BOK to test-run circulation of digital currency next year

The Bank of Korea (BOK) said Wednesday it plans to test-run issuing and circulating a central bank-issued digital currency (CBDC) next year, as the bank will launch a pilot program to study the potential introduction of a new cryptocurrency.   In March this year, the BOK began reviewing legal and technological issues to check its capabilities for the possible issuance of such a currency under its three-step scheme.   The bank plans to establish and activate a pilot program

Oct. 7, 2020

Minister fends off criticism over government's fiscal soundness plans

A day after South Korea’s measures to ensure fiscal soundness for 2025 drew immediate flak from experts and the public alike for its time frame and "loopholes," the nation’s fiscal chief came to the defense of the rules Tuesday. The Ministry of Economy and Finance announced Monday that it aims to maintain the national debt-to-gross domestic product ratio below 60 percent, and its consolidated fiscal balance at minus 3 percent in 2025. The rules are to be exempted in a time

Oct. 6, 2020

S. Korea shares experience in combating COVID-19 with ASEAN members

SEJONG -- South Korea held a videoconference with member states of the Association of Southeast Asian Nations (ASEAN) on Tuesday during which they shared their experience in fighting the coronavirus pandemic, the finance ministry said. The conference was organized by a Southeast Asian office of the Organization for Economic Cooperation and Development (OECD), the Ministry of Economy and Finance said in a statement. During the conference, South Korea briefed ASEAN members about measures to se

Oct. 6, 2020

[News Focus] Should stock gains get same tax exemptions as homes?

SEJONG -- South Koreans owning homes worth 900 million won ($775,000) or less have an exemption from capital gains taxes when they sell them, as long as they are not multiple home owners. They pay only property taxes as usual. But Koreans holding stocks of a listed company worth 300 million won or over will likely be obliged to pay taxes on gains from trading the stocks, starting from next year. Further, the tax rates will range between 20 percent and 25 percent of their gains, as t

Oct. 6, 2020

Consumer inflation recovers to 1% in September

South Korea’s consumer prices increased 1 percent on-year in September, marking the sharpest rise in six months, data showed Tuesday. This was driven largely by the impact of the record-long rainy season, which caused prices of agricultural, livestock and fisheries goods to rise at the steepest rate in almost a decade. The Consumer Price Index for September stood at 106.20, up 1 percent from a year earlier and returning to the 1 percent level for the first time since March, according

Oct. 6, 2020

Doosan to expand presence in unmanned forklift market

Doosan Corp., the holding company of South Korea's Doosan Group, said Tuesday that it will increase sales of unmanned forklifts in the country. Industrial Vehicle, a business division of Doosan, has been discussing ways to provide its automated guided forklifts to about 20 companies, Doosan said. Last year, Doosan launched its first-ever unmanned forklifts in the local market. "To meet growing demand for automated forklifts, we plan to expand our product lineup to pallet trucks known

Oct. 6, 2020

Naver faces 26.7b-won fine, accused of manipulating algorithms

SEJONG -- South Korea's antitrust regulator on Tuesday accused Naver Corp., the nation's biggest search engine, of manipulating search algorithms in favor of the company's online shopping site and imposed a 26.7 billion-won ($22.9 million) fine. The fine, announced by the Korea Fair Trade Commission (KFTC), is the nation's first that the regulator has levied on a technology platform operator for making algorithmic changes that favor a certain business. The accusation is also expected to unde

Oct. 6, 2020

S. Korean shipyards take No.1 spot in new orders in Q3

South Korean shipbuilders took the top spot in new global shipbuilding orders in the third quarter of the year, beating their Chinese rivals, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, Korean shipbuilders' new orders came to 1.42 million compensated gross tons (CGTs), taking up 45 percent of the total orders amounting to 3.19 million CGTs in the July-September period. The South Korean shipbuilders were followed by Russi

Oct. 6, 2020

S. Korea's exports of agricultural goods up 6.5% through Sept.

South Korea's exports of agricultural products rose 6.5 percent on-year in the January-September period, data showed Tuesday, on the back of strong overseas demand for kimchi and other traditional fermented products. Outbound shipments of agricultural goods reached $5.51 billion over the first nine months of 2020, up $5.18 billion posted over the same period a year earlier, according to the data released by the Ministry of Agriculture, Food and Rural Affairs. By category, outbound shipments o

Oct. 6, 2020

Daewoo wins approval for ammonia-fired ship from LIoyd's Register

South Korea's Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has gotten the nod for its ammonia-powered ship from Lloyd's Register, a British quality assurance and risk management company. Daewoo Shipbuilding plans to commercialize the ammonia-fueled 23,000 TEU container carrier by 2025, the company said in an emailed statement. TEU stands for twenty-foot equivalent unit, a measurement of a ship's cargo capacity. In a bid to develop the ammonia-propelled container car

Oct. 6, 2020

Hyundai Glovis wins delivery deal in Kazakhstan

Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Tuesday it has signed a seven-year delivery deal with a Kazakhstan beverage company as part of its expansion strategy. Hyundai Glovis will deliver RG Brands JSC's beverage products from the Kazakhstan firm's warehouses to wholesale and retail stores in the central Asian country, the company said in a statement.  The company did not reveal the value of the contract. RG Brands is the second-biggest beverage producer in Kazakh

Oct. 6, 2020

Growth of bank credit loans slows in September

South Korean banks' credit loans to individuals grew at a slower pace in September than a month earlier amid financial authorities' tougher restrictions, industry data showed Tuesday. Outstanding unsecured loans to individuals by five major lenders -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- totaled 126.4 trillion won ($109 billion) as of end-September, up 2.1 trillion won from August. The on-month increase was down sharply from the 4.1 trillion won gain in August from the prior mon

Oct. 6, 2020

S. Korea's Sept. inflation rises by most in 6 months

SEJONG -- South Korea's consumer prices rose 1 percent on-year in September due to a rise in prices of agricultural goods, marking the sharpest gain in six months amid the coronavirus pandemic, data showed Tuesday. The September tally accelerated from a 0.7 percent on-year gain in August, according to the data released by Statistics Korea. The nation's inflation also climbed 0.7 percent on-month in September, the data showed. Core inflation, which excludes agricultural and petroleum produc

Oct. 6, 2020

S. Korea’s debt nears W5,000tr

South Korea’s debt -- national, household and corporate -- surged to nearly 5,000 trillion won ($4.3 trillion) last year, hitting a record high, data showed Monday, fueling concerns of the heavier weight it would gain this year due to the coronavirus risks. The nation’s per capita national, household and corporate debt came to 2,200 trillion won, 1,600 trillion won and 1,100 trillion won in 2019, respectively, data compiled by a lawmaker serving on the National Assembly’s stra

Oct. 5, 2020

Kia's Sept. sales up 10.3% on strong domestic sales

Kia Motors Corp. said Monday its sales rose 10.3 percent last month from a year earlier on robust domestic sales. Kia Motors sold 260,023 vehicles in September, up from 235,810 units a year ago, helped by strong sales of the Sportage SUV, the company said in a statement. Domestic sales jumped 21.9 percent on-year to 51,211 units last month from 42,005. Overseas sales climbed 7.7 percent to 208,812 from 193,805 during the same period, it said. Its sales fell 8.8 percent to 1,863,966 autos from

Oct. 5, 2020

SsangYong's Sept. sales fall 4.4% on weak overseas sales

SsangYong Motor Co. said Monday its sales fell 4.4 percent last month from a year earlier due mainly to an extended slump in overseas sales. SsangYong Motor sold 9,834 vehicles in September, down from 10,285 units a year ago due to weak demand for its models amid the COVID-19 pandemic, the company said in a statement. Domestic sales rose 13.4 percent to 8,208 units from 7,235 during the same period, while exports plunged 46.7 percent to 1,626 from 3,050, the statement said. The carmaker said

Oct. 5, 2020

GM Korea's Sept. sales rise 89.5% on increased exports

GM Korea Co. said Monday its sales rose 89.5 percent last month from a year earlier, helped by robust exports despite the coronavirus pandemic. The South Korean unit of General Motors Co. sold 40,544 vehicles in September, up from 21,393 units the previous year, the company said in a statement. Domestic sales rose 17.9 percent to 6,097 units last month from 5,171 a year ago. The Chevrolet Spark led domestic sales, selling 2,689 units. Exports more than doubled to 34,447 from 16,222 during the

Oct. 5, 2020

Renault Samsung's Sept. sales halve amid pandemic

Renault Samsung Motors Corp. said Monday its sales fell 51.4 percent last month from a year earlier amid the new coronavirus' impact on the automobile industry. The South Korean unit of Renault SA sold 7,386 vehicles in September, down from 15,208 units a year ago, as the COVID-19 pandemic continued to affect demand for autos, the company said in a statement. Domestic sales declined 24.1 percent to 5,934 units last month from 7,817 units a year ago, while exports plunged 80.4 percent to 1,452

Oct. 5, 2020

S. Korea to introduce rules for fiscal soundness in 2025

SEJONG -- South Korea plans to introduce rules to ensure fiscal soundness in 2025 as the nation is facing calls for more spending to counter slowing growth and an aging population. The rules, which are subject to parliamentary approval, aim to keep the growth rate of government spending at a level of nominal growth of gross domestic product (GDP), the Ministry of Economy and Finance said in a statement. Under the rules, the government plans to keep the nation's debt-to-GDP ratio to 60 percen

Oct. 5, 2020

Online shopping soars 27.5% in Aug. as virus-wary shoppers stay home

Online shopping soared 27.5 percent from a year earlier in August, data showed Monday, as the coronavirus pandemic prompted more shoppers to buy goods via e-commerce platforms. The value of online transactions came to a record high of 14.38 trillion won ($12.29 billion) in the month, up 3.1 trillion won from the same month last year, according to the data from Statistics Korea. The sharp increase in August was largely attributed to the pandemic that forced citizens to use online shops. The c

Oct. 5, 2020