SEOUL, Jan. 27 (Korea Bizwire) – The South Korean government said Tuesday that it had received a formal letter from the United States urging swift implementation of a bilateral tariff agreement, a move that comes as President Donald Trump signaled a tougher trade stance toward one of Washington’s closest Asian allies. The confirmation followed Mr. [...]
SEOUL, Jan. 20 (Korea Bizwire) — A growing share of young South Koreans are stepping away from the labor market altogether, a shift that economists say reflects deeper structural strains in an economy struggling to adapt to technological change and slowing growth. According to a report released Tuesday by the Bank of Korea, the proportion of [...]
SEOUL, Jan. 20 (Korea Bizwire) — Older South Koreans participating in government-sponsored job programs earned an average of about 405,000 won ($300) a month last year, with most saying the primary reason for working was to cover basic living expenses, according to a nationwide survey released Monday. The study, published by the Korea Labor Force Development [...]
SEOUL, Jan. 19 (Korea Bizwire) – Longer job searches and soaring housing costs are placing mounting strain on young South Koreans, deepening concerns that structural weaknesses in the economy could weigh on the country’s long-term growth, the central bank said on Monday. In a report examining the economic conditions of young adults, the Bank of [...]
SEOUL, Jan. 15 (Korea Bizwire) — South Korea’s central bank kept its benchmark interest rate unchanged Thursday, signaling caution as a weakening currency and persistent inflation risks narrowed the scope for further monetary easing. The Monetary Policy Board of the Bank of Korea voted unanimously to hold the policy rate at 2.5 percent, extending a pause [...]
SEOUL, Jan. 13 (Korea Bizwire) – The Korea Exchange (KRX) has submitted plans to extend stock trading hours to nearly 12 hours from as early as June and is preparing to gather opinions from its members, industry sources said Tuesday. Under the plan submitted to the Financial Service Commission (FSC) on Monday, the KRX seeks [...]
SEOUL, Jan. 13 (Korea Bizwire) — Seoul will roll out a new data-driven platform this week that allows residents, entrepreneurs and policymakers to track the city’s economic pulse in unprecedented detail, city officials said on Monday. The Seoul Metropolitan Government announced that it will launch an online “Economic Dashboard” on the Seoul Data Hub starting Jan. [...]
SEOUL, Jan. 9 (Korea Bizwire) – South Korea posted its largest-ever current account surplus for any November, supported by strong exports amid an upcycle in the semiconductor industry, central bank data showed Friday. The country’s current account surplus totaled US$12.24 billion in November, up sharply from $6.81 billion a month earlier, according to the data [...]
SEOUL, Jan. 8 (Korea Bizwire) – South Korea’s economy is showing tentative signs of recovery, buoyed by firmer consumer spending and resilient exports, even as deepening weakness in construction continues to weigh on overall growth, a state-run research institute said Thursday. In its latest monthly assessment, the Korea Development Institute said gains in private consumption [...]
SEOUL, Jan. 7 (Korea Bizwire) – Finance Minister Koo Yun-cheol said Wednesday that the government’s economic policy for this year will focus on stabilizing people’s livelihoods. “The starting point of a major economic leap forward is a solid foundation for the people’s livelihood,” Koo said while presiding over an inaugural meeting of ministers. The government [...]