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Korea to ease corporate risks with end to breach of trust crime
The government and the ruling Democratic Party of Korea on Tuesday agreed to push for abolishing breach of trust as a criminal offense, in a bid to ease excessive legal risks that hinder normal business decisions. The announcement came during a party-government council at the National Assembly, led by a government task force on rationalizing economic penalties and attended by the finance and justice ministers. “The breach of trust offense has long been criticized for its vague requirements and b
Sept. 30, 2025 -
ADB maintains S. Korea's 2025 growth forecast at 0.8%
The Asian Development Bank kept its 2025 growth outlook for the South Korean economy steady at 0.8 percent, Seoul's finance ministry said Tuesday. In July, the Manila-based bank projected 0.8 percent growth for South Korea, down 0.7 percentage point from its previous 1.5 percent forecast in April, citing slower export growth, a sluggish construction sector and a weak real estate market. The ADB's latest forecast is bleaker than the 0.9 percent growth outlooks made by the Bank of Korea, the South
Sept. 30, 2025 -
Industrial output remains flat, retail sales fall at sharpest rate in 18 months in Aug.
South Korea's industrial production remained unchanged from a month earlier in August, while retail sales posted the sharpest on-month decline in 18 months, data showed Tuesday. Retail sales, a gauge of private spending, went down 2.4 percent from a month earlier in August, marking the steepest on-month fall since February 2024, according to the data compiled by Statistics Korea. It also was the first decline in four months. Industrial output was flat compared with July, following gains in the p
Sept. 30, 2025 -
Financial regulator vows to better safeguard consumers, induce productive finance
The heads of the country's financial regulator and watchdog on Monday vowed to better protect consumers and focus on inducing productive finance. During a meeting, Lee Eog-weon, the chairman of the Financial Services Commission, and Lee Chan-jin, governor of the Financial Supervisory Service, agreed to overhaul their regulatory and supervisory schemes in a way that better tackles financial scams, cybersecurity breaches and improper sales of financial products. Their meeting came as the two agenc
Sept. 29, 2025 -
S. Korea to push for 24-hr foreign exchange market, Korean won settlement system for MSCI inclusion
South Korea will push for the 24-hour operation of its foreign exchange market and the establishment of an offshore Korean won settlement system as part of efforts to improve foreign accessibility to its capital markets, the finance ministry said Friday. The measures are being considered as part of a comprehensive road map designed to help the country get included in the developed market index by the global index provider Morgan Stanley Capital International, which will be unveiled later this ye
Sept. 26, 2025 -
Tax revenue expected to rise 9.9% in 2025 but fall short of initial projection
South Korea's tax revenue is expected to rise 9.9 percent from a year earlier in 2025 but fall short of the government's initial projection, the finance ministry said Thursday. The government expects to collect an estimated 369.9 trillion won ($263.7 billion) in taxes this year, up 33.4 trillion won from 2024, according to a tax revenue re-estimation by the Ministry of Economy and Finance. The annual tax revenue will be smaller than the projection of 372.1 trillion won made when the government p
Sept. 25, 2025 -
Hana Bank taps Central Europe with new Poland branch
Hana Bank said Wednesday it has opened a new branch in Wroclaw, the largest industrial city in southern Poland, marking a foothold in its European expansion. The opening ceremony on Tuesday was attended by South Korean Ambassador to Poland Tae Jun-youl, Hana Bank CEO Lee Ho-sung and executives from major Korean firms operating in the region, including Lee Jang-ha, head of LG Energy Solution’s Polish unit and representatives from Hyundai Rotem, SK ie Technology and Hyundai Motor Czech. The Wrocla
Sept. 24, 2025 -
Customs diplomacy puts Global South at center of Korea’s trade push
South Korea is placing the Global South at the center of its trade strategy, turning to customs diplomacy and digital transformation to build what officials term as “practical and future-oriented partnerships.” At the forefront of this initiative is Lee Myeong-ku, commissioner of the Korea Customs Service, who says Korea’s role as a digitally advanced trading nation is now being matched by a stronger sense of global responsibility. “This is a pivotal moment,” Lee told The Korea Herald in an inte
Sept. 24, 2025 -
S. Korean economy likely to rebound in 2026 on easing uncertainties, policy support: IMF official
South Korea's economy is expected to rebound in 2026, driven by easing uncertainties and accommodative policies, an official from the International Monetary Fund said Wednesday, calling on the country to put in efforts to revitalize domestic consumption and accelerate structural reforms to further boost growth. "Prolonged domestic political and global trade policy uncertainties have weighed on (Korea's) growth in 2025," IMF mission chief for Korea Rahul Anand said in a statement on the prelimina
Sept. 24, 2025 -
Consumer sentiment falls for 1st time in 6 months amid US tariff woes: BOK
South Korea's consumer sentiment fell for the first time in six months in September amid concerns over an export slowdown following the United States' new tariff scheme, the central bank said Wednesday. The composite consumer sentiment index stood at 110.1 this month, down 1.3 points from August, according to a survey conducted by the Bank of Korea. The index had climbed for five straight months through August, reaching its highest level since January 2018, on the back of solid exports and optim
Sept. 24, 2025 -
OECD maintains S. Korea's 2025 growth outlook at 1%
The Organization for Economic Cooperation and Development maintained its growth outlook for the South Korean economy at 1 percent this year, according to Seoul's finance ministry Tuesday. The OECD forecast Asia's fourth-largest economy to grow 2.2 percent next year, also sticking to its projection made in June, according to the Ministry of Economy and Finance. The latest projection is slightly higher than the Seoul government's estimate. The Bank of Korea raised its 2025 economic growth forecast
Sept. 23, 2025 -
Industry ministry discusses response to possible expansion of US tariffs on steel, aluminum derivatives with companies
The industry ministry said Tuesday it held a meeting with private companies to discuss South Korea's response to a potential expansion of US tariffs on steel and aluminum derivatives, as well as auto parts. The US Commerce Department is currently accepting inclusion requests from American companies to include steel and aluminum derivatives in the 50 percent tariff scheme on such products, with the process set to close next week. The move follows President Donald Trump's administration's impositi
Sept. 23, 2025 -
Korea needs US swap to mitigate risks from $350b demand: Lee
South Korea could face a “financial crisis” if it complies with US demands that Seoul put up $350 billion in cash investment as a follow-up to the trade deal, President Lee Jae Myung warned in an interview. Under a trade agreement reached in July, Seoul pledged to invest $350 billion in the US in exchange for Washington reducing its “reciprocal” tariffs from 25 percent to 15 percent. The initial agreement lacked specific details on how the $350 billion investment would be handled, leaving Seoul
Sept. 22, 2025 -
S. Korea's exports up 13.5% in first 20 days of Sept.
South Korea's exports expanded 13.5 percent from a year earlier in the first 20 days of this month, led by a greater number of working days and solid demand for semiconductors, data showed Monday. Outbound shipments reached $40.12 billion in the Sept. 1-20 period, compared with $35.36 billion tallied over the same period last year, according to the data from the Korea Customs Service. Imports increased 9.9 percent on-year to $38.22 billion during the period, resulting in a trade surplus of $1.9
Sept. 22, 2025 -
KEPCO likely to freeze electricity rates for Q4
The state-run Korea Electric Power Corp. said Monday it will freeze the adjusted fuel cost for the fourth quarter, raising the possibility South Korea's electricity rates will remain unchanged in the last three months of this year. KEPCO said it will keep the adjusted unit fuel cost, a key part of the country's electricity rates, unchanged at the highest threshold of 5 won ($0.004) per kilowatt-hour for the October-December period. The company has maintained the adjusted unit fuel cost at 5 won
Sept. 22, 2025