[News Focus] Of all foreign-owned land in Korea, Americans own 52%

SEJONG -- Foreign ownership of South Korean land has continued to increase over the past few years, data from the Ministry of Land, Infrastructure and Transport showed. As of December 2019 foreigners owned 248.6 million square meters of land, or 248.6 square kilometers, which is the latest figure available. This was a 3 percent increase from a year earlier in terms of land owned, as opposed to the value of the real estate. Compared with December 2016, when the figure was 233.5 million square m

Nov. 26, 2020

S. Korea to inject extra W4tr into COVID-19 relief

Seeking to cushion the fallout from the COVID-19 resurgence, South Korea’s government vowed Thursday to spend an additional 4 trillion won ($3.62 billion) by ensuring that local governments across the nation don’t hold back on spending. It also decided to expand the range of usage for its state-distributed dining coupons, seeking to include food delivery applications that are facing soaring demand due to the social distancing restrictions. “(The government) will continue t

Nov. 26, 2020

Worst is over for Korean economy but not in recovery yet: BOK chief

South Korea’s central bank chief said Thursday that the worst for the nation’s economy is over but it is still not on the road to recovery, while the bank held the key interest rate steady at a record low. “The high uncertainties stemming from the circumstances surrounding the possible early commercialization of the vaccine and the spread of COVID-19 around the globe have led us to believe in the need to maintain the current (dovish) stance,” said Lee Ju-yeol, governor o

Nov. 26, 2020

S. Korea to reduce operation of coal plants to cut fine dust emissions over winter

South Korea said Thursday it plans to reduce the operation of some coal-powered plants over the winter in line with efforts to cut the emission of fine dust. Under the plan, the country will halt the operation of from nine to 16 coal-powered plants over the season, according to the Ministry of Trade, Industry, and Energy. Other plants will be required to maintain their power output at 80 percent of capacity depending on demand. South Korea first adopted the reduction scheme last year. Throug

Nov. 26, 2020

BOK keeps key rate at record low, ups economic outlook

The South Korean central bank on Thursday held its policy rate unchanged at a record low of 0.5 percent, while slightly revising up this year's economic outlook, amid growing concerns over a winter wave of coronavirus infections. As expected, the monetary policy board of the Bank of Korea (BOK) voted to leave the base rate steady in this year's final rate-setting meeting. Driven by signs of a modest recovery in exports, the BOK revised up this year's economic growth outlook to 1.1 percent cont

Nov. 26, 2020

Banks' bad loans inch down in Q3

Nonperforming loans at South Korean banks edged down in the third quarter from three months earlier due to a decline in overdue corporate loans, data showed Thursday. Nonperforming loans came to 14.1 trillion won ($12.7 billion) at the end of September, down 900 billion won from the end of June, according to the data from the Financial Supervisory Service (FSS). Overdue corporate loans reached 12 trillion won at the end of September, compared with 12.8 trillion won from a quarter earlier, the

Nov. 26, 2020

S. Korea's Nov. exports tipped to rebound 6.6%: poll

South Korea's exports are expected to rebound by rising 6.6 percent on-year in November following a brief fall in the previous month, on the back of stronger demand for chips and automobiles, a poll showed Thursday. The country's outbound shipments are estimated to reach $46.9 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was conducted on eight local brokerage houses. Imports were estimated at $40.3 billion this month, res

Nov. 26, 2020

Spending on tobacco, liquor hit record high amid pandemic

Household expenditure on alcohol and cigarettes hit a new high in the July-September period, data showed Wednesday, with the “stay-at-home” situation amid the coronavirus pandemic apparently fueling the spending. Monthly spending on tobacco and liquor by local households of two or more people gained 10.7 percent on-year to an average 42,980 won ($38.70), in the three-month period, data compiled by Statistics Korea showed. The figure marks the largest since the government started

Nov. 25, 2020

S. Korea's trade terms up for 7th consecutive month in October

South Korea's terms of trade rose for the seventh consecutive month in October, as import prices fell 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 trade terms -- came in at 97.76 in October, up 7.6 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It marked the seventh straight month of an on-year rise since April, when the trade terms posted the first on-year gain

Nov. 25, 2020

Overseas card spending plunges 54.8% in Q3 amid pandemic

South Koreans' overseas card spending plunged 54.8 percent on-year in the third quarter on a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Wednesday. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, totaled $2.17 billion in the July-September period, compared with $4.79 billion for the same period last year, according to the data from the Bank of Korea (BOK). Compared with three months ea

Nov. 25, 2020

Shippers to operate 5 more vessels amid soaring demand

South Korea said Wednesday it has joined forces with local shippers to operate five additional vessels by the end of this year to lend hands to exporters facing troubles from a hike in freight costs and supply shortages in shipping services. Under the cooperation with local shippers, South Korea will begin using the five ships that have a total capacity to carry 16,000 twenty-foot equivalent units (TEU) worldwide through the special shipping schedules by the end of this year, according to the M

Nov. 25, 2020

Households' Q3 spending on liquor, tobacco hits new high amid pandemic

SEJONG -- South Korea's household spending on alcohol and cigarettes reached a new record high in the third quarter as the coronavirus outbreak forced more people to stay home, government data showed Wednesday. Local households spent an average of 42,980 won ($38.7) on liquors and cigarettes during the July-September period, up 10.7 percent from a year earlier, according to the data from Statistics Korea. It marks the largest quarterly amount since the agency began tracking related data in 200

Nov. 25, 2020

Manufacturers' sentiment up for 2nd straight month in December

South Korean manufacturers' business sentiment rose for the second consecutive month in December, thanks to hopes for economic recovery, central bank data showed Wednesday. The business sentiment index (BSI) for local manufacturers came to 76 for December, up from 72 for November, according to the data from the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions in the next month. A reading below 100 means pessimists outnumber optimists. On Oct. 12, South Ko

Nov. 25, 2020

KDB chief says integration of Korean Air, Asiana Airlines may generate W300b in profit

Korean Air Lines Co.’s planned acquisition of rival Asiana Airlines Inc. and subsequent restructuring will lead to an annual profit of 300 billion won ($269.6 million), the head of the main creditor of Asiana said Monday. Lee Dong-gull, chairman of the state-run Korea Development Bank (KDB), offered the estimate in an interview with a local broadcaster, adding that the two carriers can brace for the post-pandemic era in two to three years if they push to restructure in a way that streamli

Nov. 24, 2020

S. Korea’s consumer sentiment gains for 2nd month in November

South Korea’s consumer sentiment rose for the second consecutive month in November, as the economic outlook improved amid relaxed social distancing measures, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came in at 97.9 for November, up 6.3 points from 91.6 recorded for October, according to the Bank of Korea (BOK). The reading marks the second straight month of gains following a 12.2-point on-month rise in October. A reading below 100 means pessimist

Nov. 24, 2020

Major firms' Q3 overseas sales inch up despite pandemic

Major South Korean companies saw their overseas sales inch up in the third quarter of the year despite the coronavirus pandemic, data showed Tuesday. Combined overseas sales of the country's top 100 firms by revenue totaled 181.9 trillion won ($164 billion) in the September-July period, up 1.6 percent from a year earlier, according to the data from the Federation of Korean Industries (FKI). The figure marks a 24.1 percent surge from three months earlier when their overseas sales tumbled nearly

Nov. 24, 2020

[Herald Interview] S. Korea vows to open an era of ‘digital IP’: IP office chief

In line with the digitalization of industries accelerated by the COVID-19 pandemic, the chief of the nation’s intellectual property office vowed Tuesday to “open an era of digital IP” via systemic upgrades. “In order to resolve key issues tied to protection of core values of the digital era, we will update laws that can bolster IP protection in the process of data manufacturing, transfer and utilization and address issues surrounding creative rights of inventions by art

Nov. 24, 2020

Household credit growth quickens in Q3 on home-backed lending

South Korea's household credit grew at a faster clip in the third quarter compared to three months earlier, driven by a rise in banks' home-backed loans, central bank data showed Tuesday. Household credit reached a record high of 1,682.1 trillion won ($1.51 trillion) as of September, up 44.9 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). Household credit refers to credit purchases and loans for households that have been extended by financial instit

Nov. 24, 2020

Insurers' 9-month profit rises 6.1% on fewer accidents amid pandemic

The combined net profit of insurance firms in South Korea gained 6.1 percent on-year in the first nine months of this year, partly supported by fewer car accidents as people stayed home amid the coronavirus pandemic, data showed Tuesday. Life and non-life insurers saw their combined net profit increase by 319.5 billion won ($286.8 million) to 5.5 trillion won for the January-September period, according to data from the Financial Supervisory Service (FSS). In a statement, the FSS said profits

Nov. 24, 2020

S. Korea to release rice reserve amid output decline

South Korea said Tuesday it will release its reserved grains into the market to cope with the reduced rice output after the long rainy season this year coupled with major typhoons. The country will release up to 370,000 tons of reserved rice, according to the Ministry of Agriculture, Food and Rural Affairs. The detailed amount will change depending on the market situation. The rice will be released after the harvest season in different phases to minimize potential fluctuations in the market.

Nov. 24, 2020