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The Korea Times

The Korea Times

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Economy

Mon, October 2, 2023 | 10:18

Gov't to supply 120,000 additional public homes by 2027

Gov't to supply 120,000 additional public homes by 2027

Korea will supply 120,000 public homes in addition to the existing plan to deliver 2.7 million new homes by 2027 to offset the declining private-sector home supply amid higher lending rates, the land ministry said Tuesday.

2023-09-26 15:30

Retail sales up 3.3% in August on rising demand on online platforms

Retail sales up 3.3% in August on rising demand on online platforms

Retail sales in Korea rose 3.3 percent on-year in August, despite the fall in sales of offline retailers, as more people turned to online platforms for daily necessities and items for summer vacation, the industry ministry said Tuesday.

2023-09-26 14:08

BOK sees low chances of systemic risk amid rising debt, falling asset soundness

BOK sees low chances of systemic risk amid rising debt, falling asset soundness

Financial institutions' soundness shows signs of deteriorating slightly in the face of rising debt and home prices, but there is little chance of any financial imbalance and deteriorating asset quality causing a systemic risk, a central bank report showed Tuesday.

2023-09-26 11:36

Consumer sentiment hits 4-month low in Sept. amid slowdown woes

Consumer sentiment hits 4-month low in Sept. amid slowdown woes

Korea's consumer sentiment slid to a 4-month low in September amid woes over an economic slowdown, slumping exports and weakened spending power, a poll showed Tuesday.

2023-09-26 09:56

Industry minister meets SME leaders

Industry minister meets SME leaders

Minister of Trade, Industry and Energy Bang Moon-kyu, fourth from right, poses with the Korea Federation of Small and Medium Business (KBIZ) Chairman Kim Ki-Mun, fourth from left, and other KBIZ members at KBIZ headquarters in Yeouido, Seoul, Monday. KBIZ is the country's first economic association that the minister has met in person since his appointment last week. The minis...

2023-09-25 15:32

Past and present of taxpayer advocacy administration

Past and present of taxpayer advocacy administration

A man became financially strapped due to wage garnishment for tax debt and could not pay the hospital bills for his old mother who had dementia. He filed a complaint at the tax office in his jurisdiction.

2023-09-25 11:40

Exports of agro-fisheries products inch up through September

Exports of agro-fisheries products inch up through September

Korea's exports of farm and fisheries products had marked a slight on-year growth this year as of mid-September on the solid global demand for instant noodles and other food items in line with the popularity of Korean culture, the agriculture ministry said Monday.

2023-09-25 11:34

Korea logs 2nd-largest trade surplus in IP rights in first half of 2023

Korea logs 2nd-largest trade surplus in IP rights in first half of 2023

Korea racked up the second-largest surplus in the trade of intellectual property (IP) rights in the first half of the year on increased exports of cultural content, central bank data showed Friday.

2023-09-22 13:55

Foreign currency deposits snap 3-month rise in August

Foreign currency deposits snap 3-month rise in August

Foreign currency deposits dipped in August as exports settlements and overseas investments increased, central bank data showed Friday.

2023-09-22 13:55

Fed's hawkish pause on rates burdens Korean economy

Fed's hawkish pause on rates burdens Korean economy

The Korean economy appears destined to continue experiencing the negative impact of high U.S. interest rates following the U.S. Federal Reserve’s hawkish pause on its policy rates, according to analysts, Thursday. The Fed on Wednesday left its benchmark lending rates unchanged at a range of 5.25 percent to 5.5 percent for the second straight meeting since July.

2023-09-21 16:50

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