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Industrial output edges up in March on robust chip production
South Korea's industrial output edged up in March from the previous month, supported by strong semiconductor production, despite lingering weakness across other sectors, data showed Wednesday. Industrial production rose 0.9 percent last month, marking the second straight month of growth following a downturn that began in September, except for a brief uptick in December, according to the data compiled by Statistics Korea. In contrast, retail sales, a key gauge of private spending, inched down 0.3
April 30, 2025 -
Seoul says is not seeking hasty trade deal with US before June election
South Korea is not rushing to conclude its trade talks with the United States ahead of its upcoming presidential election in early June, the finance ministry said Wednesday. "Our position remains unchanged that we will proceed in accordance with due process without rushing the talks," the ministry emphasized. The remarks come after US Treasury Secretary Scott Bessent suggested that Seoul wants to have the "framework of a deal" before its June 3 presidential election. Responding to a question Tue
April 30, 2025 -
Monthly rentals hit record 64.6% of Seoul housing leases as 'jeonse' system fades
Monthly rental contracts now make up nearly 65 percent of all new housing leases in Seoul, reaching a record high as South Korea’s traditional lump-sum rental system, "jeonse," continues to disappear. According to the latest data by the Supreme Court’s Integrated Registration Information System, Seoul registered 233,958 residential lease contracts between January and March this year. Of those, 151,095 — roughly 64.6 percent — were monthly rental deals, the highest share since data collection beg
April 29, 2025 -
Korean job seekers want W41.4m starting salary: survey
Job seekers in South Korea want to be paid 41.4 million won ($28,775) in their first year of employment, a survey showed Tuesday. A local job search platform Incruit researched 691 people about to graduate from college in August of this year to find their ideal and minimum first-year salary. The asking salary for this year marked a slight increase from 41.36 million won in the same survey last year. Those wanting to work at large corporations sought 43.58 million won, those targeting middle-mark
April 29, 2025 -
Inflation understanding falls sharply among S. Koreans as financial literacy slips
South Korean adults' understanding of what inflation is and how it affects their purchasing power fell sharply between 2022 and last year, as their overall financial literacy declined, a report showed Tuesday. According to the report by the Bank of Korea and the Financial Supervisory Service, Korean adults scored an average of 65.7 out of 100 on a financial literacy test in 2024 — down from 66.5 in 2022. The study measured how well people grasp key financial concepts and how they apply them in d
April 29, 2025 -
Govt. asks oil industry to refrain from price hikes ahead of tax adjustment
The industry ministry on Tuesday asked oil companies to refrain from drastic price hikes, as the government plans to scale back the fuel tax cut starting next month, officials said. Last week, the government announced its decision to extend the fuel tax cut for an additional two months through the end of June, while reducing the tax discount on gasoline from 15 percent to 10 percent and trimming the 23 percent tax cut on liquefied petroleum gas to 15 percent. During a meeting with officials of l
April 29, 2025 -
Govt. holds meeting with exporters to share outcome of trade talks with US
South Korea's industry ministry on Tuesday held a meeting with domestic exporters to share the results of last week's high-level trade talks with the United States and to gather industry feedback. The meeting, co-hosted by the Korea International Trade Association, brought together executives from 15 major companies in shipbuilding, aerospace, defense, nuclear power, batteries and other strategic sectors most likely to be affected by Washington's escalating tariff measures, according to the Mini
April 29, 2025 -
Samsung Electro-Mechanics Q1 net income drops on weak currency
Samsung Electro-Mechanics Co., an electronic component affiliate of Samsung Group, said Tuesday its net profit fell 24.1 percent in the first quarter from a year earlier due mainly to a weak local currency. Net income amounted to 141.6 billion won ($98.4 million) for the January-March period, compared with 186.5 billion won a year ago, the company said in a regulatory filing. The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 172.2 billion won,
April 29, 2025 -
Seoul shares rise for 2nd day amid cautious tariff optimism
South Korean stocks finished marginally higher Monday as investors assessed last week's talks between South Korea and the United States on the latter's sweeping tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 2.56 points, or 0.1 percent, to close at 2,548.86. Trade volume was moderate at 449.07 million shares worth 7.73 trillion won ($5.35 billion), with losers beating winners 519 to 366. The index opened markedly higher and mov
April 28, 2025 -
Korea’s per capita GDP set to fall below 2022 levels: IMF
The International Monetary Fund has revised its forecast for Korea, projecting that its per capita gross domestic product will revert to 2022 levels this year while extending the timeline for its economy to reach the $40,000 milestone. The IMF estimated Korea's 2025 per capita GDP to be $34,642. The metric, used to assess living standards and economic well-being, declined 4.1 percent from the previous year, according to its "World Economic Outlook" report released last Tuesday. The IMF has marke
April 28, 2025 -
Trade ministers of S. Korea, Costa Rica discuss expanding economic cooperation
South Korea's Trade Minister Cheong In-kyo held talks with his visiting Costa Rican counterpart, Manuel Tovar, on Monday to discuss ways to bolster comprehensive economic cooperation between the two countries. During the meeting, Cheong lauded the steady growth in bilateral trade and investment based on the Korea-Central America Free Trade Agreement, which took effect in 2019, the Ministry of Trade, Industry and Energy said in a press release. He proposed further expanding trade in key sectors w
April 28, 2025 -
Seoul shares open higher on retail buying
South Korean stocks opened a tad higher Monday as investors continued to navigate the path of the Donald Trump administration's tariff scheme. The benchmark Korea Composite Stock Price Index rose 5.93 points, or 0.23 percent, to 2,552.23 in the first 15 minutes of trading. Retail investors bought shares, offsetting selling by foreigners and institutions. US shares rose on Friday on tech gains. The Dow Jones Industrial Average edged up 0.05 percent, and the tech-heavy Nasdaq composite jumped 1.26
April 28, 2025 -
ABS issuance drops in Q1 on decline in mortgage-backed securities
The issuance of asset-based securities in South Korea fell markedly in the first quarter due to a sharp decline in the issuance of mortgage-backed securities, data showed Monday. The ABSs issued last year came to 8.3 trillion won ($5.77 billion) in the January-March, down 43.8 percent, or 6.5 trillion won, from a year earlier, according to the data from the Financial Supervisory Service. ABS refers to securities based on such assets as mortgages, auto loans, credit card receivables and student l
April 28, 2025 -
South Korea-US tariff talks ease uncertainty, open path for orderly consultation: finance chief
South Korea's Finance Minister Choi Sang-mok said Sunday that last week's talks with the United States on its sweeping tariff scheme helped ease uncertainties and opened the door for orderly consultations. Choi made the remarks upon arriving at Incheon International Airport, west of Seoul, after his visit to Washington, where he, along with Industry Minister Ahn Duk-geun, held trade talks on Thursday with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer. "We clarifi
April 27, 2025 -
US tariffs to hurt Korean banks' profitability: Fitch
A surge in US tariffs would pummel South Korean banks, as the slowdown of Asia's fourth-largest economy could take a toll on their profitability and asset quality, according to an executive at a global credit rating agency. While Korea and the US agreed to work toward a comprehensive package deal aimed at removing new US tariffs, Jonathan Cornish, managing director and head of Asia-Pacific Bank Ratings at Fitch Ratings, suggested that local lenders could suffer a blow from higher tariffs. “Overa
April 27, 2025