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The Korea Herald

Economy

July 22, 2019
From beer to package tours, figures show spreading boycott of Japanese products

The boycott of Japanese products and services seems to be gaining ground here as a bilateral trade war with South Korea entered the third week. According to convenience store chain CU, the sales of Japanese beer brands during the first 18 days of the month fell by 40 percent from the same period l...
July 22, 2019
Korea to expand tax benefits for corporate investment

The South Korean government will temporarily expand tax benefits to corporate investment, the finance minister said Monday, in the latest move to encourage business spending amid a slowing economy. Hong Nam-ki, minister of economy and finance, made the comments in a consultative meeting with of...
July 22, 2019
ICT exports down for 8th straight month in June

South Korean exports of information and communications technology products fell for the eighth straight month in June on weak demand for semiconductors, mobile phones and displays, data showed on July 22. Total outbound shipments reached $14.8 billion last month, a drop of 22.4 percent from a y...
July 18, 2019
FSC chairman undermines financial retaliation by Japan

Financial Services Commission Chairman Choi Jong-ku on July 18 undermined any possible retaliation by Japan in the financial sector. “I know there are some concerns that Japan’s trade retaliation might expand to the financial sector, but I don’t think the chances are high, Choi said. Even if J...
July 18, 2019
Home transactions down 28% in H1

Home sales in South Korea plunged more than 28 percent in the first half of the year compared to a year earlier, data showed on July 18. The number of housing transactions came to 314,108 in the first six months of the year, down 28.2 percent from a year earlier, according to the data compiled ...
July 18, 2019
BOK trims growth outlook to 2.2% amid heightened uncertainty

The Bank of Korea slashed its growth forecast for the economy to 2.2 percent on July 18, citing sluggish demand at home and abroad amid growing trade protectionism and a delayed recovery in the global IT sector. The latest outlook marks a significant downward revision from the 2.5 percent forec...
July 18, 2019
BOK cuts policy rate to 1.50% amid trade tensions

The Bank of Korea (BOK) slashed its policy rate by a quarter percentage point to 1.50 percent on July 18 in a surprise move to help spur growth amid prolonged trade tensions. The rate cut is the first since November when the central bank raised the rate by 25 basis points to 1.75 percent. T...
July 17, 2019
Mobility firms disappointed with new regulations on ride-hailing services

The South Korean government’s solutions announced on July 17 hoping to resolve long-lasting confrontation between cab operators and new mobility platforms appear to appease only one side -- the taxi industry. The Ministry of Land, Infrastructure and Transport has unveiled a series of measures tha...
July 16, 2019
Lawmakers submit resolutions against Japan’s trade curbs

South Korean lawmakers have submitted several draft resolutions demanding Japan withdraw its recent curbs on hi-tech exports to the neighboring country. Rep. Lee Soo-hyuck and 44 other lawmakers from the ruling Democratic Party proposed a resolution bill on July 15, claiming the export restrict...
July 16, 2019
Workplace anti-bullying law takes effect

A new law aimed at preventing harassment in the workplace took effect in South Korea on July 16, bringing the widespread but overlooked issue of bullying at work into the legal domain. A revised law on labor standards, commonly called the workplace anti-bullying law, went into effect after a si...
July 15, 2019
BOK likely to freeze key rate in July: poll

The Bank of Korea is expected to keep its policy rate intact this month though a rate cut may be inevitable down the road to help boost growth, local experts said in a survey released July 15. In the survey by Infomax, the financial news arm of Yonhap News Agency, eight out of 13 experts survey...
July 14, 2019
Japan sees decline in value-added trade surplus with Korea

Tokyo’s export curbs to negatively impact global economy due to correlated trade structure Japan’s trade surplus in value-added goods and services (TiVA) with South Korea took a downturn during the 2005-2015 period, reflecting the diversifying structure of cross-border logistics and trade, stati...
July 11, 2019
FDI pledges to S. Korea dip 37% in H1

Foreign direct investments pledged to South Korea in the first half of 2019 nosedived 37 percent on-year as the prolonged trade row between Washington and Beijing weighed on investor sentiment, data showed on July 11. Korea received $9.87 billion worth of FDI commitments from January to June, p...
July 11, 2019
Exports down 2.6% in first 10 days of July

South Korea’s exports fell 2.6 percent in the first 10 days of July mainly due to decreased shipments of semiconductors, one of the country’s key items, customs data showed on July 11. The country’s exports stood at $13.6 billion in the July 1-10 period, compared with $13.9 billion in the sa...
July 11, 2019
Top diplomats of S. Korea, Japan discuss Japan’s export curbs

The top diplomats of South Korea and the United States have held phone talks to discuss Tokyo’s recent export control measure against Seoul and diplomacy for North Korea’s denuclearization, the Foreign Ministry said on July 11. During a 15-minute talks with US Secretary of State Mike Pompeo, ...

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