Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Police seek arrest warrant for med student who killed girlfriend
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Coupang earnings hit hard by losses from ailing Farfetch
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Moody's keeps 'Aa2' rating on S. Korea, eyes 2.5 pct growth in 2024
Global credit appraiser Moody's Investors Service said Thursday it has affirmed its credit rating on South Korea at "Aa2," with a stable outlook. Moody's has maintained the country's sovereign credit rating at "Aa2," the third-highest level on the company's table, since December 2015, when the agency upgraded it from "Aa3." "The affirmation of the rating is supported by (South) Korea's very high degree of economic diversity and competit
May 9, 2024
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Financial regulator to complete short selling probe this year
South Korea's chief financial regulator, Financial Supervisory Service Governor Lee Bok-hyun, said the agency plans to conclude its ongoing investigation into illegal short selling by the end of the year. He made the statement during a meeting with a group of reporters on Thursday. "We've completed investigations into some companies and made significant progress with three others. About five companies remain, and, if possible, our goal is to wrap up the investigation by the end of
May 9, 2024
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Yoon doubles down on repeal of financial investment income tax
President Yoon Suk Yeol on Thursday expressed a strong willingness to rescind the introduction of capital gains taxes on financial investment incomes, asserting the legislation would bring massive outflow of funds from the country’s capital market. “Not only is the understanding of 14 million retail investors at stake, but if the capital market collapses and fails to function properly, it will have a significant impact on the real economy,” Yoon said during a press conference m
May 9, 2024
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Over 80,000 millionaires, 20 billionaires in Seoul: report
There are over 80,000 individuals in Seoul with wealth of over $1 million, making it the city in the world with the 19th-highest number of millionaires, a recent study found. Around 82,500 residents in Seoul have wealth over $1 million as of December 2023, according to the “2024 World’s Wealthiest Cities” report issued by investment migration consultant Henry & Partners in collaboration with global data intelligence firm New World Wealth, Tuesday. In the annual report, weal
May 8, 2024
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Less than 1 in 4 Seoul apartment deals are under W600m
Housing prices keep soaring in Seoul, as a report showed Wednesday that only 23.5 percent of high-rise apartments sold in the first quarter of this year went for less than 600 million won ($440,000). The real estate news platform Gyeongjae Man Lab -- Economy 10,000-Lab -- analyzed the data from the Ministry of Land, Infrastructure and Transport. It found that 2,188 of the 9,314 high-rise apartment transaction deals in the first quarter involved apartments worth less than 600 million won. It was
May 8, 2024
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Value-up program: Market disappointment does not mean a failure, just yet
The Korean government's corporate value enhancement guidelines revealed last week may have disappointed investors, yet experts believe there is room for improvement. After a three-month wait following the initial announcement of the corporate value-up program in February, the Financial Services Commission on Thursday issued several pages of guidelines detailing how companies should create their value enhancement plans and associated regulations. Under the guidelines, companies first select
May 6, 2024
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Vice finance minister attends OECD meeting in Paris
First Vice Finance Minister Kim Byoung-hwan attended a ministerial meeting of the Organization for Economic Cooperation and Development (OECD) last week, Seoul's finance ministry said Sunday. During the meeting in Paris on Thursday and Friday (local time), Kim discussed global supply chains, inclusive growth and other issues, the Ministry of Finance and Economy said in a statement. On the sidelines of the meeting, Kim held separate talks with his counterparts, including Charlotte Vere of Br
May 5, 2024
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US announces extension on graphite use for EV tax credits through 2026
The US government announced a decision Friday to extend tax credits for electric vehicles containing Chinese graphite until the end of 2026 -- an extension that followed a demand from EV manufacturers. On the Federal Register, the Treasury Department posted the final rules on the clean energy vehicle provisions of the Inflation Reduction Act that included the temporary exemption of graphite from rules on the use of minerals from "foreign entities of concern," including from China, Russ
May 4, 2024
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Inflation eases in April, continues bumpy ride
South Korea's inflation fell to the 2 percent range as the country’s directive to lower price growth has been continuing to go down a bumpy path on fluctuations in the oil and agricultural prices, data showed Thursday. Consumer prices, a key metric of inflation, rose by 2.9 percent in April, marking a 0.2 percentage point decrease from the 3.1 percent reading shown in both March and February, according to the data from Statistics Korea. “The prices of petroleum products, which r
May 2, 2024
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Finance minister vows 'bold market stabilization measures' against excessive volatility
Finance Minister Choi Sang-mok vowed Thursday to stay vigilant on uncertainties regarding interest rate decisions by major economies and the Middle East crisis and to take bold market stabilization steps when necessary. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a sixth consecutive time. Fed Chair Jerome Powell said interest rat
May 2, 2024
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Exports to US reach all-time high, widen gap with China
South Korea's exports increased for seven straight months, jumping 13.8 percent in April on strong chip demand and record-high automobile sales. Exports to the US, in particular, reached an all-time high, further widening the gap with China, the country's second-largest export destination. Outbound shipments came to $56.2 billion, up 13.8 percent on-year, according to data revealed by the Ministry of Trade, Industry and Energy on Wednesday. The data showed that imports rose by 5.4 perc
May 1, 2024
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Govt. to launch task force for supporting people's livelihoods
Finance Minister Choi Sang-mok said Wednesday the government will set up a task force in charge of monitoring and resolving issues regarding economic livelihoods of the people. Choi made the remarks during an emergency economic ministers' meeting in Seoul, stressing the government's priority of reviving the economy and boosting consumer sentiment amid weak domestic demand and high inflation. "We will not just be satisfied with decent economic data and will put policy priority on h
May 1, 2024
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S&P keeps 'AA' rating on S. Korea with stable outlook
Global credit appraiser S&P Global Ratings said Tuesday it has maintained its credit rating on South Korea at "AA," with a stable outlook. S&P has kept South Korea's long-term sovereign credit rating at the third-highest level on the company's table since August 2016, when it upgraded the rating by one notch from "AA-." "The stable rating outlook reflects our expectation that (South) Korea will maintain average growth rates that are higher than most oth
April 30, 2024
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S. Korea's tax revenue falls W2.2tr on-year through March
South Korea's tax revenue fell 2.5 percent on-year during the first three months of 2024 due mainly to weak corporate performances, the finance ministry said Tuesday. The government collected 84.9 trillion won ($61.68 billion) in taxes this year through March, down 2.2 trillion won from a year earlier, according to the Ministry of Economy and Finance. The decline was due mainly to the fall in corporate taxes collected and income taxes. The collection of corporate taxes sank 22.8 percent, or
April 30, 2024
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Industrial output falls by most in 4 years in March
South Korea's industrial output logged the sharpest fall in about four years after four months of monthly gains in March on falling manufacturing production, data showed Tuesday. Retail sales, however, rebounded on rising demand for food and vehicles, among other items, amid concerns about weak domestic demand, according to the data compiled by Statistics Korea. Industrial output declined 2.1 percent in March from a month earlier, the first fall since October, It also marked the sharpest fa
April 30, 2024
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[Photo News] Boosting Korea-China ties
SK Group Chairman Chey Tae-won (left), who doubles as chair of the Korea Chamber of Commerce and Industry, and Bi Jinquan, executive vice chairman of the China Center for International Economic Exchanges, a state think tank, meet in Beijing on Monday to discuss ways to expand economic cooperation between the two countries. This meeting was held to check on the implementation status of the agenda items discussed at the fourth edition of the Korea-China High-Level Economic Dialogue, jointly hosted
April 29, 2024
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Over half a million S. Koreans hold multiple jobs: data
The number of South Koreans working multiple jobs surpassed 500,000 in the first quarter of this year, with older people taking up a large proportion of such workers. A total of 552,000 people here had at least one additional job while working full time in the first quarter, according to Statistics Korea data. This marked a 22.4 percent increase compared to the 451,000 tallied in the same period in 2023. While the overwhelming majority of the working population still only has one job, the perc
April 29, 2024
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SK Innovation's Q1 net loss widens on FX losses
SK Innovation Co., South Korea's leading refiner by sales, said Monday its net losses widened in the first quarter from a year earlier due mainly to foreign-exchange losses. Net losses deepened to 97.62 billion won ($71 million) in the first quarter from 51.95 billion won in the year-ago period, the company said in a statement. "A weak won, which drove up import prices of crude oil and decreased equity gains from SK On, weighed on the quarterly bottom line," a company spokesperson
April 29, 2024
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
Analysts say that while the recent feud between Hybe Entertainment and its sublabel Ador could result in short-term fluctuations in Hybe's stock prices, any long-term effects on Hybe's performance will be limited due to Ador's limited contribution to Hybe's overall performance. On Friday, shares of Hybe started at 206,000 won ($149) per share, a 11.7 percent drop compared to when the main bourse, Kospi, opened Monday, when they were 233,500 won per share, before the Hybe-Ador
April 26, 2024
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Korea enters clear growth path as Q1 growth hits 2-year high
South Korea’s economy expanded at the fastest clip in more than two years in the first quarter as private spending and exports picked up, the central bank said Thursday. The country's real gross domestic product grew 1.3 percent on-quarter in the January-March period, accelerating from a 0.6 percent expansion in the fourth quarter last year, according to an advance estimate from the Bank of Korea. The latest GDP figure is a significant improvement from the past eight quarters, during
April 25, 2024