Economy

Young workers hit hardest as AI automation slashes jobs in Korea

More than half of the jobs lost by young Koreans in July were concentrated in industries heavily exposed to artificial intelligence (AI). This marks a dramatic departure from previous years, when youth employment dips were primarily driven by slowdowns in traditional manufacturing and in-person services. The latest figures from the Ministry of Data and Statistics reveal that the number of employed individuals aged 15 to 29 fell by more than 191,000 compared to the same period last year. Notably, the information and communications sector, which encompasses computer programming, telecommunications and digital media publishing, bore the brunt of this decline, shedding 74,517 positions. This represents the sector's steepest single-month drop since comparable tracking began in 2014. Simultaneously, employment in professional, scientific and technical services — covering fields such as legal advice, accounting, corporate consulting, and taxation — contracted by another 23,640 jobs. Together, these two knowledge-intensive sectors accounted for 51.3 percent of the total youth employment lo

Aug 16, 2026By Park Han-sol

Young workers hit hardest as AI automation slashes jobs in Korea

Economy

Household credit surely to have topped $1.41 tril. mark for 1st time

Household credit in Korea is surely to have topped the 2,000 trillion-won ($1.41 trillion) landmark in the second quarter, driven by increased home-backed loans and stock loans, according to industry sources Sunday. According to the sources, household credit reached an all-time high of 1,993 trillion won at the end of March, up 14 trillion won from the end of last year, which represents the seventh consecutive quarterly increase, though the pace of growth slowed for the second straight quarter. Household credit refers to credit purchases and loans extended to households by financial institutions. But outstanding household loans by all financial institutions are estimated to have risen by at least 21 trillion won during the second quarter of the year, which means outstanding household credit surely surpassed the 2,000 trillion-won threshold. The government has implemented a series of measures to cool the overheated housing market and curb household debt. But demand for homes has not weakened, and stock loans have been on the rise in tandem with a bull run in the stock market. For the full y

Aug 16, 2026By Yonhap

Household credit surely to have topped $1.41 tril. mark for 1st time

Economy

Stock short selling on rise despite market upturn

Stock short selling has been on the rise despite the country's stock market sharply rebounding from a rout caused by a crash in chipmakers and artificial intelligence (AI)-related shares, data showed Sunday. According to the data from the Korea Exchange (KRX), outstanding short selling reached some 19 trillion won ($13.4 billion) as of Tuesday, up 14 percent, or 2.27 trillion won, from 16.73 trillion won at the end of last month. Stock short selling stood at 15 trillion won at the end of February but fell to 12 trillion won in early March. The figure rose to 23 trillion won in early June. So far this month, the country's benchmark Korea Composite Stock Price Index (KOSPI) advanced 6 percent, and the secondary, tech-laden KOSDAQ index shot up 20 percent. The country's stock market had crashed last month amid woes over the profitability of the AI-related investment, which may reduce demand for chips. But investors remained worried over a sharp rise in a short period of time and are still uncertain whether the chipmaking sector has peaked.

Aug 16, 2026By Yonhap

Stock short selling on rise despite market upturn

Policy

Land minister, Seoul mayor clash over proposed public housing at Yongsan Park

The Lee Jae Myung administration is at odds with the Seoul Metropolitan Government over the former's proposal to use part or all of Yongsan Park in central Seoul for public housing, showing the growing tension between efforts to increase housing supply and the preservation of urban green. Minister of Land, Infrastructure and Transport Kim Yun-duk told reporters on Friday that the government is considering using not only Yongsan Children's Garden but potentially the entire Yongsan Park site for housing development. "Yongsan Children's Garden is a narrow concept. We are considering the entire Yongsan Park," Kim said during a news conference marking his first year in office. He said the government has been examining various sites in Yongsan, including areas that may face environmental contamination and require negotiations with the U.S. military, adding the government would consider all possible options to increase housing supply. Kim then said any housing development at the park would require discussions with the National Assembly, the Seoul Metropolitan Government, Yongsan District and t

Aug 14, 2026By Lee Hyo-sik

Land minister, Seoul mayor clash over proposed public housing at Yongsan Park

Economy

KOSPI nears 7,000 after 5-day winning streak

KOSPI capped a weeklong rally Friday, briefly reclaiming the 7,000 level for the first time in three weeks as foreign investors piled into semiconductor stocks amid stronger sentiment toward the memory chip sector and easing U.S. inflation. The index nearly rose 25 percent from its July 30 low. The benchmark KOSPI closed at 6,977.94, up 2.42 percent from the previous session. The index opened 2.68 percent higher and reclaimed the 7,000 level for the first time in three weeks before giving up some of its gains as investors took profits following a five-session winning streak. Foreign investors purchased a net 3.03 trillion won ($2.13 billion) worth of shares, while institutional and retail investors sold a net 1.02 trillion won and 1.98 trillion won, respectively. SK hynix rose 3.26 percent to close at 1,645,000 won, while Samsung Electronics gained 2.43 percent to finish at 274,500 won. The gains came amid stronger sentiment across the memory chip sector after Sandisk revealed an upbeat long-term outlook at its investor day. The company said it is targeting revenue growth in the mid- to h

Aug 14, 2026By Lee Yeon-woo

KOSPI nears 7,000 after 5-day winning streak

Economy

Korean won gains slightly after soft US inflation data

The Korean won made slight gains against the U.S. dollar Friday, after better-than-expected U.S. inflation data reduced market expectations of a rate hike by the Federal Reserve. The won was quoted at 1,418.3 won per dollar at 3:30 p.m., up 1.1 won from the close of stock trading the previous day. The won opened at 1,414.9 won per dollar and rose to as high as 1,411.8 won in afternoon trading. For the sixth consecutive trading session, the won has traded in a range of some 1,140 per dollar, marking the strongest level since early October last year. The U.S. Producer Price Index gained 4.7 percent on year in July, down from a 5.5 percent rise in June. Foreigners bought a net 3.38 trillion won ($2.4 billion) worth of local stocks during the latest trading session, with the benchmark Korea Composite Stock Price Index rising 2.42 percent to close at 6,977.94.

Aug 14, 2026By Yonhap

Korean won gains slightly after soft US inflation data

Economy

Korea's ICT exports up 140% in July on sustained AI chip demand

Korea's exports of information and communication technology (ICT) products jumped 140.6 percent in July from a year earlier, driven by sustained global investments into artificial intelligence (AI), government data showed Friday. Outbound shipments of ICT products reached $53.4 billion last month, up from $22.2 billion a year earlier, the Ministry of Science and ICT said in a press release. The figure was the highest for any July, the ministry said. ICT imports rose 37.3 percent on-year to $18.3 billion, resulting in a trade surplus of $35.1 billion in the sector. By product, semiconductor exports surged 178.8 percent on-year to $41 billion, fueled by strong demand for AI-related chips. Chip exports rose for the past 17 consecutive months, the ministry said. Exports of computers and communications equipment spiked 353.9 percent to $4.9 billion, while mobile phone shipments increased 62.6 percent to $1.6 billion, the data showed. Outbound shipments of display panels inched up 0.5 percent to $1.77 billion, amid a number of new smartphone and TV models set to be launched in the later half. By

Aug 14, 2026By Yonhap

Korea's ICT exports up 140% in July on sustained AI chip demand

Economy

Korean economic recovery strengthens on strong exports, consumption

Korea's economic recovery trend is strengthening, driven by robust exports and improving domestic consumption, the finance ministry said Friday. Amid lingering uncertainty stemming from the conflict in the Middle East, burdens on people's livelihoods persist, including inflationary pressures from high oil prices and difficult employment conditions for vulnerable groups and sectors, the Ministry of Finance and Economy said in its monthly economic assessment report, known as the Green Book. "Recently, the Korean economy has seen its recovery strengthen, with exports rising sharply and domestic demand, including consumption, showing signs of improvement," it added. The ministry upgraded its assessment of the economy in its latest report, describing the recovery as strengthening, compared with the previous month's assessment that it was solidifying. In July, South Korea's monthly exports surged 62.8 percent year-on-year to $98.9 billion, marking the second-largest monthly figure after the record $102.2 billion posted in June. Retail sales rose 2.7 percent in June from a month earlier on stron

Aug 14, 2026By Yonhap

Korean economic recovery strengthens on strong exports, consumption

Economy

Seoul shares pare earlier gains late Friday morning

Korean shares pared earlier gains late Friday morning as retail and institutional investors continued to sell large-cap technology stocks despite bargain hunting by foreign investors. After opening 2.7 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) rose 87.95 points, or 1.29 percent, to 6,901.29 as of 11:20 a.m. The KOSPI had briefly touched the 7,000 mark in early trading, rising 2.9 percent. Foreign investors alone scooped up nearly 1.01 trillion won (US$714 million) worth of shares, offsetting a combined 978.9 billion won in net selling by retail and institutional investors. Overnight, the U.S. stock market rose to an all-time high amid easing oil prices. The S&P 500 climbed 0.7 percent. The Dow Jones Industrial Average added 0.1 percent, and the tech-heavy Nasdaq Composite gained 0.8 percent. In Seoul, blue-chip shares led the advance. Market bellwether Samsung Electronics went up 0.56 percent, while rival chipmaker SK hynix added 3.2 percent. The Korean won was trading at 1,414.1 won against the U.S. dollar as of 11:20 a.m., up 4.5 won from the previous session

Aug 14, 2026By Yonhap

Seoul shares pare earlier gains late Friday morning

Economy

Chip rally lifts KOSPI 3.56% in 4th straight gain

KOSPI surged 3.56 percent Thursday, extending its winning streak to four sessions as sharp gains in semiconductor heavyweights kept the index in positive territory. The benchmark KOSPI closed at 6,813.34, up 3.56 percent from the previous session. The index opened 2.96 percent higher and extended its gains throughout the session. Foreign and institutional investors bought a net 2.1 trillion won ($1.47 billion) and 680.9 billion won worth of shares, respectively. Retail investors, however, sold a net 2.73 trillion won worth of shares amid profit-taking. An overnight rally in U.S. semiconductor stocks spilled over into the Korean chip sector, boosting investor sentiment. SK hynix rose 5.92 percent to close at 1,593,000 won, while Samsung Electronics gained 4.89 percent to finish at 268,000 won. Samsung Electro-Mechanics also rallied after Morgan Stanley replaced Samsung Electronics with the company as its top pick and raised its target price to 2.62 million won from 2.56 million won. Shares jumped 12.58 percent to close at 1,503,000 won. Foreign investors' net selling pressure has eased con

Aug 13, 2026By Lee Yeon-woo

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Read more

Young workers hit hardest as AI automation slashes jobs in Korea

Household credit surely to have topped $1.41 tril. mark for 1st time

Stock short selling on rise despite market upturn

Land minister, Seoul mayor clash over proposed public housing at Yongsan Park

KOSPI nears 7,000 after 5-day winning streak

Korean won gains slightly after soft US inflation data

Korea's ICT exports up 140% in July on sustained AI chip demand

Korean economic recovery strengthens on strong exports, consumption

Seoul shares pare earlier gains late Friday morning

Chip rally lifts KOSPI 3.56% in 4th straight gain

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