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October, 26, 2016

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Business > Asia > Korea
South Korea's central bank on Thursday kept the key interest rate unchanged at 2.0 percent for November, as its governor warned over a "worrisome" drop in the Japanese yen and its possible impact on exports.
South Korea's central bank cuts key interest rate to record low
South Korea's central bank lowered its key interest rate to a record low Wednesday as it tries to bolster a fragile economic recovery. The bank also downgraded its growth forecasts for Asia's fourth-largest economy.
The top management of Hyundai Heavy Industries, South Korea's top shipbuilder, on Sunday asked all of its executives except for the chairmen and CEO to file for resignation.
After announcing it would scrap rice import caps from next year, the South Korean government proposed Thursday an initial 513-percent tariff to soften the impact on a crucial domestic market.
Apple's ambitious mobile payment service Apple Pay may need some time to see any success in South Korea's growing mobile payment market due to iPhone's low penetration rate, the difficulty of building partnerships with local firms and security issues. Meanwhile, Kakao, which recently launched its new Kakao Pay is expected to reign for the time being, according to market watchers.
South Korea's unemployment rate inched up in August as agriculture and banking sectors continued shedding jobs, government data showed Friday.
South Korea's central bank kept its benchmark interest rate fixed at 2.25 percent Friday following a cut of 25 basis points in August.
South Korea's Sewol ferry disaster in April is still casting a cloud over the economy, with the effect on consumer spending lasting longer than expected, the central bank said Wednesday.
South Korea's central bank cut interest rates for the first time in 15 months Thursday, under growing government pressure including warnings of recession from the new finance minister.
South Korea's capital Seoul said Monday it planned to ban the smartphone car-hailing service Uber, saying it raised passenger safety issues and threatened the livelihood of licensed taxi drivers.
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