JEJU, South Korea, May 16 (Korea Bizwire) – The Asia-Pacific Economic Cooperation (APEC) has projected the region’s economy to grow 2.6 percent this year, sharply falling from the 3.6 percent growth in 2024, a report showed Friday. The APEC made the forecast in its latest economic report released for the Ministers Responsible for Trade Meeting, [...]
SEOUL, May 15 (Korea Bizwire) — South Korean stocks snapped a three-session winning streak Thursday as investors locked in profits amid eased tariff woes. The local currency rose sharply against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.21 points, or 0.73 percent, to close at 2,621.36. The index had risen [...]
SEOUL, May 15 (Korea Bizwire) — The country’s financial watchdog said Thursday that it will prod financial firms to manage their incentive systems in a proper and reasonable manner. The Financial Supervisory Service (FSS) said incentive systems can carry risks if not properly managed, which also can hurt financial institutions’ soundness as well as the [...]
SEOUL, May 15 (Korea Bizwire) — Assisting senior citizens in liquidating their assets is essential to addressing elderly poverty, which, in turn, may help boost local spending, the chief of South Korea’s central bank said Thursday. Bank of Korea (BOK) Gov. Rhee Chang-yong made the point during a symposium co-hosted by the BOK and state-run [...]
WASHINGTON, May 15 (Korea Bizwire) — A majority of Americans believe that investments by South Korean companies in the United States are beneficial to the U.S. economy, according to a recent poll released by the Korea Economic Institute of America (KEI), a Washington-based think tank. The survey, conducted by polling firm YouGov between December 17, 2024, and [...]
SEOUL, May 14 (Korea Bizwire) — South Korea’s state-run economic think tank on Wednesday sharply cut its growth forecast for the local economy this year to 0.8 percent, citing rising global trade uncertainties and weakening exports. The revised projection by the Korea Development Institute (KDI) represents a 0.8 percentage-point drop from its previous estimate of [...]
SEOUL, May 13 (Korea Bizwire) — A record number of South Koreans are choosing to receive their national pension benefits early—despite steep long-term financial penalties—as rising economic pressure and delayed retirement payouts drive more people to bridge income gaps in their post-retirement years. According to data released by the National Pension Service on Monday, [...]
SEOUL, May 12 (Korea Bizwire) — South Korean stocks ended more than 1 percent higher Monday as the United States and China wrapped up their first high-level tariff negotiations, boosting hopes the two countries may reach a trade deal. The local currency was weak against the U.S. dollar. The benchmark Korea Composite Stock Price Index [...]
SEOUL, May 12 (Korea Bizwire) — South Korea’s exports dropped 23.8 percent from a year earlier in the first 10 days of this month mainly due to a reduced number of working days, data showed Monday. Outbound shipments reached US$12.83 billion in the May 1-10 period, compared with $16.84 billion tallied a year earlier, according [...]
SEOUL, May 12 (Korea Bizwire) — South Korea’s economy is showing signs of a slowdown, as reflected in a range of economic indicators across various sectors, primarily due to deteriorating export conditions amid growing concerns over a global trade war, a state-run think tank said Monday. “The South Korean economy is facing a slowdown, as [...]