Seoul shares likely to keep upward march next week

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Korea’s elderly poverty rate tops OECD

South Korea recorded the highest poverty rate for elderly citizens among 34 members of the Organization for Economic Cooperation and Development, a report from the Paris-based organization showed Friday.According to the report, 49.6 percent of senior Koreans aged 65 or more were found to h...

Updated : 2015.05.22 18:30

Monthly household income grows 2.6 pct in Q1

The monthly income of South Korean households increased 2.6 percent on-year in the first quarter thanks to more employment and increased wages, a government report showed Friday.The monthly income of households consisting of two members or more averaged 4.51 million won ($4,131) in the Jan...

Updated : 2015.05.22 13:27

S. Korea, ASEAN to expand customs cooperation to fuel trade

South Korea and the Association of Southeast Asian Nations have agreed to expand customs-related cooperation to fuel trade, the government said Friday.  The Korea Customs Service said the understanding was reached at the 11th annual meeting of South Korea-ASEAN customs chiefs in Brunei o...

Updated : 2015.05.22 10:40

BOK chief voices concern on young unemployment

South Korea's top central banker on Friday raised worries over bleak job market prospects for the younger generation in the coming years as the country is ready to extend the retirement age to 60 next year, echoing recent policy efforts aimed at revving up structural reform.  "Employment...

Updated : 2015.05.22 09:35

Real value of Korean won hits over 7-year high: data

The real value of the South Korean won against other key currencies hit an over seven-year high in April, data showed Thursday, in a negative development for the country's exports.  The real effective exchange rate of the South Korean won stood at 115.34 points last month, the highest le...

Updated : 2015.05.21 09:55

S. Korea, U.S. seek consultation channel on global economic issues

South Korea and the United States are in consultations to create a new diplomatic channel to focus on global economic issues, officials said Wednesday.  "The two sides are in working-level discussions on the need for such a consultation channel," a government official said, asking not to...

Updated : 2015.05.20 16:10

KDI cuts S. Korea's growth forecast to 3 pct

The South Korean economy will likely grow at a slower pace than previously anticipated this year as slumping exports sap its overall recovery, a state-run think tank said Wednesday.  The Korea Development Institute downgraded its growth forecast for Asia's fourth-largest economy to 3 per...

Updated : 2015.05.20 15:45

Finance minister urges quick action on key reforms

South Korea may find itself trailing Japan if it continues to delay key reforms that are critical for long-term economic growth, Seoul's top economic policymaker said Wednesday.  Presiding over a meeting of economy-related ministers in Seoul, Choi Kyung-hwan stressed that the country sho...

Updated : 2015.05.20 15:12

Park renews calls for deregulation

President Park Geun-hye called Wednesday for deregulation to create a dynamic business environment in her latest appeal for cutting red tape.  Park made the comment in a forum organized by a local television broadcaster. High-profile participants in the forum included U.N. Secretary Gene...

Updated : 2015.05.20 10:08

20s, 30s joblessness hits 12-year high

The number of unemployed Koreans in their 20s and 30s who have no previous job experience has reached the highest level in more than 12 years, data showed Tuesday.According to Statistics Korea, the nu...

Updated : 2015.05.19 19:26

Park to help build ecosystem for startups

President Park Geun-hye Tuesday pledged to help build an ecosystem that nurtures startups with creative ideas.    "Creative ideas and imaginative power have become the most important economic elements in creating a new market and jobs as the new era of knowledge information has opened u...

Updated : 2015.05.19 17:26

S. Korea approves $279.5 mln loan for emerging economies

South Korea approved the allocation of $279.5 million in soft loans to support four overseas projects aimed at helping emerging economies build up their infrastructure, the finance ministry said Tuesday.  The loans from the Economic Development Cooperation Fund will be offered to the Sap...

Updated : 2015.05.19 17:22

Finance minister urges companies to create decent jobs

Businesses should take a leading role in supporting sustainable development goals by providing decent jobs, investing in environmental protection and combating corruption, South Korea's top economic policymaker said Tuesday.  Speaking at the Korea Leaders Summit hosted by the United Nati...

Updated : 2015.05.19 10:54

Alibaba launches exclusive Korean sales channel

China’s e-commerce giant Alibaba Group has launched an exclusive sales channel for Korean products on its B2C platform T-mall as part of its expansion of business ties with the Korean government, the...

Updated : 2015.05.18 18:50

POSCO to finalize cooperation deal with Saudi fund

POSCO Co., South Korea's largest steelmaker, likely will sign a comprehensive cooperation deal with South Arabia's sovereign wealth fund next month that includes the sale of a stake in its construction unit, industry sources said Sunday.POSCO was supposed to complete the deal with the Publ...

Updated : 2015.05.17 14:33