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June, 28, 2016

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Business > Asia > Korea
S. Korea cuts interest rate before expected amid slow recovery
The Bank of Korea unexpectedly lowered its key interest rate to a record low on Thursday as policymakers worry that corporate restructuring and sluggish global trade will further drag on South Korea's economic recovery.
 
South Korea's economy grew just 0.5 percent in the first quarter, the Bank of Korea said Thursday -- a shade higher than originally estimated but weighed down by an extended export slump.
 
South Korea's central bank on Friday kept its record-low interest rate unchanged for an 11th straight month, despite a slowdown in economic growth.
 
A group of Taiwanese companies are showcasing a wide range of products from fish floss to pearl milk tea and pineapple cakes at this year's Seoul Food exhibition that opened in the Korea International Exhibition Center in Goyang on Tuesday.
 
South Korea on Tuesday cut its outlook for economic growth and inflation this year blaming slumping exports but kept interest rates on hold saying it expected to see a modest pick-up in the second quarter.
 
Ratings agency Moody's on Monday downgraded its outlook for South Korea's banking system from stable to negative, predicting a deterioration in creditworthiness over the next year.
 
Rising N. Korea gas prices put pinch on traffic
Pyongyang drivers are feeling some pain at the pump as rising gas prices put a pinch on what has been major traffic growth over the past few years -- and that might not be good news for the isolated country's shifting domestic economy.
 
A recent survey found that 41 percent of jobs in South Korea are concentrated in Seoul.
 
South Korea's central bank on Thursday kept its key interest rate unchanged at record lows, refusing to cut further as it looks to nurture growth in the anaemic economy while also preventing a flight of capital from the country.
 
Like any other office worker living in Seoul, Kate Lee spends more than an hour commuting to work on public transport every morning. The difference is that her office is located 140 kilometers south of Seoul, in Daejeon city.
 
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