The OECD Economic Outlook has predicted Korea’s gross domestic product will grow from 2.6 percent to 2.8 percent in 2018, according to its latest report released Wednesday. The OECD Economic Outlook is the Organization for Economic Cooperation and Development’s twice-yearly analysis of major economic trends and prospects. “GDP growth declined in the latter part of 2016 in the context of politic...

South Korean stocks closed lower Wednesday as investors were taking a wait-and-see approach over global events, including the general election in Britain, analysts said. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 8.48 points, or 0.36 percent, to 2,360.14. Trade volume was moderate at 370 million shares worth 6 trillion won ($5.33 billion), wit...

Following President Moon Jae-in’s initiative for his 100-day plan for job creation, a recent study argued that the government’s short-term financial support is estimated to be ineffective in the long-run in terms of job retention. The new administration’s job creation plan was established to address and promote job growth as one of the president’s highest priorities in his first 100 days in offi...

At a parliamentary hearing Wednesday, Kim Dong-yeon, nominee for deputy prime minister and finance minister, was under intense scrutiny over his stance that opposition lawmakers claimed would clash with the Moon Jae-in administration’s push for stronger welfare and income-led economic growth. The nominee, who mostly responded with theoretical answers, had served the former conservative Lee Myung...

South Korean asset management firms saw their combined operating profit fall 14.8 percent in the first quarter on decreased commission fee income, data showed Wednesday. The combined operating profits of 175 local fund management firms came to 142.8 billion won ($127.2 million) by the end of March, down 24.9 billion won from the last quarter of 2016, according to data compiled by the Financial S...

Jonggak Station on Seoul’s Subway Line No. 1 got a second name Friday -- Standard Chartered Bank Korea Station -- the bank said Wednesday. Seoul Metro, an operator of eight subway lines in the Seoul metropolitan area, signed a three-year contract with the Seoul-based unit of the international banking giant on May 29, after the bank won a bid on May 19, according to the bank. Platform signs and ...

The new government’s push for a steep increase in the minimum wage has raised concerns that job opportunities for low-income, low-skilled workers will decrease as many small companies and self-employed businesses are forced to close or cut the number of employees. Under a plan announced by a presidential committee on jobs last week, Korea’s hourly minimum wage, which is currently pegged at 6,470...

Foreign investors purchased a net 530 billion won ($474 million) worth of stocks on South Korea's tech-heavy Kosdaq market in May, the most in 13 years, local data showed Wednesday. The amount is the third-largest monthly net buying by offshore investors in the secondary Kosdaq market after 1.01 trillion won tallied in February 2000 and 723.4 billion won in April 2004, the Korea Exchange said. F...

South Korean stocks traded nearly flat late Wednesday morning as major blue chip shares traded mixed amid profit-taking. The benchmark Korea Composite Stock Price Index fell 1.93 points, or 0.08 percent, to 2,366.69 as of 11:20 a.m. Tech giants traded mixed, with top cap Samsung Electronics falling 0.9 percent, while flat panel maker LG Display shot up 2.36 percent. Logistics shares gained gro...

The growth of real income of South Koreans has risen at a slower pace than that of economic growth over the past five years, government data showed Wednesday. The average real income of local businesses with at least five employees was 3.39 million ($3,000) per month last year, up 2.8 percent from a year earlier, according to the data by the Ministry of Strategy and Finance and the Ministry of E...

South Korean stocks opened lower Wednesday as investors continued to take a breather amid the latest growth rally on the main bourse. The benchmark Korea Composite Stock Price Index dipped 8.24 points, or 0.35 percent, to 2,360.38 in the first 15 minutes of trading. Carmakers traded bearish, with Hyundai Motor falling 1.55 percent and its auto parts affiliate Hyundai Mobis decreasing 3.45 perce...

Woori Bank is the oldest firm listed on South Korea’s stock market, data showed Tuesday. Woori Bank, the fourth-largest commercial bank in South Korea in terms of market cap, is 118 years old, according to data from the Financial Supervisory Service and the Korea Securities Depository. The bank was founded in 1899 through financing by a Joseon-era emperor. It was called Daehan Cheon-il Bank the...

The new presidential committee on job creation is set to hold a series of meetings this week with business lobbies representing small and medium-sized enterprises, partly to learn their views on raising the minimum wage, the committee said Tuesday. Starting Thursday, committee officials will meet with representatives from the Korea Federation of Micro Enterprise, Korea Federation of SMEs and man...

Amid increasing income disparity, the Ministry of Strategy and Finance said Tuesday that Korea’s middle class accounted for 65.7 percent of the population last year, a 1.7 percentage point decrease compared to the previous year. Although there is no established international standard in defining the middle class, Korea’s National Statistical Office defines the middle class as 50 to 150 percent o...

Affluent Gangnam, Seocho lead price hikes in Seoul