A tectonic shift is unraveling in and around the Korean Peninsula, especially in the wake of rapprochement mood and signs of denuclearization in North Korea, as well as trade war threats in East Asia. But to businessmen here, the looming transformation in the world‘s most secluded state could translate into a change in environment to which they would be forced to adapt. By Son Ji-hyoung ( con...

Investors are keeping close tabs on various scenarios that could potentially lead to a "June crisis" amid key global market-moving and political events, observers here said Thursday. Increased volatility caused by rate hikes in the United States and eurozone risks, among other things, and the subsequent market adjustment are all likely, but it seems far-fetched to translate this as something tha...

The amount of private tuition spent by the highest income group in South Korea is 27 times larger than those spent by the lowest income households, latest data by Statistics Korea showed. Private tuition spending by the fifth income quintile was 242,600 won on monthly average, compared to 8,925 won spent by the first quintile. An income quintile divides the population into five equal income gro...

South Korea's current account surplus contracted to a six-year low in April due to a decrease in the goods account and a sharp rise in dividend payouts, but a turnaround in Chinese visitors helped narrow the deficit in the service sector, central bank data showed Tuesday. The country's current account surplus came to $1.77 billion in April, down from a surplus of $3.67 billion a year ago, accord...

KDI report reflects ministry’s concerns on Cheong Wa Dae’s drastic minimum wage hike initiative

SEJONG -- South Korea and Russia will hold a joint committee meeting to discuss ways to further expand cooperation in such areas as the economy and sciences, Seoul's finance ministry said Monday. During the 17th South Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation meeting slated for Thursday in Seoul, the two countries will discuss a variety of issues, such as...

SEJONG -- South Korea and the Philippines agreed on Monday to further expand their economic cooperation and work together for an early conclusion of a regional economic trade deal, Seoul's finance ministry said. In a meeting with the Philippines' Finance Secretary Carlos Dominguez, South Korea's chief economic policymaker Kim Dong-yeon gave high marks to the Asian country's massive infrastructur...

Income growth rates for 90 percent of South Koreans improved this year, a presidential aide said Sunday, in a move to rebut criticism over recent comments by President Moon Jae-in. Last week, Moon said 90 percent of the effects of the minimum wage hike have been positive, sparking some criticism that the drastic hike in the minimum wage is to blame for a decline in income of low-income bracket. ...

Key economic offices defend macroeconomic indicators, advocate ‘J-nomics’

Driven by a slowdown in the growth of apartment prices in Gangnam-gu, the weekly increase rate in apartment prices in 11 districts in southern Seoul declined from the previous week for the first time in eight months in the last week of May, data from the Korea Appraisal Board showed. The rise in apartment prices in metropolitan areas also weakened for the first time in 70 weeks. As of the surve...

South Korea's consumer price growth continued to hover above 1 percent in May on a rise in prices of agricultural goods and services, government data showed Friday. The country's consumer price index climbed 1.5 percent last month from a year earlier, slightly decelerating from the previous month's 1.6 percent on-year gain, according to the data compiled by Statistics Korea. From a month earlie...

South Korea's exports spiked 13.5 percent in May from a year earlier, rebounding from a brief dip in the previous month, due to a rise in prices of key products and a global boom in the IT sector, government data showed Friday. Outbound shipments reached $50.98 billion last month, compared with $44.92 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energ...

South Korea's economy grew at a slower-than-expected pace in the first quarter from three months earlier on sluggish construction and facilities investment, central bank data showed Friday. The country's gross domestic product expanded 1 percent in the January-March period, rebounding from a 0.2 percent on-quarter contraction three month earlier, according to preliminary data from the Bank of Ko...

President continues to push ahead with welfare-driven state initiative

The Ministry of Land, Infrastructure and Transport said Thursday that as of Jan. 1 this year, the appraised individual land price has been officially released, showing an average 6.28 percent increase. It is the fifth consecutive yearly rise of the land value. By city and province, Jeju showed the highest surge at 17.51 percent, the ministry said. ( khnews@heraldcorp.com )