Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Holiday, hot weather cause credit-card spending to rise in Q2
Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion won ($133.3 billion) for the April-June period, the highest quarterly spending tallied so far. The use of credit cards increased in part to people taking trips that require pa
Aug. 4, 2017
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Property investors may move money to stocks: analysts
South Korea's real estate investors may move their money to the stock market following tough government measures to cool the overheating housing market, analysts said Friday.In a desperate bid to rein in soaring apartment prices, the government unveiled a package of measures Wednesday, including the designation of areas under close state scrutiny, tougher mortgage rules and heavier capital gains taxes. The measures also restrict the resell of rights to buy new apartments, which have been cited a
Aug. 4, 2017
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[Monitor] Naver dominates online ad sales
Naver maintained the top spot in terms of internet display advertisement sales in the first half of this year, according to data from MezzoMedia, a digital marketing agency under CJ E&M.As for online video advertisements, Google’s YouTube and Facebook took 60 percent of total revenue.Display ads include banner advertisements that pop up on websites and apps.
Aug. 4, 2017
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Tougher mortgage rules to affect some 400,000 borrowers
South Korea's stricter lending rules will likely affect about 400,000 potential mortgage borrowers in "speculative districts" in Seoul and the administrative capital of Sejong in the second half of the year, officials said Thursday. In its latest bid to rein in the overheating housing market, the government Wednesday designated all 25 wards in Seoul and two cities -- Sejong and Gwacheon, south of Seoul -- as "speculative or overheated speculative districts." In particular, 11
Aug. 3, 2017
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Top earners' monthly business income soars in Q1
High-earning households in South Korea saw their monthly income from business operations gain at the fastest clip in seven years in the first quarter on a brisk property market, government data showed Thursday.The average monthly "business income" of the top 20 percent households in the income bracket stood at 1.43 million won ($1,274) in the January-March period of this year, up 8.4 percent from a year earlier, according to the data by Statistics Korea. It marks the largest on-year ga
Aug. 3, 2017
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Korea moves to hike tax rates for superrich, conglomerates
The government on Wednesday unveiled its plan to impose higher taxes on rich individuals and large businesses, seeking to fund President Moon Jae-in’s plans to boost employment and to support small-sized businesses.“We have decided that an adjustment in tax rates is needed to secure the nation’s tax revenues,” Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon said in a ministry-led taxing policy meeting Wednesday.But considering financial circu
Aug. 2, 2017
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Korean firms face 190 import tariffs in 28 countries
South Korean companies face some 190 import tariff restrictions in 28 countries, with emerging markets accounting for over 70 percent of the barriers, a local trade promotion agency said Wednesday.As of June, Korean firms were involved in 154 antidumping and countervailing duty actions and 36 safeguard tariffs imposed by countries such as the US, Canada, India, China and Thailand, the Korea Trade-Investment Promotion Agency said in a statement. A total of 135 import regulations were taken agains
Aug. 2, 2017
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Small businesses plan layoffs with minimum wage hike: survey
More than 90 percent of small business owners say they plan to lay off workers following the government’s minimum wage hike next year, according to a survey by the Korea Federation of Micro Enterprise on Wednesday. The survey polled 532 business owners from July 21 to 28 and found that 92.4 percent said they would most likely have to cut staff once the new minimum wage increase is implemented, while 68.1 percent said they definitely planned to lay off employees. In addition to futur
Aug. 2, 2017
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Industrial woes out of policy focus
President Moon Jae-in’s income-led growth policy risks derailing efforts to accelerate structural reforms and encourage industrial innovation, economists say.His economic policy directions, which were unveiled last week, barely address the two tasks, seen as crucial to boosting the country’s long-term growth potential.Korea’s manufacturing industries have been faltering in recent years, except for a few bright spots such as the semiconductor sector. Local manufacturers ran
Aug. 2, 2017
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[Monitor] ‘Rich’ Koreans surge by 30,000 in a year
A report by KB Financial Group’s research center showed that the number of those in South Korea with assets worth 1 billion won or more reached 242,000 at the end of last year, up by 14.8 percent from the previous year.
Aug. 2, 2017
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Tobacco tax revenue to reach W3tr in 2017
Revenue from taxes levied on cigarettes is forecast to reach 3 trillion won ($2.8 billion) for the first time ever this year, government data showed Wednesday.Starting in January 2015, South Korea jacked up the price of cigarettes by 80 percent from 2,500 won per pack to 4,500 won, in an effort to curb smoking. Following this move, taxes collected from the sale of individual cigarette packs jumped from 354 won to 841 won.According to the data by the Ministry of Health and Welfare, revenues from
Aug. 2, 2017
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Childcare subsidies losing initial effect, report says
State subsidies for childbirth and child rearing have helped increase South Korea's birthrate, but the effect is weakening over time, a report said Wednesday.According to the report from the Center for Economic Catch-up, subsidies can take credit for 0.122 of 0.163, or 75 percent, increase in the nation's birthrate between 2005 and 2015. The birthrate during the period rose from 1.076 to 1.239. Such effects, however, are waning after policy changes from 2012-2013 to pay a uniform amount to all h
Aug. 2, 2017
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Household savings rate to log minus growth in a decade: report
The savings rate of South Korean households is expected to lapse into negative territory in a decade due the country's rapid population aging, a central bank report said Wednesday.The Bank of Korea report estimated the household savings rate to start to register negative growth starting in 2026 in step with the country's fast population aging.The figure is forecast to fall from 8.9 percent in 2015 to -3.6 percent in 2030, when the ratio of people aged 65 and older to total population is likely t
Aug. 2, 2017
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Banks' loan delinquency rate falls to record low in June
The delinquency rate of South Korean banks' won-denominated loans fell to a record low in June as banks significantly resolved distressed loans, government data showed Wednesday.The rate for bank loans more than 30 days overdue stood at 0.43 percent at the end of June, down 0.15 percentage point from a month earlier, according to the data by the Financial Supervisory Service. Compared to a year ago, the rate was down 0.28 percentage point, it said. The end-June reading was the lowest rate since
Aug. 2, 2017
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[Monitor] Korea’s exports keep upward trend
South Korea continued to see brisk exports last month, backed by a rise in oil prices, recovering global trade and a rise in shipments of semiconductors, data from the Ministry of Trade, Industry and Energy and Korea International Trade Association showed Tuesday.Exports climbed 19.5 percent on-year in July, continuing its rise for nine consecutive months and posting double-digit growth for seven straight months. Outbound shipments reached $48.85 billion, up from $40.88 billion a year ago. Trade
Aug. 1, 2017
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Consumer prices up 2.2% in July due to weather: data
South Korea’s consumer prices surged in July at the fastest pace in four months, mainly due to a recent rise in fruit and vegetable prices after a period of alternating droughts and floods, government data showed Tuesday.Faced by record-high inflation in the costs of living necessities, the government pledged to offer discounts of up to 50 percent on selected vegetables and to increase the stock of livestock and marine products, in preparation for national holidays in early October.The nat
Aug. 1, 2017
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S&P assigns 'intermediate risk' rating to Korea's non-life insurers
International ratings agency Standard and Poor's said Tuesday it has assigned an "intermediate risk" rating to South Korea's property and casualty insurance industry, saying that the industry's strength is undermined by security risks from North Korea. In a report on the insurance industry and country risk assessment, S&P said South Korea's non-life insurers "will remain stable over the near to medium term." The assessment was based on South Korea's growing economy,
Aug. 1, 2017
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Cabinet OKs temporary removal of import duties on egg products
South Korea's Cabinet on Tuesday approved a measure to remove import tariffs on egg products in the latest effort to resolve a supply shortage sparked by outbreaks of bird flu here, officials said.The move will allow local companies to import 28,000 tons of eggs -- 13,000 tons of shell eggs and 600 tons of hatching eggs and 14,400 tons of other products -- without tariffs up until the end of this year.The government said egg products can be brought in from Australia, New Zealand, Denmark, the Ne
Aug. 1, 2017
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Number of wealthy people in Korea up 14.8% last year
The number of people in South Korea with financial assets worth more than 1 billion won ($892,295) rose 14.8 percent on year to 242,000 last year, thanks to the robust stock market, a report showed Tuesday. According to the annual survey by KB Financial Group Inc.'s research institute, people classified as wealthy held a total of 552 trillion won worth of financial assets in 2016, accounting for 16.3 percent of total financial assets owned by all households. Compared with a year ago, the ratio w
Aug. 1, 2017
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Korea's exports jump 19.5% in July
South Korea's exports continued their rally for nine straight months by rising a sharp 19.5 percent last month on brisk overseas sales of semiconductors, the trade ministry said Tuesday.Outbound shipments came to $48.85 billion in July, up from $40.88 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering global trade. The country posted double-digit expo
Aug. 1, 2017