Most Popular
-
1
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
2
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
3
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
4
DP leader says he will meet Yoon without conditions
-
5
First-ever meeting of president, opposition chief set to finally happen
-
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
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
10
Ship linked to NK arms shipments to Russia is moored in China: State Dept.
-
Restrictions drive borrowers from mortgage to credit loans: data
In the wake of the Moon Jae-in government’s reinforced restrictions on housing loans, the increase in mortgage loans has slowed down while credit loans made a record leap in August, data showed Tuesday.According to the Bank of Korea’s monthly data on financial market trends, the balance for household loans stood at 744.2 trillion ($658.4 billion) as of the end of August, up 6.5 trillion won from the previous month.The on-month increase was down 200 billion won from that of July and d
Sept. 12, 2017
-
Korea has no plan to raise ownership tax: finance minister
South Korea's top economic policymaker said Tuesday that he has no immediate plan to raise property ownership tax as a tool to cool down the speculative movement in the local real estate market.The government earlier announced a series of strong measures to curb price hikes in the capital city and its surrounding areas. It designated Seoul and other cities, including the administrative city of Sejong, as "overheated speculative districts" to tighten mortgage rules and restrict transact
Sept. 12, 2017
-
[Monitor] South Korea’s family benefits spending still low
Although the South Korean government has poured in some 100 trillion won ($88.4 billion)88,449,000,000) over the past 10 years to solve the low birthrate issue, the country’s spending on family benefits still remained among the lowest of the members of the Organization for Economic Cooperation and Development.The Korea Institute for Health and Social Affairs said in a recent report that the country’s family benefits spending as a percentage of gross domestic product reached 1.13 perc
Sept. 12, 2017
-
Korea’s youth labor participation ranks among OECD lowest
The rate of labor force participation for young Koreans last year ranked near the bottom among developed nations, according to the Organization for Economic Cooperation and Development on Tuesday. Data from the OECD showed that the labor force participation rate for Koreans between the ages of 25 and 29 was 76.7 percent last year. The figure ties with Chile for the 31st spot among the OECD’s 35 members. The OECD’s definition of labor force participation rate is calculated by dividin
Sept. 12, 2017
-
Govt. urged to drop scaled-back 2018 infrastructure budget
Major construction bodies in South Korea called on the government Tuesday to withdraw its scaled-back infrastructure budget for 2018, saying it may hurt not only the industry but also the national economy.Announcing its budget request late last month, the government said that it will spend 17.7 trillion won ($15.7 billion) on infrastructure projects in the coming year, down a whopping 20 percent from this year."We express serious concern over the drastic cut in next year's infrastructure bu
Sept. 12, 2017
-
Korea's money supply up 5.1% in July: BOK
The money supply in South Korea jumped 5.1 percent in July from a year earlier, the central bank said Tuesday.The nation's M2 totaled 2,472.1 trillion won ($2.18 trillion) in July, compared with 2,352.2 trillion won a year earlier, the Bank of Korea said in a statement. The money supply fell 0.2 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply countin
Sept. 12, 2017
-
Household loans up 9% in August
South Korea's household loans extended by banks rose 9 percent in August from a year earlier due to increased mortgages and other bank loans, central bank data showed Tuesday.Outstanding household loans from lenders came to 744.2 trillion won ($658 billion) as of the end of last month, vis-a-vis 682.4 trillion won from a year earlier, according to the data by the Bank of Korea.Compared with July, the amount rose by 6.5 trillion won. Mortgages climbed 3.1 trillion won on-month to 557.7 trill
Sept. 12, 2017
-
Korea aims to export more than $1b worth of seaweed annually by 2024
South Korea said Tuesday that it aims to export more than $1 billion worth of seaweed products annually by 2024 as part of its effort to diversify its overseas shipment portfolio.According to the report submitted to the Cabinet, the Ministry of Oceans and Fisheries said the country is expected to ship 380,000 tons of dried laver and other seaweed products in 2024, up from the 250,000 tons -- worth $350 million -- sold overseas in 2016.Dried laver, called "gim" in Korean, is usually roa
Sept. 12, 2017
-
Nearly 40% of province-based public agency staff live alone
Nearly 40 percent of workers at public institutions based in provincial cities in South Korea live away from their families, a report said Tuesday, while calling for measures to help more live with their families.A decade ago, South Korea designated 10 "innovation cities" across the nation and relocated the headquarters of 115 public organizations to those cities to promote balanced regional growth.According to the report from the office of Rep. Song Ki-heon of the ruling Democratic Pa
Sept. 12, 2017
-
Korea's tax revenue continues to grow in 2017
South Korea's national tax revenue continued to grow in the first seven months of 2017 amid a steady growth pace of Asia's fourth-largest economy, the finance ministry said Tuesday.The government collected 168.7 trillion won ($149.2 billion) in taxes in the January-July period, up a solid 13.4 trillion won from a year earlier, according to the Ministry of Strategy and Finance.The amount collected is equal to 67.2 percent of this year's tax revenue target of 251.1 trillion won, including some 11
Sept. 12, 2017
-
Korea’s export industry outperforming domestic businesses: BOK
Despite ongoing disparities in Korea’s export market concerning China’s business blackballing tactics and continued ambiguity regarding the Korea-US Free Trade Agreement, the BSI for the export industry reached 84 points last month, according to the Bank of Korea’s Business Survey Index on Monday. The index shows that the export industry outperformed domestic companies by nine points. The BSI is an economic indicator compiled to grasp business conditions for the current month
Sept. 11, 2017
-
S. Korean economic prospects bright despite external challenges: IMF chief
Christine Lagarde, managing director of the International Monetary Fund, on Monday expressed optimism on South Korea’s economy for the upcoming years, despite external challenges including the North Korean military provocations.While assenting to President Moon Jae-in’s economic drive for inclusive growth, the IMF chief also raised some concerns that the nation’s structural reform should take guard against overpacing.“(The IMF) has a good and strong impression on the Kore
Sept. 11, 2017
-
THAAD reprisals undermine China FTA
China has shown no hesitation in disregarding its obligations under the free trade agreement with South Korea to take retaliatory measures against the deployment of a US missile defense system here.This behavior is reinforcing the perception that Beijing cannot be expected to abide by international norms, such as the separation of politics from economic affairs, when it feels the need to advance or defend its interests.China is threatening to intensify retaliation against South Korea after addit
Sept. 11, 2017
-
Moon meets with IMF chief, stresses importance of income-led growth
President Moon Jae-in said Monday he aims to realize "income-led" economic growth that spreads its benefits across all sectors.Moon made the remark as he outlined his economic policy during a meeting with International Monetary Fund Managing Director Christine Lagarde, saying the policy is in line with the IMF's call for a balance between domestic demand and exports, according to spokesman Park Soo-hyun."President Moon Jae-in explained that the South Korean government has made a h
Sept. 11, 2017
-
Korea spending on families among lowest in OECD states: data
South Korea was one of the smallest investors in families among member states of the Organization for Economic Cooperation and Development in 2013, a report showed Monday.The country allocated 1.13 percent of its gross domestic product to family benefits spending, and therefore ranks 32nd among 35 OECD member states surveyed, according to the OECD report.The family benefits cited by the report consist of public money allocated to enhance family units, including financial support that is exclusiv
Sept. 11, 2017
-
IMF chief says Korean economy likely to grow 3% this year
International Monetary Fund chief Christine Lagarde expressed optimism Monday about the future of the South Korean economy as she forecast Asia's fourth-largest economy to grow 3 percent this year.The assessment is in line with South Korea's growth outlook for 2017. In July, South Korea raised its target growth to 3 percent from 2.6 percent, citing export-led growth.She said the South Korean economy could also expand 3 percent growth in 2018."I believe the Korean economy is extremely resili
Sept. 11, 2017
-
Korea advised to limit smoking at public places, cigarette ads: WTO
The World Health Organization has recommended South Korea to adopt more stringent regulations to ban cigarette smoking in public places and restrict tobacco advertising and promotions.The WTO has been issuing the outcome of the MPOWER project assessing the implementation of monitoring, protecting, offering help, warning, enforcing bans and raising taxes every other year to support an anti-tobacco campaign around the world.South Korea was not properly implementing policies on protecting, enforcin
Sept. 11, 2017
-
Korea's exports fall 8.7% in first 10 days of Sept.
South Korea's exports fell 8.7 percent in the first 10 days of this month from a year earlier due to decreased business days, the latest customs data showed Monday.Total outbound shipments reached $12.3 billion from Sept. 1-10, down from $13.5 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service.The drop came as there were seven business days during the 10-day period, compared with the previous year's eight. Exports of semiconductors con
Sept. 11, 2017
-
Korea wage increase rate halved after financial crisis: report
South Korea's wage increase rate has been halved after the 2008 global financial crisis that rocked the country, a market report showed Sunday.The findings released in the Bank of Korea's latest foreign economic focus report showed that average wage gains dropped to 3.4 percent in the 2014-2016 period from 7.3 percent tallied in 2001-2007.It cited a drop in overall labor productivity and general aging of the population as causing the decrease. Data showed that in the wake of the financial crisis
Sept. 10, 2017
-
Asian trade ministers to meet in Korea in Oct. for regional FTA
INCHEON -- Trade ministers of 16 regional countries, including India and China, will meet in South Korea next month to discuss a regional mega free trade agreement, the Incheon Metropolitan City said Sunday. The Regional Comprehensive Economic Partnership is a proposed open trade pact between 10 member states of the Association of Southeast Asian Nations and six other countries with which ASEAN has free trade deals with.If the 16 countries agree to launch the regional FTA, it will form a huge ec
Sept. 10, 2017