Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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[Kim Seong-kon] Democracy and the future of South Korea
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Moon vows support for engineers, skilled workers
President Moon Jae-in on Friday promised additional support for engineers and skilled workers, saying the country's success in the fourth industrial revolution depends on them."At every juncture of the country's industrialization and major development in the manufacturing industry, there were skilled workers. Experienced skilled workers led the Republic of Korea to become a power house of technology and manufacturing," the president said.The remarks came in a meeting with the South Kor
Dec. 1, 2017
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Households need to adjust to higher interest rates: BOK chief
South Korea's central bank chief Friday said local households need to adjust themselves to higher interest trends, following the first rate hike in more than six years.The Bank of Korea raised the base rate by a quarter percentage point to 1.5 percent Thursday for the first time since June 2011, citing clear signs of economic recovery and low inflation pressure.Mounting household debt, which surpassed 1,400 trillion won ($1.29 trillion) in September, was also a big mover."Maintaining low ra
Dec. 1, 2017
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Korean economy grows 1.5% on-quarter in Q3: BOK
South Korea's on-quarter economic growth in the July-September period was the fastest in nearly seven years on brisk manufacturing and construction, central bank data showed Friday.The country's gross domestic product expanded 1.5 percent in the third quarter from the previous three months, up 0.1 percentage point from earlier estimates, according to the preliminary data from the Bank of Korea.The on-quarter growth accelerated from a 0.6 percent quarterly expansion three months earlier and marke
Dec. 1, 2017
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Korea's exports up 9.6% in Nov. on memory chips
South Korea's exports rose 9.6 percent in November from a year earlier to mark the 13th consecutive monthly gain, fueled by strong demand for memory chips and machinery, government data showed Friday.Outbound shipments came to $49.67 billion for November, up from $45.3 billion a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service.The total value of exports in the first 11 months of this year hit a record high of $528.4 billion.Expo
Dec. 1, 2017
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[Monitor] South Korea‘s industrial output dips
South Korea’s industrial output dropped in October from the previous month, ending three consecutive months of a rise mainly due to a slump in the auto industry, data by Statistics Korea showed Thursday.Compared to the previous year, industrial output also dipped 5.9 percent as of last month.Production of vehicles dipped 11.3 percent last month from September.Production dropped 1.1 percent on-month in the mining, manufacturing, gas and electricity industries, while the service sector also
Nov. 30, 2017
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BOK hikes key rate for first time in more than 6 years
South Korea’s central bank on Thursday raised the nation’s key interest rate by 25 basis points from a record-low 1.25 percent to 1.5 percent, making the first hike in more than six years.The largely anticipated action, which came in spite of North Korea’s latest military provocation the previous day, signaled an end to years of an easy-money policy and indicated a tightening monetary stance in upcoming years.“The monetary policy board decided to increase the key rate fro
Nov. 30, 2017
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Korea economy expected to grow more than 3% in 2017: BOK
The Bank of Korea forecast Thursday that Asia's fourth-largest economy will likely expand at a faster pace than its earlier growth target of 3 percent this year on a modest upturn in global trade and domestic demand."The near-term growth rate is likely to be slightly higher than that forecast in October, supported by sustained trends of moderate improvements in both consumption and facilities investment, while exports also picked up, fueled by the global economic recovery," the central
Nov. 30, 2017
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Korea to hold 2nd public hearing on KORUS FTA
South Korea will hold a second public hearing on the free trade agreement with the United States, the trade ministry said Thursday, after the first gathering was disrupted by angry farmers and livestock breeders.The Ministry of Trade, Industry and Energy will host the public hearing on Friday at the Convention and Exhibition Center in southern Seoul. Policymakers, trade experts and citizens will take part in the talks to discuss issues related to the five-year-old deal. The ministry last w
Nov. 30, 2017
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[Breaking] BOK hikes key rate by 0.25% point for first time in more than 6 yrs
South Korea's central bank on Thursday raised the key rate by a quarter percentage point for the first time in more than six years amid clear signs of an economic recovery.In a widely expected move, the monetary policy board of the Bank of Korea voted to increase the base rate to 1.5 percent from a record low of 1.25 percent, ending 16 straight months of its wait-and-see stance after the last rate cut made in June last year.It also marked the BOK's first monetary tightening action since June 201
Nov. 30, 2017
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NK's missile launch to have limited impact on financial market: Seoul
South Korea’s top financial policymaker said Wednesday that North Korea’s latest missile launch is expected to have limited impact on the nation’s financial market, but vowed swift actions if necessary.“I expect that North Korea’s provocations will not have a great impact on the domestic financial market,” Deputy Prime Minister and Finance Minister Kim Dong-yeon said in a meeting with economic-related ministers at Seoul Government Complex.“But we will ke
Nov. 29, 2017
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FTC head highlights market stability, drive for transparency to assure foreign businesses
The head of the nation’s antitrust watchdog, Kim Sang-jo, assured foreign businesses here that he is confident the South Korean market will remain strong despite concerns over North Korea’s latest missile launch Wednesday. The chairman of the Korea Fair Trade Commission also said his organization is devoted to increasing transparency to raise the market’s credibility for foreign businesses operating here. “When looking at the stock market conditions and economic outlook,
Nov. 29, 2017
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Korean biz leaders meet Sri Lanka president in Seoul
South Korean business leaders met with the president of Sri Lanka on Wednesday to seek cooperation in expanding their presence in the South Asian market, a local corporate lobby said.Sri Lankan President Maithripala Sirisena attended a luncheon meeting in downtown Seoul with a group of Korean entrepreneurs who operate businesses in the South Asian country or plan to make forays into the region. "Many South Korean businesspeople are interested in Sri Lanka as part of a South Asian trio
Nov. 29, 2017
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Korea seeks to expand free trade networks
South Korea needs a balanced and sophisticated strategy to cope with efforts by China and Japan to take the lead in building a free trade framework for Asia and the Pacific amid the US’ strengthening protectionism, experts here say.At a summit in Manila earlier this month, the leaders of 16 countries involved in talks on launching the China-led Regional Comprehensive Economic Partnership agreed to complete the negotiating process by the end of 2018.RCEP encompasses the 10-member Associatio
Nov. 29, 2017
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Korea to provide 1 million homes for young people, underprivileged
The Korean government will provide 1 million homes as part of its "housing welfare" road map for young people, newlyweds, the elderly and the underprivileged, the infrastructure ministry said Wednesday. The Moon Jae-in government, which seeks a paradigm shift from a provider-oriented housing market to one that focuses on the needs of homebuyers, announced the housing road map to give customized support for people in different stages of life, according to the Ministry of Land, Infrastru
Nov. 29, 2017
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Korean economy to grow 3% in 2018: think tank
South Korea's economy is forecast to continue to expand 3 percent on-year in 2018 on growing exports, investment and private consumption, a private think tank said Wednesday.Asia's fourth-largest economy is likely to achieve the growth rate in the coming year following a 3.2 percent on-year expansion this year, according to the Woori Finance Research Institute affiliated with Woori Bank."Private consumption is expected to be better in 2018 than this year, and growth of exports and investmen
Nov. 29, 2017
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Biz sentiment gap widens between conglomerates and SMEs: data
The business sentiment gap between conglomerates and smaller firms has widened, suggesting recent signals for economic recovery were mostly limited to the market’s upper clusters, data showed Tuesday. The business survey index of domestic companies for December stood at 80, up two points from the previous month, according to the central Bank of Korea. The given figure for manufacturing firms was 83, also up two points from a month earlier.A BSI figure below 100 indicates an overruling
Nov. 28, 2017
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China partly lifts bans on Korean trips
BEIJING/SHANGHAI/SEOUL -- China's tourism authorities decided Tuesday to partially lift its bans on group tours to South Korea, sources said, as Seoul and Beijing move to repair bilateral relations badly frayed by the deployment of a US defense system in South Korea. At meetings earlier in the day, China's National Tourism Administration made a decision to allow offline tourist agencies in Beijing and Shandong Province to sell package tours to South Korea, the industry sources said. "
Nov. 28, 2017
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Biz community expecting largest-ever delegation to accompany Moon to China
Business associations said Tuesday they are expecting the biggest economic delegation so far to accompany President Moon Jae-in on his China trip next month.The Korea Chamber of Commerce and Industry and the Korea International Trade Association opened their websites to accept applications from companies who want to join the delegation. This was a change in practice for the KCCI, which usually conducts the process through separate contacts.The application period ended Monday.Moon is scheduled to
Nov. 28, 2017
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Income of one-person households falls 3.5% in Q3
South Korea's single-person households saw their income drop at the fastest clip in about four years in the third quarter due to the country's rapid population aging, government data showed Tuesday.The average income of such households stood at 1.68 million won ($1,540) in the July-September period, down 3.51 percent from the same period a year earlier, according to the data from Statistics Korea.It marks the biggest on-year drop since the 3.54 percent decline during the fourth quarter of 2015.
Nov. 28, 2017
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Real household income on the decline
Recent data showing a continuous decrease in Korea’s real household income has strengthened calls for balancing the Moon Jae-in administration’s income-led growth policy with regulatory and labor reforms to help create more jobs.The average monthly income earned by households with two and more members across the country stood at 4.53 million won ($4,165) in the July-September period this year, up 2.1 percent from a year earlier on nominal terms.Adjusted for inflation, however, the fi
Nov. 27, 2017