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The Korea Times

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Economy

Thu, March 30, 2023 | 13:14

Foreign currency deposits down in Jan. on dollar withdrawals for imports, investment

Foreign currency deposits down in Jan. on dollar withdrawals for imports, investment

Foreign currency deposits at banks in Korea decreased in January as companies used their dollar holdings for imports and overseas investment, central bank data showed Monday.

2023-02-27 14:47

Why are Koreans getting unhappier despite economic prosperity?

Why are Koreans getting unhappier despite economic prosperity?

A 53-year-old woman identified only by her surname Seo, who runs a kindergarten in Gwangju City, becomes overwhelmed by a sense of anxiety whenever she thinks about her future. Seo says the sense of anxiety is shared by most of her friends to some degree. “Most of my friends and I talk about life after retirement when we meet. My generation had no chance to think about saving...

Lee Yeon-woo | 2023-02-27 14:38

Insurers, brokerages likely to be allowed to enter banking business

Insurers, brokerages likely to be allowed to enter banking business

Insurers and brokerages are likely to be allowed to enter the banking sector to promote competition as financial authorities mull over measures to break the current oligopoly in the banking industry. The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) recently formed a taskforce with key financial associations and scholars to bring changes to b...

Anna J. Park | 2023-02-26 16:14

Inflation likely to continue as KEPCO's losses snowball

Inflation likely to continue as KEPCO's losses snowball

Snowballing debts at state-run energy companies are raising doubts over the government's forecast that inflation will continue to cool off and the country's economy will rebound in the second half of this year. Among the companies that announced 2022 earnings data last week, Korea Electric Power Corp. (KEPCO) said it posted a record operating loss of 32.6 trillion won ($25.02...

Yi Whan-woo | 2023-02-26 16:00

Top 0.1% of wealthy Koreans made 70 times more than median income earners in 2021

Top 0.1% of wealthy Koreans made 70 times more than median income earners in 2021

The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday.

2023-02-25 14:18

Financial regulator pledges to adopt more globally-adaptive capital market system

Financial regulator pledges to adopt more globally-adaptive capital market system

The Financial Services Commission (FSC), Korea's top financial regulator, stressed that the Yoon administration is aiming to facilitate a fairer and more globally-adaptive capital market system so as to create a “virtuous circle” for both local and foreign investors.

Anna J. Park | 2023-02-24 17:25

Rate freeze does not mean end of tightening cycle: BOK governor

Rate freeze does not mean end of tightening cycle: BOK governor

The Bank of Korea (BOK) kept the key interest rate unchanged at 3.5 percent, Thursday, halting a monetary-tightening campaign that lasted more than a year amid mounting woes over slowing economic growth. The central bank also lowered its 2023 economic growth outlook for Korea to 1.6 percent from 1.7 percent, while reducing the inflation forecast to 3.5 percent from 3.6 percen...

Yi Whan-woo | 2023-02-23 16:55

Frozen key rate feared to accelerate foreign capital outflow in Korea

Seoul shares close up after BOK's rate freeze

President pledges all-out efforts to bolster exports

President pledges all-out efforts to bolster exports

President Yoon Suk Yeol, Thursday, highlighted the importance of expanding exports and assisting startups, saying they are the only way to overcome the comprehensive economic difficulties that Korea faces. To this end, Yoon stressed that the country should find a breakthrough by tapping into the export potential of the food and cultural content industries. He highlighted thei...

Nam Hyun-woo | 2023-02-23 16:46

Korea aims to become one of world's top four cultural powerhouses

Korea to extend anti-dumping tariffs on Chinese, Indonesian PET film

Korea to extend anti-dumping tariffs on Chinese, Indonesian PET film

Korea's trade watchdog said Thursday it has decided to recommend the government extend anti-dumping tariffs on PET film imported from China and Indonesia, citing substantial damage to the local industry.

2023-02-23 14:36

BOK freezes rate, lowers growth outlook amid economic uncertainty

BOK freezes rate, lowers growth outlook amid economic uncertainty

Korea's central bank on Thursday kept the benchmark interest rate unchanged for the first time in 10 months as worries are growing that aggressive monetary tightening could hurt economic growth.

2023-02-23 10:14

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