South Korea's business sentiment index remained pessimistic for December due to concerns of weak domestic demand and external risks, a poll showed Tuesday. The business survey index (BSI) for the country's top 600 companies by sales stood at 97.3 for next month, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has remained below 100 for 33 cons

Insurance companies in South Korea saw their combined net profit surge 13 percent in the first nine months of the year on the back of increased sales and investment returns, data showed Tuesday. The combined net profit of 22 life insurers and 31 non-life insurance companies in the country came to 13.4 trillion won ($9.53 billion) in the January-September period, up 1.56 trillion won, or 13.2 percent, from the same period last year, according to the data from the Financial Supervisory Service. Th

South Korea's consumer sentiment fell in November as concerns have risen over slowing exports and uncertainties stemming from expected policy changes of the new Donald Trump administration, a central bank poll showed Tuesday. The composite consumer sentiment index stood at 100.7 this month, down from the previous month's 101.7, according to the survey conducted by the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists. As for inflation, ordinary people expect

South Korean banks will head to Las Vegas next January for CES 2025, with some set to showcase their latest artificial intelligence-driven financial technologies at the world’s largest consumer electronics event. Among the participants will be Shinhan Bank, returning for a third consecutive year to host its own booth at the global expo. This year, the bank will highlight two of its newest innovations -- "AI Investment Mate" and "AI Branch." "AI Investment Mate,&quo

The business presence of South Korean companies in China has withered palpably in recent years amid toughened competition from local rivals and sluggish domestic demand in the neighboring country, industry watchers said Monday. In September, LG Display Co. sold its liquid-crystal display (LCD) factory in China's Guangzhou to a local company for around 2 trillion won ($1.43 billion), effectively ending China operations of South Korean LCD manufacturers following a similar move by industry

The Korea Chamber of Commerce and Industry, a major South Korean business lobby, held a meeting with its Japanese counterpart on Monday and agreed to strengthen ties in areas of energy, supply chains, and advanced technologies. According to the KCCI, the 13th meeting of the business chamber leaderships of South Korea and Japan was held in Osaka in collaboration with the Japan Chamber of Commerce and Industry. Their last meeting took place in Busan, South Korea, in June 2023. The South Korean sid

The trade ministry hosted a roundtable with South Korean businesses operating in Vietnam on Monday to discuss strategies for addressing potential changes in US trade policies under the incoming administration. The meeting, held in Seoul, came amid potential shifts under the second Donald Trump administration, including the implementation of blanket tariffs on all imports, which are expected to impact South Korean firms operating overseas as well, according to the Ministry of Trade, Industry and

The number of newly hired workers in their teens and 20s marked the lowest figure since an official tally has been kept since 2018, a government data showed Sunday. A total of 1.45 million new hires among people under the age of 30 occurred in the second quarter of this year, down 8.6 percent from 1.59 million in the same quarter in last year, according to the Korean Statistical Information Service data by the Statistics Korea. The number of existing jobs held by the same worker for Q2 marked

Loans extended by insurance companies in South Korea decreased sharply in the third quarter from a year earlier amid high interest rates and tightened lending rules, data showed Friday. Insurers' outstanding loans reached 266.9 trillion won ($191.4 billion) as of the end of September, down 6.4 trillion won from a year earlier, according to data from the Financial Supervisory Service. The figure also marks a 0.5 trillion-won decline from three months earlier. The on-year decrease was attri

South Korean steelmakers on Friday called for establishing a joint consultative body with the government to devise strategies for expected policy changes by the Donald Trump administration, the industry ministry said. Officials from major steelmakers, including Posco and Hyundai Steel, made the call during a meeting with Industry Minister Ahn Duk-geun in Seoul, where they discussed potential impacts of new policy measures by the upcoming US government and their responses, according to the Mini

Korea Expressway Corporation is making progress on its largest overseas project to date, a highway in Turkey that could serve as a gateway for expanding its expertise into Europe and beyond. The company celebrated a key milestone last month by signing a financial agreement for the Nakkas-Basaksehir Motorway in Istanbul. The expressway, at 2.1 trillion won (about $1.5 billion), is part of Turkey’s ambitious efforts to improve regional transportation. A critical link in Turkey’s high

Faced with a slowdown in South Korea’s domestic construction market, Korea Expressway Corp. is looking overseas to fuel its future growth. In a conversation with The Korea Herald, CEO Ham Jin-gyu outlined how the state-run organization is expanding into international markets to meet the growing demand for road infrastructure expertise, from construction to long-term operation and maintenance. “For us, overseas business is not just an option -- it’s a necessity,” Ham said.

South Korea's exports increased 5.8 percent on-year in the first 20 days of November, data showed Thursday. Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed. In October, exports rose 4.6 percent on-year to $57.5 billion, the 13th straight mont

The International Monetary Fund on Wednesday lowered its economic growth forecast for South Korea to 2 percent next year, down from 2.2 percent projected in October, citing high uncertainties and weak domestic demand. The announcement came after a team of IMF officials led by Korea mission chief Rahul Anand made a two-week visit to Seoul for an annual country meeting with the finance ministry, the Bank of Korea and other institutions to discuss the country's economic policy measures. "

South Korea's producer prices fell for the third consecutive month in October, led by a marked fall in the prices of agricultural products, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, fell 0.1 percent in October from a month earlier, following a 0.2 percent on-month decline the previous month, according to the preliminary data from the Bank of Korea. On a yearly basis, the index rose 1 percent last month, marking the 15th consecutiv

South Korean banks' net profit fell in the third quarter of the year from three months earlier on a fall in interest income, data showed Tuesday. The combined net profit of 20 banks in the July-October period came to 6.2 trillion won ($4.44 billion), down 13.9 percent from three months earlier, according to the data from the Financial Supervisory Service. From a year earlier, the reading marks a 14.8 percent rise. The interest income of the 20 banks came to 14.6 trillion won in the third qu

Trade Minister Cheong In-kyo emphasized on Monday that all efforts should be focused on thoroughly preparing to minimize uncertainties for businesses as former US President Donald Trump is set to take office for his second term. Cheong made the remarks during a meeting with ministry officials, as Trump, who is set to return to the White House in January next year, has pledged to implement significant policy changes, including higher tariffs on imported goods. The ministry has held a series of me

South Korean financial authorities said Monday the recent stock market plunge was excessive, given economic fundamentals, vowing to enhance market monitoring and swiftly implement a policy fund to strengthen valuation of local companies. The message was released during an interagency meeting among chiefs of the Financial Services Commission, Financial Supervisory Service and the Korea Exchange, as well as market experts and relevant institutions, in Seoul, in response to steep losses incurred in

Shares of local banks are putting up a fight in the bearish Korean stock market, as investors are pricing in expectations that lenders could excel in the second Donald Trump administration under softened regulation and higher interest rates. The KRX Banks index, representing shares of top financial service providers such as KB, Shinhan, Woori and Hana, closed at 913.69 on Nov. 7, up 2.33 percent on-day, after Trump secured his victory in the US presidential election. It was the highest-gaining i

The state-run Korea Electric Power Corp. (KEPCO) said Friday it has secured new renewable energy deals in Saudi Arabia and Guam, expected to lead to over 1 trillion won (US$717.1 million) in sales over the next 25 years. A consortium of KEPCO and Masdar, an energy firm from the United Arab Emirates, won a bid for a project led by the Saudi Power Procurement Company, under the Middle Eastern country's national renewable energy program. The project expected to cost 1.5 trillion won is aimed a