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  • Economy

    Korea's monthly exports hit $100 bil. for 1st time in June

    Korea's monthly exports hit a fresh high by surpassing the $100 billion mark for the first time in June, amid the record-breaking performance of chips, data showed Wednesday. Outbound shipments surged 70.9 percent on-year to $102.25 billion in June, according to the Ministry of Trade, Industry and Resources. Imports rose 30.1 percent on-year to $66.1 billion, resulting in a trade surplus of $36.15 billion. It also marked the first time that the monthly trade balance has surpassed $30 billion. Exports of semiconductors nearly tripled to reach $44.82 billion, with monthly exports surpassing $40 billion for the first time on the back of surging demand for memory chips. Outbound shipments of computer products soared more than 300 percent to $5.41 billion as global tech companies expanded investment in artificial intelligence (AI) infrastructure, the ministry added. Exports of mobile devices also jumped 51.9 percent to $1.55 billion amid growing demand for new smartphones. The data showed automobile exports rising 5.8 percent to $6.71 billion following the stabilization of auto parts supplies. Ou

    2 MIN READBy Yonhap
    Korea's monthly exports hit $100 bil. for 1st time in June
  • Economy

    Seoul shares return gains late Wednesday morning on tech sell-off

    1 MIN READBy Yonhap
    Seoul shares return gains late Wednesday morning on tech sell-off
  • Policy

    Market braces for pension fund's stock rebalancing

    2 MIN READBy Jun Ji-hye
    Market braces for pension fund's stock rebalancing
  • Policy

    Korea secures 2.07 mil. ton dedicated EU steel quota under new TRQ

    2 MIN READBy Lee Gyu-lee
    Korea secures 2.07 mil. ton dedicated EU steel quota under new TRQ
  • Economy

    Korean authorities sell net $13.6 bil. in Q1 to stabilize FX market

    1 MIN READBy Yonhap
    Korean authorities sell net $13.6 bil. in Q1 to stabilize FX market
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Economy

Korea to allow people to exchange foreign bills at convenience stores

Convenience stores, including 7-Eleven above, will start exchanging foreign currency for Korean currency next year, South Korean finance ministry said Monday. Courtesy of 7-ElevenSouth Korea's finance ministry said Monday it will allow people to exchange the Korean currency for foreign currency banknotes at convenience stores starting next year, as part of its efforts to ease regulations in the foreign exchange market. Under the move, people can ask banks to exchange the Korean won for foreign bills via smartphone applications, according to the Ministry of Economy and Finance. They can then get the foreign bills at automated teller machines in convenience stores, the ministry said. The ministry said it will soon begin talks with operators of convenience stores to launch the service starting in March next year. (Yonhap)

Nov 2, 2020
Korea to allow people to exchange foreign bills at convenience stores
Economy

Heungkuk Fire & Marine runs pandemic essay contest

Seen above is a poster promoting Heungkuk Fire & Marine Insurance's social campaign against the COVID-19 spread. Courtesy of Heungkuk Fire & Marine InsuranceBy Lee Min-hyungHeungkuk Fire & Marine Insurance will run a short essay contest under the theme of fighting COVID-19, the non-life insurer said Monday.The company will receive entries through its blog until Nov. 4. The 50-word essays should include a message of encouragement for the nation to overcome the pandemic crisis, according to the firm.Heungkuk will pick 30 pieces for awards. Award winners will be given a gift certificate worth as high as 500,000 won. Additionally, 70 participants will receive a special gift, the company said.Those who want to join the event can simply write the short essay regardless of the style of the message ― such as for fun or consolation.The campaign is part of the firm's corporate social responsibility (CSR) drive held in partnership with local fruit farms. Those who join an offline vote for the event will be given fruit grown locally.“We expect the campaign to help encourage the

Nov 2, 2020By Lee Min-hyung
Heungkuk Fire & Marine runs pandemic essay contest
Economy

Bank of Korea to take market-stabilizing measures if needed over US election

Bank of Korea Governor Lee Ju-yeol. Korea Times fileSouth Korea's central bank will take measures to stabilize the financial markets in a timely manner when needed as the outcome of the U.S. presidential election could increase market volatility, its head said Monday.Bank of Korea (BOK) Gov. Lee Ju-yeol said that volatility in the financial markets at home and aboard could increase, depending on the outcome of the U.S. election, set for Tuesday, amid concerns about a resurgence in COVID-19 cases in Europe, according to the central bank."The governor instructed officials to closely monitor the financial markets with extra vigilance and to take market-stabilizing measures in a timely fashion when needed," the BOK said in a statement.The BOK said it will hold a meeting Wednesday to check the impact of the U.S. election on the South Korean economy and financial markets.South Korea's key stock index was trading 1.22 percent higher at 2,294.82 as of 11:00 a.m. The Korean currency was trading at 1,134 won against the U.S. dollar, up 1.1 won from the previous session. (Yonhap)

Nov 2, 2020
Bank of Korea to take market-stabilizing measures if needed over US election
  • As US election looms, South Korea prepares for next 4 years
Economy

ANNIVERSARY SPECIAL 'Transport, construction policies will bolster sustainable growth'

Minister of Land, Infrastructure and Transport Kim Hyun-mee Courtesy of Ministry of Land, Infrastructure and TransportMinister confident about digital- green-led economic recovery By Lee Kyung-min The government will swiftly devise and implement policies involving the digitization of information involving land, spatial data and social overhead capital (SOC) as well as green remodeling, as part of its efforts to lay the groundwork for digital, green industries to thrive, according to country's the land minister.The key objectives ― to create synergy with innovation-oriented mobility and transport services ― are part of the Korean New Deal, a key policy initiative of the Moon Jae-in administration defined by a long-term investment in the two industries with great job creation and export potential.The drive, the minister said, will provide much-needed momentum for an economic recovery amid the greater- and longer-than-feared fallout from the COVID-19 pandemic, offering more fundamental and effective solutions, in line with the administration's broader plan for sustainable growth.This w

Nov 1, 2020By Lee Kyung-min
[ANNIVERSARY SPECIAL] 'Transport, construction policies will bolster sustainable growth'
Economy

INTERVIEW 'Census intended for welfare of foreigners'

Statistics Korea (KOSTAT) Commissioner Kang Shin-wook speaks at his office in the Government Complex Daejeon in this file photo. / Courtesy of KOSTATKOSTAT dismisses concern about crackdown on illegal aliensBy Park Jae-hyukForeign residents, who have lived in Korea for more than three months, are being encouraged to take part in this year's Population and Housing Census for their own sake, regardless of the purpose of their visit and the legality of their stay.Kang Shin-wook, the commissioner of Statistics Korea (KOSTAT), told The Korea Times in a recent interview that data from the quinquennial nationwide survey will be used to protect human rights, create jobs and establish welfare policies for foreign residents and multiracial families.“The findings on the survey will be used as raw material for various government policies related to employment, education, transportation, welfare and housing,” he said. “They will also be used as criteria for important decision-making in academic research, business management and marketing.”For the convenience of those who a

Nov 1, 2020By Park Jae-hyuk
[INTERVIEW] 'Census intended for welfare of foreigners'
Economy

Bank of Korea to grow ties with Central Asian countries

Bank of Korea Governor Lee Ju-yeol demonstrates its next-generation financial network system at headquarters in Seoul, Oct. 21. Courtesy of Bank of KoreaBy Lee Min-hyungThe Bank of Korea (BOK) plans to develop ties with its Central Asian counterparts in accordance with Cheong Wa Dae's initiatives to expand partnerships with former Soviet bloc countries by enhancing economic and political partnerships there.The New Northern Policy is primarily aimed at cooperation with developing Central Asian economies ― such as Mongolia and Kazakhstan ― which have not had significant financial partnerships with South Korea. Russia is also included in the policy.Some of the countries have relatively weaker financial infrastructures than Korea, so the central bank hopes to share its abilities and experience in the central bank's key roles ― such as payment and settlement systems, monetary policies and financial stabilization measures.“Regarding the specifics of the New Northern Policy, the BOK will keep widening the bank's knowledge-sharing programs with the countries in Central Asia,” a c

Nov 1, 2020By Lee Min-hyung
Bank of Korea to grow ties with Central Asian countries
Economy

Will gov't push for increased corporate tax be successful?

First Vice Minister of Economy and Finance Kim Yong-beom, third from right, speaks at the Korea Chamber of Commerce and Industry (KCCI) in Seoul Oct. 29.By Lee Kyung-min The government's move to increase tax on corporate income and financial investment gains will undergo major scrutiny during parliamentary committees this week, sources said Sunday.Drawing the most attention is whether the government will be able to push ahead with a 14 percent tax on corporate income preserved in the form of reserves, set to take effect Jan.1 2021, about five months after the tax code revision was announced in July.Affected are about 250,000, non-listed businesses, 80 percent of whose shares are held by firm owners, their families or individuals whose financial interests are closely tied to owners. They account for 31 percent of the total, and 49.3 percent of small- and medium-sized enterprises (SMEs).They criticize the measure, since failure to keep a certain amount of reserves will pose a major threat to corporate financial soundness, because businesses will be under greater pressure to repay debt

Nov 1, 2020By Lee Kyung-min
Will gov't push for increased corporate tax be successful?
Economy

Controversy arises over lax punishment of FSS employee

A person walks past the entrance of the Financial Supervisory Service on Yeouido in Seoul in this file photo. / YonhapBy Kim Bo-eunThe Financial Supervisory Service (FSS) has come under fire for lax punishment of an employee embroiled in a massive scandal involving Lime Asset Management.An employee of the agency's division inspecting investment firms was punished by salary cut earlier this month, for handing over documents containing plans to inspect Lime Asset Management at a hostess bar last year, according to the FSS.The supervisory authority faces criticism given the employee only got a three-month cut in monthly salary, whereas the CEOs of financial firms that distributed Lime's funds have been notified of sanctions that will bar them from serving positions in the financial sector.The FSS employee was called to a hostess bar by a former senior FSS official who had been dispatched to Cheong Wa Dae. The employee handed the documents to the man, who then provided them to Kim Bong-hyun, a key suspect in the Lime scandal. Kim and the former Cheong Wa Dae-dispatched official are known

Nov 1, 2020By Kim Bo-eun
Controversy arises over lax punishment of FSS employee
Economy

ANNIVERSARY SPECIAL Korea Exchange witnesses economy's ebbs and flows

This file photo shows the opening of Korea Stock Exchange back in March 1956, located in the Myeongdong area of Seoul. / Courtesy of Korea Exchange (KRX)By Anna J. ParkThe nation's bourse operator Korea Exchange (KRX) has witnessed the Korean capital market's growth over the past six decades, assuming a main role in stock trading.Its official start goes back to March 3, 1956, a little under three years after the Korean War's ceasefire agreement was signed in July 1953, with a new listing of 12 companies, including Chohung Bank ― later acquired by Shinhan Bank ― and Korea Line Corporation, on the opening day. At that time, the stock exchange was located in the heart of Myeong-dong ― now a popular shopping area in Seoul. Until the stock exchange moved to Yeouido back in 1979, Myeong-dong had long been the country's financial center, explaining why a lot of major banks still have their headquarters in the Myeong-dong area. During the first twenty years of operation, the local market was highly volatile and unstable due its small size. Having gone through serious fluctuations of stock an

Nov 1, 2020By Anna J. Park
[ANNIVERSARY SPECIAL] Korea Exchange witnesses economy's ebbs and flows
Economy

Korea's exports decline in October

GettyimagesbankSouth Korea's outbound shipments dipped 3.6 percent in October from a year earlier on fewer working days and virus resurgence, snapping the previous month's brief rebound, data showed Sunday.Outbound shipments came to US$44.9 billion last month, compared to $46.6 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports moved down 5.8 percent to $39 billion, resulting in a trade surplus of $5.9 billion.The latest figure roughly falls in line with market expectations. According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's October exports were expected to have decreased 3.12 percent on-year.The ministry attributed the decrease to the fewer number of working days in the month."Segments which suffered from the pandemic, such as displays, electronics, steel and auto parts, are slowly recovering, giving a positive signal on the recovery of exports down the road," Industry Minister Sung Yun-mo said in a statement.But global trade is anticipated to face more jitters from the virus pandemi

Nov 1, 2020
Korea's exports decline in October
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