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Finance

Economy

Mon, July 4, 2022 | 14:30

15 in 100 employed people in Korea changed jobs in 2020

Nearly 15 out of 100 employed people in Korea changed jobs in 2020 amid a sluggish employment market hit by the COVID-19 pandemic, data showed Wednesday.

2022-06-08 14:03

Economy grows slower than earlier predicted in Q1 amid weak investment, spending

Korea's economy grew at a slightly slower pace than earlier predicted in the first quarter of the year as investment and spending weakened amid lingering worries over the COVID-19 pandemic, central bank data showed Wednesday.

2022-06-08 08:43

Korea Customs Service holds workshop for African countries

The Korea Customs Service (KCS) is hosting a workshop for senior customs officials from 14 African countries to bolster exports of Korea's electronic customs clearance system and to enhance cooperation in administrative policies. The workshop began in Seoul on Tuesday and will run through Friday. It invites a total of 30 participants, including two ministerial-level officials...

Yi Whan-woo | 2022-06-08 08:35

New FSC chief vows to facilitate innovative growth through deregulation

The Yoon Suk-yeol administration has appointed Kim Joo-hyun, the incumbent chairman of the Credit Finance Association of Korea (CREFIA), as chief of the Financial Services Commission (FSC). The much-awaited appointment of the top financial regulator came about four weeks after the new administration was inaugurated.

Anna J. Park | 2022-06-07 16:47

Former prosecutor Lee Bok-hyun appointed to lead FSS

Former prosecutor Lee Bok-hyun appointed to lead FSS

Lee Bok-hyun, a former chief prosecutor with expertise in investigating financial crimes, has been appointed as the governor of the Financial Supervisory Service (FSS) on Tuesday afternoon. The former chief public prosecutor at the Seoul Northern District Prosecutors' Office has been engaged in various financial and economic investigations throughout his career. He is a Certi...

Anna J. Park | 2022-06-07 16:46

New FSC chief vows to facilitate innovative growth through deregulation

Cargo truckers' strike feared to add fuel to inflation

A general strike staged by unionized cargo truckers is fueling concerns of worsening soaring inflation and aggravating supply chains in the country. The strike aims at extending the Safe Trucking Freight Rates System, which was introduced in 2020 for a three-year run. It ensures minimum freight rates and a favorable working environment for truck drivers to prevent overloading...

Yi Whan-woo | 2022-06-07 16:24

Korea seeks legislation on policy support for stable supply chains

Korea plans to seek legislation on state policy measures to secure stable supply chains amid heightened economic uncertainty, the finance minister said Tuesday.

2022-06-07 15:50

USTR Tai says fighting inflation more complex than cutting China tariffs

U.S. Trade Representative Katherine Tai said Monday that fighting inflation is a more complicated issue than can be addressed with a "singular focus" on China tariffs, and that it was important to bring a "thoughtful, strategic, deliberate" approach to the U.S.-Chinese trade relationship. Tai, in remarks to the Washington International Trade Association, said inflation was "s...

2022-06-07 15:04

Card spending climbs 11% in April on eased COVID-19 rules

Card use for settlement in Korea swelled 11 percent in April on eased anti-COVID-19 rules with spending on travel and transportation spiking, data showed Tuesday, in a sign the country's consumption is returning to pre-pandemic normalcy.

2022-06-07 10:19

Korea's household debt to GDP ratio highest among major economies

Korea's household debt when compared to the size of the economy is found to be the highest among major countries, which will make it more difficult for the government to ease regulations on household loans.

Anna J. Park | 2022-06-06 16:15

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