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[Newsmaker] US missionaries speak out against controversial Gwangju Uprisin...
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Feb 21, 2019 Economy

S. Korea to offer incentives to firms over job creation

South Korea on Thursday unveiled a wide range of incentives for companies if they create jobs in deals with municipal governments and other relevant parties.The incentives include an investment subsidy and tax cuts, as well as discounts in rental fees in industrial complexes, according to the Ministry of Trade, Industry and Energy. Hong Nam-ki (R), the minister of economy and finance, speaks in a joint news conference with Sung Yun-mo, minister of trade, industry and energy, and other officials

Korea's income gap hits record high in Q4

South Korea's household income inequality hit a record high in the fourth quarter of 2018, government data showed Thursday, prompting officials to step up efforts to carry out a series of measures to support low-income people.An average household earned 4.6 million won ($4,000) per month in the October-December period, up 3.6 percent from the previous year, according to the data compiled by Statistics Korea.The monthly average income of the bottom 20 percent income bracket dropped 17.7 percent o

Feb 21, 2019
Economy
Govt. picks two locations for smart industrial zones

South Korea's industry ministry on Wednesday announced its first batch of locations to establish what it calls smart industrial zones, which will utilize high-end information and communication technologies to improve companies' productivity.The Ministry of Trade, Industry and Energy said it decided to apply smart factory technologies in the industrial complex of Changwon, 398 kilometers south of Seoul, along with the Banwol-Sihwa complex southwest of the capital city.(Yonhap)The announcement com

Feb 20, 2019
Economy
Drivers use less gasoline in 2018 amid higher fuel prices

A gasoline-burning automobile consumed an average 1,159 liters last year, down 2.4 percent from a year earlier, as drivers cut back on spending probably to cope with high prices, industry data showed Wednesday.According to the Korea Petroleum Association, the figure marks the lowest since 2006, when the comparable figure was 1,153 liters of gasoline.(Yonhap)The owners of gasoline-burning autos spent some 1.83 million won ($1,620) on average last year to run their vehicles and an average 153,000

Feb 20, 2019
Economy
Koreans traveling more but spending less

South Koreans traveling overseas spent a record amount last year, but spending per person declined, central bank data showed Wednesday.The current account for last year showed travel expenditures of $31.97 billion, the highest since recordkeeping began in 2006. (Yonhap)Past figures show increases from $15 billion in 2009 to $20 billion in 2012, $25 billion in 2015 and $31.69 billion won in 2017.The increase, however, was the smallest since the global financial crisis of 2009 at 0.9 percent, comp

Feb 20, 2019
Economy
Manufacturing sector crucial for economic growth: BOK chief

Citing mounting challenges in the global market, the chief of South Korea’s central bank on Tuesday urged for measures to improve the competitiveness of the manufacturing sector during a rare meeting with industry representatives.“The competitiveness of the manufacturing sector will determine the survival of our economy,” said Lee Ju-yeol, governor of the Bank of Korea, at an economic meeting with officials from industries. “We cannot guarantee sustainable growth without the support of the manuf

Feb 20, 2019
Economy
[Herald Interview] SK Innovation’s participation to bring better understanding of EV in US city

SK Innovation’s decision to build a US production facility for electric vehicle batteries in Commerce, Georgia, will help raise public awareness and understanding of the next-generation vehicle technology according to the city’s mayor. Mayor Clark Hill visited Seoul for a weeklong trip that will involve a tour of SK Innovation’s EV battery plant in Seosan, South Chungcheong Province, and some learning about Korea’s cultural aspects. “SK’s participation in the community will bring about a better

Feb 20, 2019
Economy
[News Focus] Gasoline prices set to bounce back amid reduced output

SEJONG -- The nation’s gasoline prices have seen a sharp drop over the past few months, and to a certain extent this eased the financial burdens of ordinary people and small business owners amid economic difficulties.After peaking at 1,690.31 won ($1.50) per liter on Nov. 4, gasoline prices fell below 1,350 won on Jan. 12 before sinking to 1,342.24 won on Feb. 15. This month’s low marked a 20.5 percent drop from three months earlier and the lowest level seen in 35 months. Gasoline prices posted

Feb 20, 2019
Economy
Coal imports set another record in 2018

South Korea's coal imports hit a new high last year despite government efforts to phase out the use of fine dust-emitting energy sources, industry data showed Tuesday.The country shipped in 131.52 million tons of coal last year, breaking the record for the second consecutive year. Coal imports in 2017 totaled 131.46 million tons. The figure for 2018 marks an 11 percent increase from 2016.(Yonhap)The monetary value of the imports totaled US$14.65 billion last year, a gain of 8.7 percent from the

Feb 19, 2019
Economy
US Commerce chief sends report to Trump on auto imports: reports

The US Commerce chief has submitted a report to US President Donald Trump on the topic of imported cars, news reports said Monday, as South Korea renews efforts to win exemption for its cars from possible tariffs.The Commerce Department did not make public any details on its recommendations to Trump.Commerce Secretary Wilbur Ross presented his recommendations to Trump, Bloomberg news reported, citing the department's statement. (Yonhap)Reuters news agency carried a similar story, while the Frenc

Feb 18, 2019
Economy
Kwon Young-soo to be appointed as LG Electronics executive

Kwon Young-soo, chief operating officer of LG Corp., will be appointed an executive director of the board of LG Electronics at a shareholders meeting next month, the electronics company said Monday. Kwon is a close aide to LG Corp. Chairman Koo Kwang-mo. (Yonhap)Koo Bon-joon, Chairman Koo’s uncle, will not be reappointed as a board member, and the industry views his departure to make room for younger successors as part of the LG family tradition. LG Electronics will hold its shareholders meetin

Feb 19, 2019
Economy
Seoul’s home purchase sentiment hits six-year low

Reflecting the market response to the government’s real estate regulations, the home purchase sentiment has dwindled to the lowest level in nearly six years, data showed Monday.According to the Korea Appraisal Board, Seoul’s weekly apartment supply-demand index stood at 73.2 as of Feb. 11, the lowest since March 11, 2013, when the index hit a record-low of 71.8.The index, referring to the ratio of apartments available for transactions, is measured on a scale of zero to 200. While 100 indicates n

Feb 19, 2019
Economy
Prices of high-consumption processed foods rise on-year

The price of sugar rose 11 percent in January from a year earlier as the cost of widely consumed processed foods increased overall, the Korea Consumer Agency said Monday.A survey of 26 items in the measured basket of foods for the month showed price hikes for 18 and drops for six. Prices for two remained the same. (Yonhap)The agency normally reviews inflation for 30 items, but four were left out this time as the subjected items are being adjusted.Compared with January last year, the price of sug

Feb 18, 2019
Economy
[Monitor] LG Uplus’ CJ Hellovision acquisition to change pay TV landscape

On Thursday last week, LG Uplus’ board of directors approved a plan for the company to purchase 50 percent plus one share of CJ Hellovision from its holding company, CJ ENM.LG Uplus will become the nation’s second-largest pay TV operator with a 24.4 percent market share, up from fourth place, with the deal worth 800 billion won ($711 million).The acquisition is to be confirmed in a shareholders meeting next month and also requires approval from the Fair Trade Commission, which has up to 120 days

Feb 18, 2019
Economy
ICT is key to innovation in customs administration: KCS

Fast-paced technological advancement and mounting challenges in the global trade environment have been pushing companies to reinforce their supply chain system and governments to innovate their customs clearance procedures.As a technology pioneer, South Korea is seeking to add momentum to its customs administration through blockchain, artificial intelligence, big data and drone technology, according to officials of the Korea Customs Service.“It is the KCS’ goal to create a safe trade environment

Feb 18, 2019
Economy

The Korea Herald by Herald Corporation

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Publisher. Editor : Kwon Chung-won
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