Most Popular
-
1
Contentious grain bill put directly to plenary meeting for vote
-
2
Yoon's approval rating plunges to all-time low
-
3
Will tug-of-war between doctors, government end soon?
-
4
Climate impacts set to cut 2050 global GDP by nearly a fifth
-
5
Trilateral talks acknowledge ‘serious’ slumps of won, yen
-
6
[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
-
7
North Korea removes streetlights along cross-border roads with South
-
8
Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
-
9
Farming households dip below 1m for first time in 2023
-
10
S. Korea votes in favor of Palestinian bid for UN membership
-
S. Korea's domestic supply in manufacturing up 1.4 % in Q3
South Korea's total supply in manufacturing edged up 1.4 percent in the third quarter from a year earlier on increased imports, government data showed Wednesday.The manufacturing domestic supply index -- which measures both goods produced locally and brought into South Korea -- stood atn 102.8 during the July-September period, according to the data compiled by Statistics Korea. South Korea's total supply in manufacturing declined 3.9 percent and 0.8 percent in the first and second quarter, respe
Nov. 6, 2019
-
Medical spending for elderly tops W30tr in 2018
Elderly South Koreans' medical spending covered by the state health insurance program exceeded the 30-trillion-won ($25.9 billion) mark to reach a record high in 2018, data showed Wednesday. Medical expenses for people aged 65 and older came to an all-time high of 31.8 trillion won last year, according to the data by the National Health Insurance Service. The figure was up 12.4 percent from the previous year and 2.1 times from 2011. It took up 40.8 percent of last year's total medical spending o
Nov. 6, 2019
-
S. Korea adopts price ceiling on privately built flats
South Korea on Wednesday adopted a scheme to cap presale prices of privately built apartments in its extended efforts to stabilize real estate markets.Seoul revised related laws last month to execute the "presale price cap system" for apartments to be built by private builders amid signs of escalating home prices."Demand for new homes in (the capital city of) Seoul has risen sharply due to record-low rates and ample liquidity in the markets.Presale prices of newly built apartments
Nov. 6, 2019
-
Korea's current account surplus hits 11-month high in Sept.
South Korea's current account surplus reached an 11-month high in September, although its amount narrowed from a year earlier due to slowing exports, central bank data showed Wednesday.The country's current account surplus reached $7.48 billion in September, compared with a surplus of $11.01 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for five months in a row. The current account is the biggest measure of cross-border trade.The
Nov. 6, 2019
-
S. Korea’s FX reserves hit record high amid weak US dollar
South Korea’s foreign exchange reserves reached a new high last month, mostly due to the impact of the weakening US dollar, central bank showed Tuesday.As of end-October, the country’s forex reserves stood at $406.32 billion, up $3 billion from a month earlier, according to the Bank of Korea.“The increase is largely due to the profits from forex assets and dollar-equivalent forex reserves held in other currencies as the US dollar has weakened,” the BOK said. Last month, t
Nov. 5, 2019
-
Korean won jumps on US-China trade optimism
Despite a weak economy, the South Korean currency has soared against the greenback over the past month due mainly to optimism about US-China trade talks, data showed Tuesday. The local currency closed at 1,159.20 won against the US dollar Monday, up 6.4 won from the previous session and as much as 37 won from the end of September. Market watchers said the won's recent strength stems largely from the growing prospect of a trade deal between the world's two largest economies, not from economic fun
Nov. 5, 2019
-
Tax cut more effective for growth than fiscal spending: think tank
A business-friendly think tank here suggested Monday that tax reduction is more effective for economic growth than fiscal spending, raising objections to the government’s expansionary policies.According to a recent report from the Korea Economic Research Institute, South Korea’s gross domestic product would on average climb 102 won ($0.09) for every 100 won in tax reduction.The institute, affiliated with the nation’s largest business lobby, Federation of the Korean Industries,
Nov. 4, 2019
-
Online shopping up 22.3 % in September
The total value of goods purchased via online shopping in South Korea rose 22.3 percent in September from a year earlier, government data showed Monday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods.The total value of online transactions reached 11.18 trillion won ($9.6 billion) in September, the highest level for any September since Statistics Korea started collecting data on online shopping in 2
Nov. 4, 2019
-
Chip export volume gains solidly amid plunging prices
The volume of South Korea's chip exports has climbed more than 5 percent this year despite a tumble in prices of key products, data showed Monday.The country's semiconductor exports totaled 29,834 tons for the year up to Oct. 25, up 5.2 percent from the same period a year earlier, according to the data from the industry ministry and the Korea International Trade Association. In particular, the volume has been rising at a double-digit rate since July. In the first 25 days of October alone, the am
Nov. 4, 2019
-
[Contribution] World is changing faster than chaebol
My father fought in the Korean War. Six decades later, it was the last foreign country he visited before he died. His love for the country, something he passed on to me, was so strong that he planned the visit knowing it was his last. It is with this heavy heart that I write my points below -- not as a criticism but as a warning. Change is coming. After the Korean War, the concept of chaebol -- a family-run business conglomerate structure -- was born. They are so successful that today, five chae
Nov. 3, 2019
-
S. Korea marks one of the sharpest falls in potential growth rate: OECD
South Korea logged one of the sharpest falls in its potential growth rate over the past two years among advanced economies, data showed Sunday.The country’s potential economic output was estimated at 2.7 percent for this year, according to the Organization for Economic Cooperation and Development.Potential output refers to the maximum growth that a given economy may achieve over the medium to long term without stroking inflation.The latest figure, though slightly higher than the 2.5-2.6 pe
Nov. 3, 2019
-
South Korea's consumer inflation unchanged in October
South Korea's consumer inflation was unchanged in October compared with a year earlier as decreased prices of agricultural products offset increased utility prices, the statistics agency said Friday.The consumer price index was unchanged in October from a year earlier as consumer demand remains weak amid an economic slowdown, Statistics Korea said in a statement. The country's inflation has been extremely weak, staying far below the Bank of Korea's 2 percent target as companies and consumers tig
Nov. 1, 2019
-
BOK chief urges banks to enhance productivity
South Korea’s central bank chief on Friday called for domestic banks to enhance productivity amid the country’s slowing growth. “The International Monetary Fund has recently stressed the need to increase growth potential while revising down the growth outlook for the global economy,” Bank of Korea Gov. Lee Ju-yeol said at a policy meeting with the heads of 10 major banks here.“In the end, productivity improvement through innovation is key to achieving this goal.&rdq
Nov. 1, 2019
-
BOK hails US rate cut, says may remove uncertainties
South Korea's central bank on Thursday welcomed the latest US rate cut, saying it may help remove some uncertainties facing Asia's fourth-largest economy."We believe a US rate cut generally works toward boosting the economy and raising stock prices. It will support global growth and certainly have a positive effect on the global economy," said Yoon Myun-shik, senior deputy governor of Bank of Korea.The remarks came hours after the US Federal Reserve slashed its key rate by 25 basis poi
Oct. 31, 2019
-
South Korea ratifies Britain FTA ahead of Brexit
South Korea's parliament on Monday ratified a trade deal between Seoul and London that will take effect automatically following Britain's departure from the European Union.The free trade agreement essentially replicates the terms of the existing EU-South Korea deal and comes in the face of continuing uncertainty over a Brexit timetable. The new FTA secured "stability and continuity" in South Korea's trade environment with Britain amid "increasingly complex situation over Brexit&qu
Oct. 28, 2019
-
[News Focus] Do securities regulators offer level playing field?
SEJONG -- Some local commercial banks have been denounced for having recklessly sold high-risk equity-linked fund products to seniors without properly warning them of the potential losses.Some retirees saw their severance pay or savings from their working life disappear. Bank salesmen also targeted ordinary salaried workers whose installment savings had matured.Though investors in funds should be accountable for their own investment losses, the commercial banks have been criticized for improperl
Oct. 28, 2019
-
S. Korea to approve 7th low-cost carrier
South Korea's transport ministry said Monday it will permit Fly Gangwon, the country's seventh low-cost carrier, to begin operations next month, a move that could further heat up competition in South Korea's aviation market. An air operator certificate to be issued to Fly Gangwon on Tuesday will allow the carrier to offer two flights a day on the Yangyang-Jeju route beginning in November, the Ministry of Land, Infrastructure and Transport said in a statement."The aviation authorities will c
Oct. 28, 2019
-
STX Corp. signs coal trading deal with Russia's Mechel
STX Corp., a South Korean general trading firm, said Monday it has signed a deal with Russian mining giant Mechel PAO to import coal and coke produced in the Kuzbass mines in Kemerovo, Russia.Under the deal, STX Corp. will import 1.2 million tons of coal and coke a year. The Kuzbass region accounts for 60 percent of the total coal production in Russia.STX Corp. has been recently expanding its commodity trading businesses to minerals. In June, it secured rights to sell vanadium and graphite produ
Oct. 28, 2019
-
[News Focus] Construction policy risks undermining fiscal soundness
SEJONG -- Enterprises under the Moon Jae-in administration are investing less in construction and facilities, with 2018 data revealing year-on-year contraction in both areas.These are the first simultaneous drops in corporate investment in construction and facilities that South Korea has experienced in a decade. The last time was in 2008, when the nation was affected by the crisis that followed the US subprime mortgage collapse.Previously, when anti-speculation measures led the construction indu
Oct. 27, 2019
-
Hyundai E&C Q3 net soars 72% on increased orders
Hyundai Engineering & Construction Co. said Friday its third-quarter net profit soared 72 percent from a year earlier on increased orders.Net profit for the three months that ended Sept. 30 jumped to 218.2 billion won ($186 million) from 126.6 billion won a year earlier, the company said in a statement. "In the past five to six years, Hyundai E&C has focused on improving profitability and selectively participated in bids to win projects overseas. It began to pay off this year,"
Oct. 25, 2019