South Korea logged a current account surplus for the sixth straight month in October on the back of a trade surplus, a reduction in the service deficit and increased dividend income from overseas, central bank data showed Friday. The country's current account surplus reached $6.8 billion in October, widening from the surplus of $5.42 billion the previous month, according to preliminary data from the Bank of Korea. October's surplus came as the country's trade balance has remained

The South Korean government will push to pay for part of urea imports when companies need to buy the chemical from nations other than China as part of efforts to prevent a supply shortage and ensure a longer-term stable supply, the industry minister has said. Industry Minister Bang Moon-kyu made the remarks during a meeting with reporters Wednesday, as China's recent suspension of customs procedures for urea shipments to South Korea has raised concerns about a supply crisis. "We have enough

Twitch, a popular U.S.-based live game streaming platform, said Wednesday it plans to shut down its South Korean service in February next year due to high network usage fees in the country. In an announcement posted on its corporate blog, Twitch Interactive Inc. CEO Dan Clancy said the company "made the difficult decision to shut down the Twitch business in Korea on February 27, 2024." Clancy said the cost to operate Twitch in South Korea was "prohibitively expensive" and sai

The finance ministers of South Korea and Britain on Tuesday discussed the establishment of a bilateral economic dialogue and investment cooperation channels as follow-up measures to last month's summit of their leaders, Seoul's finance ministry said. During a video conference with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt, South Korea's Finance Minister Choo Kyung-ho voiced expectations for stronger bilateral cooperation on energy, supply chains a

South Korea's finance minister nominee on Tuesday said strengthening economic stabilization efforts for citizens' livelihoods while continuing the government's drive for reform would be the key priorities under his leadership. Choi Sang-mok, the nominee for the country’s top economic policymaker, made the remark during his first gathering with the local press Tuesday, following his nomination by the presidential office Monday. The former senior presidential secretary for eco

South Korea's economy grew 0.6 percent in the third quarter of the year, matching an earlier estimate, on the back of reviving exports and domestic demand, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.6 percent on-quarter in the July-September period, according to data from the Bank of Korea (BOK). The third-quarter expansion compares with the 0.6 percent on-quarter expansion in the second quarter and the

South Korea's inflation grew at a slower pace last month, though it stayed above 3 percent for the fourth consecutive month amid high prices of energy and farm goods, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.3 percent in November from a year earlier, compared with a 3.8 percent on-year increase the previous month, according to the data from Statistics Korea. It is the first time in four months that the annual price growth has eased. The on-year price growth fell bel

Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday. Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985. He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic poli

Park Sang-woo, the former CEO of the Land and Housing Corporation (LH), has been nominated as the new minister of land, infrastructure and transport, according to the presidential office on Monday. Having joined the ministry in 1983, Park boasts expertise in land and transport policy for decades. He is known to have played a role in shaping housing policies during the Lee Myung-bak and Park Geun-hye administrations. He also served as the head of the state-run housing agency between 2016 and 2019

About half of big firms in South Korea remain undecided on their investment plans for next year, according to a survey released Monday, an indication of how many companies are going through economic uncertainties. In the survey conducted by polling agency Mono Research on the leading 500 companies in terms of sales from Nov. 16-24, 49.7 percent responded they remain undecided on next year's investment plans. Also, 5.3 percent of the respondents said they have no investment plans next year.

South Korea's recent temporary ban on stock short selling is aimed at reinforcing the Korean market's fairness and the advancement of the market system, a top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young made the remark as he addressed foreign correspondents in Seoul, acknowledging the rising fear among global investors following the country's comprehensive ban of all short selling trades. According to Kim, financial regulators disc

South Korea's Trade Minister Ahn Duk-geun met with the US White House Deputy National Security Advisor Mike Pyle on Thursday for talks on lingering uncertainties regarding the Inflation Reduction Act (IRA) and other trade issues of mutual concerns, Seoul's industry ministry said. Ahn asked the US official to pay close attention to South Korean firms' concerns about the potential impact of the IRA, which provides tax credits of up to $7,500 to buyers of electric vehicles (EVs)

The Bank of Korea kept the base rate unchanged at 3.5 percent for the seventh straight time on Thursday, unable to either cut or raise the rate as Korea stands the test of the shaky economy. The six members of the monetary policy board unanimously voted for a rate freeze at the last rate-setting meeting held this year, according to BOK Gov. Rhee Chang-yong. The BOK’s Monetary Policy Decision statement showed the board will “maintain a restrictive policy stance for a sufficiently long

South Korea's industrial output fell in October on a marked decline in the production of the semiconductor sector, data showed Thursday. Retail sales and facility investment also declined last month, and it was the first time in three months that the three major indicators on industrial activities logged an on-month fall, according to Statistics Korea. Industrial production dropped 1.6 percent on-month in October following two months of gains. It was the sharpest decline since April 2020, w

The Organization for Economic Cooperation and Development revised up the outlook for South Korea's economic growth next year to 2.3 percent on a recovery in exports and eased geopolitical tensions, Seoul's finance ministry said Wednesday. The figure marked a 0.2 percentage-point increase from its projection of 2.1 percent made in September, according to the Ministry of Economy and Finance. The latest outlook is rosier than those by the International Monetary Fund and the Bank of Korea,

The Korea-Indonesia Cooperation Forum is all set to take place on Thursday in Jakarta, marking the 50th anniversary of diplomatic relations between Korea and Indonesia. The forum is a significant step toward strengthening cooperation, boosting collaboration, and exploring business opportunities between the two nations. The Korea Herald had an interview with Cho Sung-hyun, the director of the Corporate Planning and Management Division of The Daily Sports Hankook, one of the media partners for the

Starting next year, South Korea's immediate tax refund limit at tax refund stores for tourists will be doubled from 2.5 million won ($1,920) to 5 million won, the Finance Ministry announced Monday, in a move to invigorate the tourism industry. Currently, tourists can buy items at tax-free prices in designated tax refund stores across the nation, with a maximum purchase limit of 500,000 won per individual transaction. The total cumulative payments can reach up to 2.5 million won. Starting Ja

South Korea will double the maximum limit of purchases eligible for an immediate tax refund by foreign tourists to 5 million won ($3,831) next year to attract overseas visitors and bolster the tourism industry, the finance ministry said Monday. Currently, the country provides on-the-spot tax refunds for an individual purchase of up to 500,000 won at designated stores, with a maximum cap being set at 2.5 million won on total payments. "Starting Jan. 1, 2024, the maximum per-payment amount fo

The weak economic momentum, along with the hope for the Federal Reserve's rate freeze next month and moderating inflation, may prod South Korea's central bank to keep its policy rate unchanged again this week. But the Bank of Korea is likely to say that it will keep its restrictive monetary policy stance amid still high inflation and soaring household debts. On Thursday, the BOK is widely predicted to leave the rate, which currently stands at 3.5 percent, unchanged, which would be the seventh st

Four out of 10 South Koreans feel financially unprepared for post-retirement life, according to a survey released on Sunday. Only 21 percent expressed a sense of well-rounded preparedness in advance. The KB Financial Group's Management Research Institute conducted a survey on retirement preparation and housing preferences among 3,000 men and women aged between 20 to 79 nationwide, who are financial decision-makers in their households. The survey took place in January this year. The survey r