Foreign ownership of S. Korean land rises 1.3% in H1

Foreign ownership of South Korean land expanded 1.3 percent in the first half of the year from six months earlier, the land ministry said Friday. Foreigners owned 256.7 square kilometers of land here as of end-June, up 3.39 million square meters from the end of December last year, according to the Ministry of Land, Infrastructure and Transport. The amount accounts for 0.26 percent of South Korea's total land area and is slightly more than four times the size of Manhattan in New York. The valu

Nov. 26, 2021

NongHyup says virtual human ‘hired’ for digitalization

NongHyup Financial Group said Thursday that it has “hired” an artificial intelligence-powered member of staff to work along with the lender’s human staff, as part of its effort to digitize its operations and enhance the customer experience. A virtual human figure powered by artificial intelligence will assist staff at its key subsidiary NongHyup Bank from January, officials said. This is the first time a bank has officially recognized an AI machine as a member of staff, give

Nov. 25, 2021

S. Korea to devise measures for MSCI-developed market status: minister

South Korea's chief economic policymaker said Thursday the country will come up with measures to win developed market status from Morgan Stanley Capital International (MSCI). South Korea has been pushing for the upgrade from the current position on the emerging markets list, as the global index provider will have its annual review in June next year. Finance Minister Hong Nam-ki earlier said the country deserves to win the developed market status "in light of its economic situation and fo

Nov. 25, 2021

Insurers' earnings soar 37.3% in Jan.-Sept.

South Korean insurance firms' earnings jumped more than 37 percent in the first nine months of this year amid the coronavirus pandemic and a bullish stock market, data showed Thursday. The combined net profit of insurance companies operating in South Korea came to 7.63 trillion won ($6.4 billion) in the January-September period, up 37.3 percent from a year earlier, according to the preliminary data from the Financial Supervisory Service (FSS). Life insurers saw their combined net profit expand

Nov. 25, 2021

BOK raises rate to 1% amid inflation concerns

South Korea’s central bank on Thursday raised its benchmark interest rate by 25 basis points, returning to the 1 percent rate range after 20 months, while upgrading this year’s inflation target. In a largely expected move, the Bank of Korea carried out a rate hike as a result of the last monetary policy meeting of the year. The central bank stood pat on its base rate in the previous rate-setting meeting last month, after carrying out a rate hike of 25 basis points to 0.75 percent i

Nov. 25, 2021

S. Korea's tax competitiveness ranks 26th worldwide: report

South Korea's international tax competitiveness has fallen nine notches over the past five years, a report said Thursday, pointing to a need to lower tax rates and simplify its tax system. The country's tax competitiveness ranks 26th in the world in 2021, compared with 17th five years earlier, according to the report from the Korea Economic Research Institute (KERI). It marks the sharpest drop among the Group of Five major economies, as well as 37 members of the Organization for Economic Coope

Nov. 25, 2021

S. Korean economy to grow 3.2% in 2022: think tank

South Korea’s economy will grow 3.2 percent next year on consumer spending and strong exports, with pandemic restrictions expected to have eased, a local think tank said Wednesday. The benchmark Kospi will also maintain its growth momentum and hit a record high, it added. “We will see a clear surge in consumer spending early next year as the coronavirus curbs are eased. … Exports will be strong, propped up by a global economic recovery,” said Jang Geun-hyuk, a seni

Nov. 24, 2021

S. Korea to double low-rate loan ceiling to Indonesia over next 5 years

South Korea said Wednesday it plans to more than double the ceiling on the country's low-interest rate loans to Indonesia over the next five years in a bid to strengthen bilateral cooperation. Under the agreement between the two nations, the Economic Development Cooperation Fund (EDCF) will be expanded to US$1.5 billion in 2022-2026 from the existing $600 million set aside for 2016-2021, according to Seoul's finance ministry. South Korea launched the EDCF program in 1987 in an effort to suppor

Nov. 24, 2021

S. Korea seeks int'l cooperation for urea solution supply during ODA meeting

South Korea on Wednesday sought international cooperation on its efforts to secure a stable supply of urea solution following a recent supply crunch, the industry ministry said. Trade Minister Yeo Han-koo made the request during a "networking day" event for official development assistance (ODA), which brought together ambassadors and charge d'affaires from 27 developing countries in Asia, South America, the Middle East and Africa, according to the Ministry of Trade, Industry and Energ

Nov. 24, 2021

Population mobility falls for 10th month in Oct.

The number of South Koreans who moved to different residences in the country declined for the 10th straight month in October amid decreased housing transactions, data showed Wednesday. The number of people who changed their residences fell 10.7 percent on-year to 540,000 last month, according to the data compiled by Statistics Korea. It marked the 10th consecutive month the number has dropped and represented the sharpest on-year decline since a 10.9 percent fall in June 2019. The decline was

Nov. 24, 2021

Trade terms decline for 7th straight month in October

South Korea's terms of trade fell for the seventh consecutive month in October as prices of imports grew at a faster pace than export prices, central bank data showed Wednesday. The nation's net terms-of-trade index for goods -- a gauge of overall trade terms -- stood at 91.26 last month, down 6.7 percent from a year earlier, according to the preliminary data from the Bank of Korea (BOK). The figure is calculated by dividing the index for export prices by that for import prices. It shows the a

Nov. 24, 2021

S. Korean economy forecast to grow 3.2% in 2022

The South Korean economy is likely to expand 3.2 percent on-year in 2022 on the back of a recovery in private consumption and brisk exports, a local think tank said Wednesday. The Korea Capital Market Institute (KCMI) also forecast the gross domestic product of Asia's fourth-largest economy to increase 4 percent this year from a year earlier. "Private consumption is expected to show a marked upturn in the first half of next year thanks to a shift in anti-coronavirus measures and improving

Nov. 24, 2021

S. Korea, Costa Rica vow to boost trade, investment during ministerial talks

The top trade officials of South Korea and Costa Rica met in Seoul on Wednesday and discussed ways to further boost bilateral trade and investment, Seoul's industry ministry said. During the meeting, Seoul's Trade Minister Yeo Han-koo and Costa Rica's foreign trade minister, Andres Valenciano Yamuni, checked the implementation of the South Korea-Central America Free Trade Agreement and agreed to work more closely to further facilitate bilateral trade and investment, according to the Ministry of

Nov. 24, 2021

Big firms' donations sink 37.1% amid pandemic

Large South Korean companies' social contributions plunged nearly 37 percent in the first nine months of the year amid the coronavirus pandemic, a corporate tracker said Wednesday. CEO Score, which tracks corporate management, said 255 out of the country's top 500 firms by sales donated a combined 1.01 trillion won ($850 million) to charities during the January-September period, down 37.1 percent from a year ago. CEO Score said the tumble came amid the new coronavirus pandemic, though those co

Nov. 24, 2021

With tax surplus, finance ministry allocates W10tr to support micro businesses

SEJONG -- The Finance Ministry has unveiled its plan to support microbusiness owners, including the self-employed, in use of tax revenue surplus and the national budget. This is regarded as a sort of bailout for small businesses, which were severely hit by the pandemic in terms of sales and financial conditions. While they will have the opportunity of taking out state-led loans on low rates, the government’s support package does not include cash grants. “The support scale would rea

Nov. 23, 2021

S. Korea to scale down state bond sale for Dec. to stabilize market

South Korea said Tuesday it plans to sell smaller-than-planned state bonds for next month in a bid to help stabilize the bond market and improve fiscal soundness. To that end, the finance ministry plans to use excess tax revenue of 2.5 trillion won ($2.1 billion) for the shortfall of the planned sale of Treasurys. This means the ministry will issue state bonds that are around 2.5 trillion won less than its planned sale for next month. The government sold Treasurys worth 164 trillion won in th

Nov. 23, 2021

Most bond experts eye rate hike in Nov.: poll

An absolute majority of bond mavens in South Korea predict the country's central bank to raise its key interest for November in an effort to curb rising inflation and household debt, a poll showed Tuesday. According to the survey of 100 bond experts by the Korea Financial Investment Association, 90 of the respondents forecast the Bank of Korea (BOK) to jack up its policy rate at a rate-setting meeting slated for Thursday. The number of experts expecting a rate increase was up from 13 percent r

Nov. 23, 2021

Ship carrying Chinese urea set to arrive in S. Korea

A first shipment of urea is set to arrive in South Korea from China later Tuesday, which is expected to help address a supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions. A ship carrying 300 tons of urea will arrive in the southeastern city of Ulsan around 9 p.m. Tuesday after leaving from the Chinese eastern city of Tianjin on Saturday, officials said. The government said it plans to accelerate necessary procedures to enable the urea to be used to produce urea

Nov. 23, 2021

S. Korea to draw up additional W12.7tr scheme for merchants, vulnerable people

South Korea plans to chart out around 12.7 trillion won ($10.7 billion) worth of support measures for pandemic-hit small merchants and vulnerable people with excess tax revenue and the state budget, the country's finance minister said Tuesday. The government will unveil a package of measures to support small merchants, including low interest rate loans and cuts in electricity bills, according to Finance Minister Hong Nam-ki. The measures will also include ways to stabilize inflation and back qu

Nov. 23, 2021

Biz sentiment deteriorates for Dec. amid pandemic: poll

South Korea's business sentiment deteriorated for December due to raw materials and parts supply disruptions from China in the manufacturing sector, a local think tank said Tuesday. The business survey index (BSI) of the country's top 600 companies by sales fell to 100.3 for next month, down from 100.6 for November, the Korea Economic Research Institute (KERI) said in a statement. The business outlook stayed above 100 for a fourth straight month. The actual BSI stood at 102.2 in November, up

Nov. 23, 2021