Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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US Congress asks USTR for consultation in amending FTA with Korea
The US Congress has called on the United States Trade Representative to arrange for a consultation meeting in regards to any amendments to the free trade pact with South Korea, Seoul's trade promotion agency said Tuesday. Four leaders of the Senate and House of Representatives sent a letter to the US Trade Representative Robert E. Lighthizer, urging the office to "consult closely with Congress before meeting with South Korea and throughout its discussions," the Korea International Trad
July 18, 2017
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Minimum wage increase to raise pay for foreign workers by W1.75tr
The approved minimum wage increase next year will incur 1.75 trillion won ($1.55 billion) in additional pay for small and medium-sized enterprises that hire foreign workers, a local business association said Tuesday.Some 269,000 foreigners were working an average of 209 hours per month at local companies as of May this year. The hike in minimum wage will raise their monthly pay by 332,891 won, which covers basic pay, overtime and employee insurance, according to the Korea Federation of SMEs.&nbs
July 18, 2017
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Number of child rearing-related economically inactive people hit record low levels
The number of child rearing-related economically inactive South Koreans fell to a record low level this year amid the country's chronic low birthrate, government data showed Tuesday. Economically inactive people refer to those who are unemployed and not looking for jobs. They include those who have intentionally given up seeking jobs or are engaged in educational pursuits. According to the data provided by Statistics Korea, the number of economically inactive people aged over 15 stood at 1
July 18, 2017
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Korea could file suit with WTO against US protectionist measures: minister nominee
South Korea's trade minister nominee said Monday that he does not rule out the possibility of filing a complaint with the World Trade Organization (WTO) over US protectionist measures.Paik Un-gyu said the US has slapped excessive anti-dumping and countervailing duties on South Korean steel products at a time when they are neither being dumped nor benefiting from government subsidies.He outlined his views in a written answer to a question raised by an opposition lawmaker ahead of a parliamentary
July 17, 2017
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Korea’s growth potential plummeting
Bank of Korea’s upward revision last week of its 2017 growth forecast for the Korean economy was overshadowed by its gloomier estimate of the growth potential of Asia’s fourth-largest economy.The central bank revised up its growth outlook for this year to 2.8 percent from the 2.6 percent estimate in April. It cited a rise in exports and facility investment, which is expected to be coupled with a gradual improvement in private consumption in the second half of the year.In a move that
July 17, 2017
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[Monitor] Korea’s new power supply plan amibitious
According to a report on the new government’s new energy supply plan submitted to Rep. Choi Yeon-hye of the Liberty Korea Party, Korea’s target is similar to those of major countries and regions. But careful consideration of the effectiveness of the plan is needed considering the limited land space, a key factor in expanding sunlight and wind power generation, and the nation’s high reliance on energy imports, the lawmaker said.
July 17, 2017
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Semiconductor export prices hit 30-month high
Korea’s export price index of semiconductors hit 48.79 last month, reaching the highest in more than two years, according to the Bank of Korea on Monday. Last month’s price index of semiconductors was a 14.2 percent increase compared to December last year and marked the highest since December 2014 when it stood at 49.05. According to the BOK, the price hike is attributed to global rising demand for Korean chips. Exports of flash memory chips, widely used in smartphones, increased by
July 17, 2017
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Seoulites’ daily work commute exceeds 2 hours
It takes the average Korean worker more than 100 minutes to commute to and from work every day, according to data from Job Korea, an internet employment site, on Monday. For Seoul residents, the average daily commute was 2 hours and 15 minutes. Job Korea surveyed 820 men and women and found that the average worker spent 101.1 minutes commuting to and from work. Those surveyed said their commute to work takes roughly 48.1 minutes, while heading home from work takes 53 minutes. The survey also sh
July 17, 2017
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Data indicate tariff elimination doesn't account for increased Korean car exports to US
South Korea's car exports to the United States have declined, rather than increased, after the two countries abolished import taxes last year as part of their free trade agreement, data showed Sunday. The Korea Automobile Manufacturers Association published the analysis that rebuts a widespread belief in the US that lower tariffs increased Korean car sales in the country. It underlies the recent US calls for amendments to their five-year-old FTA. Korea's car exports to the US have increase
July 16, 2017
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BOK eyes slowdown in 2018 facility investment
Growth of South Korea's corporate capital expenditures is expected to lose steam sharply in 2018 due to this year's big investments by major companies, the central bank said Sunday.Corporate investment in new plants and equipment is projected to expand 3 percent next year, compared to an estimated 9.5 percent surge for this year, according to the Bank of Korea.In its latest economic outlook released Thursday, the central bank said the country's capital expenditures probably jumped 14.1 percent i
July 16, 2017
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Retailer confidence remains weak for Q3
A majority of South Korean retailers remain downbeat on their business conditions in the third quarter amid concerns over weak domestic demand and high household debt, a poll showed Sunday. The Korean Chamber of Commerce and Industry said its retail business survey index stood at 91 for the July-September period of the year, up from 90 from three months earlier.The figure is based on a poll of some 1,000 retail businesses in Seoul and six other major cities nationwide. A reading below 100 means
July 16, 2017
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Finance minister vows measures for small businesses over minimum wage hike
South Korea's top economic policy chief said Sunday the government will promptly come up with measures to relieve smaller businesses of the burden from a decision to hike the minimum wage for next year. A panel representing the government, labor and management decided Saturday to raise the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-year increase after a 16.6 percent hike in 2000. "The decision will be a huge momentum for an
July 16, 2017
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BOK expected to freeze key interest rate until mid-2018
South Korea's central bank is expected to maintain its key interest rate at a record low until mid-2018, according to an economist at Goldman Sachs on Saturday, after the Bank of Korea hinted that it may keep a dovish tone. Goldman Sachs economist Kwon Goo-hoon also expected the nation's inflation rate to slow down as prices of raw materials are predicted to fall off. This week, the central bank announced it will keep its policy rates at the present record-low of 1.25 percent for a 13th consecut
July 16, 2017
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Businesses voice concerns over minimum wage hike
South Korea's corporate lobbies on Sunday expressed concerns over a decision to hike the minimum wage for next year, saying it could worsen business conditions and hamper job creation. A panel representing the government, labor and management decided Saturday to increase the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-year increase after a 16.6 percent hike in 2000. "It was a decision that ignored small and mid-sized business
July 16, 2017
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Number of jobless college graduates hits record in Q2
The number of unemployed college graduates in South Korea hit a record in the second quarter amid tightened job markets for young adults, government data showed Saturday.The number of jobless people with a bachelor's degree and above reached 546,000 in the April-June period, up 11.8 percent from a year earlier, according to Statistics Korea.It marked the largest quarterly figure since 1999 when the agency changed its calculation standard for compiling jobless data.Unemployed people mean those wh
July 16, 2017
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Korea preparing for talks to amend FTA with US
South Korea is preparing for upcoming talks to amend a free trade agreement with the United States, officials said Friday.On Wednesday (US time), the US Trade Representative requested that its South Korean counterpart hold a special joint committee to discuss the amendment and modification of the Korea-US FTA, which took effect in 2012.Moreover, US President Donald Trump said on the same day that the two countries have already started renegotiating the FTA, which he called a "horrible deal.
July 14, 2017
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[Monitor] Elderly land more jobs than youths
More seniors found employment youths in the second quarter of this year, representing the shifting demographics in the country, data showed Friday.Statistics Korea said that of those who were in employment between April and June, 4.25 million were aged 60 and over, compared to 4.03 million aged 15-29.The number for over-60s is the highest on record, and takes up 15.9 percent of all employed people.Commenting that higher employment of the elderly cannot be perceived all positive, Statistics Korea
July 14, 2017
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Trump says negotiations already started on 'horrible' free trade
US President Donald Trump has called the free trade agreement with South Korea a "horrible deal," saying that the two have already started renegotiations on it, a transcript of his recent meeting with reporters showed Friday.Trump made the remarks off the record in a conversation on Wednesday (US time) with reporters on an airplane bound for France where he was to hold a summit with French President Emmanuel Macron, but they were later disclosed by the White House."Somebody said,
July 14, 2017
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Korea cautious on US’ request for FTA amendment
The South Korean government on Thursday reacted cautiously to the US’ formal request to hold a joint meeting to revise the Korea-US free trade agreement within the next month, saying the timeline may not be realistically possible and that searching for the real cause of the US’ trade deficit was a priority. The Ministry of Trade, Industry and Energy also said that it would call on its US counterpart to first review the root causes of the trade imbalance between the two countries. Th
July 13, 2017
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[News Focus] Korean auto, steelmakers uneasy over US’ demand for FTA revision
An official demand by US trade representatives to amend a bilateral free trade agreement with South Korea unnerved major exporters here Thursday over the potential impact on their businesses.Cars and steel products made in Korea are expected to be up for discussion first, as US President Donald Trump views the FTA as having benefitted such local companies the most, not those in the US. The US has also been slapping anti-dumping tariffs on Korean steel products, saying their entry into the US mar
July 13, 2017