Most Popular
-
1
Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
2
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
3
S. Korean children, teens grow taller, mature faster than before: study
-
4
[Graphic News] Number of coffee franchises in S. Korea rises 13%
-
5
Some junior doctors are returning: Health Ministry
-
6
Army takes group action against Hybe for neglecting BTS
-
7
Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
-
8
[Robert J. Fouser] AI changes rationale for learning languages
-
9
Woman dangling from power lines rescued by residents holding blanket
-
10
Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
-
BOK expected to hold policy rate steady in July: Moody's Analytics
South Korea's central bank is expected to hold its key rates steady this month as it could move to "normalize" interest in early 2018, Moody's Analytics said Friday.The Bank of Korea is set to hold its rate-review session next Thursday to decide whether to keep or adjust the all-time low rate of 1.25 percent. "The central bank is in no hurry to raise rates with core inflation only gradually creeping higher amid expectations of improving domestic demand," Moody's Analytics sai
July 7, 2017
-
Citibank starts shutting down branches in Korea
Citibank Korea, the South Korean unit of Citigroup, began shutting down five physical branches in the country Friday, as part of its plan to reorganize its operations, according to an industry source. Citibank has said it will drastically cut the number of its physical branches to 25 from 126 but claimed that it will not lay off employees. Five branches of Citibank in Seoul and Gyeonggi Province were being shut down Friday and 30 more branches will be closed by the end of this month.An uns
July 7, 2017
-
Bananas become top-selling fruit
Bananas were the most sold fruit in the first half of the year, according to leading retail giant E-mart on Friday, replacing the longtime favorite apples.E-Mart said it sold 37.6 billion won ($32.48 million) worth of bananas in the January-June period, up 8.7 percent from the same period last year. The amount tops numbers for apples that stood at 33.1 billion won, down 16.2 percent from last year. The retail company said the latest tally marks the first time that bananas were the top-selling fr
July 7, 2017
-
Korea's rapidly aging population feared to sap economic growth
South Korea's rapidly aging population could undermine the country's growth in the coming years, local economists said Thursday, in the latest warning to the Asian country mired with a low birthrate.Asia's fourth-largest economy grew 2.8 percent in 2016 from a year earlier on increased private and government spending. In 2015, the economy grew 2.8 percent.Still, the country's economy is forecast to grow 1.9 percent on average between 2016 and 2025 before falling to 0.4 percent on average between
July 6, 2017
-
Frozen food sales up amid more one-person households: data
Sales of frozen foods have risen sharply in recent months, industry data showed Thursday, amid an increase in one-person households in South Korea, industry data showed Thursday.GS25, South Korea's second-largest convenience store chain, said its frozen food sales grew 31.5 percent during the first six months of this year from a year earlier. The numbers reflect preferences for such food among singles, who are attracted to convenience of preparation.The comparable growth rates were 11 to 14 perc
July 6, 2017
-
[News Analysis] Trade experts debunk Trump’s ‘unfair’ FTA claims
Amid drawn-out speculation over the future of the Korea-US Free Trade Agreement, the two countries have been voicing differing views regarding the mutual benefits of the bilateral trade deal, which has now reached its fifth year. US President Donald Trump is arguing that the current stipulations are unfair and is the reason for the country’s worsening trade deficit. Trump has referred to the KORUS-FTA as “unacceptable” and a “horrible deal,” suggesting the de
July 6, 2017
-
Seoul official calls for Asian transition to low-carbon economy
A senior diplomat on Thursday outlined South Korea's commitment to environment-friendly energy policy, including plans to reduce its dependency on coal and nuclear power plants, and sharply increase the use of renewable energy sources. During a energy policy forum, Vice Foreign Minister Cho Hyun called on Asian nations to shift to a low-carbon economy, which would provide a new growth engine. "The transition from traditional fossil fuels to clean energy is indeed not easy. The transition is
July 6, 2017
-
Department stores see sales drop amid rising online shopping
South Korean department stores saw their sales fall in May as more consumers opted for online shopping, government data showed Thursday. The department stores' sales index dropped 4.6 percent in May compared to the same period last year, according to the data from Statistics Korea. Since the beginning of this year, the index has been on a downturn, recording 1.5 percent, 5.6 percent and 3.5 percent drops in January, February and March, respectively, the data showed. The rate of decrease dr
July 6, 2017
-
Indebted households spending more income to repay loans
Households with loans use about a third of their disposable income on debt repayment, statistics showed Thursday, undermining efforts to spur consumption through spending.The National Assembly Budget Office analyzed figures provided by Statistics Korea and found that a household with loans on average had 46.35 million won ($40,147) in disposable income last year, of which 15.48 million won, or 33.4 percent, was used to pay back principal on loans. It was the first time that the ratio surpassed 3
July 6, 2017
-
Deregulation, industrial policy out of focus
In a meeting with business leaders accompanying him on a trip to the US last week, President Moon Jae-in asked them to “trust in the new government’s economic policy, invest more and create jobs.”Describing himself as both pro-labor and pro-business, Moon said the core of his policy was to forge a fair and transparent environment for competition, which he said would be good for doing business and boost the country’s growth potential.The gathering in Washington marked the
July 5, 2017
-
Foreign investors bought up Asian stocks amid US rate hikes: data
Foreign investors bought shares traded on the South Korean and Asian stock markets in the first half of this year despite concerns over capital flight as the US marked up its interest rates, industry data showed Wednesday.Foreign investors purchased $29.1 billion worth of stocks more than they sold in Asian countries, up compared to $27.6 billion for all of last year, according to statistics by the Korea Center for International Finance.Foreigners sold $4.1 billion of stocks in the Asian ma
July 5, 2017
-
Vegetable prices rise due to downpour, drought
Prices of vegetables jumped sharply in recent weeks due to heavy downpours that followed a long drought, industry sources said Wednesday.The price of napa cabbage soared 26.2 percent to 1,416 won ($1.2) per kilogram Tuesday from a month earlier, according to the Korea Agro-Fisheries & Food Trade Corporation. The price of spinach jumped 12.7 percent to 4,568 won per kilogram from 4,053 won, while that of lettuce gained 4.4 percent to 662 won from 634 won per 100 grams.The price of cucumbers w
July 5, 2017
-
Korea's national debt exceeds W950t
South Korea's national debt as measured in outstanding state bonds issued exceeded 950 trillion won ($826.2 billion) last month, mainly due to the government's expansionary fiscal policy to cope with an economic slowdown, data showed Wednesday. The conservative administrations of ex-Presidents Lee Myung-bak and Park Geun-hye had favored the issuance of Treasury bills and various types of bonds to finance the fiscal expansion, rather than raising taxes. The nation's debt, which covers the central
July 5, 2017
-
Biz sentiment at over 2-yr high but still under par
South Korean manufacturers' business sentiment reached the highest in over two years, but pessimism still outweighed optimism overall, a survey showed Wednesday.A survey of some 2,200 manufacturing firms put the business sentiment index at 94 in the third quarter, up five points from the second quarter but under the threshold of 100, the Korea Chamber of Commerce and Industry said. The reading marks the highest since the first quarter of 2015, when the comparable figure was 97. The last ti
July 5, 2017
-
Korea's FX reserves hit record high in June
South Korea's foreign exchange reserves hit a record high in June due to a hike in the value of non-dollar currencies when converted into the U.S. greenback, central bank data showed Wednesday.As of the end of June, the country's foreign exchange reserves came to $380.57 billion, up $2.11 billion from the previous month, the Bank of Korea said in a statement. Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International Monetary Fund re
July 5, 2017
-
Korea tightens monitoring of financial market
The South Korean finance ministry said Tuesday that it tightened its monitoring of the local financial market following the latest missile launch by North Korea.After launching a ballistic missile earlier in the day, Pyongyang claimed in an official announcement that it has successfully test-fired an intercontinental ballistic missile directly challenging calls by the international community to halt weapons of mass destruction development. The benchmark KOSPI lost 0.58 percent to finish at 2,380
July 4, 2017
-
Mortgage loans by young household heads up sharply in past 4 1/2
Mortgage loans by those in their 20s and 30s have risen dramatically in the past 4 1/2 years, government data showed Tuesday, raising concerns of overdue payments.The average household whose head is in his 20s and 30s had 115 million won ($100,104) in mortgage loans last September, up 37.6 percent from 4 1/2 years earlier, according to figures by the Bank of Korea. Those in their 40s had 116 million won in mortgage loans last September, up 22.7 percent from 4 1/2 years earlier.The comparable fig
July 4, 2017
-
Korea has greater income gap than 24 European countries: report
South Korea has a greater income gap at workplaces than 24 European countries, a local think tank said Tuesday. The Korea Economic Research Institute said the average salary earned by Korean workers with a career of 20-29 years in a company was 4.04 times higher than the average wage made by their junior colleagues with a career of less than one year. The result was in sharp contrast with a 1.56 times difference between the two groups in 23 European states, such as Germany, Spain, Britain and th
July 4, 2017
-
Korea to boost public sector hiring of young people: panel
President Moon Jae-in's policy advisory panel said Tuesday that the government will expand hiring of young people in the public sector, the latest in a series of efforts to create jobs.Currently, public companies and other public agencies are required by law to employ a set number of unemployed youths each year. The government will raise the mandatory ratio of hiring of unemployed youths in the public sector to 5 percent, beginning next year, the State Affairs Planning Advisory Committee said.Th
July 4, 2017
-
Korean financial firms expand oversea branches, suffer from
South Korean financial firms have increased the number of foreign branches over the past five years, but such operations suffer from low profitability, the financial regulator said Tuesday. The number of overseas branches by local banks, credit card and other financial firms rose to 410 in 45 countries at the end of March this year, up 11 percent from the end of 2012, the Financial Supervisory Service said in a statement. Asia accounted for 67.8 percent of all overseas branches. North and
July 4, 2017