut down the global economic growth for next year to 3.7 percent from the former 3.9 percent,” Agustin Carstens, general manager

The pace of global economic growth will slow down further next year amid persistent downside risks, according to South Korea’s state-run think tank on Tuesday.The Korea Institute for International Economic Policy, an organization affiliated with the Prime Minister’s Office, set the world economic growth rate at 3.5 percent for next year, as compared with 3.7 percent expected this year.“The global economy, which has been on a recovery trend under the US lead, has surpassed its h

On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.The Act on External Audit of Stock Companies has undergone numerous amendments since its enactment in 1981.The latest amendment, which took effect on Nov. 1 this year, contains the most sweeping reform measures affecting all stakeholders in the accounting industry -- companies, auditors and re

The stock trading suspension of Samsung BioLogics starting Thursday seemed to wrap up a chapter in the yearslong brawl over alleged accounting fraud, apparently with the defeat of the biotech company.Market observers, however, remained divided on the impact that the case may have on the domestic stock market and the biopharmaceutical industry. Some optimistically suggested that the sanction may act as a turning point for the Samsung Group affiliate to end the prolonged uncertainty factor.The dow

South Korea’s financial regulator on Wednesday halted the stock trading of Samsung BioLogics upon ruling that it had intentionally violated accounting rules in 2015 to exaggerate its profits ahead of market listing.The biopharmaceutical company -- affiliated with the nation’s largest conglomerate, Samsung Group -- will now face an examination that could potentially result in delisting.“We have concluded that Samsung BioLogics arbitrarily interpreted the accounting rules and intentionally breache

South Korea’s newly appointed economic policymakers -- in contrast to their predecessors who took office with high hopes upon the inauguration of the Moon Jae-in administration -- appear to be off to a rocky start, amid escalating concerns and disapproval of the government’s economic policy direction.For the time being, the newly appointed deputy prime minister for economy and presidential chief of staff for policy are expected to press ahead with Moon’s disputed economic polic

The replacement of the nation’s top two economic policymakers had long been speculated as inevitable for the Moon Jae-in administration to keep its policy momentum amid prolonged economic challenges and mounting skepticism over next year.After months of denying rumors about the reshuffle, the presidential office Cheong Wa Dae on Friday announced the replacements for Deputy Prime Minister and Finance Minister Kim Dong-yeon and presidential chief of staff for policy Jang Ha-sung.Kim was repl

In replacing the top two economic policymakers on Friday, Cheong Wa Dae has chosen insiders from the incumbent bureaucratic society. Hong Nam-ki, 59, who was named to replace Kim Dong-yean as deputy prime minister and finance minister, has been serving as chief of the Office for Government Policy Coordination since May 2017, the beginning of the Moon Jae-in administration.He is marked for his diverse experience not only in government departments, but also in the presidential secretariat und

The presidential office Cheong Wa Dae on Friday replaced the nation’s top two economic policymakers -- Deputy Prime Minister and Finance Minister Kim Dong-yeon and presidential chief of staff for policy Jang Ha-sung -- amid persisting skepticism over the country’s struggling economy. Minister Kim is to be replaced by Hong Nam-ki, chief of the Office for Government Policy Coordination, while Jang’s post is to be filled by Kim Su-hyun, senior presidential secretary for socia