OECD revises up S. Korea's 2024 growth outlook to 2.3 pct

The Organization for Economic Cooperation and Development revised up the outlook for South Korea's economic growth next year to 2.3 percent on a recovery in exports and eased geopolitical tensions, Seoul's finance ministry said Wednesday. The figure marked a 0.2 percentage-point increase from its projection of 2.1 percent made in September, according to the Ministry of Economy and Finance. The latest outlook is rosier than those by the International Monetary Fund and the Bank of Korea,

Nov. 29, 2023

Daily Sports Hankook hopes to help stengthen Korea-Indonesia ties through business forum

The Korea-Indonesia Cooperation Forum is all set to take place on Thursday in Jakarta, marking the 50th anniversary of diplomatic relations between Korea and Indonesia. The forum is a significant step toward strengthening cooperation, boosting collaboration, and exploring business opportunities between the two nations. The Korea Herald had an interview with Cho Sung-hyun, the director of the Corporate Planning and Management Division of The Daily Sports Hankook, one of the media partners for t

Nov. 28, 2023

Tax refund limit to be doubled for tourists

Starting next year, South Korea's immediate tax refund limit at tax refund stores for tourists will be doubled from 2.5 million won ($1,920) to 5 million won, the Finance Ministry announced Monday, in a move to invigorate the tourism industry. Currently, tourists can buy items at tax-free prices in designated tax refund stores across the nation, with a maximum purchase limit of 500,000 won per individual transaction. The total cumulative payments can reach up to 2.5 million won. Starting Ja

Nov. 27, 2023

S. Korea to double ceiling of immediate tax refund for foreign tourists

South Korea will double the maximum limit of purchases eligible for an immediate tax refund by foreign tourists to 5 million won ($3,831) next year to attract overseas visitors and bolster the tourism industry, the finance ministry said Monday. Currently, the country provides on-the-spot tax refunds for an individual purchase of up to 500,000 won at designated stores, with a maximum cap being set at 2.5 million won on total payments. "Starting Jan. 1, 2024, the maximum per-payment amount fo

Nov. 27, 2023

BOK likely to keep policy rate unchanged on slowdown, hope for Fed's rate freeze, easing inflation

The weak economic momentum, along with the hope for the Federal Reserve's rate freeze next month and moderating inflation, may prod South Korea's central bank to keep its policy rate unchanged again this week. But the Bank of Korea is likely to say that it will keep its restrictive monetary policy stance amid still high inflation and soaring household debts. On Thursday, the BOK is widely predicted to leave the rate, which currently stands at 3.5 percent, unchanged, which would be the seventh st

Nov. 27, 2023

Over 40% of Koreans anticipate financial challenges in retirement

Four out of 10 South Koreans feel financially unprepared for post-retirement life, according to a survey released on Sunday. Only 21 percent expressed a sense of well-rounded preparedness in advance. The KB Financial Group's Management Research Institute conducted a survey on retirement preparation and housing preferences among 3,000 men and women aged between 20 to 79 nationwide, who are financial decision-makers in their households. The survey took place in January this year. The survey r

Nov. 26, 2023

Manufacturing sentiment grows for first time in 4 months in December

South Korea's manufacturing confidence rose for the first time in four months in December, thanks to solid signs of recovery in global demand for semiconductors, a poll showed Sunday. The professional survey index for the manufacturing sector's business conditions came to 100 for next month, up from 97 for this month, according to the Korea Institute for Industrial Economics & Trade. A PSI reading above 100 means optimists outnumber pessimists. The survey was conducted earlier this

Nov. 26, 2023

Choo calls for WGBI listing in London

Finance Minister Choo Kyung-ho met with the CEO of London Stock Exchange Group, calling for foreign investors’ interest in Korea’s foreign exchange and state bond markets. Choo attended the market opening ceremony at the London Stock Exchange on Thursday, marking the first time for a Korean governmental official to participate in the event, according to the Finance Ministry. Korean finance figures attended the event with Choo. Choo has been in London since Monday as a part of Presi

Nov. 24, 2023

15 human rights groups urge BIE to reject Saudi Expo bid in final week

A coalition of 15 human rights groups has issued a plea to the 2030 World Expo organizer Bureau International des Expositions, imploring the members to reject Saudi Arabia’s bid on Wednesday, just six days ahead of the final decision. The group, represented by Democracy for the Arab World Now, called on the members to reject the bid from Saudi Arabia, citing the kingdom’s troubling human rights record. The appeal lays out a detailed dossier of human rights abuses in Saudi Arabia, arg

Nov. 23, 2023

Korea to test central bank digital currency with public vouchers

From the fourth quarter of next year, individuals can test out the central bank digital currency with public vouchers, under a real-world test plan introduced by local authorities on Thursday. The Bank of Korea, Financial Services Commission and Financial Supervisory Service jointly announced the details on the pilot project, following a previous notice in October. Thursday’s announcement was made on the sidelines of a visit by Agustin Carstens, general manager of the Bank for Internationa

Nov. 23, 2023

Shinhan Bank to invest W1.6tr into UK projects

Shinhan Bank said Wednesday that it has signed an agreement worth 1 billion pounds ($1.25 billion) with the United Kingdom Department for Business and Trade to invest in the country's infrastructure and environmental sectors. On Tuesday, the memorandum of understanding signing ceremony took place with the attendance of British Business and Trade Secretary Kemi Badenoch and Shinhan Bank CEO Jung Sang-hyuk, at the mayor's residence in London. Under the deal, the Seoul-based bank will inv

Nov. 23, 2023

KB highlights anti-fragility as 2024 investment strategy

KB Financial Group held a conference Thursday, diagnosing the current market situation and sharing with its individual and corporate clients the group’s future investment philosophies to tackle uncertainties surrounding the global market. Titled “KB Investor Insights 2024,” the event was held at the KB Kookmin Bank's headquarters in Seoul, under the theme “anti-fragility," which refers to an ability to respond to and gain from uncertainties, and disorder. The te

Nov. 23, 2023

Korea inks 37 deals with UK, vows closer ties

Marking the 140th anniversary of diplomatic relations between Korea and the United Kingdom, the two countries' business leaders held a forum in London to seek cooperation in diverse sectors, from energy and defense to supply chains. The event, held Wednesday on the sidelines of President Yoon Suk Yeol’s state visit to the UK, was co-hosted by the Federation of Korean Industries and the UK's Department for Business and Trade. Yoon delivered a congratulatory speech at the forum, st

Nov. 22, 2023

S-Tec System, Vietnam’s Military Bank partner on security services

S-Tec System, a South Korean security services provider, announced Monday that it has signed a memorandum of understanding with Vietnam's Military Commercial Joint Stock Bank. The company aims to capitalize on the Vietnamese bank's network, which includes over 300 branches and 1,000 unattended locations throughout Vietnam. The agreement was signed Friday at S-Tec's headquarters in Seoul, with S-Tec System CEO Lee Byung-hwa and Chairman Luu Trung Thai of the Military Bank in attend

Nov. 21, 2023

S. Korea's exports of kimchi up 10% through Oct.

South Korea's exports of kimchi advanced 10 percent on-year through October this year, data showed Tuesday, with the amount widely anticipated to hit a record level for all of 2023. Outbound shipments of kimchi came to $130 million over the January-October period, rising from $118.6 million tallied a year earlier, according to the data compiled by the Korea Customs Service. Kimchi is a traditional Korean side dish typically made from fermented cabbage, salt and hot peppers, and is consumed

Nov. 21, 2023

Exports gain 2.2% from Nov. 1-20 on upbeat chip, auto sales

South Korea's exports rose 2.2 percent on-year in the first 20 days of this month on growing demand for semiconductors and vehicles, data showed Tuesday. Outbound shipments reached $33.79 billion in the Nov. 1-20 period, compared with $33.07 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also went up 2.2 percent on-year to $2.18 billion during the cited period, it added. Exports grew for the first time in 13 months in October. They adva

Nov. 21, 2023

S. Korea maintaining stable LNG supply amid Israel-Hamas conflict

South Korea maintains a steady supply of liquefied natural gas and is actively preparing for potential contingencies amid Middle East geopolitical uncertainties, the industry ministry said Tuesday. "There have been concerns over the supply of gas following the Israel-Hamas incident amid the lingering war between Russia and Ukraine, but the supply currently remains stable," Director-General for Resource Policy Ryu Peob-min said during a meeting with industry officials. "However, in

Nov. 21, 2023

Korea draws W1.5tr in investments from US tech firms

South Korea has secured investment commitments from four major US companies, including General Motors, totaling 1.5 trillion won ($1.16 billion), following President Yoon Suk Yeol's visit to the US for the Asia-Pacific Economic Cooperation summit last week. These investments, spanning the automotive and semiconductor sectors, are expected to significantly boost South Korea's exports and reduce imports, contributing to an estimated annual economic impact of over 4.5 trillion won. The Ministry of

Nov. 20, 2023

Trump vows to kill Asia trade deal being pursued by Biden if elected

Donald Trump, the frontrunner for the Republican presidential nomination, said on Saturday that he would kill off a Pacific trade pact being advanced by US President Joe Biden if he were to win the 2024 election and return to the White House. Speaking to supporters in Iowa, Trump said he was against the regional trade deal being negotiated by the Biden administration with 13 other countries, arguing that it would hollow out US manufacturing and trigger job losses. Talks on the trade sections of

Nov. 19, 2023

S. Korea, US explore ways to expand ties in energy, supply chains

South Korea and the United States discussed ways to expand bilateral cooperation in the energy and supply chain sectors this week, the industry ministry said Friday. Industry Minister Bang Moon-kyu and Jose Fernandez, US under secretary of state, hosted the clean energy business roundtable on the margins of the Asia-Pacific Economic Cooperation summit in San Francisco, according to the Ministry of Trade, Industry and Energy. "The Carbon-Free Energy Initiative of Korea and the US Clean Energ

Nov. 17, 2023