Most Popular
-
1
Yoon’s jailed mother-in-law excluded from latest parole list
-
2
[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
-
3
Korea’s homegrown nanosatellite successfully launches into space
-
4
Nicaragua shuts down Seoul embassy
-
5
Rocket engine expert, ex-NASA exec to lead Korea's new space agency
-
6
SNU profs to suspend treatment for one day
-
7
SK hynix pledges W20tr to ramp up DRAM production at home
-
8
Hybe's multilabel system tested amid conflict with Ador
-
9
Aging population to drive down Korea's housing prices from 2040: experts
-
10
Over-50s, men, single-person households take up majority of those filing for bankruptcy
-
Petroleum exports soar 36% in H1
South Korea's exports of petroleum products and refined oils rose sharply in the first six months of the year on rising crude prices, customs data showed Thursday.A total of $16.69 billion worth of petroleum products were shipped overseas during the January-June period, up 36.1 percent from a year earlier, according to the data by the Korea Customs Service. The volume of such exported goods also rose 1.7 percent to 32.93 million tons over the cited period.Asia's fourth-largest economy saw its en
July 13, 2017
-
BOK holds key rate steady at 1.25% in July
South Korea's central bank on Thursday held its key rate steady for July to support the country's growth. In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the key rate at 1.25 percent, extending its wait-and-see approach for the 13th consecutive month.In June last year, South Korea's central bank made a surprise rate cut, citing a need to stimulate the lackluster economy amid a prolonged economic slowdown. (Yonhap)
July 13, 2017
-
Service sector key to boosting employment
A conspicuous change in the country’s employment structure over the past decade is that the proportion taken up by the service and distribution industries has continued to grow, just as the manufacturing and construction sectors’ share has fallen.A recent study by a local economic research institute, based on data from all listed Korean firms, showed the number of service and distribution jobs rose by 153,000 from 2007 to 2016, expanding their share of total employment by 2.5 percent
July 12, 2017
-
Korea’s weak jobs data continues
The number of newly employed workers in June saw the smallest increase in five months, according to data released by Statistics Korea on Wednesday. Last month, the number of employed people hit 26.86 million. While the figure marks a 301,000 increase compared to a year earlier, it also represents the lowest monthly increase since January’s 243,000. The country’s unemployment rate for June was 3.8 percent, an increase of 0.2 percentage point from the same month last year. The s
July 12, 2017
-
Household debt growth slows in June
South Korea's household debt growth slowed slightly in June, data showed Wednesday, as the government moved to control fresh loans.Household debt rose by 7.8 trillion won ($6.8 billion) last month, down from 11.6 trillion won tallied for the same month last year, according to the data by the Financial Services Commission. In the first half of the year, household debt grew by 40.3 trillion won, compared with an expansion of 50.4 trillion won for the same period in 2016. The country's household de
July 12, 2017
-
Middle-aged Koreans want to work longer for stable livelihoods after retirement: poll
Middle-aged South Koreans want to work longer and believe they need about half of their present salaries to enjoy a stable life after retirement, a local business lobby said Wednesday. In a survey of 1,136 Koreans aged 40 or older, the Federation of Korean Industries' Center for Large and Small Business Cooperation said respondents said they need an average of2.79 million won ($2.43 million) per month and hope to work until the age of 69.4, which is over nine years more than the count
July 12, 2017
-
Effective corporate tax rate remains at around 16% for past 7 years: govt. data
South Korea's effective corporate tax rate has remained at around 16 percent since 2010 due to various deductions and exemptions despite the nominal corporate tax rate marked at 22 percent, government data showed Wednesday.The effective corporate tax rate was 16.6 percent last year, up 0.5 percent from the previous year, according to the figures provided by the National Assembly Budget Office.The figures for last year reflect taxable corporate earnings in the previous year.The latest findings sh
July 12, 2017
-
Korea's ICT exports rise for 8th month in June
South Korean exports of information and communication technology products increased for the eighth consecutive month in June on brisk overseas sales of semiconductors and displays, government data showed Wednesday.A total of $15.9 billion worth of Korean-made ICT products were shipped overseas last month, up 18 percent from a year earlier, according to the data compiled by the Ministry of Science, ICT and Future Planning.June's overseas shipments of ICT products marked a monthly record high for
July 12, 2017
-
Korea to make all-out efforts to deal with external risks: finance minister
South Korea's top economic policy chief said Wednesday that he will make all-out efforts to stave off any fallout from heightening external pressures, such as a potential US rate hike and spreading trade protectionism."We are facing Washington's tightening monetary policy and a trend toward trade protectionism," Finance Minister Kim Dong-yeon said in a policy meeting in Seoul. "We need concerted efforts to deal with such risks."In line with changes, he said the government wil
July 12, 2017
-
Korea's jobless rate rises to 3.8% in June
South Korea's jobless rate edged up in June as the number of newly employed people recorded a five-month low amid a feeble economic recovery, government data showed Wednesday.The unemployment rate stood at 3.8 percent last month, up 0.2 percentage point from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it also rose 0.2 percentage point.The number of employed people reached 26.86 million in June, up 301,000 from a year earlier, marking the
July 12, 2017
-
New Korean govt. to pursue 'good growth': official
South Korea's new government will seek both growth and fairer wealth distribution under the main theme of "good growth," a presidential official said Tuesday, hinting it will also break from the country's longstanding preoccupation with numerical targets."The new government will pursue good growth," the official told reporters, declining to be named. "This means we will no longer follow the pattern of putting forward growth targets and pushing for growth-centric policies
July 12, 2017
-
'Nuclear power plant suspension could bring legal charges’
With Korea Hydro & Nuclear Power’s pending decision to suspend the construction of Shin-Kori No. 5 and 6 nuclear power plants in Ulsan, the plant’s parent company Korea Electric Power Corp. is reviewing whether it could be held legally liable to its shareholders. After taking office in May, President Moon Jae-in decided to temporarily suspend the construction of the Shin-Kori plants as part of his administration’s nuclear-free energy policy to reduce the country&rsqu
July 11, 2017
-
State audit agency asks for probe over duty-free licensing
South Korea's state audit agency on Tuesday requested that the prosecution probe the customs service over a suspected illicit selection of duty-free operators in 2015. The Board of Audit and Inspection raised suspicions that the Korea Customs Service arbitrarily applied rules to eliminate Hotel Lotte from receiving a license to run a duty-free store in Seoul in its July and November biddings. It also accused the KCS of later creating additional slots in breach of regulations to help the du
July 11, 2017
-
Korea's exports shot up 38.5% in first 10 days of July
South Korea's exports shot up nearly 40 percent in the first 10 days of this month from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Tuesday.Total outbound shipments reached $14.3 billion from July 1-10, up 38.5 percent from $10.3 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service.The sharp increase was led by a 574.4 percent on-year surge in exports of vessels and a 50.4 percent gain in chips,
July 11, 2017
-
Korea's exports, investment up, consumption down
The South Korean economy is experiencing a feeble recovery as brisk exports and investment were offset by flaccid private consumption and weak service sector growth, a government report said Tuesday."On the back of an upturn in global trade, upbeat exports and investment pushed up the South Korean economy to a large extent, while domestic demand remained weak due to sluggish private consumption and service sector output," the finance ministry said in its monthly economy assessment repo
July 11, 2017
-
Egg prices still flying high despite imports
Local egg prices still are high despite the arrival of eggs imported from Thailand following the latest outbreak of bird flu, data showed Tuesday.The Korea Agro-Fisheries & Food Trade said a carton of 30 eggs was priced at an average 7,969 won ($6.94) as of Monday, up slightly from last month. According to the Ministry of Agriculture, Food and Rural Affairs, 970,000 eggs imported from the Southeast Asian country arrived in South Korea via ship last week. The government has been dealing with
July 11, 2017
-
Korea sees widening investment imbalance
Korea has seen foreign direct investment slump and investments by local companies abroad balloon over the past few years.According to data from the Ministry of Trade, Industry and Energy, Korean firms’ investments overseas amounted to $276.1 billion for a decade through 2016, nearly tripling $94.7 billion invested by foreign businesses in the nation over the same period.Last year alone, Korean companies invested $35.2 billion abroad, up 14.2 percent from the year before, strengthening effo
July 10, 2017
-
Car insurance premiums to be adjusted differently depending on fault
Drivers who are less at fault for a car accident, will pay lower auto insurance premiums in a change from the current system, the financial regulator said Monday. The change, which will go into effect from September, is aimed at adjusting the degree of balance between at-fault drivers and those who are much less responsible for an accident after reporting the case to an insurance firm to get compensation. Currently, if a driver is 80 percent responsible for an accident with the other driver bein
July 10, 2017
-
Korea's ETN market sees rapid growth
South Korea's market for a type of unsecured debt security, or exchange traded note, posted rapid growth, thanks to robust demand for risk-hedging investments, the nation's bourse operator said Monday.The market's total value has grown to 3.9 trillion won ($3.3 billion) as of the end of June this year from 466.1 billion won in November 2014.In terms of market value, South Korea's ETN market came second after the United States, which had a value of 16.5 trillion won in its ETN market, the K
July 10, 2017
-
House prices becoming increasingly exorbitant in Korea
Home purchases are becoming increasingly unaffordable and prices and loan interest rates have reached their highest level in four year and three months, the Korea Housing-Finance Corp. announced Monday. In the first quarter of this year, the Korea-Housing Affordability Index rose to 59.3, a 0.4 percentage point increase compared to the previous quarter, according to data. The figure marks the highest average rate in more than four years since reaching 59.9 in the fourth quarter of 2012. The K-
July 10, 2017