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A shopkeeper naps as she waits for customers at a traditional market in Seoul, South Korea, April 7, 2022. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Dec 5 (Reuters) - South Korea's inflation eased for the first time in four months in November, bringing relief to policymakers worried about persistent inflation risks as they plan to keep their restrictive monetary policy in place for longer. "Compared to core inflation in the U.S. and Europe that seem to be still in the 4% to 5% range, (South Korea's core inflation) seems to be far more stable," said Finance Minister Choo Kyung-ho at a policy meeting in Seoul. "Considering this, we see inflation stabilizing in a steady manner going forward, unless we face some additional external shocks." The Bank of Korea kept interest rates steady at 3.50% last week at its final policy meeting of the year and signalled it may need to keep interest rates higher for longer to head off persistent inflation risks.

Persons: naps, Kim Hong, Choo Kyung, BOK, Jihoon Lee, Chris Reese, Lincoln Organizations: REUTERS, Rights, Reuters Survey, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, U.S, Europe, Bank of Korea

☆ North Korea begins spy satellite operations -KCNA
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Dec 3 (Reuters) - North Korea has begun reconnaissance satellite operations, state news agency KCNA said on Sunday, after the country launched its first military spy satellite last month in a move that drew new sanctions from the U.S. and its allies. North Korea says it successfully launched its first military spy satellite on Nov. 21, transmitting photos of the White House, the Pentagon, U.S. military bases and "target regions" in South Korea. The move raised regional tensions and sparked fresh sanctions from the U.S., Australia, Japan and South Korea. The article also argued that South Korea's own, first military reconnaissance launch this month proved to be self-contradictory. On Friday, a SpaceX Falcon 9 rocket carried South Korea's first spy satellite into orbit from California's Vandenberg Space Force Base.

Persons: KCNA, Kim Myung, Jihoon Lee, Jonathan Oatis Organizations: Pyongyang General Control Centre, National Aerospace Technology Administration, White, Pentagon, Korea's, Chiefs of Staff, ., SpaceX, Vandenberg Space Force Base, Thomson Locations: SEOUL, North Korea, U.S, Pyongyang, South Korea, Australia, Japan, Korean, Seoul, Lincoln

☆ South Korea Oct factory output falls most in 10 months on weaker chip production
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 30 (Reuters) - South Korea's factory output unexpectedly fell on weaker chip production in October and posted the biggest drop in 10 months, official data showed on Thursday. The industrial output index fell 3.5% in October from a month earlier on a seasonally adjusted basis, according to Statistics Korea. On a yearly basis, factory output rose 1.1%, compared with gains of 2.9% in the prior month and 5.2% expected by economists. In October, output also fell in the services sector, down 0.9% over the month, marking its first decline since May. The all-industry output index fell 1.6%, the biggest drop since April 2020.

Persons: Jihoon Lee, Chris Reese Organizations: Statistics Korea, Thomson Locations: SEOUL

☆ North Korea's Kim inspects spy satellite photos of 'target regions', US bases
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

Nuclear-armed North Korea launched the satellite on Tuesday, but South Korean defence officials and analysts said its capabilities have not been independently verified. Kim examined photos of Seoul and other cities of Mokpo, Kunsan, Pyeongtaek and Osan, where U.S. and South Korean military bases are located. The photos were taken as the satellite passed over the peninsula on Friday morning, state news agency KCNA said. On Saturday, Kim visited the control centre once again to examine more photos taken in the morning of different target regions in South Korea: Jinhae, Busan, Ulsan, Pohang, Daegu and Gangneung. On Thursday, South Korean Defence Minister Shin Won-sik said North Korea had "exaggerated" by saying Kim had already viewed images of Guam.

Persons: Kim Jong, Kim, KCNA, Carl Vinson, South Korean Defence Minister Shin Won, sik, Yonhap, Josh Smith, Jihoon Lee, Clarence Fernandez, Jacqueline Wong Organizations: Korean Central News Agency, KCNA, REUTERS Acquire, Rights, Korean, National Aerospace Technology Administration, Naval, Hickam Air Force, U.S . State Department, U.S, South Korean Defence Minister, Thomson Locations: Rights SEOUL, Seoul, North Korea, Mokpo, Pyeongtaek, Osan, Pyongyang, South Korea, Jinhae, Busan, Ulsan, Pohang, Daegu, Gangneung, Korean, Harbor, Hawaii, United States, Japan, Pacific, Guam, U.S

☆ S.Korean taxi app Kakao Mobility plans to buy Europe's FreeNow - media report
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

The Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsSEOUL, Nov 15 (Reuters) - Kakao Mobility, a South Korean taxi-hailing service provider, plans to acquire European taxi platform FreeNow, Maeil Business Newspaper reported on Wednesday. Kakao Mobility will make a proposal as early as next week to acquire about an 80% stake in the Germany-based mobility service provider, the newspaper reported, citing an unidentified source. Responding to a Reuters request for comment, Kakao Mobility said it did not have anything to say on the matter. Kakao Mobility, a subsidiary of South Korean tech giant Kakao (035720.KS), has a market share of more than 90% of the country's taxi-hailing market.

Persons: Thomas White, Jihoon Lee, Mark Potter Organizations: REUTERS, Rights, Kakao, South, Maeil Business, Kakao Mobility, Thomson Locations: Rights SEOUL, South Korean, Germany

☆ South Korea inflation likely to ease in November, finance minister says
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 12 (Reuters) - South Korean inflation is likely to ease in November to about 3.6% as prices of agricultural products have started to fall, the finance minister said on Sunday. South Korea's consumer price index stood 3.8% higher in October from a year ago, the fastest inflation rate since March 2023 and above the 3.6% forecast by a Reuters poll. If this is the trend, the inflation rate will be around 3.5% to 3.6%, and this kind of price stabilisation will happen gradually, albeit slowly," Finance Minister Choo Kyung-ho told public broadcaster KBS TV. Consumer inflation accelerated for a third month in October amid higher food costs, keeping policymakers on edge as they are monitoring whether current interest rates are tight enough to bring inflation to heel. Reporting by Ju-min Park and Jihoon Lee; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Choo Kyung, Jihoon Lee, Simon Cameron, Moore Organizations: KBS TV, Thomson Locations: SEOUL

☆ South Korea Finance Chief Defends Short-Sell Ban Ahead of Elections
▼ + stars: | 2023-11-07 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +3 min

By Cynthia Kim and Jihoon LeeSEOUL (Reuters) - South Korea's finance minister defended the government's ban on short-selling of stocks, an announcement that comes ahead of general elections next year and has drawn criticism from market players who say the move could hurt the country's global credibility. The financial regulator on Sunday reimposed a full ban on short-selling until the end of June 2024 to create a "level playing field" for retail and institutional investors. "The move completely thwarted Korea's plans to convince MSCI that it deserves a spot in the developed market status. The number of retail stock trading accounts has roughly doubled since 2017 to about 14 million, with about one in every five Koreans having an account. South Korea's Financial Supervisory Service in October said it would likely fine two Hong Kong-based investment banks it determined had engaged in naked short-selling transactions worth 40 billion won ($29.58 million) and 16 billion won respectively.

Persons: Cynthia Kim, Jihoon Lee SEOUL, Choo, Korea's, we're, Cho Jun, kee, Jihoon Lee, Tom Hogue, Navaratnam Organizations: MSCI Inc, SK Securities, Financial, Service, Credit Suisse Locations: Philippines, Korea, South Korea, Portugal, Hong Kong

Two officials from a Korean defence company confirmed the syndicated loan plan. Two officials at South Korean banks said there would be loans, but did not specify the type. That deal was worth $13.7 billion, South Korea's largest to date. The South Korean government didn't immediately provide a comment when asked for one. The South Korean government official did not elaborate on the size of the potential syndicated loan.

Persons: Kacper, didn't, 1,320.4500, Cynthia Kim, Seunggyu Lim, Jihoon Lee, Josh Smith, Gerry Doyle Organizations: REUTERS, Rights, Reuters, South Korean, South, Korea's, Hyundai Rotem Co, Hanwha Aerospace, Hyundai Rotem, U.S, Thomson Locations: South Korea, Wierzbiny, Orzysz, Poland, Rights SEOUL, South Korean, South, Seoul, Ukraine, Russia, Europe

☆ S.Korea exports snap year-long downturn, recovery in China demand slow
▼ + stars: | 2023-11-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +3 min

Overseas sales last month by Asia's fourth-largest economy rose 5.1% year-on-year to $55.09 billion, trade data showed on Wednesday. By destination, exports to the United States gained 17.3%, the most since May 2022, while China-bound shipments fell 9.5%, the least in 13 months. Exports of cars rose 19.8%, extending gains to a 16th straight month, while petroleum products also jumped 18.0%, after seven straight months of decline. Semiconductor shipments fell for the 15th consecutive month, but the 3.1% drop in October was the smallest in the streak. In October, South Korea's factory activity contracted for the 16th straight month, but the decline in new export orders softened, another survey showed on Wednesday.

Persons: Lee Jae, Asia's, Lee Jeong, Jihoon Lee, Christian Schmollinger, Muralikumar Anantharaman, Sonali Paul Organizations: Busan New, REUTERS, Rights, Overseas, United States, Eugene Investment Securities, Trade, Thomson Locations: Busan, Busan New Port, Seoul, Rights SEOUL, United States, China, United, Israel, South

☆ South Korea economic growth to exceed potential rate in 2024, Yoon says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

President of South Korea Yoon Suk-Yeol speaks at the opening session of Saudi Arabia's Future Investment Initiative conference in Riyadh, Saudi Arabia, October 24, 2023. South Korea's potential growth rate - the maximum economic growth that can be achieved without triggering inflationary pressure - is estimated to be around 2%, policymakers have said. In a Reuters survey conducted early this month, economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022, followed by a recovery to 2.1% in 2024. The government in August unveiled its 2024 budget plan that included the smallest increase in two decades amid weakening tax revenue due to slower economic growth. He also pledged South Korea would maintain mutually beneficial cooperation with China, South Korea's largest trading partner.

Persons: South Korea Yoon Suk, Yoon Suk Yeol, Yoon, 1,348.7800, Jihoon Lee, Ed Davies Organizations: South, Saudi, Future Investment Initiative, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Gross, Bank of, Thomson Locations: South Korea, Riyadh, Saudi Arabia, Rights SEOUL, United States, Bank of Korea, Washington, China, South

SEOUL, Oct 26 (Reuters) - South Korea's economy fared better than expected in the third quarter with the expansion underpinned by exports, backing the case for the central bank to keep rates on hold for the months ahead. Government spending grew 0.1%, and construction investment expanded 2.2% after contracting 0.8% in the second quarter. On an annual basis, Asia's fourth-largest economy grew 1.4% in the third quarter, after a 0.9% gain in the second quarter and beating a 1.1% rise expected by economists. South Korea's central bank held interest rates steady for a sixth straight meeting last week, retaining a tightening bias on monetary policy as it warned of inflationary risks from the Israel-Hamas conflict and global oil prices. In a separate Reuters survey conducted early this month, South Korea's economic growth was forecast to slow to 1.2% in 2023 from 2.6% in 2022.

Persons: Ed Davies, Sam Holmes Organizations: Gross, Bank of, Thomson Locations: SEOUL, Bank of Korea, Korea's, Israel

☆ South Korea to fine two Hong Kong banks for naked short-selling
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +1 min

A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration Acquire Licensing RightsSEOUL, Oct 15 (Reuters) - South Korea's stock market watchdog said on Sunday it found two Hong Kong-based investment banks had engaged in naked short-selling, which would likely result in record fines. The two unnamed investment banks made naked short-selling transactions of a total 40 billion won ($29.58 million) and 16 billion won, respectively, the Financial Supervisory Service (FSS) said in a statement. Naked short selling of stocks - in which an investor short sells shares without first borrowing them or determining they can be borrowed - is banned by the Capital Markets Act in South Korea. ($1 = 1,352.2100 won)Reporting by Jihoon Lee; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas White, 1,352.2100, Jihoon Lee, Muralikumar Organizations: South, REUTERS, Rights, Financial Supervisory Service, Capital, Thomson Locations: South Korea, Rights SEOUL, Hong Kong

☆ South Korea household debt growth slows in September
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

A woman shops at a market in Seoul, South Korea, July 26, 2016. REUTERS/Kim Hong-Ji/File photo Acquire Licensing RightsSEOUL, Oct 12 (Reuters) - South Korea's household borrowing grew in September for a sixth straight month, but by a smaller amount than the month before, central bank data showed on Thursday. Total household borrowing from banks stood at 1,079.8 trillion won ($806.12 billion) at the end of September, up 4.9 trillion won from end-August, according to the Bank of Korea (BOK). The rise was smaller than the 6.9 trillion won increase in August and it also marked the first slowdown in growth since household debt started to climb in April. ($1 = 1,339.5000 won)Reporting by Jihoon Lee; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Hong, BOK, 1,339.5000, Jihoon Lee, Subhranshu Sahu Organizations: REUTERS, Rights, Bank of Korea, Thomson Locations: Seoul, South Korea, Rights SEOUL

☆ S.Korea's accelerating inflation set to keep policy restrictive for longer
▼ + stars: | 2023-10-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, above market expectations, official data showed on Thursday, supporting prospects of the central bank maintaining its restrictive policy for some time. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. The central bank also said inflation, which was slightly higher in September than its projection, would still ease to around 3% by the end of the year. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Ahn Jae, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Shinhan Securities, of Korea, Statistics, CPI, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea

☆ South Korea Sept consumer inflation accelerates for second month
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 4 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, outpacing market expectations, official data showed on Thursday. It was the second consecutive month the annual rate quickened, from a 25-month low of 2.3% in July, and marked the fastest annual rise in five months. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Statistics, CPI, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea, Bank of Korea's

☆ S.Korea Aug factory output posts biggest gain in over 3 years as chips jump
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +1 min

A factory is seen in Incheon, South Korea, May 30, 2016. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Oct 4 (Reuters) - South Korea's factory output unexpectedly jumped in August by the fastest rate in more than three years, led by chip production, official data showed on Wednesday. The industrial output index (KRIO=ECI) rose 5.5% in August from the previous month on a seasonally adjusted basis, after a 2.0% fall in July, according to Statistics Korea. That contrasts with a median 0.2% fall forecast in a Reuters survey and marks the fastest monthly gain since June 2020. On an annual basis, output was 0.5% lower, much milder than the previous month's 8.1% drop and a forecast for a 6.2% loss.

Persons: Kim Hong, Jihoon Lee, Tom Hogue, Sonali Paul 私 Organizations: REUTERS, Rights, Statistics Korea Locations: Incheon, South Korea, Rights SEOUL

☆ South Korea September exports fall at mildest pace in 12 months
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

It was the 12th consecutive month of a decline in exports but the narrowest in the streak. Trade Minister Bang Moon-kyu said exports continued to improve and that they were now at the "inflection point" for a transition to growth. Imports fell 16.5% to $50.96 billion, also milder than the 22.8% drop the previous month and the median 17.6% forecast. As a result, the country posted a trade surplus of $3.70 billion in September. It was the fourth straight month in surplus and the widest since September 2021.

Persons: Asia's, Jihoon Lee, Leslie Adler, William Mallard Organizations: European Union, Trade, Thomson Locations: SEOUL, China, United States

[1/2] Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. Credit Suisse, which was Switzerland's second-biggest bank, suffered years of scandals and losses before it had to be rescued in March in a state-engineered takeover by UBS. Credit Suisse declined to comment. Spokespeople for central banks in South Korea, India, Ireland, and Saudi Arabia also did not immediately respond to Reuters requests for comment. Last month, a Moscow court banned UBS and Credit Suisse from disposing of shares in their Russian subsidiaries, Reuters reported, citing court documents.

Persons: Denis Balibouse, Laws, Engen Tham, Selena Li, Jihoon Lee, Alexander Marrow, Sumeet Chatterjee, Stephen Coates, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Reuters, Suisse, Western, Thomson Locations: Zurich Switzerland, Rights SHANGHAI, HONG KONG, South Korea, India, Swiss, Ireland, Saudi Arabia, Russia, Moscow, Ukraine, Bahrain, Dubai, Abu Dhabi, Japan, Thailand, Turkey, Shanghai, Hong Kong, London

[1/2] A South Korea won note is seen in this illustration photo May 31, 2017. South Korean companies repatriated a record $33.13 billion of overseas earnings during the January-July period, 6.3 times the amount a year earlier, central bank data on current account balances showed. "The coming home of earnings retained abroad has been a big help for the won," a government official in charge of foreign exchange market said, asking not to be named due to internal policy. The automaker said on June 12 it plans to invest 7.8 trillion won ($5.82 billion) of retained earnings from overseas operations this year in electric car factories at home. The surge in repatriation also comes ahead of trading reforms planned for next year, when South Korea will extend onshore trading hours until 2 a.m. to improve access for foreign investors.

Persons: Thomas White, Yoon Suk, Hong Sung, kook, Min Gyeong, 1,340.7400, Jihoon Lee, Cynthia Kim, Joyce Lee, Heekyong Yang, Vidya Ranganathan Organizations: South, REUTERS, Rights, Samsung Electronics, Hyundai Motor, Kia Corp, Reuters Graphics Bank of Korea, Woori Bank, Hyundai, Hyundai Motor Group, Shinhan Bank, Yena, Thomson Locations: South Korea, Rights SEOUL, Korea

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsSEOUL, Sept 15 (Reuters) - South Korea is reviewing measures to limit currency and swap traders' tenure in local dealing rooms to three to five years, starting as early as next year, two sources with direct knowledge of the matter told Reuters on Friday. "The FSS is in the process of finalizing the measures by collecting views from the bankers' federation." Money managers at local banks are fiercely opposing the move, as fraud checks are already rigorously done in their daily operations through middle- and back offices. Foreign banks with local branches will not be subject to enforcement on staffer rotations. The move could be in effect around the time the country's onshore currency market will be extended to 2 a.m. local time, or the end of London business day.

Persons: Thomas White, we're, Cynthia Kim, Kim Coghill Organizations: South, REUTERS, Rights, Reuters, Woori Bank, Financial Supervisory Service, Korean, Thomson Locations: South Korea, Rights SEOUL, London

☆ S.Korea c.bank says coordinated efforts needed to deal with household debt
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji/File Photo Acquire Licensing RightsSEOUL, Sept 14 (Reuters) - South Korea's central bank said on Thursday it needs to make coordinated efforts to contain household debt, which is at levels that could undermine economic growth and financial stability. "Unlike in major countries, household debt increased continuously without de-leveraging and has reached a level that hinders macroeconomic and financial stability," the Bank of Korea (BOK) said in its quarterly monetary policy report. South Korea's household borrowing grew for a fifth straight month in August by the biggest amount in two years, driven up by rising mortgage demand, prompting financial authorities to tighten certain loan regulations. The BOK said in the report it was more effective for macro-prudential policy to coordinate with monetary policy than for policy responses to be made in isolation.

Persons: Kim Hong, BOK, Jihoon Lee, Sam Holmes Organizations: Bank of, REUTERS, Rights, Bank of Korea, prudential, Thomson Locations: Bank of Korea, Seoul, South Korea, Rights SEOUL

☆ North Korea marks founding day with parade, diplomatic exchanges
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +2 min

[1/4] North Korean leader Kim Jong Un gestures as the civil defense military parade commemorating the 75th anniversary of the founding of the Democratic People's Republic of Korea is held in Pyongyang, September 8, 2023. KCNA via REUTERS Acquire Licensing RightsSEOUL, Sept 9 (Reuters) - North Korean leader Kim Jong Un marked the country's founding anniversary with a parade of paramilitary groups and diplomatic exchanges in which he vowed to deepen ties with China and Russia. Kim observed the parade at Kim Il Sung Square in Pyongyang and held talks with a visiting Chinese delegation, state media KCNA reported on Saturday. "Most stakeholders in the region want to avoid a new Cold War, but this looks increasingly difficult as Beijing and Moscow prop up Pyongyang and North Korea aligns itself with China and Russia's challenges to the international order." North Korea supplements its already large military with various paramilitary, reserve, and security groups such as the army-affiliated Worker-Peasant Red Guards (WPRG).

Persons: Kim Jong, Kim, Kim Il, Xi Jinping, Vladimir Putin, Xi, Leif, Eric Easley, China's Xi, Russia's Putin, Putin, Jihoon Lee, Josh Smith, Sandra Maler, Stephen Coates, Michael Perry Organizations: Democratic People's, KCNA, REUTERS Acquire, Rights, Ewha University, Guards, Thomson Locations: Democratic People's Republic, Korea, Pyongyang, Rights SEOUL, China, Russia, Northeast Asia, North Korea, India, Seoul, Beijing, Moscow, New Delhi, Ukraine

☆ South Korea should maintain current monetary, fiscal policies, IMF says
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsSEOUL, Sept 6 (Reuters) - South Korea should maintain current, restrictive monetary and fiscal policies as it needs to take steps to return to sustainable finances and address inflation, the International Monetary Fund (IMF) said on Wednesday. Instead of undermining economic growth, the prudent fiscal policy is judged to be instrumental in keeping South Korea's economic fundamentals strong in the medium term, Finger said at a press conference. Finger told reporters the IMF decided not to evaluate South Korea's foreign exchange reserve adequacy based on its Assessing Reserve Adequacy (ARA) metrics from July. The measure is mostly for emerging economies, and given its economic characteristics, it is more appropriate to assess South Korea's on a scenario basis, Finger said.

Persons: Yuri Gripas, Harald Finger, Finger, China's, Cynthia Kim, Jihoon Lee, Jacqueline Wong, Christopher Cushing Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, South Korean, Bank of Korea, IMF, Thomson Locations: Washington , U.S, Rights SEOUL, South Korea, Korea

☆ South Korea focuses on fiscal discipline with smallest budget increase in two decades
▼ + stars: | 2023-08-29 | by ( Jihoon Lee | ) www.reuters.com time to read: +3 min

A South Korea won note is seen in this illustration photo May 31, 2017. In its annual spending plan released on Tuesday, the finance ministry set total government expenditure for 2024 at 656.9 trillion won ($496.70 billion), up 2.8% from 2023. Big spending increases include social welfare, up by 7.5% to 242.9 trillion won, defence up 4.5% to 59.6 trillion won and corporate support by 4.9% to 27.3 trillion won. The government will issue 158.8 trillion won of treasury bonds in 2024, down from a total of 167.8 trillion won planned for this year. The net increase in treasury bonds is projected at 50.3 trillion won.

Persons: Thomas White, Yoon Suk, Choo Kyung, 1,322.5400, Jihoon Lee, Shri Navaratnam Organizations: South, REUTERS, Rights, Thomson Locations: South Korea, Rights SEOUL

☆ South Korea will cooperate more with US, Japan if North's threats continue
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. President Joe Biden holds a joint press conference with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol during the trilateral summit at Camp David near Thurmont, Maryland, U.S., August 18, 2023. REUTERS/Jim Bourg/File Photo Acquire Licensing RightsSEOUL, Aug 21 (Reuters) - South Korean President Yoon Suk Yeol said on Monday trilateral cooperation with the United States and Japan will grow stronger if North Korea's threats increase. The summit at the Camp David presidential retreat was the first standalone meeting between the U.S. and Japan and South Korea, as they seek to project unity in the face of China's growing power and nuclear threats from North Korea. Yoon said the trilateral cooperation did not exclude other countries, and that it would contribute to freedom, peace and prosperity in the region and the world. Reporting by Soo-hyang Choi, Ju-min Park and Jihoon Lee; Editing by Christian Schmollinger and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Fumio Kishida, Yoon Suk, Camp David, Jim Bourg, Yoon Suk Yeol, Yoon, Soo, hyang Choi, Jihoon Lee, Christian Schmollinger, Stephen Coates Organizations: Japanese, South, REUTERS, Rights, U.S, Camp, Thomson Locations: Camp, Thurmont , Maryland, U.S, Rights SEOUL, United States, Japan, South Korea, Britain, Australia, India, North Korea

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