Most Popular
-
1
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
2
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
3
DP leader says he will meet Yoon without conditions
-
4
First-ever meeting of president, opposition chief set to finally happen
-
5
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
6
NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
-
7
Experts raise concerns about Japan putting pressure on Naver over Line
-
8
Samsung mobile chief, Google device head meet in Seoul
-
9
More med professors to take day off each week while govt. urges them to stay
-
10
South Korea to launch space security center under spy agency
-
S. Korea, US agree to begin process to amend FTA
South Korea and the United States agreed Wednesday to begin a process to amend their free trade agreement at Washington's request, Seoul's trade ministry said.The agreement was reached during talks in Washington led by South Korean Trade Minister Kim Hyun-chong and US Trade Representative Robert Lighthizer, the ministry said in a statement. "The two sides shared an understanding of the need to amend the free trade agreement to further strengthen the mutual benefits of the Korea-US FTA,"
Oct. 5, 2017
-
Prices of imported food soar over Chuseok
Driven by high demand for overseas products during the long Chuseok holiday, the import prices of certain food items soared, according to data compiled by the Korea Customs Service. According to KCS’ data, import prices of seafood and livestock products, such as US beef, saw a significant spike compared to last year, with the prices of some food items increasing by more than 100 percent. In particular, the import prices of king crab and croaker fish more than doubled in a year, the data sh
Oct. 3, 2017
-
Growth policy refocused as economy weakens
Data released last week pointed to the deepening sluggishness of the Korean economy, strengthening the case for readjusting the new administration’s policy focused on expanding welfare benefits and guaranteeing higher wages and a more secure job status for employees.Retail sales and facility investment fell 1 percent and 0.3 percent, respectively, from a month earlier in August, according to the data from Statistics Korea.Accomplished construction work also recorded an on-month drop of 2 p
Oct. 2, 2017
-
South Korea’s economy faces multiple challenges after Chuseok
South Korea’s hope upon this year’s 10-day Chuseok holiday was that the long break would boost consumption and revive the domestic market momentum, but external risks mean that the nation’s economic prospects for the last quarter of the year remain murky.The foreseeable challenges include the ongoing dissent between Korea and the US over their bilateral trade deal, the imminent expiration of the Korea-China currency swap agreement, and impact on the markets from escalating mili
Oct. 2, 2017
-
More than 10 mln S. Koreans swipe credit cards overseas
More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday.A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a year ago, according to the report by Rep. Park Kwang-on from the ruling Democratic Party. The number of overseas credit card users has been on a steady rise for years: 5.55 million in 2012, 6.36 million in 201
Oct. 2, 2017
-
Rate hike possible, regardless of inflation: BOK chief
South Korea’s central bank suggested that a key interest rate hike is plausible in the near future in step with economic recovery, even if the inflation rate continues to remain slow.“We may consider some adjustment (in the interest rate) without being restrained by (slow) inflation, as long as economic recovery holds out in the midterm flow,” Bank of Korea Gov. Lee Ju-yeol said Friday during a workshop with the press.The central bank’s stance has remained unchanged from
Oct. 1, 2017
-
Korea's exports soar 35% in Sept. reach all-time high
South Korea's exports soared 35 percent to reach an all-time high in September thanks to strong demand for semiconductors and displays, government data showed Sunday.Outbound shipments came to $55.1 billion for the month, up from $40.8 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy, and the Korea Customs Service.The September figure marks the largest monthly total in South Korean history, eclipsing the earlier record of $51.6 billion set
Oct. 1, 2017
-
S. Korean bourse struggles ahead of long Chuseok holiday
South Korea's bourse struggled ahead of this year's long Chuseok holiday as tensions between the United States and North Korea reached new heights causing jitters among investors, observers here said Saturday.According to the Korea Exchange (KRX), the country's KOSPI lost ground for seven straight sessions from Sept. 19 through Wednesday of this week. This is the longest losing streak for the main bourse since Sept. 25-Oct. 6 of 2014, it said. "The loss of momentum caused the KOSPI, which w
Sept. 30, 2017
-
Finance minister expects Oct. economic data to deteriorate due to long holiday
Finance Minister Kim Dong-yeon said Friday he expects exports and other economic data for next month to deteriorate due to the 10-day Chuseok holiday.Kim made the remarks during a meeting with religious leaders earlier in the day. This year's Chuseok, or autumn harvest celebration, which falls next Wednesday, will be longest in decades because of its nearness to two other national holidays. The government even declared next Monday a one-off holiday to bridge the gap between this weekend an
Sept. 29, 2017
-
Korea to ban digital currency offerings
South Korea's financial authorities said Friday they will ban all forms of initial coin offerings, joining a wave of global regulations against the popular fundraising scheme with cryptocurrencies. The decision came after a meeting of senior officials from relevant ministries, led by the Financial Services Commission, the regulator said in a statement. Initial coin offerings allow start-ups or individuals to raise funds by offering cryptocurrencies. It has fueled a surge in values of digital cur
Sept. 29, 2017
-
Retail sales in Korea rise 4.3% in August
Retail sales in South Korea increased 4.3 percent in August from a year earlier, driven by strong sales posted by online malls and convenience stores, government data showed Friday.Sales of 13 major online stores and marketplaces jumped 13.1 percent on-year last month as more people bought airline tickets and travel packages, as well as clothing and fashion items via the Internet, according to the data from the Ministry of Trade, Industry and Energy.In contrast, sales of 13 offline-based retaile
Sept. 29, 2017
-
Korea's current account surplus widens in August
South Korea's current account surplus widened last month from a year earlier thanks to brisk semiconductor exports, central bank data showed Friday.The country's current account surplus reached $6.06 billion in August, compared with a surplus of $5.03 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 66 months in a row. The current account is the biggest measure of cross-border trade. The goods account surplus widened to $9.
Sept. 29, 2017
-
[Monitor] 1 in 5 new businesses opened by young entrepreneurs
One in 5 new businesses that opened last year were owned by young people (classified as those in their late teens, 20s, 30s), data by the National Tax Service showed.The most preferred establishments were mail-order businesses, restaurants and commodities brokerages.A majority, or 56.7 percent, of the young and new business owners were men. But there were more women among new business owners aged 20 and 21. By sustainability, manufacturing businesses had the longest rate of 40.7 percent, followe
Sept. 28, 2017
-
Top tax official attends OECD meeting
South Korea's national tax office said Thursday its chief is attending a meeting of top tax officials from leading industrialized economies on tackling offshore tax evasion.Han Seung-hee, commissioner of the National Tax Service, is now in Oslo to participate in the 11th meeting of tax chiefs from the Organization for Economic Cooperation and Development that kicked off in the Norwegian capital Wednesday for a three-day run.The conference brings together the top tax officials from 35 OECD member
Sept. 28, 2017
-
Korea calls on US to yield more in trade talks
WASHINGTON -- South Korea's trade minister said Wednesday he believes the United States should yield more in talks over their free trade agreement in the face of North Korea's nuclear threat.In a meeting with reporters in Washington, Kim Hyun-chong said the current military tensions with Pyongyang should strengthen, not weaken, Seoul's hand in negotiations over a possible amendment to the agreement known as KORUS."When there is a national security issue, shouldn't the US make more concessio
Sept. 28, 2017
-
Biz sentiment to worsen in Q4 amid N. Korea risks
South Korean manufacturers' business sentiments are expected to worsen in the fourth quarter due mainly to growing North Korea risks, a survey showed Thursday. The business sentiment index, compiled by the Korea Chamber of Commerce and Industry, stood at 85 in the October-December period, down from 94 tallied in the third quarter, maintaining its bearish run for years. The BSI has been under the benchmark 100 point for the past 13 consecutive quarters. The last time the BSI measured above 1
Sept. 28, 2017
-
Korea's consumer prices rise 2.1% in Sept.
South Korea's consumer prices continued their sharp growth in September due to high-flying food prices, government data showed Thursday.The country's consumer price index advanced 2.1 percent this month from a year earlier, decelerating from a more than five-year high of 2.6 percent tallied in the previous month, according to the data compiled by Statistics Korea.The index has stayed over the 2 percent level for three months in a row.Starting a month earlier, the index went up 0.1 percent in Sep
Sept. 28, 2017
-
Govt. to purchase 720,000 tons of rice this year
The government will buy 720,000 tons of rice harvested this year to stabilize domestic market prices amid chronic oversupply of the staple grain, the agriculture ministry said Thursday. The Ministry of Agriculture, Food and Rural Affairs said it will buy 350,000 tons of rice for its reserve and 370,000 tons to help maintain market prices at a certain level.The government increased the amount of rice purchased for the supply adjustment from 299,000 tons in 2016, when rice prices fell to a 21-year
Sept. 28, 2017
-
[Monitor] S. Korea ranks 26th in global competitiveness: WEF report
South Korea’s global ranking in the global competitiveness index remained unchanged at No. 26 this year, held back by challenges in the labor and financial sectors, according to a report by the World Economic Forum.While the macroeconomic environment rose to be the world’s second most competitive, the labor market efficiency and financial market development pillars hung at Nos. 73 and 74 among the 137 subject countries.“Korea is one of the few advanced economies that have exper
Sept. 27, 2017
-
Korea's key rate is below neutral rate: board member
South Korea's key rate is below neutral levels, a monetary board member said Wednesday, in the latest signal that the country's central bank could move to raise interest rates going forward.Shin In-seok, a member of the BOK monetary policy board, made the assessment in a meeting with reporters, noting that the BOK's monetary policy is accommodative.Earlier this month, BOK Deputy Governor Jeon Seung-cheol also made similar comments at an international conference in Seoul. In August, the BOK
Sept. 27, 2017