Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Ministry denies blame for Jamboree debacle
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Think tank revises up 2017 growth forecast for Korean economy to 2.8%
A state-run think tank on Tuesday revised up its 2017 growth forecast for the South Korean economy by 0.3 percentage point to 2.8 percent on the strength of global trade and eased uncertainties at home and abroad."The South Korean economy will likely see the upbeat pace of its exports and investment slow down to some extent, but private consumption should make a slight upturn in the second half," the Korea Institute for Industrial Economics and Trade said in a report. It said such deve
June 27, 2017
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Importance of FTA to be highlighted at Korea-US summit
President Moon Jae-in is embarking on his first overseas trip as Korea’s leader, attending a critical two-day Korea-US Summit with President Donald Trump on Thursday and Friday. During the summit, Moon is slated to spearhead delegations that are to highlight the importance of the five-year Korea-US Free Trade Agreement as well as address looming uncertainties regarding the US’ attempts to renegotiate it -- a crucial economic issue here since Trump took office in January. With his
June 27, 2017
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Self-employed exposed to greater debt risks
Concern is being raised that the problem of debt incurred by self-employed businesses in the country is much more severe than has been depicted by official figures.A newspaper report last week said a recent survey by the local financial authorities revealed the country’s self-employed people held a combined debt of 650 trillion won ($573.1 billion) as of the end of last year, exceeding the Bank of Korea’s earlier tally at 480.2 trillion won.According to another report Sunday, data pr
June 26, 2017
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Gov't mulls raising diesel prices to curb fine dust
The government is considering a move to raise the price of diesel fuel with the aim of reducing fine dust emissions, government sources said Sunday.Among plans under consideration by the Ministry of Strategy and Finance, higher taxes could be slapped on diesel gas, which is cheaper than gasoline in Seoul Korea. Diesel has been cited as the main culprit behind the fine dust in the country that has been cited for endangering the public health. The ministry said it will hold a hearing with relevant
June 25, 2017
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All eyes on new investment pledge as Korean biz leaders visit US
A South Korean business delegation made up of top executives will travel to Washington this week as local companies take steps to respond proactively to alleviate the growing trade pressure exerted by the Donald Trump administration, a corporate lobbying group said Sunday.More than 50 business leaders from Samsung Electronics Co., Hyundai Motor and other South Korean firms are set to accompany President Moon Jae-in on his trip to US, the Korea Chamber of Commerce and Industry said. The high prof
June 25, 2017
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Moon, Trump to face showdown on FTA renegotiation
South Korean President Moon Jae-in is expected to pitch for the benefits of the two countries' bilateral free trade pact during his upcoming trip to the US, but may face some tough challenges in talks with his counterpart Donald Trump who has been calling for the renegotiation of the landmark deal, industry watchers said Sunday.There have been growing concerns here over a possible renegotiation of the Korea-US Free Trade Agreement, dubbed KORUS FTA, as Trump has denounced the free trade agreemen
June 25, 2017
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Korea’s top 52 business leaders to join Moon in US summit
CEOs and business leaders from some of the country’s top conglomerates are heading to the United States alongside President Moon Jae-in for a two-day Korea-US Business Summit with President Donald Trump next week, the Korea Chamber of Commerce and Industry announced Thursday. In Moon’s first international trip as the new president, he will be joined by a 52-person Korean business delegation, which includes Hyundai Motor Company Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae
June 23, 2017
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Hyundai, SK leaders to accompany Moon to US next week: biz lobby
Leaders of South Korea's top conglomerates including Hyundai and SK will join President Moon Jae-in on his first official visit to the United States next week, a local business lobby said Thursday.Moon is scheduled to visit Washington on Wednesday ahead of two-day summit talks with US President Donald Trump. During the trip, he will be accompanied by a 50-person business delegation that includes Hyundai Motor Vice Chairman Chung Eui-sun and SK Group Chairman Chey Tae-won, the Korea Chamber of Co
June 23, 2017
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[Monitor] More people out of job for over 6 months
The number of people unemployed for six months, who are classified as long-term unemployed, reached a 13-year high in May this year, according to Statistics Korea on Thursday.Some 120,000 were long-term unemployed, accounting for 11.96 percent of the jobless population. It marked the highest since 2004.Companies in South Korea usually hire in August or September, when the respective number slightly declines. Employment by such firms, however, has been lackluster due to weak business performances
June 22, 2017
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Number of property rental biz workers up sharply amid market boom: data
The number of people earning a living by renting property has risen sharply in recent years, government data showed Thursday, amid a market boom brought on by policy measures to prop up the housing market.The total number in the rental and leasing businesses surged to 1,452,000 people as of the end of 2015 from 882,000 in 2006 and 1,340,000 in 2014, according to data by the National Tax Service.The number accounts for 21.7 percent of the total registered businessmen in the country, which stood a
June 22, 2017
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Korean workers earn average W3.29m monthly in 2015
South Korean employees were paid an average 3.29 million won ($2,885) per month in 2015, with male workers earning 1.7 times more than their female colleagues, government data showed Thursday.According to the data by Statistics Korea, the median monthly wage of South Korea's employees was 2.41 million won.The statistics agency said the data is based on a survey of 15 million workers hired by local businesses, but some 9 million self-employed people and part-timers were excluded from the list.The
June 22, 2017
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Korea spends 48% of 2017 budget through May
The South Korean government has used nearly half of its planned budget in the first five months of the year as part of its efforts to frontload spending to prop up the economy, the finance ministry said Thursday.Budget spending by the government and public institutions for the January-May period stood at 135.3 trillion won ($118.7 billion), up 5.5 trillion won from the earlier target of 129.8 trillion won, according to the Ministry of Strategy and Finance.It accounted for 48 percent of the 281.7
June 22, 2017
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Whisky sales drop amid change in drinking culture
Sales of whisky products in South Korea continued to fall in the first five months of this year, mainly due to a protracted economic slump and a change in the drinking culture, industry data showed Thursday.According to the data, whisky product sales in the January-May period fell 6.8 percent to 619,341 boxes from 664,310 tallied in the same period last year. A box contains 18 0.5-liter bottles. Sales of whisky in the Korean market reached their peak in 2008 with 2.84 million boxes and have sinc
June 22, 2017
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Korea's economic policymakers vow to create more jobs, spur investment
South Korea's top economic leaders vowed on Wednesday that they will make concerted efforts to create quality jobs and stir up investment and innovation in the private sector.Finance Minister Kim Dong-yeon, Fair Trade Commission Chairman Kim Sang-jo and presidential chief of staff for policy Jang Ha-sung had trilateral talks in Seoul earlier in the day, their first since the inauguration of President Moon Jae-in on May 10, according to the Ministry of Strategy and Finance.The three policymakers
June 21, 2017
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Most Koreans who live alone are married: survey
The number of single households is continuing to spike as more Koreans live away from their families, while the country’s marriage rate continues to nose-dive. According to a survey released by Statistics Korea on Wednesday, the number of single-person households in the second half of 2016 reached roughly 5.27 million as of October last year, up 3.3 percent from the previous year. The data showed that the number of married people living alone hit 3.12 million or 59.1 percent of all singl
June 21, 2017
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Public sector net lending hits record W44tr in 2016
South Korea's public sector net lending hit a record high last year, thanks to a robust gain in tax revenues and lower oil prices, data showed Wednesday. Net lending, which refers to total revenue minus total expenditures, came to 43.9 trillion won ($38.4 billion) in 2016, compared with 32.9 trillion won from a year earlier, according to preliminary data from the Bank of Korea.It was the highest annual net lending since the central bank began compiling statistics on the public sector account. La
June 21, 2017
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Korea's exports soar 24.4% so far in June
South Korea's exports jumped 24.4 percent in the first 20 days of June from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Wednesday.Total outbound shipments reached $31.9 billion in the June 1-20 period, up from $25.7 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service. The increase was led by a 111.4 percent on-year surge in exports of vessels and a 51.1 percent gain in semiconductors.Exports to
June 21, 2017
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Exports of functional foods to China surge: report
The exports of South Korean functional foods to China have grown at an annual rate of 41 percent for the past four years, with their market share doubling over the cited period, a report showed Wednesday.According to the report compiled by the Korea International Trade Association, a total of $90 million worth of South Korean health functional foods were shipped to China in 2016. This made up 6.2 percent of China's imported health functional food market. The US came in first with 23.4 percent, f
June 21, 2017
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SME loans from nonbank lenders grow at fast pace
South Korean nonbank financial institutions' lending to smaller firms surged nearly 10 trillion won ($8.8 billion) in the first four months of the year amid tighter government control on household loans, data showed Wednesday.Nonbank lenders' outstanding loans to small and medium enterprises came to 90.7 trillion won as of the end of April, up 9.9 trillion won from the end of last year, according to according to the data from the Bank of Korea. It marks the first time in history that the a
June 21, 2017
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[Herald Interview] ‘Stronger, flexible IP protection system needed'
A forum of the world’s five largest intellectual property offices, known as IP5, emphasized its new vision for a stronger and more flexible intellectual property system that can adapt to the fourth industrial revolution at an event marking 10 years of global cooperation.The heads of IP5, including Lee Young-dae, acting commissioner of the Korean Intellectual Property Office, gathered together in Valletta, Malta on May 31 and June 1 to take stock of all the achievements made by the offices
June 20, 2017