Most Popular
-
1
Exports to US reach all-time high, widen gap with China
-
2
Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
-
3
Opposition-led Assembly unilaterally passes bill to probe Marine's death
-
4
[Music in drama] Rekindle a love that slipped through your fingers
-
5
Inflation eases in April, continues bumpy ride
-
6
Golden chance to liquidate babies’ gold rings?
-
7
Seoul Metro to seek legal action against malicious complaints
-
8
[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
-
9
Illit, mired in controversy, remains on Billboard charts for 5th week
-
10
On May Day, labor unions blast Yoon's foreign nanny proposal
-
Average apartment price soars 40% under Moon administration
The average market price of Seoul apartments has soared 40 percent in the past 2 1/2 years, notwithstanding the incumbent Moon Jae-in administration’s series of price-curbing measures, data showed Tuesday.According to a survey conducted by housing information provider Real Estate 114 on 241,621 apartments, the average sale price of Seoul apartments stood at 823.76 million won ($690,263) as of last week, up 40.8 percent from 585.24 million in the first half of 2017.It was in May that year t
Dec. 10, 2019
-
Finance minister urges lawmakers to pass 2020 budget bill
Finance Minister Hong Nam-ki called for lawmakers to approve next year's budget bill on Tuesday, when the parliamentary session ends. South Korea is seeking a total of 513.5 trillion won ($430.2 billion) in budget spending for next year, a 9.3 percent hike from 2019. The National Assembly already missed the Dec. 2 deadline to pass the budget bill due to political battles. This year marked the fifth straight year the National Assembly has missed the legal deadline, as the partisan standoff over k
Dec. 10, 2019
-
S. Korea most affected by US-China trade spat: report
South Korea may have been hit the hardest among major economies by the protracted trade dispute between the United States and China due to its high dependence on exports to the countries, a report said Tuesday.The US and China are the world's largest importers of South Korean products with shipments to China accounting for more than one-quarter of South Korea's overall exports last year, according to the report from the Woori Finance Research Institute.In 2018, shipments to China accounted for 2
Dec. 10, 2019
-
S. Korea’s workforce to see steepest decline among key economies: WTO
South Korea’s working-age population is expected to shrink the fastest among key economies over the next two decades, a report released by the World Trade Organization said Monday, with risks tied to the nation’s low birthrate and aging society looming over its economy. According to the World Trade Report 2019, Korea is unlikely to see an increase in its overall population by 2040, but its workforce is expected to shrink by 17 percent in the same period. This marks the steepest decli
Dec. 9, 2019
-
[Monitor] Half of Korean firms plan to downsize in 2020
The majority of South Korean firms foresee the current economy entering a long-term slump with half of them planning to downsize next year, a survey by the Korea Enterprises Federation led by Chairman Sohn Kyung-shik, who is also CJ Group chairman, showed over the weekend.In the survey, 64.6 percent said the current economy was heading for a long-term recession. Nearly half, or 47.4 percent, said that they plan to downsize their businesses next year, followed by 34.1 percent who will maintain th
Dec. 9, 2019
-
S. Korea to tighten monitoring on outflow of investment by foreigners
Addressing the latest drop in investment by foreigners here, South Korea’s government reassured the market on Monday, saying it would enhance monitoring and put a contingency plan into action in the event of further volatility.“The recent outflow of foreign investments is mostly attributable to the expansion of external uncertainties and the adjustment of the Morgan Stanley Capital International index,” said Kim Yong-beom, first vice minister of finance.The Ministry of Economy
Dec. 9, 2019
-
41-year-olds have highest average labor income
Workers in South Korea hit the highest average annual earnings at the age of 41 in 2016, data showed Monday, with the labor income of the elderly also showing a steady rise. People aged 41 earned the highest average annual labor income of 32.09 million won ($26,977) in 2016, according to the data released by Statistics Korea. The total labor income stood at 842.1 trillion won in 2016, up 4.5 percent from a year ago. The labor income for people aged above 65 rose 0.8 percent on-year to 21.7
Dec. 9, 2019
-
S. Korea to up national information budget to W5.1tr in 2019
South Korea's budget for national information will rise to over 5.1 trillion won ($4.3 billion) in 2019 to promote the building of a hyperconnected society, the government said Monday.The budget to be spent for 55 state central administrative agencies represents an 11.5 percent increase from 4.6 trillion won earmarked for this year, according to the Ministry of Science and ICT. A hyperconnected society is a key element of the fourth industrial revolution where everything, including people, is li
Dec. 9, 2019
-
Some 30% of working moms were irregular workers: data
About one-third of South Korean working mothers with underage children were irregular workers paid lower wages, data showed Friday, underscoring the reality that taking time off to raise children is harming many women's career prospects.A total of 641,000 female contract workers had kids under 18 as of April this year, or about 28 percent of the 2.3 million working mothers aged from 15 to 54 here, according to the latest data compiled by Statistics Korea. The portion was higher than the 25.1-per
Dec. 6, 2019
-
Finance minister calls for passage of budget bill
Finance Minister Hong Nam-ki urged officials on Thursday to make efforts to help the National Assembly approve next year's budget bill by next Tuesday, when the parliamentary session ends. South Korea is seeking a total of 513.5 trillion won ($431 billion) in budget spending for next year, a 9.3-percent hike from 2019. The National Assembly missed a Monday deadline to pass the budget bill due to political battles. This year marked the fifth straight year the National Assembly has missed the lega
Dec. 5, 2019
-
S. Korea’s current account surplus hits 12-month high in Oct.
South Korea’s current account surplus continued to grow in October from the previous month to reach a 12-month high as the service account deficit narrowed and primary income account surplus expanded, data showed Thursday.The surplus, however, was mostly attributed to the decline in raw material imports which reflected dampened domestic demand, while the actual growth pace of the economy remained sluggish. At $7.83 billion, the current account surplus was up slightly from $7.76 billion in
Dec. 5, 2019
-
S. Korea adds 260,000 jobs in 2018
South Korean companies added 260,000 jobs in 2018 from a year earlier, government data showed Thursday, amid concerted efforts to hire more workers.The job gains were compared with 2017, when South Korean firms added a total of 310,000 jobs from the previous year, according to the data compiled by Statistics Korea.By sector, wholesale and retail businesses added 70,000 jobs and health and social welfare services added 40,000 jobs in 2018 from a year earlier. In contrast, manufacturing shed 60,00
Dec. 5, 2019
-
S. Korea's current account surplus reaches 12-month high in Oct.
South Korea's current account surplus grew slightly from a month earlier to reach a 12-month high in October as its service account deficit narrowed while its primary income account surplus expanded, central bank data showed Thursday.The country's current account surplus came to $7.83 billion, up from a revised surplus of $7.76 billion the previous month, according to preliminary data from the Bank of Korea.The reading marks the highest since October 2018 when the country's current account surpl
Dec. 5, 2019
-
S. Korea to spend W300b on ‘fintech unicorn’ project
The Finance Ministry announced Wednesday plans to establish a 12 trillion won ($10 billion) fund to help support competent startups scale up as unicorns, allocating 300 billion won exclusively for fintech firms.Unicorns refer to startups valued at over $1 billion. “(The government) will actively adopt policies to scale up and advance the fintech ecosystem both quantitatively and qualitatively, so that South Korean startups can emerge as global unicorns,” Deputy Prime Minister and Fin
Dec. 4, 2019
-
Tax agency unveils list of habitual tax delinquents
The country's tax agency on Wednesday disclosed a fresh list of some 6,800 new citizens and corporate entities with unpaid taxes exceeding 200 million won ($167,462) for one year or longer. The National Tax Service said that it decided to reveal those on the list after they refused to specify their reasons for failing to pay their taxes even though they have been asked to do so for more than six months. The list includes 4,379 individuals. Also included on the list are 2,099 companies that
Dec. 4, 2019
-
Finance minister dismisses fears of deflation
South Korea's chief economic policymaker said Wednesday he sees no acute risk of deflation, adding that next year's projected inflation rate will be higher than this year's. The remarks by Finance Minister Hong Nam-ki came days after the Bank of Korea announced that the third-quarter gross domestic product deflator -- a measure of inflation used to calculate economic growth in real terms -- fell 1.6 percent on-year, marking the sharpest decline in two decades.Consumer prices rose 0.2 percent on-
Dec. 4, 2019
-
Imported car sales rise 14 % in Nov. on new models
Imported car sales in South Korea rose 14 percent on-year last month, helped by new models, industry data showed Wednesday. The number of newly registered foreign vehicles rose to 25,514 units in November, up from 22,387 a year earlier, the Korea Automobile Importers & Distributors Association said in a statement. German carmakers, including Audi-Volkswagen, BMW and Mercedes-Benz, posted a 30-percent on-year jump last month. Their combined sales climbed to 16,459 in November from 12,688 a ye
Dec. 4, 2019
-
[Monitor] House prices soar despite tough regulations
Despite the Moon Jae-in government’s eighth and latest set of measures to curb real estate prices in the fall, prices of houses and those for lease have shot up, according to data by the Korea Appraisal Board.The house price index and lease price index for last month surged to the highest level in 14 months since the Sept. 13 measures, which aims to block home-based loans in most popular housing areas and hinder those with at least two homes from buying more. The house price index refers t
Dec. 3, 2019
-
Finance Ministry’s slow budget execution casts doubt on growth outlook
Skepticism is growing about the prospects of South Korea meeting its minimum target growth rate of 2 percent this year, as fiscal spending by the state budget headquarters is proceeding much more slowly than expected. According to data released by Rep. Park Myung-jae of the main opposition Liberty Korea Party, who sits on the parliamentary Strategy and Finance Committee, the Ministry of Economy and Finance had spent 12.83 trillion won ($10.8 billion) as of the end of October -- 59.9 percent of i
Dec. 3, 2019
-
S. Korea, Cambodia sign double taxation avoidance pact
South Korea and Cambodia have signed a double taxation avoidance pact, in a move to boost bilateral economic cooperation, Seoul's finance ministry said Tuesday. The pact was signed last week in Busan, South Korea at bilateral talks between South Korean Foreign Minister Kang Kyung-wha and her Cambodian counterpart, Prak Sokhonn, the Ministry of Economy and Finance said in a statement. The pact is expected to help ease tax burdens for South Korean firms doing businesses in Cambod
Dec. 3, 2019