Six councilors of disbanded party lose seats

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Park calls for reform of labor market

President Park Geun-hye called Monday for reform of South Korea's rigid labor market, setting the stage for confrontation with labor unions that oppose measures that would make it easier to adjust wages and work schedules.She asked labor and management to make concessions in ongoing discus...

Updated : 2014.12.22 13:33

S. Korea, New Zealand initial bilateral FTA

South Korea and New Zealand on Monday initialed their free trade agreement (FTA), concluded last month, that will eliminate import tariffs on more than 90 percent of goods traded between them.The FTA was initialed in Wellington by South Korean Deputy Trade Minister Choi Kyong-lim and New Z...

Updated : 2014.12.22 11:16

2015 economic policy-gist

The following are key economic policy plans unveiled by the finance ministry Monday for 2015. The measures are centered on pushing forward structural reforms to improve the country's economic health and risk management.Economic forecasts - Annual growth forecast downgraded from 4 percent ...

Updated : 2014.12.22 10:12

Korea to push reforms to boost growth

South Korea will stick to its expansionary macroeconomic policy and carry out wide-ranging structural reforms as it tries to improve its national competitiveness and fuel growth amid persistent market...

Updated : 2014.12.22 10:08

Prices of oil imports fall to near 4-year low

South Korea's oil import prices are estimated to have fallen to their lowest in nearly four years last month as international prices plummeted, the Korea National Oil Corporation (KNOC) said Sunday.South Korea brought in 74.47 million barrels of crude oil in October at an average of $93.75...

Updated : 2014.12.21 09:47

BOK policy board member stresses household debt risk

A central bank policy board member on Friday stressed the need for a soft landing of the country's household debt, citing it as one of the economy's weakest spots.   "The household debt issue has mounted for decades. While it was not a problem when the property market was booming, situa...

Updated : 2014.12.19 15:41

Finance minister pledges structural reforms next year

Finance Minister Choi Kyung-hwan said Friday that the government will focus on structural reforms in key economic sectors next year to improve the fundamentals of the South Korean economy and revive the nation's growth potential.   "The government will increase the efficiency of the pub...

Updated : 2014.12.19 11:40

Exports of semiconductors reach record high

South Korea’s exports of semiconductors have reached a new annual high, exceeding $60 billion for the first time, the government said Thursday.“Outbound shipments of semiconductors reached over $60 billion as of today, making them the only item worth more than $60 billion in annual expor...

Updated : 2014.12.18 21:00

Korea-China FTA to create $28bn worth of economic benefits: Citibank

Citibank Korea chief economist Chang Jae-chul (Citibank)A free trade deal between South Korea and China is expected to yield about $28.6 billion (30 trillion won) worth of economic benefit in the next...

Updated : 2014.12.18 19:19

Seoul shares slip 0.21% on Russia, oil woes

South Korean stocks ended 0.21 percent lower Wednesday as investors stepped to the sidelines amid worries over weakening oil prices and financial instability in Russia while waiting for the results of a Fed policy meeting, analysts said. The local currency fell against the U.S. dollar.Afte...

Updated : 2014.12.17 20:56

Producer prices slump to 4-year low in November

Producer prices in South Korea plunged to a near four-year low in November due to a continued fall in global oil prices, central bank data showed Wednesday.The producer price index, a barometer of future consumer inflation, reached 104.14 in November, down 0.9 percent from the previous yea...

Updated : 2014.12.17 20:55

Korea-Vietnam trade volume to break record

The amount of trade between South Korea and Vietnam this year is forecast to top 30 billion won ($27.67 million) to reach an all-time high, data showed Wednesday, raising anticipation of further expansion once the recently agreed bilateral free trade pact goes into effect.Trade volume betw...

Updated : 2014.12.17 20:54

S. Korea monitors Russia risk but banks report minor exposure

South Korea said Wednesday it was closely watching for any fallout from the Russian risk sparked by the falling ruble and oil prices, while banks reported a safe level of market exposure.   Local banks and non-bank institutions' exposure to Russia stood at US$1.36 billion as of Septembe...

Updated : 2014.12.17 12:26

Some 42 tln won of mortgage loans to mature next year as household debt fears grow

Some 42 trillion won (US$38.8 billion) in short-term mortgage loans will mature next year, data from financial regulators showed Wednesday, raising concerns amid soaring household debts and no sure signs of the real estate market picking up.   Out of 337.7 trillion won in mortgage loans...

Updated : 2014.12.17 10:42

[Graphic News] Korea’s gross national income up by 30,000-fold

South Korea’s nominal gross national income has increased about 30,000-fold in 60 years from 48.3 billion won ($44 million) to 1,441 trillion won, according to the adjusted national accounts released...

Updated : 2014.12.16 21:36