The South Korean economy grew at its slowest pace in a year in the third quarter despite beating market expectations, as poor net exports offset consumption and investment, the Bank of Korea’s advance estimate showed Thursday. The country’s gross domestic product -- the value of all goods and services created -- grew 0.3 percent in July-September from the previous quarter, slowing from a 0.7 percent gain in April-June. Annually, the economic output posted a 3.1 percent increase in Ju

South Korea is well positioned to fight off any economic shock because it maintains “strong economic fundamentals and ample buffers,” a senior official at the International Monetary Fund said Tuesday, amid growing recession worries prompted by surging borrowing costs seen globally to corral inflation. Krishna Srinivasan, director of the Washington-based lender’s Asia and Pacific department, said that the country’s current account surplus and net foreign assets -- which ac

A liquidity crunch South Korea is currently facing has to do with multiple factors, mainly led by uncertainties about where the economy is headed amid soaring interest rates and the rapidly depreciating local currency, the country’s top financial policymaker said Monday. “We had prepared the contingencies but the market conditions were worse than what we had expected,” Kim Joo-hyun, chairman of the Financial Services Commission, said at a National Assembly audit. Kim referred t

South Korea’s economic policy chiefs, led by Finance Minister Choo Kyung-ho, said Sunday the government would expand liquidity facilities to buy corporate bonds and commercial paper to stop a recent credit default from spilling over into the wider financial market. “The government will earmark 50 trillion won ($34 billion), at the least, to avoid a liquidity crunch,” Choo said, noting the fund will be used starting Monday to calm growing worries over the corporate debt markets.

Advanced technologies empower humanity in the long run because they lead to greater freedoms to shape identity, reduce labor and fight diseases, as blockchain, artificial intelligence, robots and mRNA vaccines deliver the means to enhance life in the digital age, experts said Wednesday. “We need a new social contract for the digital age,” keynote speaker Don Tapscott, executive chairman of the Toronto-based Blockchain Research Institute, said at The Korea Herald Biz Forum held at the

The Korea Herald, the nation’s largest English newspaper by circulation, holds its fifth annual business forum on Wednesday to shed light on the latest technology trends that could change the way people live as well as ways to make the transition smoother and more effective. Under the theme “Humanity in Tech,” the forum has invited policymakers, industry leaders and academics to explore the growing presence of blockchain and artificial intelligence in the digital age. Keynote s

South Korea posted 19 straight months of job gains in September, although the employment growth has cooled amid worries over a recession prompted by soaring interest rates and slowing exports. According to Statistics Korea data released Friday, the number of the employed rose to 28.38 million last month, up 707,000 from the same month a year ago -- the largest annual gain since 1999 in the month of September. But the monthly increase has been declining since May, when 935,000 jobs were added. A

Samsung Electronics stocks were the most popular among senior officials serving as vice ministers or in higher positions for the Yoon Suk-yeol administration, according to a local data firm report released Thursday. According to Leaders Index, 67 out of 118 officials revealed in their financial disclosures that they were holding shares of either public or private companies, including stocks held by such immediate family members as spouse and children, as of Friday last week. Samsung Electronics,

The Bank of Korea returned to its second outsized rate hike since July as a surging US dollar and higher import bills chip away at efforts to curb persistent inflation. The central bank raised its policy rate to a 10-year high of 3 percent by 50 basis points on Wednesday -- an increase that is twice the usual size and marks a break from the August guidance that supported a gradual 25 basis point hike until this year’s last round of a rate-setting meeting in November. “We need to step

Some 381,000 households would be unable to repay their loans even if they liquidated everything they have including their homes, as of December last year, Bank of Korea data showed Monday. The report -- revealed by Rep. Kang Jun-hyeon of the main opposition Democratic Party of Korea as part of the annual parliamentary audit -- said “riskier borrowers” account for 3.2 percent of the entire loan group, with their loan volume making up 6.2 percent of the total at 69.4 trillion won ($48.

Higher food prices are taking a toll on much of the world and Koreans are no exception, as they look to deal with the surging costs of eating out that reached a 30-year high last month -- the latest sign that will likely harden resolve at the Bank of Korea for a second hefty rate hike this week. While overall consumer prices eased in September for a second straight month, services inflation edged up 4.2 percent on-year, a 21-year high, according to Statistics Korea data released last week. Eatin

South Korea’s foreign exchange reserves shrank by nearly $20 billion in September, the biggest monthly decline in 14 years, as authorities double down on efforts to prop up the quickly depreciating won that is now at a 13-year low against the US dollar. According to Bank of Korea data on Thursday, the reserves stood at $416.77 billion at the end of September, down $19.66 billion from $436.43 billion in August. That is the largest monthly dip since October 2008, when reserves fell by $27.4

South Korea’s consumer prices eased in September for a second straight month, but the annual price increase is expected to stay as high as three times what the Bank of Korea sees as acceptable, the central bank said Wednesday, sharply increasing expectations of another 50 basis point rate hike next week. According to Statistics Korea data on Wednesday, the September consumer price index rose 5.6 percent from the same month a year earlier, down from 5.7 percent in August, when it slowed for

South Korea’s finance authorities are preparing to replenish what they call a “stabilization fund” this month to curb volatility gripping the local stock market, led by investors pricing in a sharp US downturn. The fund, which the government last rolled out in 2020 to ride out the COVID-19 fallout but never actually used amid a market rebound, will make possible an injection of roughly 10 trillion won ($7 billion) into the Kospi 200 -- a select group of blue chips on the main b

Expanding economic ties between South Korea and China is one of top priorities the Chinese Communist Party will discuss at its October congress, Chinese Ambassador to South Korea Xing Haiming said Thursday. “The economic ties bringing the two countries closer than ever should be a stepping stone to enhanced cooperation on supply chains,” Xing told a forum hosted by the Korea International Trade Association to celebrate 30 years of the Korea-China diplomatic ties. Steps China plans to

South Korea’s benchmark Kospi tumbled to a fresh intraday low Tuesday in 26 months, led by a sell-off by foreign investors pricing in a sharp US downturn prompted by tighter policy to corral inflation. The index pared the losses later the day, adding 2.92 points or 0.13 percent to 2,223.86. In the afternoon, the main board slid to an intraday low of 2,197.90, the lowest level since July 24, 2020, when it reached 2,195.49. Institutional investors purchased net 245 billion won ($171 million)

Fears are growing that the South Korean won could continue to lose its value against the US dollar close to the level it suffered during the 2008 global financial crisis, but authorities have dismissed speculation over a repeat of such nightmare, saying the currency reserves are strong enough to fight dollar shortages. The dominant dollar, prompted by aggressive US policy tightening to corral inflation, is draining the country’s dollar reserves as it does other countries’, but a defa

The Korea Herald, the nation’s largest English newspaper by circulation, will hold its annual business forum on Oct. 19 to shed light on the latest technology trends that could change the way people live and the ways to make the transition smooth and effective. Under the theme of “Humanity in Tech,” the forum invites policymakers, industry leaders and diplomats to discuss what technological advances mean for people-to-people exchanges and the life adjustments needed to make the

South Korea’s top financial watchdog chief said Thursday that the agency would step up checks on financial institutions bearing the bigger brunt of market volatility prompted by global inflation, while reinforcing internal oversight in the sector. The local currency hit an intraday low of 1,397.9 won against the US dollar in the onshore market before closing at 1,393.7, its lowest level since March 2009 during the global financial crisis. The benchmark Kospi fell to 2,401.83, losing 9.59 p

Despite in-house resistance, preparations to relocate the state-run Korea Development Bank to Busan from Seoul are underway, the policy lender’s chief said Wednesday, saying that he would work to persuade employees. “As the man in charge, I do feel for my employees facing potentially a difficult time,” KDB Chairman & CEO Kang Seog-hoon said, referring to workers holding rallies to protest the relocation plan. It is a decision made by the president and the prime minister and is