Economy

Auto exports fall 10.5% in October on fewer working days: data

Korea's auto exports decreased 10.5 percent from a year earlier in October, largely due to fewer business days caused by the extended Chuseok holiday, data showed Thursday. The value of outbound shipments of automobiles came to $5.5 billion last month, compared with $6.2 billion the same month last year, according to the data from the Ministry of Trade, Industry and Resources. The value of accumulated auto exports from January to October, meanwhile, reached an all-time high of $59.6 billion. The ministry said October exports were weak due to the fall harvest Chuseok holiday that fell in early October, unlike in 2024 when the traditional holiday fell in September. Auto exports in September jumped 16.8 percent on-year, the ministry said earlier. By destination, exports to the United States plunged 29 percent on-year to $2.12 billion in October, apparently due to the 25 percent import tariffs imposed on Korean cars by the Donald Trump administration. The Trump administration is expected to lower the tariff on Korean cars to 15 percent as agreed in its trade deal with Korea after the Seoul go

Nov 20, 2025By Yonhap

Auto exports fall 10.5% in October on fewer working days: data

Policy

Plan to widen English disclosures sparks concerns over companies' translation burdens

The government's plan to expand English-language disclosures is expected to increase companies' responsibility for providing translations, despite the policy's aim of helping attract foreign investors, according to industry officials and experts. Such concerns came after the government recently announced measures to improve corporate disclosure practices, which include the English-language disclosure obligation to be applied to all KOSPI-listed firms by 2028. The policy aims to help boost foreign investors’ access to Korea’s capital markets, mitigating the so-called "Korea discount," under which Korean firms are typically valued below their international peers. Observers also point out that further upgrades to disclosure infrastructure will be necessary to ensure accurate and easy-to-understand English filings for global investors. Kim Dae-jong, a professor at Sejong University’s School of Business, noted that although the policy represents a meaningful step in strengthening core market infrastructure, Korean companies may face increased compliance burdens, similar to those observ

Nov 20, 2025By Jun Ji-hye

Plan to widen English disclosures sparks concerns over companies' translation burdens

Economy

Finance chief says special bill to promote investment in US must be submitted within November

Finance Minister Koo Yun-cheol on Wednesday pledged to submit a special bill to promote investment in the United States to the National Assembly before the end of this month, following an agreement between Seoul and Washington on the details of South Korea's $350 billion investment package tied to a trade deal. The agreement was finalized during President Lee Jae Myung's meeting with U.S. President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation summit in Gyeongju last month. "The submission of the special law needs to be communicated to the U.S. in order for the 15 percent auto tariff to take effect as of Nov. 1," he told reporters. If the government submits the bill as planned, U.S. tariffs on South Korean products are expected to be reduced retroactively to 15 percent from the month of submission, according to the Ministry of Economy and Finance. Under the final terms of the investment package, South Korea will provide $200 billion in cash installments, capped at $20 billion per year, along with an additional $150 billion earmarked for bilateral cooperation in s

Nov 19, 2025By Yonhap

Finance chief says special bill to promote investment in US must be submitted within November

Economy

Mirae Asset, Korea Investment picked as 1st IMA operators

The country's financial regulator on Wednesday granted licenses to Mirae Asset Securities and Korea Investment & Securities to operate so-called investment management accounts (IMAs), opening the door for local brokerages to expand their business portfolio and size up their assets. The IMA scheme, first floated in 2017, can give more room for brokerages to increase assets under management and raise more funds under eased rules. Under related regulations, IMA operators can raise funding of up to 300 percent of their capital base by selling commercial papers. As of the third quarter, Korea Investment & Securities had equity capital of 12 trillion won ($8.22 billion), and its outstanding issuance of commercial papers had stood at 18.7 trillion won. Mirae Asset had a capital base of 10.3 trillion won and 8.3 trillion won in outstanding commercial papers. With the regulatory approval, Mirae and Korea Investment can additionally raise some 35 trillion won for investments. IMA-operating brokerages are also required to invest at least 25 percent of IMA deposits and money raised via commercial pape

Nov 19, 2025By Yonhap

Mirae Asset, Korea Investment picked as 1st IMA operators

Economy

Young salaried workers favor retirement age extension

Kim Sung-ho, 38, an office worker, said he is increasingly opening up to the idea of raising the retirement age. “A few years ago, I opposed extending the retirement age,” he said. “But now, living costs and housing prices are getting higher. I worry more about my own future. I think I will need a stable source of income until I get older. Extending retirement age isn’t about the older generation anymore. It’s about preparing for the future for my generation too.” Similarly, An Ju-young, a marketing assistant, 34, said income from being employed as a regular salaried worker is better than relying on the state-run pension payout. “My generation doesn’t trust the pension system. I think I speak for my generation when I say we don’t believe the national pension will support us by the time we get to the retirement age, given Korea’s superaged population and all that," she said. "That’s the hard truth and everyone knows it. If retirement age is pushed back, then at least we would have more years to earn monthly income and save for postretirement life. It’s more practi

Nov 19, 2025By Lee Kyung-min

Young salaried workers favor retirement age extension

Economy

Korean travel stocks rally as China imposes Japan travel ban

Korean travel stocks extended gains for a third straight session on Wednesday, as China's travel advisory against Japan fueled expectations of increased tourism to Korea, analysts said. Yellow Balloon Tour closed at 6,340 won ($4.33), rising 5.32 percent from the previous session. Other domestic travel agencies also gained, with Very Good Tour up 10.11 percent, Mode Tour climbing 1.53 percent and Hana Tour advancing 2.58 percent. Other beneficiaries included low-cost carriers. Air Busan surged as much as 22 percent in early trading before paring gains on profit-taking, finishing 4.36 percent higher at 1,770 won. Jeju Air and Jin Air also rose 4.33 percent and 2.74 percent, respectively. Hotel and casino shares rallied as well. Hotel Shilla gained 0.54 percent, Seobu T&D added 3.99 percent and Paradise climbed 0.56 percent. The rally in travel stocks came even as the broader market declined. The benchmark KOSPI fell 0.61 percent, closing at 3,929.51, with sentiment turning risk-off ahead of Nvidia's earnings report and the release of the U.S. Federal Reserve's minutes early Thursday. Analy

Nov 19, 2025By Lee Yeon-woo

Korean travel stocks rally as China imposes Japan travel ban

Economy

Nearly half of SMEs seek more foreign workers amid labor shortages

More than four out of 10 small and medium-sized enterprises (SMEs) in Korea want to hire more foreign workers and see the maximum annual quota raised, a survey showed Wednesday. The survey, conducted by the Korea Employers Federation (KEF), comes as SMEs increasingly struggle to secure domestic labor, with more than six out of 10 saying they rely on foreign workers to fill the gap. The poll covered 312 companies with fewer than 300 employees in the manufacturing, construction and service sectors. These areas are heavily reliant on manual labor and have been hiring foreign workers under the Employment Permit System with E-9 visas. Among the 312 firms, 45.2 percent said future quota for foreign workers should be higher than this year's, which currently stands at 130,000, down from an all-time high of 165,000 in 2024. Another 43.6 percent said the quota should remain the same, 8.3 percent said it should decrease and 2.9 percent supported removing the cap entirely. By industry, 46 percent of manufacturing firms and 48 percent of construction firms said the number of E-9 visa workers should be

Nov 19, 2025By Yi Whan-woo

Nearly half of SMEs seek more foreign workers amid labor shortages

Policy

Korea's alternative stock exchange faces foreign investor complaints over 15% trading cap

Nextrade, Korea’s first alternative stock exchange, is facing complaints from foreign investors over a rule that limits trading volume, industry officials said Wednesday. Under the regulation set by the Financial Services Commission, Nextrade cannot account for more than 15 percent of the total trading volume on the Korea Exchange (KRX). The rule is designed to ensure that Nextrade, which launched in March, challenges the KRX’s nearly 70-year monopoly without expanding excessively or creating unnecessary market competition. Nextrade has gained a competitive edge over the regular KRX market by offering longer trading hours — from 8 a.m. to 8 p.m. — giving investors greater flexibility than the standard weekday window of 9 a.m. to 3:30 p.m. However, the 15 percent cap rule has become a stumbling block for investment, as Nextrade does not transparently or promptly share how close it is to the cap or which stocks may be temporarily removed, according to industry officials. They said this lack of transparency is especially challenging for foreign investors, who face language and other

Nov 19, 2025By Yi Whan-woo

Korea's alternative stock exchange faces foreign investor complaints over 15% trading cap

Economy

BOK calls for active response to declining cash acceptance

The central bank on Wednesday called for measures to maintain the cash circulation system amid declining cash acceptance on public transportation, in stores and by other entities. The call was made during a meeting of the currency circulation system council, which was attended by the Bank of Korea (BOK) and other relevant organizations. "An increasing number of buses, stores and even local government–affiliated institutions began restricting cash payments recently. The industry is also experiencing changes, with some cash transportation firms and non-bank ATM operators suspending operations," BOK official Kim Gi-won said. "Proactive measures are needed to preserve the cash circulation infrastructure," he added. Participants also discussed how demographic shifts and digital transformation are reshaping the cash-use ecosystem. They voiced concerns that bank branches and ATMs in non-capital regions could shrink rapidly as the population continues to concentrate in the Seoul metropolitan area. The BOK vowed to strengthen information sharing and cooperation among related institutions to devis

Nov 19, 2025By Yonhap

BOK calls for active response to declining cash acceptance

Economy

Korea's overseas financial assets hit record high in Q3: BOK

Korea's overseas financial assets reached a fresh high in the third quarter, driven by increased stock investments and investment returns, central bank data showed Wednesday. The country's external financial assets stood at $2.79 trillion as of end-September, up $115.8 billion from three months earlier, according to preliminary data from the Bank of Korea (BOK). It marks the largest amount ever, though the pace of its growth slowed from the second quarter's increase of $165.1 billion. Of external financial assets, residents' securities investments rose by $89 billion on-quarter to reach a new high of $1.21 trillion as of end-September. Direct investment also hit the highest-ever amount of $813.5 billion, increasing $8.7 billion from three months earlier. As the increase in the external financial assets outpaced that of external financial liabilities, the country's net international investment position rose by $25.8 billion on-quarter to reach $1.06 trillion. It marked the first increase following three consecutive quarters of decline, the data showed. "Overseas investments increased amid a

Nov 19, 2025By Yonhap

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Economy

Foreign investors return to KOSPI buying, powering rally above 8,000

Rate hike seen as strongest tool to support won as FX measures lose impact

Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

5 nations sign AI alliance pact to shape global tech rules

Korean won gains on renewed hope of U.S.-Iran peace deal, foreign net buying

Read more

Auto exports fall 10.5% in October on fewer working days: data

Plan to widen English disclosures sparks concerns over companies' translation burdens

Finance chief says special bill to promote investment in US must be submitted within November

Mirae Asset, Korea Investment picked as 1st IMA operators

Young salaried workers favor retirement age extension

Korean travel stocks rally as China imposes Japan travel ban

Nearly half of SMEs seek more foreign workers amid labor shortages

Korea's alternative stock exchange faces foreign investor complaints over 15% trading cap

BOK calls for active response to declining cash acceptance

Korea's overseas financial assets hit record high in Q3: BOK

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