DIRS.INFO The most relevant business & tech news

☆ South Korea PM says will increase flights from China by end of month
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 17 (Reuters) - South Korea will increase the number of flights into the country from China to 80 from 62 per week by the end of this month, South Korea's Prime Minister Han Duck-soo said on Friday, in Seoul's latest step to ease curbs on travellers from China. "We will gradually expand the flights to 100 per week from next month as was agreed by the two countries and will review an additional increase," Han said, speaking during a meeting on responses to the COVID-19 pandemic. The remarks come days after China announced it will resume issuing short-term visas for travellers from South Korea starting Saturday, following South Korea's lifting of similar visa curbs last week. South Korea had imposed a number of border measures on travellers from China after Beijing's decision to lift stringent zero-COVID policies, but has been easing some of them citing an improved COVID situation in its neighbour. Seoul will decide next week whether to drop remaining border restrictions, including mandatory COVID tests for arrivals from China, Han said.

[1/5] Eldery people who use the free subway service to deliver parcels gather in Seoul, South Korea, February 8, 2023. "But honestly, I wouldn't be doing it if subway rides weren't free because there wouldn't be much left over for me." Free rides have been a perk enjoyed nationally by those 65 and older for four decades and are credited with keeping senior citizens active. In the greater Seoul area, where almost 3.7 million people are 65 or older, more than 233 million free rides were taken last year. Sixty percent of Koreans support raising the minimum age for senior citizen benefits including free subway rides to 70, according to a Gallup poll released last week.

☆ South Korea to restart issuing short-term visas for China travellers on Feb 11
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 10 (Reuters) - South Korea plans to resume issuing short-term visas for travellers from China on Saturday after China improved its COVID-19 situation, Seoul officials said on Friday. South Korea suspended issuing short-term visas to Chinese visitors last month after China abruptly ended its stringent "zero-COVID" policy, leading to a wave of infections. Beijing retaliated against Seoul by halting short-term visas for South Korean travellers. South Korea's prime minister, Han Duck-soo, last week hinted at lifting restrictions before the end of February if China's COVID situation became "manageable." Reporting by Hyonhee Shin and Choonsik Yoo; Editing by Muralikumar Anantharaman and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

[1/3] South Korea's 1st Vice Minister of Economy and Finance Bang Ki-sun speaks during an interview in Seoul, South Korea, February 9, 2023. The Ministry of Economy and Finance/Handout via REUTERSSEOUL, Feb 9 (Reuters) - South Korea's plans to loosen restrictions in its currency market will raise the won's status globally and boost business opportunities for local financial firms, a vice finance minister told Reuters on Thursday. South Korea's economy contracted in the December quarter but Bang said the most recent information indicated it would return to growth in the January-March period, without providing specific data. House prices in South Korea fell 1.98% in December from a month earlier, the fastest drop since data releases began in late 2003 and a seventh consecutive month of decline. The comment contrasted with a long practice of South Korean authorities expressing their concerns about the adverse effect on price competitiveness of their export goods abroad.

SEOUL, Feb 9 (Reuters) - South Korea's plans to loosen restrictions in its currency market will raise the won's global status and, as a result, boost business opportunities for local financial firms, a vice finance minister told Reuters on Thursday. Vice Minister Bang Ki-sun said the government was working on follow-up measures with the aim of implementing the plans in July next year, while dismissing concerns about the won facing a loss of stability. The new measures call for more than doubling the trading hours on the won until past midnight local time and allowing qualified global financial firms to directly trade the currency through two onshore spot brokerage houses. South Korea's economy suffered a contraction in the December quarter and Bang said the most recent information indicated it would return to growth in the January-March period, without providing specific data. Reporting by Choonsik Yoo and Yena Park; Additional reporting by Jihoon Lee; Editing by Lincoln Feast.

☆ South Korea, Australia central banks renew currency swap agreement
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

[1/2] The logo of the Bank of Korea is seen on the top of its building in Seoul, South Korea, March 8, 2016. REUTERS/Kim Hong-Ji/File PhotoSEOUL, Feb 6 (Reuters) - South Korea's central bank said it renewed on Monday a currency swap agreement with its Australian counterpart, valued at 9.6 trillion won or A$12 billion, for five years until early 2028. The agreement, first signed in 2014, allows either party to exchange funds in own currency for the other currency under pre-set terms. The Bank of Korea and the Reserve Bank of Australia have since renewed the agreement several times. ($1 = 1,246.9200 won)($1 = 1.4432 Australian dollars)Reporting by Choonsik Yoo; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea Jan inflation 5.2%, faster than expected
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Feb 2 (Reuters) - South Korea's consumer inflation ticked up in January to a three-month high, against economists' expectations, official data showed on Thursday. The consumer price index was 5.2% higher in January than in the same month a year before, faster than 5.0% seen in December, according to Statistics Korea. Economists had expected the pace of growth to stay steady at 5.0%. The index rose 0.8% on a monthly basis, compared with 0.2% in the previous month and 0.5% tipped in a Reuters poll. Reporting by Jihoon Lee and Choonsik Yoo: Editing by Neil Fullick and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Exports fell 16.6% in January from a year earlier, trade ministry data showed, worse than an 11.3% decline predicted in a Reuters survey and the fastest drop in exports since May 2020. Imports fell 2.6% compared with a year earlier, less than a 3.6% drop predicted in the survey. As a result, the country posted a monthly trade deficit of $12.69 billion, setting a record amount for any month. Leading the sluggish trade performance in January were a 44.5% dive in semiconductor exports and a whopping 31.4% plunge in sales to China, the trade ministry data showed. The government has forecast this year's exports would fall 4.5% after posting a 6.1% gain in 2022, and the trade ministry has said it would do what it can to avert a decline.

☆ South Korea Jan inflation ticks up, leaves policy outlook steady
▼ + stars: | 2023-02-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

The annual rate of price rises was the highest since October, when it was 5.7%. Temporary effects that had pushed up inflation included a lift in electricity charges, unfavourable weather for vegetables and a strong round of regular annual price rises, the Finance Ministry said in a statement. A breakdown of the data showed January public utility costs had risen 4.6% from the previous month while agricultural products had jumped 6.2%, leading the index higher. The Bank of Korea said in a separate statement that the tick-up in the inflation rate was in line with its expectations. The annual rate would be just as high in February, around 5%, it said.

☆ South Korea pension fund will deplete faster than expected, report says
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 27 (Reuters) - South Korea's huge national pension fund is set to see its pool of money depleted by 2055, earlier than expected, because of a shrinking population amid low economic growth, an official estimate showed on Friday. A government panel commissioned for the estimate, made every five years, said in a report that the National Pension Service (NPS) would see its fund depleted two years earlier than 2018 estimate predicted. The fund will grow until at least 2040 as the relatively young pension system, launched in 1988, still has more contributions than payments. President Yoon Suk-yeol, who took office in May 2022, has promised sweeping reforms of the national pension system with the aim of making it more sustainable, and the panel's findings will be the basis for the reform plans. South Korea's population has started shrinking since reaching its peak in 2020 at 51.84 million, and the speed of decline will likely quicken because of low birth rates, official data and estimates show.

Playing down the economic slowdown as part of a global trend, Finance Minister Choo Kyung-ho pledged prompt support measures for exporters, such as tax breaks and administrative help. Central bank estimates showed gross domestic product (GDP) shrank 0.4% in the October-December period from the previous quarter. Markets showed a muted reaction to the data, which was largely in line with repeated warnings in recent weeks by the government and central bank. The central bank estimated that in 2022 the full-year value of the economy, Asia's fourth-largest, had been 2.6% larger than in 2021, when it showed growth of 4.1%. Reporting by Jihoon Lee and Choonsik Yoo; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

[1/4] A man clears away the snow from an alley as it snows on a cold winter day in Seoul, South Korea, January 26, 2023. REUTERS/Kim Hong-JiSEOUL, Jan 26 (Reuters) - South Korea plans to double energy vouchers and a discount of gas prices for underprivileged families to cope with spiralling heating bills amid a prolonged cold wave, officials said on Thursday. Many South Korean households began to feel the impact in recent weeks after turning up the heat amid a cold spell, with monthly gas bills up 34% last month from a year ago, according to Statistics Korea. "There is an inevitable aspect of realising energy prices under these difficult external circumstances," he told a briefing. Many South Koreans expressed concerns over additional hikes in energy bills as freezing winter weather continued.

☆ South Korea Q4 GDP shrinks 0.4% q/q, worse than expected
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 26 (Reuters) - South Korea's economy contracted in the final quarter of 2022 for the first time in 2-1/2 years, as a post-pandemic spending spree faded and global trade tumbled, central bank estimates showed on Thursday. Gross domestic product (GDP) shrank 0.4% in the October-December period from the previous quarter, the Bank of Korea estimated, after a 0.3% gain in the July-September quarter. South Korea's economy last contracted in the second quarter of 2020. Fourth-quarter 2022 GDP was 1.4% higher than a year earlier, compared with a 3.1% annual gain seen in the third quarter and the 1.5% forecast in the poll. Reporting by Jihoon Lee and Choonsik Yoo; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ South Korean exports fall 2.7% in Jan 1-20 period
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 21 (Reuters) - South Korea's exports for the first 20 days of January fell 2.7% from a year earlier, but the pace of drop was slower than that recorded in December, customs data showed on Saturday. In December, South Korean exports fell 9.0% on-year during the first 20 days and declined 9.6% for the full month, as global demand cooled after a wave of aggressive policy tightening to contain inflation. For the first 20 days of January, exports to China fell 24.4%, whereas shipments to the United States rose 18.1%, the Korea Customs Service data showed. Imports over Jan. 1-20 rose by 9.3% on-year, bringing South Korea's trade deficit to $10.26 billion over the period. South Korea's government expects overseas sales in 2023 to fall 4.5%, after a 6.1% gain in 2022, but the trade ministry has vowed to do all it can to achieve growth in exports.

☆ UAE pledges to invest $30 billion in South Korea, president's office says
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

[1/5] Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, receives Yoon Suk Yeol, President of South Korea and Kim Keon-hee, First Lady of South Korea, upon their arrival for a state visit reception, at Qasr Al Watan, Abu Dhabi, United Arab Emirates, January 15, 2023. Mohamed Al Hammadi/UAE Presidential Court/Handout via REUTERSSEOUL, Jan 15 (Reuters) - The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation. The investment decision was announced as South Korea's President Yoon Suk-yeol met his UAE counterpart, Sheikh Mohammed bin Zayed al-Nahyan, in Abu Dhabi during a four-day state visit, Yoon's office said. "We have decided a $30 billion investment based on the trust on South Korea which keeps promises under any circumstances," Yoon's office quoted the UAE president as saying. Seoul's finance ministry said the $30 billion investment would be led by sovereign wealth funds, including Mubadala Investment Company.

☆ Bank of Korea raises interest rates by 25 bps, as expected
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 13 (Reuters) - South Korea's central bank raised its policy interest rate by 25 basis points on Friday, making a widely expected move that many economists also predicted would mark the end of a tightening cycle that began in 2021. The Bank of Korea said its seven-member monetary policy board had decided to raise its policy interest rate (KROCRT=ECI) to 3.50%, the highest since December 2008. The rise matched a prediction by 36 out of 40 economists in a Reuters poll, in which the remaining four had expected the central bank to hold the rate steady at 3.25%. Friday's decision marked the 10th interest rate rise since the current tightening cycle began in August 2021 and brought the total amount of increase to 300 basis points. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Economists in a Reuters poll had predicted Friday's rate increase would mark the end of a rate-hike cycle that the Bank of Korea's began in late 2021. The Bank of Korea said its seven-member monetary policy board had decided to raise its policy interest rate (KROCRT=ECI) to 3.50%, the highest since late 2008. The interest-rate rise matched a prediction by 36 out of 40 economists in a Reuters poll, in which the remaining four had expected the central bank to hold the rate steady at 3.25%. The decision follows Governor Rhee Chang-yong's remarks this month that the central bank's policy stance would continue to focus on stabilising prices. Like its peers globally, the Bank of Korea is faced with growing pressure to adjust its policy stance as domestic consumer and corporate spending fades and global trade slows.

"We had such a hard time, and I would rather have more Chinese people come than the government restricting their entry so I can do business." "Tour bus operators who have had their vehicles idly parked for over three years are now gearing up for (bus) inspections," said Thai Tour Bus Association President Wasuchet Sophonsatien. Thailand, Japan, the United States, South Korea, Australia, Macao, Singapore, Hong Kong and Taiwan were the most-searched destinations. Yue Hua Entertainment Korea, which manages Tempest, did not respond to a request for comment. "The pandemic outbreak on the mainland is still vigorous and needs time to recover, while domestic consumption remains weak on the mainland."

☆ South Korea plans tax breaks on domestic chip and tech investments
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 3 (Reuters) - South Korea said on Tuesday it plans to offer large tax breaks to semiconductor and other technology companies investing at home to strengthen its supply-chain security while boosting the economy. Companies making capital investment at home would be given up to a 35% tax deduction which would help companies save more than 3.6 trillion won ($2.82 billion) in 2024 tax payments, the finance ministry said in a statement. This move comes after other countries, such as Taiwan, home to the world's largest contract chipmaker Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW), and the United States announced plans to bring chip production on shore and bolster the domestic industry. The South Korean finance ministry added that the tax break plans were subject to approval by the parliament, which is dominated by the opposition. ($1 = 1,276.1200 won)Reporting by Choonsik Yoo; editing by Christian Schmollinger and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Korea chief sees more conflict between goals
▼ + stars: | 2023-01-01 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Jan 1 (Reuters) - The head of South Korea's central bank said on Sunday it would likely face an increasing conflict between policy goals in 2023 as the effect of the recent aggressive policy tightening materialises in earnest. "It will be a year when a sophisticated policy mix is more important than ever due to a growing possibility of conflict between inflation, economic growth and financial stability," Governor Rhee Chang-yong said in his New Year's address. He said a fast cooling of the real estate market could cause financial market instability, while listing the war in Ukraine and the COVID-19 situation in China as the main sources of uncertainty facing the country's economy and inflation. Reporting by Choonsik Yoo; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea's Yoon orders revamp of response to violations of country's air space
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Dec 29 (Reuters) - South Korea's President Yoon Suk-yeol ordered a revamp of the military's response to objects violating its airspace, his office said on Thursday, after an intrusion by North Korean drones exposed its difficulty in shooting down small aircraft. Five North Korean drones crossed into South Korea on Monday, prompting South Korea's military to scramble fighter jets and attack helicopters, though it failed to bring down the drones, which flew over South Korea for hours. "North Korean drones' intrusion of our airspace is an intolerable incident," Yoon said. The military apologised for its response, and said it could not shoot down the drones because they were too small. "Our military will conduct joint air defence drills ... simulating response to enemy's small-sized unmanned aircraft," a JCS spokesperson told a regular briefing.

☆ South Korea's Yoon vows to advance creation of military drone unit
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Dec 27 (Reuters) - South Korean President Yoon Suk-yeol said on Tuesday he would advance the creation of a military unit specialising in drones, criticising the military response to a border intrusion by North Korean drones. Five North Korean drones crossed into South Korea on Monday, prompting Seoul to scramble fighter jets and attack helicopters, and try to shoot them down. The incident highlighted the lack of training and readiness by the South Korean military, even though there had been previous intrusions, Yoon said. Reporting by Choonsik Yoo and Hyonhee Shin; Editing by Tom Hogue and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ South Korean inflation expectations hit 7-month low
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 27 (Reuters) - A major measure of the inflation expectations of South Korean consumers hit a seven-month low in December, underscoring the market's view that the Bank of Korea's policy tightening cycle is nearing an end. Consumers expected inflation for the next 12 months to be a median 3.8%, the Bank of Korea's monthly survey showed, down from 4.2% in November and the lowest since 3.3% in May. The Bank of Korea was among the first major economy central banks to begin raising interest rates, in August last year, and has up to November, raised its policy rate by a total of 275 basis points in nine steps to 3.25%. In the latest Reuters poll, the majority of analysts expected the Bank of Korea to raise the rate once again in early 2023, to 3.5%, and then stop its tightening cycle. Reporting by Choonsik Yoo; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea predicts lower 2023 GDP growth, vows to support exporters
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

"The effects from sluggish global trade and fast interest rate increases will likely limit the growth momentum for our economy across the board," the ministry said in a policy statement, adding growth has already begun slowing in the current quarter. It is the first full-year economic blueprint for President Yoon Suk-yeol's administration since its launch in May. Yoon has recently said his government would focus policy support on reviving the economy by boosting exports. It said inflation would slow to 3.5% in 2023 after hitting 5.1% this year, the fastest since 1998 while the country was suffering from the impact from the Asia financial crisis. Reporting by Choonsik Yoo; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's president stresses need for labour reforms
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 21 (Reuters) - South Korean President Yoon Suk-yeol said on Wednesday reforming practices in the labour market should be a top priority for his government's drive to improve the way the country works. "We should significantly change labour market practices in step with the fast-changing industrial structure and changes in labour demand," Yoon said, adding that the rule of law should be firmly established in labour practices. The conservative Yoon, who took office early this year, has repeatedly said his government would strictly apply the law to labour relations in a country with a long record of fractious industrial relations. The tax burden on the owners of multiple homes should be lowered to ease the burden on renters, he said. Reporting by Choonsik Yoo; Editing by Tom Hogue, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Choonsik Yoo"

25 mentions found