South Korea's central bank said Thursday it will cut the number of rate-decision meetings starting next year to be able to make more insightful decisions in macroeconomic policies. Currently, the Bank of Korea holds a monetary policy meeting every month to set the key rate and announces its annual economic forecast every three months. In a major policy change, the BOK said it will hold a monetary policy meeting in just eight months of the year, excluding March, June, September and December. Inst

Nov. 24, 2016

Transshipment cargo processed at South Korea's largest seaport of Busan shrank more than 6 percent in October due mainly to a logistics disruption stemming from the court receivership of cash-strapped Hanjin Shipping Co., the world's seventh-biggest shipper, government data showed Thursday.Busan port's transshipment cargo, or cargo processed here while en route to a final destination, fell 6.5 percent on-year to 817,000 twenty-foot equivalent units (TEUs) last month, while the port handled a tot

Industry Nov. 24, 2016

South Korea's financial authorities said Thursday they will step up efforts to streamline Internet banking procedures by promoting the removal of unnecessary security software and the minimum use of digital certificates.The measures are part of the government's financial reform drive, and were drawn up by a council of representatives from the Financial Supervisory Service, the Financial Institute, financial services firms, and civilian financial security experts.The FSS pointed out that some fin

Nov. 24, 2016

South Korea's trainer jet made its first test flight in the United States last week after the two countries agreed to mutually recognize its airworthiness certification in September, the defense acquisition agency said Thursday. On Saturday, the 'T-X' trainer, a modified version of the T-50 planes in service with the South Korean Air Force, showed off its flight performance as a candidate to replace the existing jets operated by the US Air Force in South Carolina, the Defense Acquisition Program

Defense Nov. 24, 2016

A court on Thursday ordered the South Korean government to disclose guidelines for the controversial state-authored history textbooks to be introduced next year.In August, activist lawyer Cho Young-sun filed a suit with the Seoul Administrative Court, after the Ministry of Education rejected his request to reveal the guidelines saying the disclosure could hinder fair execution of its duty and research.The court, however, ruled in favor of Cho, a member of the Lawyers for a Democratic Society.Reg

Social Affairs Nov. 24, 2016

Some local banks have raised rates on new deposits, but the increase seems to be negligible compared to hikes in their lending rates, industry data said Thursday.NH Nonghyup Bank, one of the largest lenders in South Korea, raised its rates by up to 0.25 percentage point on new two-year time deposits for individual and corporate customers. This means the rate paid by the bank on a new two-year time deposit stands at 1.45 percent for individuals and 1.40 percent for corporate customers.A NH Nonghy

Nov. 24, 2016

South Korea's ruling Saenuri Party was overtaken by a minor opposition party in approval ranking for the first time after its public support fell for the eighth consecutive week amid the on-going scandal involving President Park Geun-hye and her confidante, a poll showed Thursday.According to the pollster Realmeter, its approval rating came to 16.7 percent this week, down 2.3 percentage points from a week earlier. It hovered below the People's Party, which garnered 17.9 percent, becoming the thi

Politics Nov. 24, 2016

South Korea must work to boost shipments of consumer goods to Vietnam to maintain the growth of its exports to the world's third-largest destination for South Korean goods, a report said Thursday.The report from the Korea International Trade Association noted Vietnam's own exports were expected to shrink following the election of Donald Trump as the next US president, suggesting South Korea's exports of industrial parts and materials to Vietnam may dwindle in turn."While Vietnam's economic growt

Industry Nov. 24, 2016

Prosecutors on Thursday questioned the chief of South Korea's state-run pension fund over allegations the presidential office influenced its decision to back Samsung's merger plan last year, as the investigation into the scandal involving President Park Geun-hye and her confidante widens.Moon Hyung-pyo, chief of the National Pension Service (NPS), appeared before the Seoul Central District Prosecutors' Office to bear witness to suspicions it gave undue favors to the country's largest business gr

Industry Nov. 24, 2016

The presidential office Cheong Wa Dae on Thursday denied speculation that two senior officials offered to resign due to a conflict with President Park Geun-hye over the corruption scandal involving her and her confidante.Rumors have lingered that Justice Minister Kim Hyun-woong and Choi Jai-kyeong, senior presidential secretary for civil affairs, tendered their resignations in an apparent sign of insubordination to the president, who is denying a string of allegations the prosecution has leveled

Politics Nov. 24, 2016

A former South Korean trade minister has been appointed a new member of the World Trade Organization's (WTO) dispute settlement body, officials said Thursday.Kim Hyun-chong was elected one of seven members of the Dispute Settlement Body (DSB) on Wednesday (local time) and will serve a four-year term, succeeding another South Korean, Chang Seung-wha.The DSB is a body under the WTO which makes the final decision on trade disputes between governments that are adjudicated by the organization. Kim's

Industry Nov. 24, 2016

The number of childbirths in South Korea fell 10 months in a row in September amid a low birth rate and a late marriage trend, government data showed Thursday.About 34,300 babies were born in September, down 5.8 percent or 2,100, from a year earlier, extending the streak to 10 months from December last year, according to the data compiled by Statistics Korea.The number of marriages also fell 6.3 percent on-year to 17,800 in September, marking the lowest figure for the month of September since 20

Social Affairs Nov. 24, 2016

South Korea said Thursday it will soon introduce a new early warning system for potential risks from the nation's massive household debt, especially as interest rates here may soon start an upward trend.Household debt totaled 1,295.8 trillion won ($1.1 trillion) as of the end of September, up 3 percent from three months earlier, according to the Bank of Korea.Taking into account a 7.5-trillion-won increase in household borrowing from local banks in October, market watchers say household credit i

Nov. 24, 2016

North Korea requested setting up dialogue partnership with the Association of Southeast Asian Nations (ASEAN), but the regional bloc has rejected the invitation because of the tense security situation on the Korean Peninsula, a Malaysian diplomat familiar with the matter said."The Democratic People's Republic of Korea (DRPK) requested it, (but) as of now I don't think it is being considered," Shahafeez Shaharis, director at the Malaysian Ministry of Foreign Affairs' ASEAN-Malaysia secretariat, t

North Korea Nov. 24, 2016

President Park Geun-hye on Thursday put her signature on a document to formally request that opposition parties recommend candidates for the independent counsel to investigate the high-profile corruption scandal involving her and her friend.The presidential office Cheong Wa Dae said that it plans to deliver the written request to the National Assembly later in the day.The move came two days after the law on the special prosecutor took effect. Under the law, the main opposition Democratic Party a

Politics Nov. 24, 2016