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☆ South Korea flags economic slump deepening for while
▼ + stars: | 2022-12-18 | by ( Choonsik Yoo | ) www.reuters.com time to read: +2 min

FILE PHOTO: South Korea Finance Minister Choo Kyung-ho attends the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 16 July 2022. South Korea’s economy, the fourth-largest in Asia, relies heavily on exports ranging from cars and ships to chips and smartphones. The central bank last month cut its projection for next year’s economic growth to 1.7% from the previous 2.1% in its scheduled revision, citing falling exports and the resultant reduction likely in corporate investment. The ministry is due to unveil its 2023 economic projections and strategies on Wednesday. President Yoon, struggling against low approval ratings, says exports are the best choice for the manufacturing-heavy country to overcome its slump.

☆ South Korea's economic slump to bottom in first half of 2023, finance minister says
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Dec 19 (Reuters) - South Korea's finance minister said on Monday the economy is slowing at a more rapid pace than previously expected and would bottom in the first half of next year. "Our economy's growth is expected to slow next year due to the effects from a global economic slump, and the difficulty will be focused on the first half," Minister Choo Kyung-ho said at the opening of a meeting with the ruling party leadership. The meeting was held ahead of the government's announcement later this week of its economic policy strategies for next year, which will be the first full-year statement for President Yoon Suk-yeol's administration since its launch in May. Reporting by Choonsik Yoo; editing by Diane Craft and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

[1/5] South Korean President Yoon Suk-yeol speaks at an interview with Reuters in Seoul, South Korea, November 28, 2022. REUTERS/Daewoung KimSEOUL, Dec 4 (Reuters) - South Korean President Yoon Suk-yeol on Sunday ordered preparations for widening a back-to-work order beyond the cement industry amid a prolonged truckers' strike. Thousands of South Korean truckers have been on strike for more than 10 days, with negotiators for the government and unions making no progress on disagreements over minimum pay rules. The Korean Confederation of Trade Unions, an umbrella group, is planning a general strike for Tuesday. The government has said it would not expand a minimum pay system for truckers beyond a further three years.

SEOUL, Dec 1 (Reuters) - A strike by South Korean truckers is estimated to have cost 1.6 trillion won ($1.23 billion) in lost shipments, the industry ministry said on Thursday, as a lengthy strike becomes more likely with the government and union far from a compromise. The cement, steel, auto and oil refining industries have seen 1.6 trillion won in lost shipments in seven days since the strike began last week, the ministry said in a statement. This includes 562,600 tonnes of steel worth 731.3 billion, 6,707 cars worth 319.2 billion won, and 259,238 kilolitres of oil products valued at 442.6 billion won stuck in transit, it said. Two people at the meeting on Wednesday said shouting erupted during Wednesday's meeting between the government and strike organiser Cargo Truckers Solidarity Union (CTSU). The government is preparing to potentially order oil industry truckers back to their jobs, the industry ministry said on Thursday, after it issued an unprecedented order to force 2,500 cement industry truckers back to work this week.

☆ EXCLUSIVE Bank of Korea ready to adjust tightening pace, hopes for peak rate near 3.5%
▼ + stars: | 2022-11-30 | by ( Cynthia Kim | ) www.reuters.com time to read: +3 min

[1/2] South Korea's new central bank governor Rhee Chang-yong speaks during his inauguration ceremony in Seoul, South Korea April 21, 2022. But he added that South Korean interest rates should not get too far below those of the United States, because of the risk of capital outflow. With the policy rate now at 3.25%, Rhee hopes it will not have to go much higher. It is the first time that the central bank governor has specified a level around which he hopes rates will peak. The Fed's policy rate is currently 3.75% to 4.00%.

☆ Bank of Korea ready to readjust tightening pace, going by data
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 30 (Reuters) - South Korea's central bank is ready to readjust the pace of its policy tightening to respond to an economic slowdown and a slumping property market, the bank's governor told the Reuters NEXT conference on Wednesday. But Rhee Chang-yong declined to say whether the Bank of Korea would stop raising interest rates before the U.S. Federal Reserve, though he added that it was now better able to take into account domestic factors than before. The Bank of Korea, which was among the first central banks of major economies to start raising rates in August last year, has lifted the benchmark rate by a total of 275 basis points from a record low figure of 0.5%. Reporting by Cynthia Kim, Choonsik Yoo and Jihoon Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) to 3.25% on Thursday, the highest level since 2012, after delivering a half-percentage point hike in October. The BOK is in the midst of its most aggressive policy tightening on record, having been a front-runner in withdrawing pandemic-era stimulus in the region when it started raising interest rates in August 2021. Since then, it has raised rates by a total of 275 basis points, delivering bigger 50-basis-point rate hikes for the first time since the current monetary framework was introduced in 1999. The central bank aims to keep inflation at 2%. The slowdown in the tightening pace has also been facilitated by a rebound in the local currency.

☆ South Korea's central bank raises rates by 25 bps, as expected
▼ + stars: | 2022-11-24 | by ( Cynthia Kim | Jihoon Lee | ) www.reuters.com time to read: +1 min

SEOUL, Nov 24 (Reuters) - South Korea's central bank raised interest rates by a more modest 25 basis points on Thursday, as expected, slowing the pace of policy tightening as it tries to tame inflation without choking off economic growth. The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) to 3.25%, the highest level since July 2012, after delivering a half-percentage point hike in October. All but one of 30 economists expected the central bank to opt for a quarter-point hike in a Reuters poll, while one forecast another half-point rise. The Bank of Korea has raised the policy rate by a total of 275 basis points since August 2021 from a record low of 0.50%. Reporting by Cynthia Kim, Jihoon Lee and Choonsik Yoo; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Yoon to attend ASEAN, G20 summit meetings this month
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 9 (Reuters) - South Korean President Yoon Suk-yeol will attend meetings of ASEAN and the Group of 20 industrialised nations this month, a senior administration official said on Wednesday. South Korea is arranging a possible bilateral summit between Yoon and U.S. President Joe Biden as well as a trilateral summit involving the United States and Japan on the sidelines of the events, according to South Korea's Yonhap news agency. "We are arranging summits with key countries on the occasion of attending the ASEAN and G20 meetings," Yoon's national security adviser, Kim Sung-han, told a briefing. Nothing has been decided regarding a possible one-on-one meeting between Yoon and Japanese Prime Minister Fumio Kishida, Yonhap said. Yoon, who took office in May, has been keen to improve relations with Tokyo at a time when both countries face North Korea's evolving nuclear and missile threats.

☆ South Korea's Heungkuk exercises call option after delay
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 8 (Reuters) - South Korea's Heungkuk Life Insurance has decided to exercise a call option on its perpetual notes due on Wednesday, reversing its earlier move to delay the redemption, it said in a notice on its website on Tuesday. The medium-sized life insurer's decision last month not to pay back the $500 million bond on its first call option date of Nov. 9 had raised concerns among investors toward debt securities issued by South Korean companies. The company said its latest decision was to "clear a confusion in markets caused by the recent announcement of a delay in redemption", adding its parent, Taekwang Group, has also agreed to help it pay back the debt by providing help. Reporting by Choonsik Yoo Editing by Chris Reese and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

[1/2] People watch a TV broadcasting a news report on North Korea firing three ballistic missiles into the sea, in Seoul, South Korea, November 2, 2022. South Korean warplanes fired three air-to-ground missiles into the sea north across the NLL in response, the South's military said. The South's launches came after Yoon's office vowed a "swift and firm response" so North Korea "pays the price for provocation". The North Korean weapon was one of three short-range ballistic missiles fired from the North Korean coastal area of Wonsan into the sea, South Korea's Joint Chiefs of Staff (JCS) said. It was the first time a North Korean ballistic missile had landed near South Korean waters, JCS said.

SEOUL, Nov 2 (Reuters) - A North Korean ballistic missile landed less than 60 kilometres off South Korea's coast on Wednesday, the first time an apparent test had landed near the South's waters, leading to air raid warnings, officials said. The missile was one of three short-range ballistic missiles fired from the North Korean coastal area of Wonsan into the sea, South Korea's Joint Chiefs of Staff (JCS) said. The JCS said at least one of the missiles landed 26 kilometres south of the Northern Limit Line (NLL), a disputed inter-Korean maritime border. The missile landed 57 kilometres from the South Korean city of Sokcho, on the east coast, and 167 kilometres from Ulleung, where air raid warnings were issued. It was the first time a North Korean ballistic missile had landed near South Korean waters, JCS said.

☆ South Korea FX reserves fall again in Oct as won weakens
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 3 (Reuters) - South Korea's foreign exchange reserves shrank for a third consecutive month in October, although by a relatively small amount, partly due to efforts of taming the won's fall against the U.S. dollar, the central bank said on Thursday. The country's foreign exchange reserves fell by $2.76 billion last month to $414.01 billion, data released by the Bank of Korea showed. It had dropped by $19.67 billion in September, which was the second-biggest monthly drop on record. The central bank cited efforts to contain the weakening won as a factor for the decline, which it said more than offset gains of reserves in dollar value coming from the U.S. unit's drop in value against major currencies. October marked the 10th out of the past 12 months that South Korea's foreign exchange reserves shrank, as the won lost 18% of its value against the dollar over the 12-month period.

☆ S.Korea inflation ticks up in Oct, tops expectations
▼ + stars: | 2022-11-01 | by ( Choonsik Yoo | ) www.reuters.com time to read: +1 min

SEOUL, Nov 2 (Reuters) - South Korea's annual consumer inflation in October ticked up from September against market expectations for no change, led by lagging effects of earlier global raw materials prices, government data showed on Wednesday. The consumer price index (CPI) rose 5.7% in October from a year earlier, according to the Statistics Korea data. The median forecast in a Reuters survey of economists was for the annual CPI growth to be 5.6% in October, although five of the 11 economists polled predicted higher rates. The CPI rose 0.3% in October on a monthly basis, the same rate as in September and higher than a 0.2% gain seen in the survey. Core inflation, which strips volatile foods and energy prices, ticked up to 4.2% in October on an annual basis from 4.1% in September to mark the fastest since December 2008.

SEOUL, Nov 1 (Reuters) - South Korea's exports in October fell the most in 26 months while a trade deficit persisted for a seventh month, underscoring that Asia's fourth-largest economy is slowing and its currency is hovering near 13-year lows. The outlook remains dark as the global economy is losing momentum on a global wave of policy tightening to contain inflation. A survey by S&P Global of purchasing managers at South Korean manufacturing companies also showed new export orders in October fell for an eighth consecutive month as the global economy is slowing. As a result, the country posted a trade deficit of $6.70 billion, bigger than a shortfall of $3.78 billion in September and the seventh consecutive month of imports outweighing exports. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Rashmi Aich and Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Oct exports post worst fall in 26 months
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 1 (Reuters) - South Korea's exports in October suffered their fastest decline in more than two years and missed expectations as shipments to neighbouring China tumbled, government data showed on Tuesday. Exports by Asia's fourth-largest economy fell 5.7% from a year earlier to $52.48 billion in October, posting their biggest percentage fall since August 2020 and missing a median 3.0% loss tipped in a Reuters survey. South Korea also marked its first annual decline in exports since October 2020. Imports, though, jumped 9.9% to $59.18 billion, against a 6.9% gain expected in the Reuters poll. Reporting by Choonsik Yoo and Jihoon Lee; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Oct 31 (Reuters) - Across South Korea, events such as autumn foliage festivals and K-Pop concerts are canceled, and grief-stricken communities are putting off gatherings after a Seoul crowd crush killed at least 154 people, threatening to crimp growth further. Universities have canceled weekend retreats known as MTs, and the opening event of the two-week Korea Sale Festa, the Korean version of the Black Friday, was called off. South Korea's southern resort island of Jeju called off the Jeju Olle Walking Festival, scheduled from Nov 3 to 5. The Korea Baseball Organization and Korea Volleyball Federation both said there won't be cheerleaders during its championship series. South Korea's economic growth already decelerated last quarter in response to slowing exports and a weakening currency.

☆ South Korea vows thorough investigation into deadly Halloween crush
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 31 (Reuters) - South Korean Prime Minister Han Duck-soo on Monday promised a thorough investigation into the Halloween crush over the weekend that killed more than 150 mostly young people in the capital, plunging the country into mourning. Officials said 154 had been killed and 149 injured, with 33 people in serious condition. Tens of thousands of partiers had crowded into narrow streets and alleyways of Seoul's popular Itaewon district on Saturday for the first virtually unrestricted Halloween festivities in three years. But chaos erupted when people poured into one particularly narrow and sloping alley, even after it was already packed, witnesses said. "We will do our best to provide necessary support by reflecting the opinions of the bereaved families as much as possible."

[1/4] South Korean President Yoon Suk-yeol walks at the scene where many people died and were injured in a stampede during a Halloween festival in Seoul, South Korea, October 30, 2022. REUTERS/ Heo RanSEOUL, Oct 30 (Reuters) - South Korea's President Yoon Suk-yeol declared a period of national mourning on Sunday after a Halloween crush killed some 151 people in a packed nightlife area in Seoul. It was the first Halloween event in Seoul in three years after the country lifted COVID-19 restrictions and social distancing. Choi, the Yongsan district fire chief, said all the deaths were likely from the crush in the single narrow alley. Reporting by Soo-hyang Choi, Choonsik Yoo Daewoung Kim, Hong-ji Kim, Writing by Jack Kim; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Two dead, 22 others suffer cardiac arrest in stampede in South Korea
▼ + stars: | 2022-10-29 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +1 min

SEOUL, Oct 30 (Reuters) - At least two people died from cardiac arrest and dozens of others were injured after a huge crowd poured into a central district of the South Korean capital for Halloween festivities late on Saturday, a fire official said. As of early Sunday, two were reported dead among 24 who had been transferred to nearby hospitals after suffering cardiac arrest in the incident in the Itaewon district strict, Moon Hyun-joo, an official at the National Fire Agency said. Yonhap news agency said at least 100 were estimated to have been injured due to the stampede. Authorities were investigating the exact cause of the incident, the agency said. Reporting by Soo-hyang Choi and Choonsik Yoo, Editing by Angus MacSwan and Clelia OzielOur Standards: The Thomson Reuters Trust Principles.

Economists have pointed to growing challenges for Korea's economy as sustained high inflation, rapidly rising interest rates worldwide and continuing global supply-chain disruptions sap demand both at home and abroad. "Today's figure, although appearing okay, is already about the past while the future is getting more difficult both in terms of domestic and global demand," said Park Sang-hyun, chief economist at HI Investment & Securities. Despite managing positive growth, a breakdown of the figures showed Asia's fourth-largest economy was losing momentum quickly in the face of cooling global demand, a wave of policy tightening and high inflation. On an annual basis, the economy expanded by 3.1% in the third quarter after a 2.9% gain in the second quarter. Reporting by Jihoon Lee and Choonsik Yoo; Editing by Shri Navaratnam and Richard PullinOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea Q3 GDP growth slows to 1-year low, slightly ahead of expectations
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 27 (Reuters) - South Korea's economy grew at its slowest pace in a year in the third quarter, just ahead of expectations, on pent-up spending by consumers and companies, the central bank's advance estimates showed on Thursday. The country's gross domestic product (GDP) grew by a seasonally-adjusted 0.3% in real terms in the third quarter from the previous quarter, the Bank of Korea estimated, marking the slowest pace since the third quarter of 2021. Economists in a Reuters poll had expected the economy to grow 0.1% quarter-on-quarter in the July-September period, slowing from a 0.7% gain in April-June. On an annual basis, gross domestic product (GDP) increased 3.1% in the third quarter after a 2.9% gain in the second quarter and versus expectations for 2.8% growth in the poll. Reporting by Jihoon Lee and Choonsik Yoo Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ S.Korea president pledges to build strong readiness against N.Korea threats
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Oct 14 (Reuters) - South Korean President Yoon Suk-yeol on Friday said his government has been working on building a watertight readiness posture against North Korea's provocations since he took office, following North Korea's missile test and deployment of military aircraft that flew near the border dividing the two countries. Register now for FREE unlimited access to Reuters.com RegisterReporting by Choonsik Yoo, Joori Roh; Editing by Christian SchmolingerOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Sept unemployment rate rises from record low
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Oct 14 (Reuters) - South Korea's unemployment rate rose in September from a record low set in August while employment fell slightly, data showed on Friday, a sign that a year-long policy tightening campaign and slowing exports have begun to cool the economy. The country's seasonally adjusted unemployment rate rebounded to 2.8% in September from 2.5% in August, which was the lowest since the data series began in June 1999. However, it was still far below an average of 3.6% set in all of 2021. The employment rate edged down 0.1 percentage point to 62.2% in September from August after adjusting for seasonal factors, the Statistics Korea data showed. Bank of Korea Governor Rhee Chang-yong said after the rate decision on Wednesday that Asia's fourth-largest economy has begun softening, although economists expect it to raise the rate further in the coming months.

Joo and Shin voted for a smaller hike in the rate, Rhee said in news conference, but did not elaborate on their views. Twenty-three of 26 analysts expected the bank to go for a half-point hike in a Reuters poll, while the remaining three expected a quarter-point hike. The median forecast in the poll showed the BOK's base rate going to 3.25% by year-end and then peaking at 3.50% in the first quarter of 2023. Almost half of respondents in the Reuters poll expected the base rate to reaching 3.75% in the first quarter of next year. After Wednesday's rate hike, the Korea Federation of Small- to Medium-sized Enterprises expressed "serious concern" about higher rates.

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