SEOUL, May 9 (Korea Bizwire) — South Korea logged a current account surplus for the 11th straight month in March on the back of an increased trade surplus, central bank data showed Thursday. The country’s current account surplus reached US$6.93 billion in March, following the surplus of $6.86 billion in February. In the first three [...]
SEOUL, May 8 (Korea Bizwire) — With President Yoon Suk Yeol set to begin his third year in office, South Korea has presented sluggish economic growth amid stubborn inflation unseen in decades, experts said Wednesday, calling for a clear, detailed policy mix to spur growth while maintaining its restrictive fiscal stance and structural reforms. Growth [...]
SEOUL, May 7 (Korea Bizwire) — The vice chief of South Korea’s financial regulator highlighted the country’s strong economic conditions Tuesday, saying the economy is entering a recovery phase while its financial market remains very stable. Kim So-young, vice chair of the Financial Services Commission (FSC), made the remark in a video conference with representatives [...]
SEOUL, May 6 (Korea Bizwire) – A special loan program in South Korea offering rock-bottom interest rates for newlywed couples and new parents has drawn more than 5 trillion won in applications just three months since its launch, data showed on May 5. The “New Baby” loan program, introduced on January 29 by the Ministry [...]
SEJONG, May 3 (Korea Bizwire) — The United States has made a preliminary decision to impose up to a 43.5 percent anti-dumping tariff on aluminum extrusion imports from South Korea, officials said Friday. The U.S. Department of Commerce plans to impose 2.42 percent anti-dumping tariffs on aluminum extrusion produced by Shinyang Metal and 43.56 percent [...]
SEOUL, May 3 (Korea Bizwire) — Companies will be fined for reducing packet contents while maintaining retail prices without notice in South Korea as the government seeks to eradicate “shrinkflation” practices to better ensure consumer rights, the antitrust regulator said Friday. Under the envisioned revision of relevant regulations, manufacturers of daily necessities, including milk, coffee, [...]
SEOUL, May 2 (Korea Bizwire) — Finance Minister Choi Sang-mok vowed Thursday to stay vigilant on uncertainties regarding interest rate decisions by major economies and the Middle East crisis and to take bold market stabilization steps when necessary. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve’s rate-setting meeting [...]
SEOUL, May 2 (Korea Bizwire) — South Korea’s inflation rose 2.9 percent in April on-year, marking the first time in three months that the index fell below 3 percent, data showed Thursday. Consumer prices, a key gauge of inflation, fell 0.2 percentage point last month from the reading in March, according to the data from [...]
SEOUL, April 30 (Korea Bizwire) – South Korean public firms’ liabilities reached another high in 2023 as they borrowed more money for projects meant to ease housing problems and build infrastructure, the finance ministry said Tuesday. The combined debt of 324 public companies came to 709 trillion won (US$572.17 billion) last year, up 5.7 percent [...]
SEOUL, April 30 (Korea Bizwire) – Global credit appraiser S&P Global Ratings said Tuesday it has maintained its credit rating on South Korea at “AA,” with a stable outlook. S&P has kept South Korea’s long-term sovereign credit rating at the third-highest level on the company’s table since August 2016, when it upgraded the rating by [...]