Woori Financial vows to go carbon neutral by 2050

Woori Financial Group vowed Friday to go carbon neutral by 2050 in line with South Korea’s vision of becoming a net zero carbon society, the group said Sunday. The first steps towards the goal would be achieving and implementing “coal-free finance,” launching a special team for environmental, social and governance tasks and establishing a committee formed of subsidiaries to discuss ESG-related strategies. The chief executives of Woori’s subsidiaries have decided to hal

Dec. 13, 2020

S. Korea's exports spike 27% in first 10 days of Dec.

South Korea's exports rose 26.9 percent on-year in the first 10 days of December on the back of robust shipments of chips and autos amid the new coronavirus outbreak, customs data showed Friday. The country's outbound shipments stood at $16.3 billion in the Dec. 1-10 period, compared with $12.9 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports gained 11.9 percent on-year during the cited period. Imports increased 7.9 percent on-year to $15.4 billion

Dec. 11, 2020

GM Korea union OKs 2nd tentative wage deal

GM Korea Co. and its union have reached a second tentative wage deal after union members rejected the first deal early this month, the company said Friday. In a vote held from Nov. 30 to Dec. 1, GM Korea workers turned down the first tentative wage agreement as they were not satisfied with the company's proposals on wages and collective agreement terms. Under the initial agreement, GM Korea offered to provide 4 million won ($3,600) per worker in performance-based pay and bonuses for the year

Dec. 11, 2020

Hyundai Heavy picked as preferred bidder for Doosan Infracore

South Korea's power plant builder Doosan Heavy Industries & Construction said Thursday that it has tapped a consortium led by Hyundai Heavy Industries Holdings (HHIH) as the preferred bidder for the sale of its 35.4 percent stake in Doosan Infracore. Doosan Heavy Industries & Construction said in an emailed statement it will conclude the deal with the consortium led by HHIH to sell its entire stake in Doosan Infracore. It did not provide a specific time frame. "We will do our bes

Dec. 10, 2020

Winter virus wave likely to derail consumption recovery: BOK

The Bank of Korea (BOK) warned Thursday that a winter wave of coronavirus outbreaks is likely to hurt the fragile recovery of private consumption. The BOK also took a cautious tone on progress in the global coronavirus vaccine campaign, saying it will take more time to speed up the distribution of vaccines worldwide. South Korea, which has largely brought outbreaks under control, has been facing a resurgence of virus cases in recent weeks, with the nation reporting more than 600 daily new ca

Dec. 10, 2020

S. Korea to send chartered flights to Singapore with strawberry shipments

South Korea's agricultural ministry said Thursday it will send chartered flights to Singapore to support exports of strawberries, as local farmers have been facing troubles in shipping their produce amid the new coronavirus pandemic. Under the plan, South Korea plans to send Korean Air Lines Co.'s planes weekly through April to promote the exports of strawberries, according to the Ministry of Agriculture, Food and Rural Affairs. The move came as the COVID-19 pandemic has virtually suspended gl

Dec. 10, 2020

[Monitor] South Korea’s tax revenue up W6.8tr won in October

South Korea’s tax revenue grew 6.8 trillion won ($6.3 billion) in October due largely to a rise in income tax revenue, data showed Wednesday. The country collected 39.1 trillion won in taxes in October, compared with 32.3 trillion won the previous year, according to the Ministry of Economy and Finance. The rise in tax revenue mainly came as income tax revenue rose 4.1 trillion won on-year to 10.5 trillion won. The consolidated fiscal balance, total income minus total expenditure, rema

Dec. 10, 2020

ADB expects S. Korean economy to retreat less than expected in 2020

The Asian Development Bank (ADB) on Thursday revised up the economic outlook for the South Korean economy this year, citing robust exports of tech products and a mild recovery in private consumption. The ADB expected Asia's fourth-largest economy to retreat 0.9 percent this year, compared with its September forecast of 1 percent contraction. The Manila-based bank predicted the Korean economy will grow 3.3 percent next year, the same as its earlier forecast. The ADB said the Korean economy is f

Dec. 10, 2020

US panel again delays ruling on trade secret case involving 2 Korean EV battery makers

A US trade panel on Wednesday again postponed a much-awaited ruling on a trade secret dispute involving South Korean battery makers LG Energy Solution Ltd. and SK Innovation Co. to Feb. 10. The US International Trade Commission (ITC) postponed the final ruling slated for Dec. 10 without elaborating on the reason, putting off the schedule for the third time. LG Energy Solution, which supplies batteries to Tesla and General Motors, filed trade complaints with the ITC in early 2019, claiming SK

Dec. 10, 2020

Instant noodle exports soar more than 30% this year amid virus

South Korean exports of instant noodles jumped more than 30 percent in the first 10 months of the year amid the coronavirus pandemic, a report said Thursday. Overseas shipments of instant noodles, or "ramyeon" in Korean, came to $573 million in the January-October period, up 32.4 percent from a year earlier, according to the report from the Korea International Trade Association (KITA). The surge was attributed to the global popularity of home cooking in the wake of the coronavirus ou

Dec. 10, 2020

S. Korea, World Bank strive for sustainable growth

South Korea’s Ministry of Economy and Finance, in partnership with the World Bank Group, launched a two-day innovation forum to contemplate a road map for sustainable growth in the post-coronavirus era, officials said Wednesday. Global Innovative Growth Forum 2020, the second forum in an annual series launched as a collaboration platform for the promotion of sustainable growth, kicked off Wednesday under the slogan “Innovative and Sustainable Growth in the Post-COVID-19 Era,”

Dec. 9, 2020

Banks' household loan growth accelerates in November on home-backed lending

South Korean banks' household loans continued to grow at a faster clip in November, fueled by the strong growth of non-mortgage loans, central bank data showed Wednesday. The value of outstanding bank loans to local households came to 982.1 trillion won ($905.3 billion) as of end-November, up 13.6 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The November reading, which is compared with a 10.6 trillion-won gain in October, marked the highest monthly

Dec. 9, 2020

Steel, autos among beneficiaries of mega trade pact

South Korea said Wednesday it will make efforts to help local exporters utilize a mega trade pact accounting for one-third of the world's gross domestic product, hinting the deal could give a boost to the steel and automobile segments. "Amid the growing uncertainties stemming from COVID-19 and protectionism, the RCEP will grant exporters access to new markets, along with unified trade rules," the Ministry of Trade, Industry and Energy said in a statement. In November, members of ASEA

Dec. 9, 2020

S. Korea's agricultural exports up 7% through Nov.: data

South Korea's agricultural exports rose nearly 7 percent on-year over the January-November period, data showed Wednesday, setting a fresh high despite the new coronavirus pandemic. Outbound shipments of agricultural products came to $6.8 billion over the first 11 months of 2020, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. The segment was among a handful of winners in South Korean exports, which suffered from the economic fallout from the COVID-19 pand

Dec. 9, 2020

Vice minister warns against market overheating during crisis management

South Korea’s Finance Vice Minister Kim Yong-beom warned Tuesday that the ample liquidity level that arose during the COVID-19 crisis management procedure may trigger an overheating phenomenon in the assets market. He especially urged real estate market participants not to get carried away by the current uptrend, pointing out that the country will phase out the current expansionary economic policies once the ongoing epidemic crisis dies down. “Lately, leading economies have see

Dec. 8, 2020

Transportation industry sales hit new high in 2019

Sales of South Korea's transportation industry reached an all-time high in 2019 thanks to a surge in demand for home deliveries, government data showed Tuesday. The transportation sector's top line stood at nearly 152 trillion won ($140 billion) last year, up 3.5 percent from the previous year, according to the data from Statistics Korea. It marked the industry's largest annual sales figure since 1964, when data tracking began. The transportation industry's sales also increased for the fifth c

Dec. 8, 2020

S. Korean banks' average capital adequacy ratio gains in Q3

South Korean banks saw their financial health improve in the third quarter from three months earlier as they reported higher net profits and raised capital amid the coronavirus pandemic, data showed Tuesday. The average capital adequacy ratio of 19 commercial and state-run banks stood at 16.02 percent as of end-September, up 1.46 percentage points from the end of June, according to the data from the Financial Supervisory Service (FSS). A key barometer of financial soundness, the ratio measure

Dec. 8, 2020

Portion of single-member households tops 30% last year

The portion of single-member households in South Korea surpassed 30 percent of the total for the first time in 2019, data showed Tuesday, amid a delay in marriage and rapidly aging population. One-person families accounted for 30.2 percent of the total last year, up 29.3 percent from the previous year, according to the data by Statistics Korea. Households consisting of a single member totaled 6.15 million in 2019, up from 5.85 million the previous year, the statistics agency said. One-person

Dec. 8, 2020

[News Focus] Korea, 34th of 37 OECD members in labor participation

SEJONG -- South Korea’s labor force participation rate was the 34th-highest among the 37 members of the Organization for Economic Cooperation and Development as of 2019. In the Paris-based organization’s comparison of labor participation rates for those aged 25-64, Korea posted 76.6 percent. This means about 1 in 4 Koreans in that age bracket were not engaging in economic activities last year. This contrasts with an 85.5 percent labor force participation rate in neighboring Japan,

Dec. 8, 2020

S. Korean shipyards outpace Chinese rivals for 5th month in terms of orders

South Korean shipbuilders outpaced their Chinese rivals in terms of new orders for the fifth consecutive month in November, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, South Korean shipyards won new orders totaling 990,000 compensated gross tons (CGTs), representing 60 percent of the 1.64 million CGTs ordered globally in November. The South Korean shipbuilders were followed by Chinese shipbuilders with 600,000 CGTs, or 37

Dec. 8, 2020