Retail sales rise 8.2% in Jan. on robust online performance

Retail sales in South Korea advanced 8.2 percent on-year in January following the robust performance of online platforms, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 15.7 trillion won ($11.78 billion) last month, compared with 14.5 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Offline store sales edged down 0.3 percent last month, as the Lunar New Year holiday fell in February

Feb. 27, 2024

[KH Explains] Will Yoon's 'value-up' drive end Korea discount?

South Korean authorities on Monday introduced a set of measures encouraging listed companies to boost their valuation as a part of efforts to shake off the so-called “Korea discount” which has been haunting the local capital market for decades. Under the “corporate value-up program,” firms listed on the Korean stock market will be advised to disclose their plans to enhance corporate value and shareholder returns while releasing related financial metrics for better communi

Feb. 26, 2024

Regulators warn of possible risks from foreign real estate investment

South Korean regulators warned Thursday of increasing risks in the domestic financial sector due to overseas real estate investments, with around 2.46 trillion won ($1.85 billion) exposed to potential risk, while also aiming to reassure the public that the impact on the overall industry will be limited. The Financial Supervisory Service issued the statement following its assessment of local financial institutions' investments in real estate overseas, amid some concerns about the cooling of

Feb. 22, 2024

Eximbank to bolster ties with German counterpart

The Export-Import Bank of Korea, or Eximbank, said Thursday it signed a memorandum of understanding with its German counterpart, KfW IPEX-Bank, pledging to cooperate in financing projects related to strategic technologies and supply chain networks. KfW IPEX-Bank is a specialist bank for export and project financing owned by Germany's main development bank Kreditanstalt fur Wiederaufbau, which translates as Credit Institute for Reconstruction. Eximbank Chairman Yoon Hee-sung met with Velibor

Feb. 22, 2024

BOK extends key rate freeze to 1 year, maintains growth outlook at 2.1%

South Korea's central bank froze its key rate for the ninth straight session Thursday amid woes over slower-than-expected inflation moderation and high household debts and maintained its growth outlook for the year at 2.1 percent. In a widely expected decision, the monetary policy board of the Bank of Korea (BOK) kept its policy rate unchanged at 3.5 percent. The BOK has stood pat following rate freezes last February, April, May, July, August, October, November and January. The rate freezes

Feb. 22, 2024

Korea to facilitate easier currency trading for foreigners

Foreigners seeking to invest in the Korean capital markets will be able to exchange foreign currencies for Korean won more easily starting in the next quarter, according to the South Korean government on Wednesday. The revision comes as part of the government's efforts to enhance efficiency and stability of securities settlement and foreign exchange trading for offshore investors. The Finance Ministry, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Servic

Feb. 21, 2024

More South Korean men become stay-at-home dads

More men are reporting themselves as "economically inactive" -- those not working nor seeking work -- to provide full-time parenting for their children, data showed Wednesday. The number of men who were economically inactive in 2023 citing child care stood at around 16,000, according to Statistics Korea, marking an all-time high since related data was first compiled in 1999. The figure posted a 37.4 percent surge from 12,000 the year before and grew by nearly threefold in a decade from

Feb. 21, 2024

Exports fall 7.8% from Feb. 1-20; chip sales jump nearly 40%

South Korea's exports fell 7.8 percent on-year in the first 20 days of this month due mainly to weak demand from China and fewer working days, but sales of semiconductors soared nearly 40 percent, data showed Wednesday. Outbound shipments reached $30.72 billion in the Feb. 1-20 period, compared with $33.33 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, advanced 9.9 percent on-year to $2.36 billion. The number of working days c

Feb. 21, 2024

US commercial property crisis looms over Korea

The downturn in the US commercial property market, which has already hit banks in New York, Japan and Europe, is beginning to loom over South Korea, with around 1 trillion won ($750 billion) in losses already confirmed by the big financial conglomerates. The total amount of overseas commercial real estate exposures (risks inherent in investments) by the five major Korean financial companies has reached 20.39 trillion won so far, according to data received from the companies and compiled by Rep.

Feb. 18, 2024

Regulator to unveil guidelines on ESG disclosure as early as next month

The financial regulator said Wednesday it will unveil a set of guidelines on public disclosures for investments that commit to environmental, social and governance goals in March or April, the financial regulator said Wednesday. The new standards, however, will continue to be subject to changes until their implementation in 2026 or later, according to Kim So-young, vice chairman of the Financial Services Commission. "Considering that discussions of ESG disclosures are being delayed in other

Feb. 14, 2024

Korea no longer a land of workaholics, study suggests

  The proportion of South Koreans working more than 50 hours a week has sharply dropped over the past 20 years to be on par with the average for member countries of the Organization for Economic Cooperation and Development, according to a new report from a Korean business lobby group on Tuesday. According to the Korea Enterprises Federation, the number of wage earners working more than 50 hours per week stood at 2.53 million in terms of actual working hours and 2.24 million in terms of con

Feb. 13, 2024

Exports fall 14.6% from Feb. 1-10; chip sales jump over 40%

South Korea's exports fell nearly 15 percent on-year in the first 10 days of February due mainly to fewer working days, but sales of semiconductors soared more than 40 percent, data showed Tuesday. Outbound shipments reached $15.01 billion in the Feb. 1-10 period, compared with $17.57 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, increased 11.7 percent on-year to $2.31 billion. The number of working days came to 6.5 days duri

Feb. 13, 2024

Foreign investors rack up S. Korean stocks on rally

Foreign investors have been active in the South Korean stock market over the past two weeks, contributing to the recent rally in the main KOSPI index, data showed Sunday. Offshore investors scooped up a net total of 5 trillion won ($3.75 billion) worth of local shares from Jan. 29 to Feb. 8, according to the data from the Korea Exchange. Over the same period, the KOSPI rose 5.71 percent to close at 2,620.32 points, while the financial authorities announced plans to boost undervalued stocks. Hyun

Feb. 11, 2024

S. Korea may face outflow of foreign investment if US delays rate cuts: report

South Korea may face an outflow of foreign investment from its financial market should the widely anticipated US rate cuts be further delayed, according to a report Saturday. The report from the Korea Center for International Finance (KCIF) noted that current conditions remained favorable for a steady rise in foreign investment, citing the upcycle in the semiconductor industry. "Favorable conditions for an inflow of foreign capital have been created for now, considering the shift in global

Feb. 10, 2024

No plan to raise cigarette prices: govt.

The government is not considering increasing cigarette prices despite falling tax revenue, according to officials Friday. Some media reports have raised the possibility of the government increasing cigarette prices after the April election as it has experienced a shortfall in tax revenue amid an economic slowdown. Last year, South Korea's total revenue, including tax gains, fell 77 trillion won ($57.9 billion), as tax gains fell 51.9 trillion won from a year earlier due mainly to weak corpo

Feb. 9, 2024

DGB seeks approval to convert to commercial bank

DGB Daegu Bank, a regional lender, has sought regulatory approval for its transition to a commercial bank, with plans to commence nationwide operations as early as April. The bank's parent company, DGB Financial Group, on Wednesday announced it had applied with the Financial Services Commission to alter the banking subsidiary's status. If the lender gets the green light, it will mark the country's first new commercial bank since the establishment of the Peace Bank of Korea in 1992

Feb. 8, 2024

[Photo News] Fostering investment with UK

First Vice Finance Minister Kim Byung-hwan (right) and Minister of State for Regulatory Reform of the United Kingdom Lord Dominic Johnson pose after signing a Memorandum of Understanding for the launch of a dialogue between the two governments to promote mutual investment expansion in London on Wednesday. The Korean ministry expected that the dialogue would serve as a channel for introducing investment opportunities from both countries and create a friendly investment environment. (The Ministry

Feb. 8, 2024

S. Korea logs current account surplus for 8th month in December

South Korea logged a current account surplus for the eighth straight month in December on the back of an increased trade surplus and increased dividends from overseas, central bank data showed Wednesday. The country's current account surplus reached $7.41 billion in December, following the surplus of $3.89 billion. December's surplus came as the country's trade balance has remained in the black. The country's goods account racked up an $8.04 billion surplus in December, follo

Feb. 7, 2024

[Photo News] Forex roadshow in London

South Korean First Vice Finance Minister Kim Byoung-hwan (second from left at table) speaks during an investor relations session in London on Monday about the current status of the South Korean economy and the country's economic policy plans. Ten global investment banks, including JP Morgan, Fidelity, Wellington, UBS and Morgan Stanley, attended the session to introduce Korea's new policies to boost accessibility for the country's foreign exchange market. (Ministry of Economy and

Feb. 6, 2024

OECD cuts S. Korea's 2024 growth outlook to 2.2%

The Organization for Economic Cooperation and Development revised down its outlook for South Korea's economic growth this year to 2.2 percent, Seoul's finance ministry said Monday. The figure marked a 0.1 percentage-point fall from its projection of 2.3 percent made in November, according to the Ministry of Economy and Finance. The projection was on par with that of the South Korean government, though the Bank of Korea presented a 2.1 percent growth outlook for this year. The Internati

Feb. 5, 2024