Most Popular
-
1
Contentious grain bill put directly to plenary meeting for vote
-
2
Yoon's approval rating plunges to all-time low
-
3
Will tug-of-war between doctors, government end soon?
-
4
Climate impacts set to cut 2050 global GDP by nearly a fifth
-
5
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
6
[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
-
7
North Korea removes streetlights along cross-border roads with South
-
8
Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
-
9
S. Korea votes in favor of Palestinian bid for UN membership
-
10
Farming households dip below 1m for first time in 2023
-
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
-
Overreliance on semiconductor sector causes concern
The booming semiconductor sector has veiled the sagging vitality of other major manufacturing industries in Korea, analysts say.The high performance of two local chipmakers -- Samsung Electronics and SK hynix -- has helped boost the country’s exports and corporate profits as a whole. But the overreliance on them causes concerns over the potential damage the Korean economy will suffer when the boom cycle in global demand for semiconductors ends.The country’s semiconductor exports are
Sept. 27, 2017
-
Seoul Action Plan strives for cleaner, cooler cities via urban forestry
The Asia-Pacific region is home to more than 4 billion people, or roughly 60 percent of the entire world population, and 17 megacities. Although these economic hubs have helped lift millions of people out of poverty, the current era of rapid urbanization is leading to the depletion of natural resources, diminishing water quality, increased air pollution and adverse climate change effects, according to a report by Asia-Pacific Urban Forestry Meeting. Representatives from 17 countries gathered in
Sept. 27, 2017
-
Korea exports to remain solid in Q4: KOTRA
South Korean exports are expected to remain solid in the fourth quarter despite a slowdown in the pace of growth, the country's trade promotion agency said Wednesday. The leading export index for the October-December quarter stood at 59.7, slowing down from 63.9 in the previous quarter, the Korea Trade-Investment Promotion Agency said in a statement. "KOTRA's leading export index declined as Japanese steel and Chinese petrochemicals buyers plan to reduce their import volumes from South
Sept. 27, 2017
-
Korean households' excess funds shrink in Q2
Excess funds held by South Korean households fell in the second quarter of this year from a quarter earlier on increased purchases of new houses, data showed Wednesday.Surplus funds held by households here, including nonprofit organizations, totaled 10.5 trillion won ($9.2 billion) during the April-June period, compared to 14.1 trillion won in the previous quarter, according to preliminary data from the Bank of Korea.The BOK said the decline is blamed on new home purchases. The number of ho
Sept. 27, 2017
-
Tax office launches second probe to catch tax dodgers
South Korea's tax office said Wednesday that it has launched a second round of investigations on real estate speculators who are suspected of not paying their dues as part of the government's drive to curb price hikes in the local property market.The National Tax Service said it is looking into 302 people who bought and sold lucrative reconstructed apartments in the Gangnam district of Seoul, which has been in the center of the overheated property boom.The agency said it will check all financial
Sept. 27, 2017
-
NTS collects record penalty taxes in 2016
South Korea's national tax office collected a record amount of penalty taxes in 2016 in close cooperation with the intelligence unit of the financial regulator, a lawmaker said Wednesday.Citing data from the National Tax Service, Rep. Park Myung-jae of the main opposition Liberty Korea Party said the tax service collected 2.5 trillion won ($2.2 billion) in back taxes on tips from the Financial Intelligence Unit.The amount was up slightly from the 2.4 trillion won collected the previous year and
Sept. 27, 2017
-
Korea, Japan discuss ways to boost business ties
Business leaders of South Korea and Japan gathered in Seoul on Tuesday to discuss ways to step up collaboration in the technology and energy sectors, as well as in facilitating multilateral free trade with other Asian nations. About 300 businessmen from major companies attended the meeting hosted by the Korea-Japan Economic Association in downtown Seoul to share views on the next technological revolution and other industrial issues. The Korea-Japan Economic Association held its first meetin
Sept. 26, 2017
-
Moon directs officials to develop 'innovation-led' growth strategy
President Moon Jae-in called Tuesday for efforts to craft a new growth strategy based on industrial innovation as one of his administration's key economic policy pillars along with income-led growth and fairness. The new innovation-led growth strategy was first introduced when the president met with US investors and business leaders on the sidelines of the United Nations General Assembly in New York last week."There, I explained that our people-oriented economic policy consisted of three pi
Sept. 26, 2017
-
State insurance to cover more dementia, fertility treatments
South Korea's national health insurance will provide greater coverage for the treatment of infertility and serious dementia starting in October, the health ministry said Tuesday, which is in line with the government's effort to reduce financial burdens on patients.The Ministry of Health and Welfare said the revision to the relevant law was passed during a Cabinet meeting.Under the revision, patients suffering from serious dementia will only be required to pay 10 percent of medical expenses and t
Sept. 26, 2017
-
Korea to ease regulations to make better use of state-owned property
South Korea will ease regulations on leasing state-owned properties to make better use of neglected public assets, the finance ministry said Tuesday.The Cabinet approved a revised law that allows the government to cut rents on its buildings and land that have not been fully utilized for a long time and to extend leasing contracts by up to 20 years, according to the Ministry of Strategy and Finance. Also, the government will be allowed to impose higher fines on those who occupy state-owned l
Sept. 26, 2017
-
S. Korea's commerce minister allays fear over N. Korea
South Korea's commerce minister said Tuesday the nation's economic fundamentals remain sound despite North Korea's provocations, and called on foreign enterprises doing business here to increase their investments. Paik Un-gyu, the chief of the Ministry of Trade, Industry and Energy, said in a meeting with local directors of international companies, including Boeing, 3M, IKEA, BMW and Oracle, that there is no need to be overly worried about Pyongyang's latest provocations. The policymaker then ex
Sept. 26, 2017