S. Korean biz groups launch new forum on revamping regulations

A group of South Korean business lobbies on Thursday launched a joint forum aimed at revamping the country's corporate regulations and revitalizing growth engines. The Korea Chamber of Commerce & Industry, the Federation of Korean Industries and the Federation of Middle Market Enterprises of Korea launched the Business Growth Forum aimed at reducing excessive regulations and punishments for the corporate community. The move came amid criticism that excessive regulations can hinder companies' bus

Sept. 4, 2025

Foreign home ownership jumps 21% under former govt.: lawmaker

The number of homes in South Korea owned by foreigners increased by more than 20 percent under the previous administration, data showed Thursday, despite the former administration's pledge to curb speculative purchases by foreign nationals. According to the data from the state-run Korea Real Estate Board submitted to the office of Rep. Park Yong-gap of the ruling Democratic Party, the number of foreign home ownership reached 99,830 as of end-2024, up from 82,666 two years earlier. The 2024 tally

Sept. 4, 2025

Policy banks to provide W10tr in financial support for small merchants

The financial regulator said Thursday that policy lenders will provide 10 trillion won ($7.2 billion) worth of financial support to small merchants amid economic challenges and rising debt burdens. The Financial Services Commission said commercial lenders will also join such a move by providing a total of 3.3 trillion won in financial support. The regulator said the support measures will help sharply reduce the financial burdens of small merchants. Private spending has recently shown signs of re

Sept. 4, 2025

S. Korea posts record July current account surplus on robust exports: BOK

South Korea logged the largest current account surplus for any July driven by solid exports and an increase in income from equity, central bank data showed Thursday. The country's current account surplus reached $10.78 billion in July, extending its surplus streak to the 27th consecutive month, according to data compiled by the Bank of Korea (BOK). South Korea has reported a current account surplus every month since May 2023. While it marked the highest July figure on record, the surplus narrowe

Sept. 4, 2025

Tripling debt by 2065 puts Korea on fiscal cliff

South Korea’s national debt is projected to more than triple over the next 40 years, with the ratio of debt to gross domestic product reaching 156 percent by 2065. Rising mandatory expenditures and slowing growth were cited as the main threats to fiscal stability. The Finance Ministry on Wednesday submitted its Long-term Fiscal Outlook for 2025–2065 to the National Assembly, in line with the National Financial Act, which requires a review of 40-year projections every five years. Based on a basel

Sept. 3, 2025

Ex-IMF economist flags risks in unsettled Korea-US trade terms

South Korea’s trade deal with the US remains unresolved, raising the risk of fresh disputes, said economist Maurice Obstfeld, professor emeritus at UC Berkeley and former International Monetary Fund chief economist. "I worry that the US and Korea may have different interpretations of what has been agreed — the type, size and distribution of investments, and who will carry them out," Obstfeld said at a press conference during the G20 Conference on Global Financial Security hosted by the Korean go

Sept. 3, 2025

SK hynix's giant bonus plan has people talking, some thrilled, others jealous

Monday's labor agreement at SK hynix, which includes a sizable bonus expected to average up to 100 million won ($71,777) per employee, has sent shockwaves through the country's chipmaking industry and beyond, prompting a wave of reactions from workers and labor unions alike. In the wake of the announcement, SK hynix's forum on Blind, an anonymous online platform for certified employees, saw a surge in posts playfully pledging allegiance and dedication to the company. Many expressed excitement an

Sept. 3, 2025

Korea unveils W267tr lifeline for tariff-strained exporters

Korea’s biggest financial groups and policy banks pledged to mobilize more than 267 trillion won ($192 billion) in financing through next year to help exporters cope with the impact of new US tariffs, officials said after a government-led meeting Wednesday. The Financial Services Commission organized the meeting with the Financial Supervisory Service, policy banks and the five financial groups to map out responses to US trade measures. The session, chaired by FSC Vice Chairman Kwon Dae-young, wa

Sept. 3, 2025

BOK revises up Q2 GDP growth estimate to 0.7%

South Korea's economy grew faster than earlier estimated in the second quarter driven by strong exports and investment, central bank data showed Wednesday. The country's real gross domestic product -- a key measure of economic growth -- increased by 0.7 percent in the April–June period compared with the previous quarter, 0.1 percentage point higher than the earlier forecast, according to preliminary data from the Bank of Korea. "The revision came as some actual performance data from the final mo

Sept. 3, 2025

Govt. to provide 570b won in financial support to US tariff-hit steel, aluminum firms

The government will provide up to 570 billion won ($408.8 million) in emergency financial aid this year to help South Korean companies cushion the blow from the 50 percent US tariff on all steel and aluminum imports, the industry ministry said Wednesday. The measure comes as part of the government's comprehensive support package for Korean companies to help boost their exports amid global trade uncertainties, which was announced in a meeting of economy-related ministers. The 570 billion-won fina

Sept. 3, 2025

S. Korea's exports rise 1.3% on-year in Aug. on robust chip demand: data

South Korea's exports grew 1.3 percent from a year earlier in August, despite US tariff effects, thanks to strong demand for semiconductors, government data showed Monday. Outbound shipments came to $58.4 billion last month, rising for the third consecutive month, according to data compiled by the Ministry of Trade, Industry and Energy. Imports decreased 4 percent on-year to $51.89 billion, resulting in a trade surplus of $6.51 billion. Semiconductor exports jumped 27.1 percent on-year to reach

Sept. 1, 2025

[Contribution] The shifting dynamics of Seoul’s office market

By Robert Wilkinson The Seoul office market has become one of the most resilient and tightly held commercial real estate sectors in the world. With vacancy rates hovering at record lows and prime rents steadily rising, landlords in Seoul are currently enjoying a golden era. But as we approach the last few months of the year, there’s a growing question on everyone’s mind: How long can this last? Seoul’s Grade A office market continues to exhibit an extreme supply-demand imbalance. Vacancy rates a

Aug. 31, 2025

Rise in household loans gathers pace in Aug. despite real estate curb

Household loans extended by South Korean banks added more than 4 trillion won ($2.87 billion) in August, data showed Sunday, despite aggressive restrictions implemented earlier in the year to curb rising household debt and housing prices. Household loans extended by banks increased 4.2 trillion won this month as of Thursday, sharply up from the 2.2 trillion won on-month growth in July, which marked the smallest increase since March. In an effort to curb rising household debt and housing prices,

Aug. 31, 2025

Cap on bank deposit guarantee to be hiked to W100m this week

The maximum amount of bank deposits protected by the state will be doubled to 100 million won ($71,919) starting this week, as the financial sector braces for a possible overheating of competition to attract more deposits, industry sources said Sunday. The increase in the ceiling from the current 50 million won to 100 million won is set to take effect Monday, marking the first hike since 2001. Under the revised regulation, passed by the National Assembly late last year, deposits of up to 100 mil

Aug. 31, 2025

Korea’s 2026 budget hits record W738tr on AI transformation

South Korea will boost total spending to a record 738 trillion won ($534 billion) next year, up 8.1 percent from 2025, in a sweeping budget overhaul that redirects money to growth engines led by artificial intelligence. The plan, approved by the Cabinet on Friday, includes a record 27 trillion won restructuring of low-performing programs, with the savings funneled into priority sectors. Finance Minister Koo Yun-cheol said the strategy marks a pivot from simple expansion to “strategic fiscal mana

Aug. 29, 2025