Korea's experience can be role model of Asian development

South Korea will play a bigger role in Asia's investment in sustainable infrastructure through its experience of economic development and constant investment in basic facilities, a senior official at an international institution said."I would say that Korea is a very important member of our bank," Danny Alexander, vice president of the China-led Asia Infrastructure Investment Bank, said in an interview with Yonhap News Agency in Seoul Monday. "Korea's experience of the last 50 years of rapid eco

March 1, 2017

Talk of economic crisis lingers

The country’s top financial and monetary policymakers came forward last week to dismiss the possibility of South Korea being drawn into an economic crisis in the coming months amid rising uncertainties at home and abroad.Some economic watchers have cautioned that Asia’s fourth-largest economy may fall into trouble, probably in April, when the US might designate it a currency manipulator and a large amount of debt falls due for a faltering shipbuilder. (123RF)These factors would be added to a con

Feb. 28, 2017

KEF chief urges self-help plans, says not to expect help from government

The head of a major business lobby on Tuesday urged local companies and their workers to work together to ensure their survival, noting they may not expect any meaningful help from the government for some time."It appears we may not see any economy-supporting politics for a while due to the complicated political schedule that includes the impeachment and presidential election," Bahk Byong-won, chairman of the Korea Employers Federation, said at a Seoul meeting. KEF Chairman Bahk Byong-won (Yonha

Feb. 28, 2017

Korea govt. spends W22.4tr in Jan.

South Korea spent more than 22 trillion won ($19.4 billion) in government budget last month as part of its efforts to frontload its budget spending to prop up the economy, the finance ministry said Tuesday.Fiscal spending by the government and public institutions reached a combined 22.4 trillion won in January, up 2 trillion won from its planned outlay of 20.4 trillion, according to the Ministry of Strategy and Finance. (Yonhap)The South Korean government has called for a stronger fiscal role in

Feb. 28, 2017

Income of households headed by 40-somethings grows 0.9% in 2016

South Korean households headed by people in their 40s saw their monthly income rise at the slowest pace ever in 2016, data showed Tuesday, sparking concerns it could further dampen the nation's anemic consumption.According to the data by Statistics Korea, the average monthly income of those households came to 5,005,000 won ($4,414) last year, up a mere 0.9 percent from a year earlier which compares to the 2.8 percent on-year expansion the previous year. (Yonhap)It also marked the lowest annualiz

Feb. 28, 2017

Investment policies get tepid response

The South Korean government unveiled Monday a series of measures to boost the economy amid sluggish domestic consumption and investment weighing down on growth. More than 150 measures were introduced during the 11th Trade and Investment Promotion Meeting on Monday, including promoting investment in four major areas -- stimulating local economies, solving difficulties faced by small businesses and fostering industries that target senior citizens.  But the announcement -- made after seven m

Feb. 27, 2017

Rates for household loans inch up in January

Bank lending rates on new household loans edged up in January, while interest rates paid by banks on new deposits fell, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.39 percent in January, up 0.10 percentage point from the previous month, according to the Bank of Korea. (Yonhap)The BOK data came amid South Korea's efforts to tackle rising household debt. The country's outstanding household credit, which is composed of househ

Feb. 27, 2017

New home permits plunge 16.1% on-year in Jan.

New home permits dropped 16.1 percent from a year earlier in January, the government said Monday, amid a government move to limit the number of new homes as a way of curbing household debt.Construction permits issued for new homes came to 39,898 last month, compared with 47,536 issued in the same month last year, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)New home permits have been on a steady decline since July, except in November when they gained 3.2 percent on-ye

Feb. 27, 2017

Korea's int'l air passenger traffic jumps 12.1% in Jan.

South Korea's international air passenger traffic jumped 12.1 percent from a year earlier last month, helped by a sharp increase in passengers to and from Japan and other Asian countries, the government said Monday.International air passengers to and from the country came to about 6.96 million in January, compared with 6.21 million in the same month last year, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)Air passengers between South Korea and Japan spiked 19.7 percent

Feb. 27, 2017

Korea's retail sales up 8.3% in Jan.

Sales of major South Korean retailers soared in January from a year earlier on strong sales by convenience stores and big chain supermarkets, government data showed Monday.The combined sales of department stores, large outlets and online malls gained 8.3 percent last month, snapping a three straight monthly drop since October last year, according to the data by the Ministry of Trade, Industry and Energy.  (Yonhap)The ministry said the growth in sales was driven by brisk sales of convenience stor

Feb. 27, 2017

Korea's crude oil imports up 5.1% in 2016

South Korea's imports of crude oil climbed 5.1 percent last year from a year earlier driven by a surge in inbound shipments of Iranian oil following the removal of international trade sanctions on the Middle Eastern country, government data showed Monday. The combined inbound purchase of crude oil reached 1.78 billion barrels at the end of December, compared with 1.26 billion barrels the previous year, according to the Ministry of Trade, Industry and Energy.  (Yonhap)The import of petroleum prod

Feb. 27, 2017

Korea's market cap ranked 15th in 2016

South Korea's stock market capitalization was ranked 15th in the world last year, down one notch from a year ago, according to the nation's stock market operator on Monday.The nation's market cap rose 4.1 percent on year to $1.28 trillion at the end of 2016, data by Korea Exchange showed.(Yonhap)Last year, global stock market capitalization gained 4.5 percent on year to $70.1 trillion at the end of last year, according to the data. Buoyed by solid economic growth and expectations about US Presid

Feb. 27, 2017

Per capita rice consumption forecast to hit fresh low in 2017

South Korea's per capita rice consumption is forecast to hit a new low in 2017 due to people's changing eating habits, a report showed Monday.The average annual consumption of rice per person is likely to reach 59.6 kilograms this year, compared with 61.9 kg a year earlier, according to the report by the Korea Rural Economic Institute.(Yonhap)It will mark the first time for the country's per capita rice consumption to fall below the 60-kg mark. It will also be equal to 40 percent of the record h

Feb. 27, 2017

[Weekender] Mind over matter to age gracefully

In an age when people Google just about everything in search for a quick answer, know-how and guidelines on how to age gracefully are also popular topics. In the quest to age well, many tend to search out anti-aging, with contents offline and online dedicated to such information as anti-aging foods and the secrets to staying young, as though aging is a process we should defy.Seeking to bring about a society where people can age with dignity, Kim Young-ok is a feminist activist currently running

Feb. 24, 2017

Korea to revise law on personal pension scheme

South Korea's financial authorities said Friday they are preparing to revise legislation on a personal pension system as part of efforts to address the post-retirement poverty problem."The government will do its best to submit a revision bill to the National Assembly by May," Yoo Kwang-yeol, standing commissioner of the Securities and Futures Commission, said at a public hearing on the issue. The logo of the Financial Services Commission in a photo provided by Yonhap News TV. (Yonhap)The SFC, an

Feb. 24, 2017

Lottery sales in Korea rise 8.4% to W3.8tr in 2016

Sales of lottery tickets in South Korea rose 8.4 percent in 2016 from a year earlier amid a protracted economic slump, the finance ministry said Friday.The Ministry of Strategy and Finance said it settled the lottery fund account for fiscal 2016, which totals 4.74 trillion won. (Yonhap)Lottery sales rose 8.4 percent on-year to 3.8 trillion won ($3.3 billion) last year, with 1.95 trillion won spent on prize money and 1.67 trillion won used for public projects.The ministry said it will release det

Feb. 24, 2017

Household real income, spending drop in 2016

South Korean households' real income and spending retreated last year from a year earlier amid a protracted economic slowdown, a government report showed Friday.An average household earned 4.4 million won ($3,862) per month in 2016, up 0.6 percent from the previous year, according to the report by Statistics Korea. (Yonhap)But the inflation-adjusted real income fell 0.4 percent on-year over the one-year period, while the country's consumer prices index inched up 1 percent throughout the year.At

Feb. 24, 2017

Korea's terms of trade worsens in January

South Korea's terms of trade slightly worsened in January from a year earlier as a rise in export prices was offset by a hike in import prices, central bank data showed Friday.The terms of trade index for products came to 100.34 last month, down 0.8 percent from a year earlier, according to preliminary data from the Bank of Korea. (Yonhap)The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those

Feb. 24, 2017

Finance minister dismisses talk of ‘April crisis’

South Korea's finance minister said Friday that the country is fully prepared to deal with the possibility of an economic crisis in the coming months amid rising concerns over debt-ridden firms and currency volatility."Some say we may fall into a crisis in April, but such concerns are excessive," Finance Minister Yoo Il-ho said in a minister-level meeting in Seoul. "There is low possibility of the crisis taking place, and we are strong enough to deal with it." South Korea's Finance Minister Yoo

Feb. 24, 2017

Consumer sentiment improves in February

South Korea's overall consumer sentiment improved this month from a month earlier, central bank data showed Friday, as the economy got a boost from increased exports and investments.The composite consumer sentiment index for February came to 94.4, compared to 93.3 in January. The January figure was the lowest since March 2009 when it stood at 75, according to the data from the Bank of Korea. (Yonhap)A reading above 100 means optimists outnumber pessimists.A separate index gauging the people's se

Feb. 24, 2017