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Today Economy

Korea, India to hold talks on trade deal improvement

South Korea and India will hold a new round of talks on the improvement of a bilateral trade deal in Seoul this week, the commerce ministry here said Wednesday.The third-round meeting to improve the Comprehensive Economic Partnership Agreement is scheduled to start in Seoul on Thursday for a two-day run, the ministry said. CEPA is a type of free trade agreement that emphasizes two-way economic cooperation on top of market opening.In 2010, the two Asian economic powerhouses implemented the CEPA,

[Monitor] Household debt surges 55.3% in 5 years

The amount of household debt in South Korea has surged by 55.3 percent in five years, according to data given by relevant authorities including the Financial Services Commission, the Financial Supervisory Service and the Bank of Korea.The data released by the office of the Liberty Korea Party’s Rep. Shim Jae-cheol showed that household debt has exceeded 1.4 trillion won as of August this year. The average debt held by each household came at 46.9 million won last year, up from 36.8 million won in

Today
Economy
Korea’s ‘4th industrial revolution’ development lags behind US, EU, Japan: report

Technology and investments related to Korea’s competitiveness in the “fourth industrial revolution” is far behind other advanced countries such as the United States, Japan and Europe, according to the Hyundai Research Institute. 　The institute released a report on the international comparison of the research and development status of industries based on the fourth industrial revolution Monday, revealing that Korea’s total score for industrial technology evaluation was 77.4 points out of 100 -- a

Today
Economy
Monthly leases account for more than 60% of Korea's housing rental system in 2016: report

Monthly lease agreements accounted for more than 60 percent of South Korea's housing rental market last year as fewer people opt for the so-called "jeonse" system, a report showed Wednesday.According to the report by the state-run Korea Development Institute, 60.5 percent of people paid monthly rent in 2016, while 39.5 percent lived in jeonse homes.In 2010, jeonse was the most common housing rental type in the country, at 50.3 percent. (Yonhap)Jeonse is a home rental arrangement unique to South

Today
Economy
Korean biz survival rate lower than EU

South Korean small and medium enterprises have a lower survival rate than their European Union counterparts with some 6 out of 10 surviving more than one year and less than 30 percent past five years, data showed Wednesday.A total of 62.4 percent of Korean companies remained opened for more than one year as of 2015, and 27.3 percent were doing business beyond five years, according to the data by the Korea International Trade Association. Korean businesses' one-year survival rate is lower than Ge

Today
Economy
Credit card app makes it easier to go Dutch

Splitting the bill is set to become easier, as South Korea’s financial watchdog is set to introduce a system that allows people to use just one credit card to divide the bill.After meeting with the CEOs of eight credit card companies in July, Korea Financial Services Commission decided to allow a system where customers can split the bill by paying the divided amount via mobile application under certain circumstances. (123rf)Previously, customers had to ask store owners to charge them separately

Today
Economy
Korea inks MOU with AfDB on 2018 annual meeting in Busan

The South Korean government said Monday that it signed a memorandum of understanding with the African Development Bank on preparations for the institutions’ annual meeting to be held in a city of Busan next year.The memorandum addresses the sharing of role and cost for the 53rd annual meeting of the AfDB that is expected to draw more than 4,000 finance ministers, governors of central banks, heads of international organizations and business leaders from nearly 80 member states, according to the M

Sept 19, 2017
Economy
Korea's export growth fastest among top 10 exporters

South Korea's exports grew at the fastest pace among the world's top 10 exporters, data by the World Trade Organization showed Tuesday, thanks to brisk sales of semiconductors and petrochemical products. Outbound shipments amounted to $328 billion in the first seven months of this year, making South Korea the world's sixth-largest exporter, up 16.3 percent from a year earlier, according to the WTO's monthly merchandise trade data.Overseas sales by China, the world's No. 1 exporter, showed a 8.3

Sept 19, 2017
Economy
BOK says prices of agricultural products up 14.2% in Aug.

Prices of agricultural products rose 14.2 percent in August from a month earlier as rains and a heat wave have reduced the output of agricultural products, central bank data showed Tuesday.The monthly figure marked the highest tallied since September 2010 when it stood at 18.8 percent, according to the preliminary data from the Bank of Korea.Prices of cabbage -- a key ingredient of the Korean traditional side dish of kimchi -- jumped 55.3 percent in August from a month earlier, the BOK said. (Yo

Sept 19, 2017
Economy
US trade representative heralds renegotiation of Korea trade deal

WASHINGTON -- US Trade Representative Robert Lighthizer said Monday that a renegotiation is in order for trade agreements that lead to growing trade deficits, a remark indicative of his stance on the US free trade deal with South Korea."We are looking at all of our trade agreements to determine if they are working to our benefit," he told a forum here. "The basic notion in a free trade agreement is that one grants preferential treatment to a trading partner in return for an approximately equal a

Sept 19, 2017
Economy
Banks urged to tighten home loan screening to slow household debt

The nation's top financial regulator on Tuesday urged banks to tighten their screening of home loan applications to help slow the growth of household debt. South Korea tightened lending rules for mortgages last month, but critics say loopholes give some people room for borrowing money in excess of the lending limits to buy homes. Kim Yong-beom, vice chairman of the Financial Services Commission, told representatives from banks that the growth of household debt could pick up during the second hal

Sept 19, 2017
Economy
[Monitor] SMEs anticipate financial problems during Chuseok

Nearly half of surveyed small and medium-sized enterprises anticipate financial problems during the 10-day holiday that includes Chuseok in early October, according to the Korea Federation of Small and Medium Business.Of the 1,147 SMEs, 46 percent said they anticipate facing financial problems mainly due to a drop in sales (69.1 percent), delayed collection of payments (37.7 percent) and a rise in raw material prices (23.1 percent).

Sept 19, 2017
Economy
Household debt tops W1,400tr in July: lawmaker

South Korea's household debt jumped 9 percent in July from a year earlier, a lawmaker said Tuesday, despite the government's tightened lending rules.The country's overall household debt came to 1,439 trillion won ($1.27 trillion) as of end-July, said Chae Yi-bai, a lawmaker of the opposition People's Party, citing the Korea Credit Information Services, the public agency responsible for managing the country's credit information. (Yonhap)He said household loans extended by credit card firms and ot

Sept 18, 2017
Economy
Income-led growth policy put to test

The relevance of President Moon Jae-in’s income-led growth policy is being put to an early test by the worsening unemployment problem.Data released by Statistics Korea last week showed the on-year increase in the number of newly employed people in August fell to the lowest in four and a half years. (Yonhap)The unemployment rate for young people aged 15-29 stood at 9.4 percent last month, the highest for August since 1999, when the Korean economy was struggling with the aftermath of a foreign ex

Sept 19, 2017
Economy
State-run financial institutions moving to hire temps as regular workers: FSC

South Korea's financial watchdog said Monday it will present comprehensive measures later this month to give permanent jobs to temporary workers currently employed at state-run institutions.The move comes as the Moon Jae-in government is pushing ahead with the implementation of his presidential campaign pledge to reduce the number of nonregular workers and increase employment of regular workers.Officials at the Financial Services Commission said guidelines will be set for the full-time employmen

Sept 18, 2017
Economy

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