Govt. to secure oil supplies from outside Middle East amid possible closure of Hormuz strait

The government said Tuesday it will push for securing oil supplies from outside the Middle East in response to the possible closure of the Strait of Hormuz amid ongoing US and Israeli strikes on Iran, while stressing that South Korea has sufficient oil reserves. The Ministry of Economy and Finance held an emergency response meeting on the Iran conflict with related ministries to assess the impact of the situation on South Korea and discuss a response strategy. The ministry said no safety issues

March 3, 2026

BOK reviews responses to market volatility stemming from Iran situation

The Bank of Korea held a special task force meeting Tuesday to assess the impact of an ongoing Middle East conflict on financial markets and discuss response measures against possible market volatility. During the meeting presided over by BOK Gov. Rhee Chang-yong, officials discussed the impact of the joint attack by the United States and Israel on Iran over the weekend on domestic and global markets and the economy, with a focus on response plans under various scenarios, according to the centra

March 3, 2026

South Korean economy braces for Middle East fallout, banks step in

South Korea’s financial sector is preparing for potential fallout from escalating conflict in the Middle East, with major banking groups rolling out emergency support programs for companies exposed to rising geopolitical risks while authorities step up monitoring of financial markets. Hana Financial Group said Monday it will provide a 12 trillion won ($8.2 billion) financial support package through Hana Bank for companies vulnerable to disruptions linked to the conflict, including emergency liqu

March 2, 2026

Coupang posts record sales despite data breach; founder apologizes in person

US-listed e-commerce giant Coupang Inc. on Friday reported its annual sales climbed to a record high last year, despite a massive data breach, while its founder delivered a public apology for the first time in person. Annual sales came to 49.11 trillion won ($34.3 billion) in 2025, spiking 18.9 percent from a year earlier, the company said in a press release. Net income more than tripled to 303 billion won from 94 billion won the previous year, while operating profit surged 12.7 percent on-year

Feb. 27, 2026

Govt. to supply 100,000 tons of rice for price stabilization

The agriculture ministry said Friday it will supply 100,000 tons of rice from its reserves of the staple grain to help stabilize soaring prices sparked by a supply shortage. The decision came as the average retail price of a 20-kilogram bag of rice reached 63,000 won ($44) as of Wednesday, up over 15 percent from a year earlier, according to government data. The Ministry of Agriculture, Food and Rural Affairs said the combined rice inventory held by agricultural cooperatives and rice processing

Feb. 27, 2026

BOK raises S. Korea's 2026 growth forecast to 2% amid robust exports

The South Korean central bank on Thursday raised to 2 percent its growth forecast for the local economy this year, citing strong exports and a recovery in private consumption. The revision by the Bank of Korea represents a 0.2 percentage-point increase from its previous forecast of a 1.8 percent expansion issued in November. The revised outlook aligns with the government's growth forecast, while being slightly more optimistic than the 1.9 percent projections by the International Monetary Fund an

Feb. 26, 2026

BOK keeps key rate unchanged for 6th consecutive meeting amid growth resilience

South Korea's central bank kept its benchmark interest rate steady Thursday, citing stronger-than-expected growth momentum, as it sought to safeguard financial stability amid a weak local currency and an unstable housing market. In a widely expected decision, the Monetary Policy Board of the Bank of Korea held the key rate unchanged at 2.5 percent in its latest rate-setting meeting in Seoul. It marked the sixth consecutive on-hold decision, even as the central bank remains in an easing cycle. Si

Feb. 26, 2026

Govt. to prevent importers from exploiting tariff-rate quota system

The government on Thursday announced a set of measures to improve the country's tariff-rate quota system, including steps to prevent unfair practices by importers exploiting it. The measures were unveiled during a ministerial-level task force meeting on stabilizing consumer prices, particularly those affecting people's livelihoods. The meeting was chaired by Finance Minister Koo Yun-cheol. The tariff-rate quota system allows certain volumes of imports to receive lower tariff rates within a speci

Feb. 26, 2026

FSS chief urges foreign financial companies to join efforts to invigorate market

The chief of South Korea's financial watchdog said Wednesday that foreign financial companies operating here are urged to support efforts to vitalize the local financial markets. In a meeting with the heads of 10 foreign financial firms here, Lee Chan-jin, governor of the Financial Supervisory Service, said the local stock market is experiencing a historic bull run, which has been backed by policy initiatives and the market's potential. The country's stock index briefly topped the 6,000-point le

Feb. 25, 2026

Gov't devises 2.1 tln-won support package for petrochemical restructuring

The government announced Wednesday a 2.1 trillion-won ($1.45 billion) financial package to support the restructuring project of Lotte Chemical Corp. and HD Hyundai Chemical at the Daesan industrial complex, the first authorized project of a broader self-rescue plan of the ailing petrochemical sector. The two companies finalized their restructuring plan last year, under which Lotte Chemical will spin off its naphtha cracking center at the Daesan petrochemical complex in Seosan, about 100 kilomete

Feb. 25, 2026

Producer prices rise for 5th consecutive month in Jan. on high chip prices: BOK

South Korea's producer prices rose for a fifth consecutive month in January, driven by a marked increase in semiconductor prices and higher agricultural costs, central bank data showed Tuesday. The producer price index , a key gauge of future consumer inflation, climbed 0.6 percent from a month earlier to 122.50 in January, accelerating from a 0.4 percent rise in December, according to the preliminary data from the Bank of Korea. The index has increased steadily since September, rising 0.4 perce

Feb. 24, 2026

S. Korea signs document confirming govt. support for Canadian submarine bid

South Korean ministries and defense firms on Friday signed an official document confirming the government's support for efforts to win a major Canadian submarine procurement project, officials said. The move came as South Korea seeks to clinch the Canadian Patrol Submarine Project, valued at around 60 trillion won ($41 billion), to supply up to 12 3,000-ton class naval submarines to Ottawa, with the deadline for the proposal set for early March. Relevant government ministries, including the defe

Feb. 20, 2026

S. Korea hosts conference to explore expanded cooperation with India in AI, supply chains

The government hosted a South Korea-India economic cooperation conference Friday to explore ways to expand cooperation between the two countries in advanced industries, such as artificial intelligence and supply chains, the industry ministry said. The conference, organized by the Ministry of Trade, Industry and Resources, brought together some 200 government and business officials from the two sides, including Korean Trade Minister Yeo Han-koo, Indian Ambassador to Korea Gourangalal Das and Shri

Feb. 20, 2026

Samsung's upcoming Galaxy S26 expected to see first price hike in 3 years

Samsung Electronics Co.'s upcoming Galaxy smartphone is expected to see its first price increase since 2023, industry watchers said Wednesday, amid a global rise in memory chip prices fueled by the artificial intelligence boom. The South Korean tech giant plans to host the Galaxy Unpacked 2026 event in San Francisco on Feb. 25 under the theme "The Next AI Phone Makes Your Life Easier," where the company is widely expected to unveil the Galaxy S26, the latest in its flagship lineup. Samsung Elect

Feb. 18, 2026

S. Korea seeks to form working-level team for preliminary review of US investment projects

South Korea is preparing to form a team of working-level specialists to back a newly launched government committee tasked with the preliminary review of potential investment projects in the United States as part of a trade deal between the two countries, trade authorities said Sunday. The move comes shortly after the Korea-US strategic investment memorandum of understanding implementation committee held its inaugural meeting Friday to explore potential projects, as the National Assembly also see

Feb. 15, 2026