Most Popular
-
1
Yoon vetoes bill for special probe into young Marine's death
-
2
SNU alums nabbed for digital sex crimes
-
3
Dog days are over? Popular dog trainer embroiled in workplace bullying dispute
-
4
[Exclusive] LACMA admits it needs further research on donated Korean paintings
-
5
AI Seoul Summit adopts declaration on safe, innovative, inclusive AI
-
6
[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
-
7
Samsung replaces semiconductor chief amid heightened AI race
-
8
Russia likely offering N. Korea technology aid to expand threats to US, others: Pentagon official
-
9
[Up close in Yeouido] Trump hinting at US troop removal in South Korea ‘election-time talk’
-
10
[Bridge to Africa] Africa-Korea partnership: Why it matters for future
-
Korea’s fiscal soundness on shaky ground
Doubts are rising over the government’s assertion that the country’s fiscal soundness can be maintained even if public spending increases at a faster pace than economic growth during President Moon Jae-in’s five-year presidency, which began in May.Such an optimistic view is based on expectations that tax revenues will continue to rise as the Korean economy is put on a path toward recovery. A draft tax code revision, if passed during the ongoing parliamentary session, would incr
Sept. 6, 2017
-
[Monitor] Income gap between single-, doouble-income households narrows
The income gap between single-income and double-income households for the second quarter this year decreased to the narrowest level since the fourth quarter of 2015, data from Statistics Korea showed Wednesday.The decline was attributed to lower quality jobs.Double-income households earned an average of 5.47 million won ($4,830) compared to single-income households’ 3.69 million won.While the overall number employed in the second quarter increased by over 300,000 from the previous year, th
Sept. 6, 2017
-
Tax-to-GDP ratio needs to top 35% by 2060 to meet growing welfare programs: report
South Korea's tax-to-GDP ratio needs to surpass the 35 percent mark by 2060 to meet the government's social welfare-related spending plan, a local think tank said Wednesday.The report by the Korea Economic Research Institute comes as the ruling Democratic Party proposed hiking up tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimated to cost 178 trillion won ($156 billion) over the next five years.It s
Sept. 6, 2017
-
ILO chief urges ‘quick’ resolution on outlawed teachers and civil servants unions
The chief of the International Labor Organization said Wednesday that there is a need to "quickly" address the legal status of South Korea's outlawed teachers and public servants unions, urging the government to work hard to resolve the issue.In a meeting with labor union leaders, Guy Ryder, director-general of the ILO, said South Korea should resolve the legal spat over the progressive unions regardless of the ratification of the ILO's key rights convention by the country.In 2013, the
Sept. 6, 2017
-
Korea to give rice aid to developing nations
South Korea plans to give rice to developing nations after it joins an international food assistance convention as part of its ambition to stabilize the local rice supply and help the needy around the world, the farm ministry said Wednesday. The Ministry of Agriculture, Food and Rural Affairs said it is preparing steps to join the Food Assistance Convention, expecting parliamentary approval for the membership by the end of this year. If approved, the ministry plans to ship about 50,000 tons
Sept. 6, 2017
-
Korea‘s economic recovery remains feeble: KDI
South Korea's economic recovery pace remains weak and feeble due mainly to the prolonged slump in private consumption, a state-run think tank said Wednesday."Signs of a slowdown have stabilized on the production side, but the overall economy is not showing hints of a steady recovery,"the Korea Development Institute said in its monthly evaluation of the country's economic conditions. "The improvement trend in domestic demand appears to be unsteady."Concerns have been rising as
Sept. 6, 2017
-
Japanese tourists to S. Korea feared to dip on NK nuke test
The number of Japanese visitors to South Korea may decrease in the wake of North Korea's latest nuclear test, industry sources said Wednesday.Japanese tourists to Seoul have tended to slip whenever tensions on the Korean Peninsula escalate due to Pyongyang's atomic tests or other geopolitical risks. The isolated North carried out its sixth and most powerful nuclear test on Sunday, drawing strong condemnation from the international community.According to the Korea Tourism Organization, the number
Sept. 6, 2017
-
US lawmakers voice opposition to withdrawal from Korea trade deal
WASHINGTON -- A group of bipartisan US lawmakers on Tuesday voiced opposition to President Donald Trump's plans to weigh a possible withdrawal from the US free trade agreement with South Korea.In a statement, House Ways and Means Committee Chairman Kevin Brady (R-TX), ranking member Richard Neal (D-MA), Senate Finance Committee Chairman Orrin Hatch (R-UT) and ranking member Ron Wyden (D-OR) highlighted the importance of the bilateral deal in the wake of North Korea's latest nuclear test. Py
Sept. 6, 2017
-
Credit finance firms' combined profit falls 7.3% in H1
South Korea's credit finance firms saw their combined net profit fall 7.3 percent on-year for the first half of this year, hit by a rise in loan-loss provisions, data showed Wednesday. The combined net income of 78 credit finance companies was 890.1 billion won ($786.9 million) for the January-June period, compared with 959.7 billion won a year earlier, according to data compiled by the Financial Supervisory Service. The companies include capital financing firms and leasing companies, but e
Sept. 6, 2017
-
KORUS FTA withdrawal may lead to anti-American sentiment: AmCham
Following US President Donald Trump’s statements over the weekend regarding the US’ possible withdrawal from the Korea-US Free Trade Agreement, the American Chamber of Commerce in Korea said it fears the move may lead to anti-American sentiment here. “Termination of the agreement will have a severe damaging effect on the economy, and we are also concerned about a deterioration of the relationship between the US and Korea, leading to anti-American sentiment,” said a press
Sept. 5, 2017
-
Korea-ASEAN FTA support center opens in Jakarta
South Korea has established a support center for businesses operating in Jakarta to serve as a help desk on the bilateral free trade agreement with the Southeast Asian country, the Ministry of Trade, Industry and Energy said Tuesday.The center was set up at the Korea Trade-Investment Promotion Agency office in the capital city of the Association of Southeast Asian Nations member state to mark the 10th anniversary of the open trade deal.South Korea's exports to the 10-member ASEAN nearly doubled
Sept. 5, 2017
-
Tax chiefs of Korea, China discuss ways to bolster cooperation
South Korean and Chinese tax agencies agreed to strengthen two-way cooperation in taxation administration amid the diplomatic row caused by the deployment of US anti-missile system on the Korean Peninsula, the government said Tuesday.South Korea's National Tax Service Commissioner Han Seung-hee held an annual meeting with his Chinese counterpart Wang Jun in Beijing, according to his office.The two tax authorities have held regular talks every year since 1996, four years after the two neighbors n
Sept. 5, 2017
-
Korea further strengthens housing market regulations
The government announced a fresh set of regulations Tuesday to cool down the overheated housing market, a month after adopting strong measures for Seoul and other cities. On Aug. 2, the Ministry of Land, Infrastructure and Transport designated 25 regions in Seoul and two other cities as "overheated speculative districts" to tighten mortgage rules and restrict transactions of new homes. This action is seen to have curbed price hikes over the past month.Under the follow-up measure, the m
Sept. 5, 2017
-
Daily credit card spending in Korea hits record high in H1
Daily credit card spending in South Korea hit a record high in the first half of this year, data showed Tuesday, in the latest sign that plastic has become one of the most favored tools for payment.The amount of transactions processed through credit cards came to 1.76 trillion won ($1.5 billion) a day on average in the January-June period, up 8.3 percent from a year earlier, according to the data compiled by the Bank of Korea. Among them, average daily spending of mobile credit cards came t
Sept. 5, 2017
-
Credit unions see combined profit slightly fall in H1
South Korea's credit unions, or member-owned financial cooperatives, saw their combined net profit fall 1.3 percent on year for the first half of this year, due to a rise in loan-loss provisions, data showed Tuesday. The combined net profit of 2,258 credit unions, including Nonghyup and Suhyup banks, stood at 1.21 trillion won ($1.06 billion) for the January-June period, down 16.1 billion won from a year earlier, according to the data by the Financial Supervisory Service. Their combined loan-los
Sept. 5, 2017
-
Korea‘s current account surplus narrows to $7.26b in July
South Korea's current account surplus narrowed in July from a year earlier due to an increased deficit in the services balance, central bank data showed Tuesday.The country's current account surplus reached $7.26 billion in July, compared with a surplus of $8.41 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents the 65th straight month of the balance being in the black. The current account is the biggest measure of cross-border trade.The BOK at
Sept. 5, 2017
-
Korea's growth ranking among OECD tumbles in Q2
South Korea's economic growth ranking among major advanced and emerging economies plunged 10 spots in the second quarter from three months earlier as its recovery lost ground, data showed Tuesday.Asia's fourth-largest economy expanded 0.6 percent on-quarter in the April-June period, compared with a 1.1 percent expansion for the first quarter, according to the data from the Organization for Economic Cooperation and Development.It was the 18th-highest on-quarter gain among 27 OECD member nations w
Sept. 5, 2017
-
No new import restriction imposed on S. Korea for two months
South Korea has faced no new import restrictions or related investigations by foreign countries for the past two months in a positive sign for the export-driven economy, data showed Tuesday.No South Korean products were subjected to fresh import regulations in the form of anti-dumping duties, countervailing duties, safeguards or a combination of them during the July-August period, according to the data from the Korea International Trade Association .Since reporting zero cases, the number of impo
Sept. 5, 2017
-
Silver bar sales rise 10-fold as middle class join flight to safety
Following North Korea’s nuclear weapons test Sunday, sales of silver bars soared by 10 times on Monday, according to the Korea Gold Exchange.Silver bars are in high demand among middle-class investors seeking an affordable alternative to gold bars as a safety haven currency during times of geopolitical uncertainty.KGE said sales of 1-kilogram gold bars numbered 194 on Monday morning alone, rising sharply from daily sales of 20 on average.A 1-kilogram silver bar was trading at around 840,00
Sept. 4, 2017
-
Trump’s KORUS FTA opt-out a ‘real possibility’: expert
Amid continued ambiguity regarding the fate of the Korea-US Free Trade Agreement, some industry experts are predicting high odds that US President Donald Trump may actually terminate the trade deal, following North Korea’s escalating threats, which are adding tension to the political and economic climate between South Korea and the US. “While some people view Trump’s threats as being bluffs, in my expert opinion, Trump deciding to back out of the Korea-US Free Trade Agreement
Sept. 4, 2017