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Economy

Sat, July 2, 2022 | 21:17

Korean currency weakens to 1,300 won level for 1st time in nearly 13 years

The Korean won weakened to the 1,300 level against the U.S. dollar for the first time in nearly 13 years, Thursday, heightening concerns over an accelerated hike in the benchmark interest rate, widening trade deficit and other problems linked to the won's rapid depreciation that can further slow the Korean economy. Analysts expect the local currency to continue to lose ground...

Yi Whan-woo | 2022-06-23 17:06

Banks mull lowering loan interest rates amid gov't pressure

Local commercial banks have started to lower their loan interest rates, as financial authorities have recently been voicing clear criticisms that the banks exploit the financially vulnerable by imposing high interest rates. Earlier this week, both President Yoon Suk-yeol and Financial Supervisory Service (FSS) Governor Lee Bok-hyun urged local banks to cooperate with the fina...

Anna J. Park | 2022-06-23 16:55

Korea to crack down on speculative property investments by foreigners

The country's land ministry, the justice ministry and other agencies said Thursday they will launch an investigation into speculative real estate investments made by foreigners.

2022-06-23 14:40

US Fed chair admits recession a 'possibility' after rate hikes

The U.S. economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve Chair Jerome Powell cautioned Wednesday.Powell, whose testimony before senators was closely watched by investors and analysts, also said the world's largest economy faces an "uncertain" global environment and could see fur...

2022-06-23 10:19

Producer prices grow for 5th month in May on high energy, services costs

Korea's producer prices grew for the fifth straight month in May, driven by rising prices of coal, oil and services, central bank data showed Thursday.

2022-06-23 09:55

Won falls to lowest point in 13 years against dollar in intraday trading

Korea's currency fell below the 1,300-won level against the U.S. dollar for the first time in 13 years Thursday amid growing concerns about global monetary tightening and an economic recession.

2022-06-23 09:55

Kepco, Korail, LH face drastic restructuring

Korea Electric Power Corp. (Kepco), Korea Railroad Corp. (Korail), Korea Land and Housing Corp. (LH) and other laxly managed state-owned firms are facing possible drastic restructuring, as President Yoon Suk-yeol and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho have vowed to reform their operations. During a weekly Cabinet meeting, Tuesday, Yoon sug...

Yi Whan-woo | 2022-06-22 16:54

Foreign currency deposits up in May amid increased corporate savings

Foreign currency deposits at banks here grew in May due to increased corporate savings, central bank data showed Wednesday.

2022-06-22 13:41

Number of employed single-person households soars in 2021

The number of employed one-person households in Korea showed a steep increase last year amid the economic recovery, according to government data, Tuesday.

2022-06-21 14:51

BOK expects 2022 inflation to grow faster than anticipated, hit highest point in 14 years

Korea's central bank said Tuesday it expected inflation to grow at a faster pace than previously anticipated and possibly hit the highest level in 14 years for this year as price pressures are mounting from rising demand and a tight supply.

2022-06-21 14:04

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