The South Korean economy has witnessed its exports' contribution to domestic demand weaken from 2000 onwards as the country's growth was led by capital-intensive information technology (IT) firms and more companies went abroad, a report said Friday.A coefficient of exports and domestic deman

The financial watchdog on Friday unveiled guidelines of a debt restructuring program for those who borrow money from savings banks, in its latest move tp better protect vulnerable people.Under the guidelines, borrowers who lost a job within three months or suffered an income decline due to an illnes

The financial regulator said Thursday it has concluded that a 2015 accounting breach by Samsung BioLogics Co. was intentional and the biopharmaceutical company clearly violated accounting rules.The ruling by the Financial Services Commission (FSC) is expected to deal a serious blow to Samsung BioLog

South Korea's index of import prices rose for the sixth month in a row in June on a weakening local currency, but a slowdown in oil prices retarded the upside pace, central bank data showed Friday.In Korean won terms, the import price index gained 1.3 percent to 88.26 last month from a month ear

South Korea's economy is on a recovery path on the back of a rebound in industrial output, although capital spending and consumption are facing adjustments and external uncertainties are on the rise, a government report said Friday.A weaker job market, rate hikes in the United States and rising

South Korea's No. 1 duty-free shop Lotte Duty Free is ramping up efforts to expand its presence in the global market in the face of fierce competition at home, industry sources said Wednesday.The duty-free chain, operated by Hotel Lotte Co., opened a new airport outlet in Nha Trang, Vietnam, lat

The South Korean central bank is expected to hold the country's key rate at the current 1.5 percent in its upcoming monetary policy meeting amid rising uncertainties at home and abroad, market insiders said Wednesday.The Korea Financial Investment Association (KoFIA) said that in its latest poll

The so-called stewardship code for institutional investors has led to positive effects in foreign countries, including a boost in shareholder interests, the welfare ministry and the state pension operator said Wednesday.South Korea's National Pension Service (NPS) is seeking to adopt the steward

South Korea's corporate watchdog said Sunday that it has levied a total of 20 billion won (US$17.9 million) in fines on seven water-related engineering firms for cartel-like activities. The Fair Trade Commission (FTC) said Water Resources Engineering Corp. and six other firms colluded fo

Samsung Electronics Co. said Friday its second-quarter operating profit advanced 5.19 percent from a year earlier, but it failed to post record-breaking earnings apparently due to weaker-than-expected smartphone sales.Operating profit for the three-month period came to 14.8 trillion won (US$13.2 bil

Employees at Asiana Airlines Inc. gathered in central Seoul late Friday to stage a candlelight vigil denouncing the firm's top management for massive in-flight meal service disruptions that resulted in the suicide of the head of a caterer's supplier.The latest rally follows two similar demon

South Korea's consumer price growth continued to stay above 1 percent in June on a rise of agricultural goods and the service sector, government data showed Tuesday.The country's consumer price index climbed 1.5 percent last month from a year earlier, the same pace from the previous month

Companies in all business sectors will be allowed to use their movable assets as collateral for loans from late August, an industry association of banks said Friday, in the latest effort to help smaller firms secure funds.The Korea Federation of Banks said it revised its guidelines on movable assets

South Korea ranked 49th among 114 countries in its shift from fossil fuels to sustainable clean energy, a recent report by the World Economic Forum (WEF) showed Thursday.South Korea scored 56 points out of 100 in the Energy Transition Index (ETI), the WEF's energy benchmark based on energy secur

South Korea's consumer confidence dropped sharply to a 14-month low for June as sluggish job data and an intensifying U.S.-China trade row discouraged people here, central bank data showed Tuesday.The composite consumer sentiment index (CCSI) for this month stood at 105.5, down 2.4 points from t

Hyundai Rotem Co., a railway systems affiliate of Hyundai Motor Group, said Tuesday it has received a 542.4 billion won (US$486 million) order to build 80 train cars in Taiwan. The subway train cars equipped with an unmanned operating system will be produced at Hyundai Rotem's plant in S

candidate for the position of new chairman to lead the world's fifth-biggest steelmaker, an official said Saturday.The steelmaker's board of directors made the decision earlier in the day, POSCO spokesman Kang Min-suk said.Choi is subject to approval at an extraordinary shareholders' mee

South Korean shares are expected to remain in a relatively tight range next week as investors take to the sidelines amid global trade tensions, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,357.22 points on Friday, down from 2,404.04 points a week earlier

South Korea's exports engine is sputtering out, as signaled by an increasing number of companies with slim profits and growing global trade protectionism, a report from a local economic research agency said Wednesday.The report from the Korea Economic Research Institute (KERI) cited five signs t

Local banks are increasing their assets mostly through loans, especially those to households that are home-collateralized, an analysis report from the Financial Supervisory Service (FSS) said Tuesday.The report, which tracks asset management by banks since the global financial crisis of 2008, said t