Financial crimes in S. Korea fall 3.4% in 2019

Financial crimes in South Korea fell 3.4 percent in 2019 from a year earlier, the authorities said Tuesday as they vowed to boost efforts to prevent crimes at banks and other financial institutions. The Financial Supervisory Service (FSS) said a total of 141 cases of financial crimes, such as loan scams and embezzlement, occurred in 2019, down from 146 in 2018. Financial crimes were liable for damages worth 310.8 billion won ($252 million) last year, a sharp hike from 129.6 billion won in 201

May 26, 2020

[News Focus] Korea falls behind Japan, US in Q1 GDP growth

SEJONG -- Of 25 major economies around the world, only two posted positive growth during the first quarter of 2020, according to a recent analysis from the Organization for Economic Cooperation and Development. In terms of gross domestic product growth, South Korea ranked ninth among the 25 countries -- all OECD members -- posting minus 1.4 percent. Japan stood at No. 7 with minus 0.85 percent and the US at No. 8 with minus 1.22 percent. As of Tuesday, the France-based organization had compil

May 26, 2020

Online, health care industries to give new chance for S. Korean exports: KITA

South Korean companies need to find new growth engines in the online and health care industries as the new coronavirus pandemic has boosted demand in such sectors, a local trade association said Tuesday. "As different countries are moving to bolster their public health infrastructure, South Korean exporters should also seek new opportunities," the Korea International Trade Association (KITA) said in a report, suggesting they should especially set their sights on the online and smart

May 26, 2020

S. Korea to test-run online sales platform for agricultural wholesalers

South Korea said Tuesday it will kick off a new online sales platform for agricultural wholesalers to help them trade fresh produce around the clock without face-to-face interaction amid rising concerns over the new coronavirus pandemic. "Previously, the trade of fresh produce mostly centered on offline sales due to quality issues. But changes in the sales structure and the development of telecom and video technologies have paved the way for reform," the Ministry of Agriculture, Food

May 26, 2020

S. Korea's exports of chicken soup jump amid lockdowns

South Korea's exports of packaged traditional chicken soup, or "samgyetang," have posted sharp growth in the first four months of 2020 from a year earlier, data showed Tuesday, amid the growing demand for ready-to-eat products around the globe due to the pandemic-led lockdowns. Outbound shipments of ready-to-eat samgyetang products reached $4.82 million over the January-April period, up 82.2 percent from a year earlier, according to the data compiled by the Korea Agro-Fisheries &

May 26, 2020

Sinking tourist arrivals feared to hit service sector hard

Falling tourist arrivals due to the new coronavirus outbreak is expected to dent the South Korean service industry's added value and employment this year, a report said Tuesday. Battered by the coronavirus pandemic, the number of foreign tourists to South Korea came to 2.04 million in the first quarter of the year, down 47 percent from a year earlier, according to the report from the National Assembly Budget Office. In particular, the figure stood at a mere 83,000 in March, down a staggering

May 26, 2020

S. Korea, China to discuss expanding scope of FTA

South Korea said Tuesday it will hold the seventh round of talks with China this week to discuss expanding the scope of their bilateral free trade agreement (FTA) to better cover the service and investment sectors. The two countries will begin a four-day virtual meeting Tuesday to "speed up" the progress amid the new coronavirus pandemic that has virtually frozen global travel and economic activities, according to the Ministry of Trade, Industry and Energy. The previous meeting was

May 26, 2020

Korea's consumer sentiment improves in May on eased virus concerns

South Korea's consumer sentiment slightly rebounded in May, central bank data showed Tuesday, apparently on a sharp decline in the number of new COVID-19 infection cases here. The country's composite consumer sentiment index (CCSI) came to 77.6 in the month, up 6.8 points from a month earlier when the index dropped to the lowest level since December 2008, according to the data from the Bank of Korea (BOK). A reading below 100 means pessimists outnumber optimists. "The consumer sentiment

May 26, 2020

Current account likely to turn to red in 2030 over aging population: KIEP

Due to its fast-aging population and consequently reduced productivity, South Korea will continue to see its current account decline over the years and eventually turn to the red as early as in the next decade, according to a state-run think tank. “The country’s fast-aging demographic trend is likely to reduce the current account surplus or cause a deficit,” the Korea Institute for International Economic Policy said in a report on the impact of demographic change on 

May 25, 2020

Savings banks’ Q1 net profit up 20% on increased interest income

South Korean savings banks reported a 19.4 percent rise in their combined net profit in the first quarter due to increased interest income, data showed Monday. The combined net income of the 79 savings banks stood at 246.3 billion won ($199 million) for the January-March quarter, compared with a profit of 206.3 billion won a year earlier, according to the data from the Financial Supervisory Service (FSS). Their interest income rose 14.2 percent on-year to 1.2 trillion won, while loan-loss pro

May 25, 2020

BOK's rate cut in the offing, but 'when' still being debated

The Bank of Korea (BOK) will be prodded to further slash its key rate to support the virus-stricken economy, experts said Monday, but when it will push down the base rate to an unknown territory remains to be seen. In a poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, 12 out of 18 experts surveyed anticipated to see a rate cut this month. But all but one expected the BOK to cut the rate by a quarter percentage point before the end of September, according to the s

May 25, 2020

BOK tipped to cut key rate this week: poll

The Bank of Korea (BOK) is widely forecast to trim its policy rate this week amid the growing economic fallout from the new coronavirus outbreak, a poll showed Monday. Twelve out of 18 analysts surveyed in a poll by Yonhap Infomax, the financial news arm of Yonhap News Agency, forecast a rate cut this Thursday when the BOK monetary policy board holds its monthly rate-setting meeting. The central bank froze the benchmark rate at 0.75 percent in April after slashing it to a record low of 0.75 p

May 25, 2020

COVID-19 pandemic hit low-income households harder in Q1

  South Korea’s low-income households were hit hardest by the economic fallout from the novel coronavirus outbreak in the first quarter of this year, data showed Sunday.  According to a report from Statistics Korea, average household income for the bottom 10 percent bracket stood at 959,019 won ($773.09) per month, having shrunk by 3.6 percent on-year. Wages earned by the bottom 10 percent income bracket declined by nearly one-third to 165,966 won. For the country as a whole,

May 24, 2020

S. Korea's consumer goods imports from Japan fall 37% in April

South Korea's imports of consumer goods from Japan plunged 37 percent in April from a year earlier due to Japan's export curbs and the new coronavirus impact on consumer spending, government data showed Sunday. The value of imported Japanese consumer goods fell on-year to $249 million last month as Korean consumers still opt not to buy Japan-made products amid trade tensions between Seoul and Tokyo, and the COVID-19 outbreak, according to the Korea Customs Service (KCS). In particular, impor

May 24, 2020

S. Korea’s 2020 economic growth to depend on Q2 output: vice finance minister

As South Korea is likely to face a severe economic shock in the second quarter under the novel coronavirus pandemic, the quarterly performance will determine the nation’s growth for the entire year, Vice Finance Minister Kim Yong-beom said Friday. “Shocks are expected to be concentrated in the second quarter,” Kim said during a meeting with senior ministry officials. “As the risks stemming from (the pandemic) prolong, it could evolve into a bigger risk that could sha

May 22, 2020

S. Korea readies for upcoming ADB annual meeting, chairs online pre-session

Preparing for the Asian Development Bank’s annual meeting to be held in Songdo in September, South Korea’s government on Friday chaired a pre-session to handle key agendas in advance. During the 30-minute teleconference, presided by Korean Deputy Prime Minister and Finance Minister Hong Nam-ki, the board of directors approved the ADB’s annual financial report and reiterated joint efforts for regional prosperity according to the Ministry of Economy and Finance. Earlier in Mar

May 22, 2020

OLED TV market may post relatively small growth this year: report

The global OLED TV market, led by South Korea's LG Electronics Inc., is expected to post relatively small growth this year, compared with the QLED TV sector, following a disruption in panel supply caused by the novel coronavirus pandemic, a market report showed Friday. The global OLED TV shipment is expected to increase 7.8 percent on-year to 3.375 million units this year, according to display market tracker WitsView, a research division of TrendForce. The figure was a 26.1 percent decrease f

May 22, 2020

Consumption, small merchants' revenues rise as people use emergency handouts

South Korea's provision of emergency relief funds began to boost private consumption, raising revenues of small merchants hit hard by the new coronavirus pandemic in the first week of the payout, data showed Friday. In a one-off aid program, the government began offering the relief funds totaling 14.3 trillion won ($11.6 billion) to all households last week to help them cope with the economic fallout of the COVID-19 outbreak. Mom-and-pop shops still are suffering from business setbacks due to

May 22, 2020

S. Korea's Q1 exports of new-industry goods soar despite virus

South Korea's first-quarter exports of eight new-industry goods jumped despite a drop in overall exports due to the new coronavirus pandemic, data showed Friday. Overseas shipments of those products came to $21 billion in the January-March period, up 17 percent from a year earlier, according to the data from the Korea International Trade Association (KITA). They include next-generation semiconductors, biohealth products, electric vehicles, new-energy goods, robots, aviation products and drone

May 22, 2020

S. Korea to examine FX trading rules to ensure dollar liquidity

SEJONG -- South Korea plans to comprehensively examine its rules on foreign exchange trading as it seeks to ensure dollar liquidity amid lingering uncertainties in global markets over the coronavirus pandemic, Vice Finance Minister Kim Yong-beom said Thursday. Measures to help banks inject more dollars into local markets, including an eased rule on the foreign exchange liquidity coverage ratio (LCR), will be put into place for the time being, Kim said during a meeting with senior officials fr

May 21, 2020