FSC, Seoul City join hands to cultivate fintech specialists

A graduate school aimed at nurturing digital finance specialists will be launched in Seoul’s financial district of Yeouido in September, in a joint project between the Financial Services Commission and the city government, officials said Wednesday. Stressing that the financial service sector is going through a major transformation with information technology, the two will fund 19 billion won ($16.1 million) for the project that is designed to provide a two-year graduate and six-month non

Feb. 12, 2020

Fitch affirms S. Korea's credit rating at 'AA-'; outlook stable

SEJONG -- Global credit appraiser Fitch Ratings said Wednesday it has kept South Korea's foreign currency credit ratings unchanged at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level on its sovereign ratings table, since 2012, when the rating agency upgraded it from A+. "Korea's rating balances robust external finances, steady macroeconomic performance, and a record of sound fiscal management against evolving geopolitical risks

Feb. 12, 2020

ICT exports down for 15th consecutive month in Jan.

SEJONG -- South Korean exports of information and communication technology products dropped for the 15th straight month in January due to sluggish shipments of chips, displays, and mobile devices, data showed Wednesday. Outbound shipments of related goods moved down 7.2 percent on-year to reach $13.4 billion last month, according to the data compiled by the Ministry of Science and ICT. Asia's No.-4 economy imported $8.82 billion worth of ICT products in January, resulting in a trade surplus

Feb. 12, 2020

Online credit card use up 44.5% over coronavirus fears

  Online credit card spending by South Korean consumers rose 44.5 percent in the fourth week of January, amid fears of the novel coronavirus outbreak, industry data showed Tuesday. According to data compiled by eight credit card issuers -- Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, Woori and Hana -- the combined online spending reached some 2.5 trillion won ($2.1 billion) following the Lunar New Year holiday. The total online spending in the same week last year amounted to 1.73

Feb. 11, 2020

S. Korea expanding efforts to normalize supply chain amid coronavirus spread

South Korea said Tuesday it is making efforts to minimize the economic fallout of the new coronavirus as local manufacturers' production lines have been partially disrupted due to shortages of Chinese parts. "South Korea will continue to look closely at the global supply chain and help local industries better cope with external risks," Industry Minister Sung Yun-mo said in a meeting with local businesses. Production lines at China-based suppliers have been partially or fully shut do

Feb. 11, 2020

Household debt growth sharply decelerates in Jan.

The household debt extended by banks in South Korea slowed sharply in January from a month earlier due to a seasonal factor, central bank data showed Tuesday. Fresh bank loans extended by banks to local households came to 3.7 trillion won ($3.1 billion) in the month, compared with a 7.2 trillion won increase the previous month, according to the data from the Bank of Korea. The amount marks a sharp rise from a 1.1 trillion won increase in the same month last year, however. "The rate of i

Feb. 11, 2020

Korea's exports jump 69.4% in first 10 days of Feb.

SEJONG -- South Korea's exports jumped 69.4 percent in the first 10 days of February, mainly due to rising shipments of cars and semiconductors, customs data showed Tuesday. The country's exports stood at $10.7 billion in the Feb. 1-10 period, compared with $4.38 billion in the same period last year, according to the Korea Customs Service. By product, exports of cars and semiconductors soared 114.5 percent and 37.8 percent, respectively. However, the average daily exports -- which reflect

Feb. 11, 2020

S. Korea eyes further economic cooperation with India

A senior South Korean trade official left for India on Monday as part of the country's drive to forge deeper ties with emerging countries, the trade ministry said. Yeo Han-koo, deputy minister for trade negotiations, is set to meet with India's Commerce Secretary Anup Wadhawan in Delhi on Tuesday to discuss ways to bolster economic ties of the two countries, according to the Ministry of Trade, Industry and Energy. "As India is the key partner of the country's New Southern policy, we need

Feb. 10, 2020

S. Korea logs budget surplus for 5th straight year in 2019

SEJONG -- South Korea posted a budget surplus for the fifth year in a row in the 2019 fiscal year, despite a slight decline in tax revenue, the finance ministry said Monday. The gross revenue the government brought in last year came to 402 trillion won ($337.3 billion), while its expenditures totaled 397.3 trillion won, according to the Ministry of Economy and Finance after closing its books for fiscal year 2019. With 2.6 trillion won worth of the balance carried forward to this year, the su

Feb. 10, 2020

S. Korea, Mercosur bloc hold 5th round of FTA talks

South Korea on Monday held the fifth round of free trade talks with a group of South American countries, including Brazil, with a goal of striking the deal this year. The two parties kicked off the five-day talks in Montevideo, Uruguay, to exchange ideas on ways to achieve a mutually beneficial bilateral pact, according to the Ministry of Trade, Industry and Energy. The previous meeting was held in South Korea's southern port city of Busan in October last year. South Korea agreed with the f

Feb. 10, 2020

Foreigners buy Seoul stocks for 2nd straight month in Jan.

Foreign investors became net buyers of South Korean stocks for the second straight month in January and increased their investment in local bonds, data showed Monday. Foreigners bought a net 408 billion won ($342 million) worth of local stocks in January, according to the data from the Financial Supervisory Service. As of end-January, local stocks held by foreign investors came to 581.5 trillion won, accounting for 33.8 percent of the country's market capitalization. By country, investors fr

Feb. 10, 2020

Korea’s growth outlook hit hard as coronavirus outbreak prolongs

The new coronavirus outbreak that originated in China is affecting South Korea as global investment banks and research institutes are drastically lowering their economic growth outlook for this year. While the government still maintains its forecast of 2.4 percent growth, some skeptical research institutes have slashed the figure -- with the lowest estimate at 1.5 percent. According to the latest survey conducted by Bloomberg on key investment banks and institutes, respondents predicted that

Feb. 9, 2020

[News Focus] Korea’s economy underperforms among emerging nations

SEJONG -- South Korea’s economy advanced only 2 percent in 2019, despite the government’s pump-priming measures coupled with the central bank’s monetary easing policies. The figure stayed below the economic growth rates, posted by two of the world’s largest. The US and China marked 2.3 percent and 6.1 percent economic growth, respectively, last year. Korea also lagged behind major emerging countries in Europe in GDP growth -- Poland (4 percent), Lithuania (3.9 percent)

Feb. 9, 2020

S. Korea strengthens crackdown on smuggling face masks out of country

South Korea has strengthened its crackdown on travelers' attempts to smuggle out face masks in bulk to fight the new coronavirus, officials said Saturday, with the customs office confiscating the protective goods and imposing fines when perpetrators are found. Since Thursday, people who seek to take face masks from the country for purposes beyond that of their own use are required to report to the customs office at airports and seaports. The strict rule is aimed at preventing travelers and me

Feb. 9, 2020

Korea to hold K-pop concert in Russia to celebrate 30 years of diplomatic ties

     The South Korean government will hold a large cultural event, including a K-pop concert and food exhibition in Russia to commemorate the 30th anniversary of the two countries’ diplomatic ties, according to the nation’s fiscal policy chief on Friday. "The government will host KCON as well as a trade fair in Russia this year,” said Finance Minister Hong Nam-ki during a meeting held to develop state-backed events for diplomatic ties. An official fro

Feb. 7, 2020

[News Focus] Korea’s national debt up 107 trillion won since 2016

SEJONG -- The Moon Jae-in administration has drawn up and approved a series of supplementary budgets in a bid to stimulate GDP growth and create jobs amid a tough employment market. Officials say the stimulus measures, including the active use of tax money and the issuance of treasury bonds, have benefited the overall economy. But opponents question their efficacy, pointing to a sharp increase only in nonregular jobs and to disappointing GDP growth -- 2 percent in 2019, the lowest rate in 10 y

Feb. 6, 2020

Public jobs account for 9.1% of labor market in 2018

Jobs offered by the government and state-run companies accounted for 9.1 percent of South Korea's labor market in 2018, government data showed Thursday. A total of 2.45 million people were employed in 2018 by the public sector, including the central and provincial governments and state-run financial and non-financial firms, compared with 2.43 million people in 2017, according to the data by Statistics Korea. Government ministries and agencies had 2.09 million employees in 2018, with the comp

Feb. 6, 2020

S. Korea vows deregulation in 10 sectors

South Korea's finance ministry said Thursday it has designated 10 industrial sectors for deregulation, including artificial intelligence and biotechnology, to help them develop technologies and services with fewer regulatory hurdles. Other industrial sectors include mobility service, new medical technologies, biotechnology, fintech, tourism and e-commerce, the Ministry of Economy and Finance said in a statement. Companies in the industrial sectors are expected to develop products without re

Feb. 6, 2020

S. Korea vows swift budget spending amid growing virus concerns

SEJONG -- South Korea will swiftly implement its fiscal spending as China's rapidly spreading coronavirus epidemic is expected to cast a shadow on the nation's fragile economic recovery, a senior official said Thursday. The spread of the virus is likely to have an "unexpected" impact on the nation's economic growth, Vice Finance Minister Koo Yun-cheol said in a meeting with relevant economic officials earlier in the day. South Korea has planned to spend 62 percent of its budget in t

Feb. 6, 2020

Korea's current account surplus narrows in Dec.

South Korea's current account surplus narrowed sharply in December as its exports fell at a faster rate than imports, central bank data showed Thursday. The country's current account surplus came to $4.33 billion in the month, down $1.64 billion from the month before, according to preliminary data from the Bank of Korea. The reading also marks a $580 million drop from the same month in 2018. The country's current account balance has been in the black for eight consecutive months since May 201

Feb. 6, 2020