Most Popular
-
1
Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
-
2
Seoul bus drivers go on general strike, cause morning rush hour delays
-
3
Official campaigning kicks off for April 10 elections
-
4
Dialogue hopes fade as doctors pick hard-liner as new head
-
5
Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
-
6
[Election Battlefield] Political novice to face off star politician in ‘swing district’
-
7
Korea enters full election mode
-
8
[Kim Seong-kon] The April 2024 election will decide our future
-
9
Seoul’s bus union prepares for strike
-
10
[Hello India] Corporate Korea sees new growth drivers in India
-
Korea’s business tycoons, leaders join Moon, Trump dinner
On the first day of US President Donald Trump’s state visit to Seoul on Tuesday, he will be joining President Moon Jae-in and more than 100 government and business officials for a state dinner at Cheong Wa Dae.Joining the two world leaders will be a total of 122 guests -- 70 Koreans and 52 Americans. Among the top governmental guests in the business sector will be US Trade Representative Robert Lighthizer; Korea’s top trade Kim Hyun-chong; Paik Un-gyu, minister of trade, industry and
Nov. 7, 2017
-
[Monitor] South Korean economy to remain in uncertain domain
South Korean economy will remain on the recovery trend but uncertainties will increase both internally and externally, the Economic Research Institute of the Industrial Bank of Korea said.
Nov. 7, 2017
-
More people think their livelihood improved in 2017: survey
A growing number of South Koreans think their lives have improved in the last few years, a survey showed Tuesday.According to the survey of people aged 19 years old and over conducted by Statistics Korea, 41.1 percent said they became better off in 2017 compared to three years earlier, up from 38.8 percent in 2015.The positive response has been growing since 2011 when the number was 30.9 percent.Some 40.1 percent of people living in urban areas felt improvements in the quality of their lives dur
Nov. 7, 2017
-
Cigarette price hike shows intended effect on low income earners, youths: study
The cigarette price hike in 2015 has been effective in discouraging smoking in low income earners and youths, but not for people with high earnings, a survey said Tuesday.A public health and nutrition study by the Ministry of Health and Welfare said the smoking rate among the low-income male population fell from 45.9 percent in 2014 to 40.6 percent the following year. It rose slightly to 41.1 percent in 2016. The government had hiked the price of cigarettes to 4,500 won ($4.03) per pack from 2,5
Nov. 7, 2017
-
Korea’s per capita GNI poised to touch $30,000
Expectations are growing that Korea’s gross national income per capita will reach the level of $30,000, regarded as the threshold to enter the group of truly advanced economies, for the first time this year.Asia’s fourth-largest economy has failed to achieve the landmark figure for more than a decade since its per capita GNI first surpassed $20,000 in 2006.Local economic research institutes estimate the country’s per capita GNI to be somewhere between $29,500 and $29,800 in 201
Nov. 6, 2017
-
Free trade system being challenged like never before: experts
One day ahead of US President Donald Trump’s visit to Korea, the Ministry of Trade, Industry and Energy and Korea International Trade Association on Monday held an annual trade conference, discussing ways to combat trade protectionism. The fourth 2017 International Conference of Trade and Industry at Coex in Seoul opened under the theme of “A new cooperation paradigm for realizing free and inclusive trade,” with both local and international trade experts tackling growing conce
Nov. 6, 2017
-
Korea likely to achieve 3% economic growth this year
South Korea will be able to achieve this year's growth target of 3 percent, barring any sudden economic volatility in the fourth quarter, the country's finance minister said at a parliamentary session Monday.Kim Dong-yeon's view is in line with growth outlooks by the Bank of Korea and the International Monetary Fund.In October, the BOK raised its growth forecast for South Korea's gross domestic product to 3 percent for 2017, up 0.2 percentage point from its earlier estimate. The IMF has also adj
Nov. 6, 2017
-
FTC slaps combined W37.1b fine on three auto parts suppliers for bid rigging
South Korea's antitrust watchdog said Monday that it has levied a combined 37.1 billion won ($33.2 million) in fines on three foreign auto parts firms for allegedly rigging bids.Denso Korea Automotive Corp., an auto parts supplying unit of Japan's Toyota Motor Corp., and Hyundam Industrial Co. owned by Japan's Aisan Industry Co. had been accused of colluding to participate in bids for engine fuel pumps arranged by South Korean carmakers from August 2007 to February 2009, according to the Fair Tr
Nov. 6, 2017
-
IBK institute cites greater economic uncertainties for 2018
South Korea's economy will stay on a recovery track next year but will contend with greater uncertainties due to uncontrollable variables, a think tank under state-owned Industrial Bank of Korea said Monday.The IBK Economic Research Institute estimated next year's economic growth at 2.8 percent, lower than the 3 percent being forecast by the government and the central bank but close to projections by other private economic institutes.Steps taken by the government to increase household income, in
Nov. 6, 2017
-
Households' overseas spending up 5.5 pct in Q3
South Korean households' overseas spending rose 5.5 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Saturday.South Korean households spent $6.95 billion overseas in the July-September period, compared with 6.59 billion won in the same period last year, the Bank of Korea said. The data included expenditures South Koreans spent on accommodations and food during their travels or business trips to foreign countries.The number
Nov. 4, 2017
-
Number of temporary workers inches up in 2017
The number of temporary workers in South Korea rose slightly this year from 2016, with its percentage also gaining ground, government data showed Friday.A total of 6.54 million workers were non-regular workers, part-timers and outsourced laborers as of August 2017, up 1.5 percent, or 98,000, from a year ago, according to the data by Statistics Korea.They accounted for 32.9 percent of the country's salaried employees that totaled 19.88 million. The 2017 data also showed 55.2 percent of them were
Nov. 3, 2017
-
Korea's current account surplus widens to $12.21b in September
South Korea's current account surplus widened in September from a year earlier due to an increased surplus in the goods account, central bank data showed Friday.The country's current account surplus reached $12.21 billion in September, compared with a surplus of $8.07 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 67 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the goods accoun
Nov. 3, 2017
-
[Monitor] Shorter work hours raise efficiency: KDI
The labor productivity has risen by 1.5 percent by introducing shorter 40-hour workweek system in the manufacturing sector, a report by the Korea Development Institute showed.The report noted that it was imperative to clarify murky rules on working hours and pay increment, suggesting raising the basic pay for regular work hours and lessening the extra pay for extended work hours to ultimately raise work efficiency.Under the current laws, maximum working hours per week is set at 52 hours, which i
Nov. 2, 2017
-
Construction sector could experience contraction in 2019: report
South Korea's construction sector could suffer a contraction in 2019, a report said Thursday as the government's moves to stabilize property markets may weigh on new orders.The combined value of construction orders -- a leading indicator in the construction sector -- posted a 29.5 percent decline in July, swinging from 8.4 percent growth in 2016 and a 48.4 percent gain in 2015.In 2014, the combined value of construction orders jumped 16.3 percent, according to a report released by a research cen
Nov. 2, 2017
-
Korea's top fair trade regulator calls for tougher biz reform
The head of South Korea's antitrust watchdog urged local business heavyweights Thursday to put more effort into achieving fair competition and coexistence with smaller companies and regaining public confidence."I know our businesses have tried to make changes and helped smaller companies share the fruit (of our success)," Fair Trade Commission Chairman Kim Sang-jo said before talks with leaders of the five top conglomerates. "But from ordinary people's point of view, there is
Nov. 2, 2017
-
Hirings at public institutions remain short of target
New hirings by public institutions through end-September this year met 70 percent of the annual target, meaning 5,000 people will have to be employed in the final quarter to reach it, according to government statistics Thursday.Figures posted on the government portal All Public Information in One said 14,015 people were hired during the three quarters this year, down 5.3 percent on-year. The tally is about 70 percent of the 19,862 set as the goal for this year.The Moon Jae-in administration, whi
Nov. 2, 2017
-
Korea losing appeal as FDI destination
Korea is becoming less attractive as a destination for foreign direct investments, just as the government looks to FDI to help ease unemployment.According to official data, foreign investment in manufacturing totaled $2.03 billion in the first nine months of this year on an arrival basis, slightly less than half the $4.4 billion invested in the same period of 2015.The figure marked a five-year low.Additional investments by foreign-invested firms in expanding or upgrading existing facilities amou
Nov. 1, 2017
-
[Monitor] Korea ranks 4th in good business environment
South Korea moved up to fourth place in this year’s business environment survey by the World Bank, mainly due to high scores in legal settlements and electricity supply.The organization’s “Doing Business 2018” report comprising the annual survey showed that South Korea moved one notch up from the previous year.The business environments of 190 countries were surveyed in 10 broad categories in accordance with the business life cycle from start to closure.South Korea was pla
Nov. 1, 2017
-
Think tank raises Korea's economic growth outlook to 3.1%
A South Korean think tank on Wednesday revised up its growth outlook for Asia's fourth-largest economy this year to 3.1 percent, up 0.1 percentage point from its previous estimate in July.The upward revision by the Korea Institute of Finance is higher than growth outlooks estimated by the Korean government, the Bank of Korea and the International Monetary Fund.Last month, the BOK raised its growth outlook for the country's GDP to 3 percent for 2017, up 0.2 percentage point from its earlier estim
Nov. 1, 2017
-
Korean workers' salary ranks low among OECD nations
The average salary of South Korean workers ranked mid to low among major economies last year with its growth rate over the past six years also hovering below their median, a report said Wednesday.According to the report from Rep. Park Kwang-on of the ruling Democratic Party, South Korean wage workers earned an average $29,125 in 2016, the 23rd highest among the 34 member nations of the Organization for Economic Cooperation and Development, excluding Turkey.Switzerland topped the list with an ave
Nov. 1, 2017