Korean economy may pull of slower-than-expected growth in 2020

South Korea's economy is expected to rebound this year from the slowest growth in a decade last year, but it may continue to face many economic headwinds, including sluggish demands at home and abroad, analysts said Monday. Asia's fourth-largest economy grew 2 percent from a year earlier in 2019, the slowest since 2009, as its exports and facility investment remained weak, the Bank of Korea said last week. Earlier, the country's finance ministry expected the economy to grow in the lower 2 per

Jan. 27, 2020

Woori Financial to shortlist new CEO candidates for banking unit

Woori Financial Group, a major South Korean banking group, plans to shortlist new CEO candidates for its flagship banking unit next week, a company official has said.Woori Financial has selected seven candidates for the top post at Woori Bank. It declined to identify them because the process is under way.The successful candidate will begin a two-year term as Woori Bank‘s CEO if approved at Woori Bank’s general shareholders‘ meeting in March, the official said.Woori Bank, South

Jan. 25, 2020

BOK floats 6tr won worth of fresh bills ahead of Lunar New Year's Day

The Bank of Korea said Thursday it has issued over 6 trillion won ($5.15 billion) worth of fresh banknotes ahead of the Lunar New Year holiday that starts on Friday.The move apparently comes in preparation for high demand for fresh bills due to the long-lived tradition of elders offering cash gifts to younger ones after receiving deep bows as the first greeting in a new year.For the past 10 days, the South Korean central bank supplied about 6.09 trillion won worth of fresh banknotes to banks and

Jan. 23, 2020

S. Korea fines Google over YouTube Premium service

South Korea's telecommunications regulator said Wednesday it has imposed a fine of 867 million won ($740,000) on Google Limited Liability Corp. for violating local telecom laws in the operation of its YouTube Premium service.In a two-year investigation through December 2018, the Korea Communications Commission (KCC) found Google didn't properly notify the YouTube Premium service users of the fact that the streaming service converts to a charged service after a one-month free trial service. "

Jan. 23, 2020

S. Korea’s 2019 economic growth skids to lowest in decade

South Korea’s economy in 2019 marked the slowest growth pace in a decade, mostly weighed down by the US-China trade tensions, the central bank said Wednesday.The nation’s gross domestic product expanded 2.01 percent on-year, according to advance data from the Bank of Korea.While the government’s 2-percent target has been attained, it fell short of the potential growth rate of 2.5-2.6 percent. This also was the slowest on-year growth since 2009, when the economy grew 0.8 percen

Jan. 22, 2020

S. Korea prepared to curb economic fallout from China coronavirus

South Korea's finance ministry said Wednesday it will make efforts to minimize possible economic fallout from the spread of the China coronavirus amid worries that it could hurt local consumption.Vice Finance Minister Kim Yong-beom made the remarks at a meeting with senior financial officials earlier in the day, the ministry said in a statement. South Korea's financial markets are seeing volatility rise amid jitters over the virus, which emerged in the central Chinese city of Wuhan late last mon

Jan. 22, 2020

Korea's 2019 growth slowest in decade, Q4 expansion faster than expected

The South Korean economy expanded at the slowest pace in a decade in 2019, largely weighed down by an extended slump in outbound shipments amid a lengthy trade row between the United States and China, the central bank said Wednesday.South Korea's gross domestic product expanded 2 percent in 2019 from a year earlier, according to advance data from the Bank of Korea.The figure marks the slowest on-year growth since 2009, when Asia's fourth-largest economy expanded 0.7 percent in the aftermath of t

Jan. 22, 2020

Korea's exports to rebound next month: finance minister

South Korea's finance minister voiced hope on Tuesday that the nation's exports are likely to post a monthly gain next month.Finance Minister Hong Nam-ki made the remarks as exports fell 0.2 percent in the first 20 days of January, marking the lowest rate of decline in a year, as outbound shipments of semiconductors rebounded.January exports are unlikely to rebound due to fewer working days later this month, Hong said, as the Lunar New Year holiday begins on Friday.Last year, the Lunar New Year

Jan. 21, 2020

‘Most CEOs attending WEF pessimistic on 2020 economic growth’

A majority of corporate honchos attending the annual World Economic Forum in Davos, Switzerland, have given the thumbs down to global economic growth this year, a survey by global accounting and consulting firm PricewaterhouseCoopers showed Tuesday.Over 50 percent of the corporate leaders have lowered their forecast for this year’s global economic growth pace, amid lingering uncertainties such as excessive regulations and the prolonged US-China trade war.The survey conducted between Septem

Jan. 21, 2020

S. Korea to launch financial data exchange platform in March

South Korea will test-run a financial data exchange platform in March, enabling users to sell and purchase such data conveniently, the nation’s top financial regulator said Tuesday, in a move seen as an effort to accelerate digital transformation. According to the policymaking Financial Services Commission, the data will be uploaded to the platform by providers including financial and public institutions, insurance companies and mobile operators. It will then be purchased by buyers such as

Jan. 21, 2020

Banks likely to ease lending to firms, but tighten household loans: poll

Banks in South Korea will likely expand their lending to local companies, especially small and medium-sized enterprises in the first quarter but tighten their rules on loans to local households, a central bank poll showed Tuesday.In a quarterly survey conducted by the Bank of Korea, the index measuring the banks' overall attitude toward fresh loans came to 4 for the January-March period, compared with negative 5 for the previous quarter.The rise comes amid expectations for better conditions for

Jan. 21, 2020

Korea's exports down 0.2% in first 20 days of January

South Korea's exports fell 0.2 percent in the first 20 days of January, marking the lowest rate of decline in a year, as outbound shipments of semiconductors rebounded, data showed Tuesday.The country's exports stood at $25.7 billion in the January 1-20 period, down $40 million from the same period last year, according to the Korea Customs Service.The rate of decline was also much less than the 2 percent fall in the December 1-20 period last year, the data showed.By product, exports of semicondu

Jan. 21, 2020

S. Korea vows to bolster economic cooperation with Russia, Mongolia

South Korea plans to bolster economic ties with Russia, Mongolia and other Central Asian nations and use the momentum to buttress recovery of the export-driven economy, the top fiscal policy chief said Monday.“We will strengthen economic cooperation with our neighboring nations in line with the New Northern Policy,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in a meeting with economy-related ministers. A cooperative scheme with Russia in nine key sectors including ra

Jan. 20, 2020

Korea Eximbank to extend W69tr in loans to firms in 2020

The Export-Import Bank of Korea said Monday that it will extend 69 trillion won ($59.5 billion) in loans to South Korean companies this year to help boost the economy.The figures represent a 16 percent hike from 2019, according to the South Korean state-run policy lender.Under the plan, the Export-Import Bank of Korea set aside 20 trillion won for companies that make industrial materials, parts and equipment in 2020, compared with 19 trillion won in 2019.The move is the latest in a series of Sou

Jan. 20, 2020

Korea's exports to Canada surge since launch of FTA

South Korea's exports to Canada have shot up 14 percent since the implementation of their free trade deal, data showed Monday, despite increased protectionism and the slowing economy around the globe.Outbound shipments to Canada stood at $5.6 billion in 2019, compared to $4.9 billion posted in 2014, according to the data from the Ministry of Trade, Industry and Energy. The two countries implemented the bilateral FTA in January 2015 after decadelong negotiations.The combined trade between South K

Jan. 20, 2020

S. Korea aims to boost agricultural exports by 6.7% in 2020

South Korea said Monday it seeks to expand its outbound shipments of agricultural goods by 6.7 percent to hit $7.5 billion in 2020 by diversifying its product portfolio and penetrating deeper into emerging markets including Southeast Asia.In 2019, exports of agricultural goods reached $7 billion, compared to $6.9 billion posted a year earlier, according to the Ministry of Agriculture, Food and Rural Affairs. Last year, South Korea's overall exports slipped 10.3 percent amid growing protectionism

Jan. 20, 2020

ICT exports sink 20% in 2019 on trade row, chip slump

South Korea's exports of information and communications technology products nosedived nearly 20 percent on-year in 2019, data showed Monday, due mainly to a lengthy trade row between the United States and China and a drop in chip prices.Outbound ICT shipments totaled $176.9 billion last year, falling sharply from $220.4 billion in 2018, according to the Ministry of Trade, Industry and Energy. The decrease was also caused by a base effect, as the country posted record-high exports in 2018.ICT exp

Jan. 20, 2020

S. Korea considering imposing 20% tax on cryptocurrencies

South Korea's finance ministry has been considering imposing a 20 percent tax on income from cryptocurrency transactions, officials said Monday. The Ministry of Economy and Finance has recently ordered its office of income tax to review a taxation plan for cryptocurrencies, according to officials. Previously, the ministry's office of property tax had reviewed the plan. The move raised speculation that the government may categorize gains from cryptocurrency trading as other income, not capital ga

Jan. 20, 2020

Korean economy grows 1.89% in 2019, shy of estimate: poll

The South Korean economy is expected to have fallen far short of its growth target last year, marking the slowest growth in a decade, a poll showed Monday.In a survey conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, seven local experts polled estimated Asia's fourth-largest economy to have expanded 1.89 percent from a year earlier in 2019.The Bank of Korea earlier predicted a 2 percent on-year expansion in Asia's fourth-largest economy, which would have still marked the

Jan. 20, 2020

S. Korea to focus on promoting economic cooperation with Russia, Mongolia

South Korea will focus on promoting economic cooperation this year with Russia, Mongolia and other countries located north of the Korean Peninsula in line with the diplomatic initiative of its New Northern Policy, Finance Minister Hong Nam-ki said Monday. Hong made the remarks at a meeting with economy-related ministers earlier in the day. South Korea "will bolster economic cooperation with northern countries to pull off accomplishments from the New Northern Policy," Hong told the meet

Jan. 20, 2020