South Korea’s consumer price growth remained below the 1 percent level for the fifth consecutive month in May, due to a decline in price of petroleum products and increased welfare costs, government data showed Tuesday.The latest figures, which fell far below the Bank of Korea’s consumer price target of 2 percent, are once again seen as a signal that the central bank may consider a policy rate cut within the year. The consumer price index stood at 105.05 in May, up 0.7 percent from a

The chief of South Korea’s central bank on Monday urged the nation to build economic resilience to external shock factors, amid the prolonged US-China trade conflict and its negative impact. He also reiterated the need for structural reform to rev up the country’s growth potential and job creation capacity. “Global economic linkages have been slowing lately due to the impact of the trade dispute (between Washington and Beijing),” said Lee Ju-yeol, governor of the Bank of

South Korea will host the annual roundtable of IP5 -- the world’s top five intellectual property offices -- in Incheon’s Songdo on June 11-13, the Korean Intellectual Property Office said Sunday.“This year’s event will be the third IP5 forum to be held here, since the first one in 2008 in Jeju Island and the second one in Busan in 2014,” KIPO said in a release.“It will be attended by over 100 key officials, including the chiefs of the IP5 offices, director gen

The United States Treasury Department has kept South Korea on its monitoring list for currency manipulating countries, suggesting a possible removal in the next report, the Ministry of Economy and Finance said Wednesday.In a semiannual report submitted to Congress on Tuesday, the US Treasury also named eight other trading partners as those requiring attention regarding their currency practices. The list comprised China, Japan, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.Also, Korea

Kim Beom-seok, also known as Kim Bom, CEO of South Korean e-commerce company Coupang, has been named one of the most creative business leaders by US business magazine Fast Company, officials said Monday.Kim ranked 23rd on the magazine’s 10th annual list of the 100 most creative people in business this year, in recognition of the company’s innovative delivery system and its impact on the e-commerce industry.The Korean company was especially recognized for its fast delivery system, whi

 

Hyundai Engineering & Construction has clinched a $2.45 billion deal to build a seawater processing facility in Iraq, marking its first overseas contract this year, officials said.The South Korean builder on Wednesday signed a letter of intent with the state-run Basra Oil Co. for a 49-month project to build a seawater supply plant in the southern state of Basra.Once completed, the facility will be capable of supplying 5 million barrels of fresh water per day, contributing to increasing crude

South Korea’s leading commercial banks face a growing dilemma, caught between the interests of clients that generate power from coal and a global drive for coal-free financing. While their loan volume continues to grow in both the coal and renewable energy sectors, pressure is building on Korean lenders to shift their investment rules toward decarbonization.(Yonhap)According to industry data submitted to the National Assembly, the country’s four major commercial banks -- Shinhan, KB Kookmin, KEB

The Organization for Economic Cooperation and Development has slashed its growth outlook for the South Korean economy this year to 2.4 percent, amid the prolonging impact of US-China trade frictions, the Ministry of Economy and Finance said Tuesday.The domestic economy will grow 2.4 percent this year and 2.5 percent in 2020, according to the OECD Economic Outlook report. Previous estimates suggested in March were 2.6 percent, both for this year and next year, while the nation’s actual grow

South Korea’s fiscal chief on Monday warned that the economy may have become more vulnerable to the escalating trade conflicts between the United States and China, apparently shifting from his previous optimistic tone.He also vowed to take “appropriate measures” to stabilize the financial markets when necessary, hinting at the possibility that the government might expand its involvement in foreign exchange to defend the value of the local currency. “There is a possibility

Major securities firms saw their operating profits rise in the January to March period this year, mainly boosted by the expansion of investment banking business, Financial Supervisory Service data showed Sunday.According to the watchdog’s electronic disclosure board, NH Investment & Securities, Mirae Asset Daewoo and Meritz Securities all saw the contribution of the IB sector to total quarterly profit surpass 30 percent. Leading the trend was Mirae Asset Daewoo, which logged 142 billio

SK Group is investing $1 billion in Vietnam’s largest privately owned group, the Vingroup Joint Stock Company, adding momentum to its business expansion in the Southeast Asian country, company officials said Thursday.South Korea’s third-largest conglomerate signed a deal in Hanoi to acquire 6.1 percent of the Vietnamese group’s shares at $1 billion, or 23.3 trillion Vietnamese dong, making it the largest shareholder. The transaction has yet to be confirmed, pending the customary regulatory appro

South Korea’s job market prolonged its downswing in April, with unemployment reaching its highest point in 19 years, government data showed Wednesday.The increasing pace of job creation also slowed further, especially in the retail and manufacturing sectors and among the economically active 30-40 age group.According to job figures released by Statistics Korea, the total number of jobless people surpassed 1.24 million as of April for the first time since the government started compiling the

Samsung Pay, the mobile payment service operated by Samsung Electronics, has reached 40 trillion won ($33.7 billion) in accumulated transactions in South Korea, the company said Tuesday.Since its launch in August 2015, the mobile payment system logged transactions worth 2 trillion won during the first year and surpassed the 40 trillion won mark in end-April. The number of subscribers also exceeded 14 million.Of the total amount, 25 percent were online payments, reflecting the shift of payment tr

The chief of South Korea’s central bank said Friday that uncertainties have grown concerning the prospects of trade talks between the United States and China, after US President Donald Trump warned of imposing extra tariffs on Chinese goods.“It is true that uncertainties have grown further over the US-China trade talks” Bank of Korea Gov. Lee Ju-yeol said at a meeting on financial and economic status. “But we need to calmly keep watch as there are considerable expectation

South Korea’s top fiscal chief Wednesday urged the National Assembly to pass the government’s 6.7 trillion won ($5.7 billion) supplementary budget, citing the growing downside risks weighing on the economy.His remark came amid a weeks-long paralysis of the assembly’s legislative functions as the conservative main opposition party embarked on a nationwide protest against a set of fast-track reform bills. “The supplementary budget bill is all about timing and speed,”

South Korea’s government on Tuesday presented an urban development plan that will supply 110,000 homes in Seoul and the surrounding metropolitan areas, part of its mid- and long-term moves to stabilize the housing market.In addition to 52,500 new residences in Seoul and conventional housing sites in Gyeonggi Province, the government will also develop two large residential zones in Seoul’s suburban areas where 58,000 new homes will be built, according to the Ministry of Land, Infrastr

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed.In contrast with the cooling housing sector, the transaction volume for large-sized office buildings here grew at a record pace last year, exceeding the 10 trillion won ($8.8 billion) mark with the uptrend continuing this year.Among the mega deals was one prime building which accounted for about one-tenth of the city’s total real estate transac

South Korea’s exports dropped 2 percent in April from the previous year, marking the fifth consecutive month of downtrend amid a prolonged slump in the chip-making business and sluggish demand from China, government data showed Wednesday.The volume of outbound shipments totaled $48.86 billion in April, down from $49.85 billion a year earlier, according to statistics released by the Ministry of Trade, Industry and Energy.Imports inched up 2.4 percent to $44.75 billion during the same period

South Korea’s key industrial indexes for production, consumption and investment all marked an increase in March due to the low-base effect from the previous month, government data showed Tuesday.According to Statistics Korea, the country’s industrial output inched up 1.1 percent in March from a month earlier, reflecting the increased production of semiconductors.Semiconductors, a key export item of Asia’s fourth-largest economy, recorded a 3.6 percent on-month rise in output. &