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BUSINESS

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LATEST NEWS
  • N. Korea's nuke suspension brightens S. Korean economic outlook
  • Parties show mixed reactions to N. Korea's nuke test suspension
  • Kim Jong-un justifies US-NK summit to his people, sends message to US
  • Trump welcomes North Korea's freeze on nuclear tests
  • Punggye-ri test site: Core facility behind N. Korea's nuclear program
  • China welcomes N.K. suspencion of tests
  • Customs officials raid Korean Air over alleged tax evasion by chairman's da...
  • Seoul voices concerns over Abe's sending of offering to war shrine
  • Dance music superstar Avicii dead at 28
  • S. Korean finance minister warns against protectionism
  • Apr 21, 2018    Economy

    S. Korean finance minister warns against protectionism

    South Korea's chief economic policymaker warned Friday that rising trade protectionism by major countries poses risks to global economic growth, calling for concerted efforts to promote free trade.Finance Minister Kim Dong-yeon made the remarks during a meeting of finance ministers and central bankers from Group of 20 advanced economies in Washington. They gathered for the annual meeting of the International Monetary Fund and World Bank.Finance Minister Kim Dong-yeon (Yonhap)"Protectionism will

  • S. Korea, China hold economic cooperation meeting after 2-year hiatus

    BEIJING -- South Korea and China on Friday held their first high-level economic cooperation meeting in two years following an improvement of bilateral ties damaged by a diplomatic feud over a US missile defense system deployed in the South.The two sides reaffirmed their commitment to closer economic and trade cooperation at the 22nd joint South Korea-China economic committee meeting in Beijing."I have high hopes for this meeting, since it is being held at this critical time for the two countries

    Apr 20, 2018

    Economy
  • S. Korea expects slower export growth in April

    South Korea will take proactive measures to boost exports to maintain growth momentum despite rising protectionist policies by major trading partners and uncertainties in the global financial market, the government said Friday.The Ministry of Trade, Industry and Energy expected export growth to slow this month due to sluggish demand for ships, vehicle and auto parts. "The export outlook is not favorable for April due to protectionist measures in major trading partners, the strengthening local cu

    Apr 20, 2018

    Economy
  • S. Korea, IMF discuss ways of revealing currency market intervention

    South Korea's chief economic policymaker discussed currency market-related issues, such as how to reveal records of its market interventions, with the International Monetary Fund, the finance ministry here said Friday.Seoul said earlier that the country is considering the detailed disclosure of its interventions in the foreign exchange market as part of a broader move to boost transparency and clear itself of suspicion of exercising undue influence on exchange rates.South Korea's financial autho

    Apr 20, 2018

    Economy
  • Bank loans for rent jump this year as govt. tightens mortgages

    Bank loans for rent payments in March increased 40 percent from the same period a year ago, data showed Friday, likely a side effect from the tightening of mortgages.Rent loans by the country's five leading commercial banks measured 50.77 trillion won ($47.8 billion) at end-March, up 3.61 percent from the previous month. The total is a jump of 40.99 percent from the same month last year. Comparatively, loans for rent came to 25.66 trillion won in March 2016 and rose to 30 trillion won in August

    Apr 20, 2018

    Economy
  • Prime minister calls for passage of supplementary budget

    Prime Minister Lee Nak-yon urged opposition parties Thursday to normalize the National Assembly and approve a supplementary budget the government proposed earlier this month in an effort to create more jobs for young people.The National Assembly has been idling despite the opening of an extraordinary session on April 2 as opposition parties have boycotted the session, demanding the ruling Democratic Party agree to pass a Broadcasting Act revision aimed at increasing opposition oversight of publi

    Apr 19, 2018

    Economy
  • Analysts watch for end of 'Korea discount' on prospects of peace treaty

    A peace treaty that would finally end the 1950-53 Korean War, one of the growing prospects for the upcoming cross-border summit next week, may also end the chronic "Korea discount" in the stock market, analysts said Thursday.South Korean President Moon Jae-in will meet North Korea's top leader Kim Jong-un on the southern side of the truce village Panmunjom on April 27. It will be the third such inter-Korean summit, and Seoul and Washington have indicated that a peace treaty could be an element i

    Apr 19, 2018

    Economy
  • Calls grow for slower minimum wage hike

    This year’s sharp increase in the minimum wage applied to all workplaces around the country is pushing many small companies to cut their payrolls to cope with labor costs.The number of people receiving unemployment benefits reached a record high of 628,433 in the first quarter of the year, according to recent data from the state-run Korea Employment Information Service.The figure marks a 6.9 percent rise from a year earlier. (Yonhap)Government officials claim the increasing number of unemploymen

    Apr 19, 2018

    Economy
  • Long-term unemployment hits highest level in 18 years

    SEJONG -- The number of long-term unemployed jobseekers, those unable to find work for over six months, exceeded 150,000 in the first quarter of this year, the highest tallied in 18 years, Statistics Korea said Wednesday.The latest data showed a total of 1.181 million people did not have a job in the three month period.The latest figure for people out of work for more than half a year represents an 18.8 percent increase from the same quarter of 2017. The jobless number is the highest since 159,0

    Apr 18, 2018

    Economy
  • Korea, China to resume consultations on fisheries cooperation amid recovering ties

    South Korea and China will hold a meeting on fisheries cooperation next week, resuming the regular consultations that have been suspended for nearly two years over the neighbors' diplomatic feud, sources said Tuesday.The two countries are currently discussing details of the 10th South Korea-China meeting on fisheries cooperation to be held in China sometime next week, the diplomatic sources said.The meeting will bring together officials from the countries' foreign ministries as well as governmen

    Apr 17, 2018

    Economy
  • Questions raised about 3 percent growth target

    Policymakers and private economists remain different in their forecasts on how fast the Korean economy will grow this year, following last year’s expansion of 3.1 percent.Most private research institutes here expect the 2018 growth rate to hover below the government-set target of 3 percent.A monthly report released by the Ministry of Strategy and Finance last week said Korea’s economy is maintaining a recovery momentum on the back of brisk exports and increased facility investment and private co

    Apr 17, 2018

    Economy
  • Govt. to keep growth of household debt to below 8.2% in 2018

    The government plans to keep the growth rate of household debt to below 8.2 percent this year by taking a set of steps to curb excessive lending, the nation's top financial regulator said Monday.Outstanding household debt stood at 1,450.9 trillion won ($1.35 trillion) in the fourth-quarter of last year, up 8.1 percent from a year earlier, according to the data by the Bank of Korea. It marked the slowest pace since the first quarter of 2015.Financial Services Commission Chairman Choi Jong-ku told

    Apr 16, 2018

    Economy
  • Finance minister urges quick passage of extra budget bill

    South Korea's chief economic policymaker on Monday urged the National Assembly to quickly approve a proposed extra budget bill that is urgently needed to tackle the country's chronic youth unemployment problem.Early this month, the government unveiled a set of measures, including bolder financial and tax incentives and the use of a 3.9 trillion-won ($3.64 billion) extra budget, to respond to the high jobless rate among young people. The government submitted the supplementary budget proposal to t

    Apr 16, 2018

    Economy
  • [Feature] More Korean workers economically dependent on parents

    High apartment prices and debt level aggravate burden of both young workers and retired seniors

    Apr 15, 2018

    Economy
  • Exports of Korean cigarettes drop on tax hike in key markets

    Exports of cigarettes, which rank top on the list of export items tracked by South Korea’s Agriculture Ministry, plunged during the first quarter of this year. Cigarette exports totaled $210.6 million from January to March, marking a 28.3 percent drop from the same period last year, according to statistics released by the Ministry of Agriculture, Food and Rural Affairs on Sunday. The exports were hit hard by the United Arab Emirates’ imposition of a 100 percent special consumption tax on cigaret

    Apr 16, 2018

    Economy
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