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
[Graphic News] More Koreans say they plan long-distance trips this year
-
7
[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
-
8
North Korea removes streetlights along cross-border roads with South
-
9
Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
-
10
Farming households dip below 1m for first time in 2023
-
Possible US rate hike tipped to impact Korean bourse little
A potential US interest rate hike in June is likely to have an insignificant impact on the South Korean stock market as it is widely expected, analysts said Thursday.The Federal Reserve is slated to hold its monetary policy meeting on June 14-15 amid widespread expectations the US central bank will jack up its benchmark lending rate for the second time this year. The Fed raised rates in March on economic optimism. "As a recent survey shows, all watchers expect a rate increase in June, it wo
June 1, 2017
-
BOK chief calls for measures for population aging
The head of South Korea's central bank called Thursday for measures to cope with population aging that could undermine growth in Asia's fourth-largest economy.Bank of Korea Gov. Lee Ju-yeol said South Korea is not well-prepared for its rapidly increasing older population. Experts have expressed concerns that the aging population, coupled with a low birthrate, poses a serious threat to Asia's fourth-largest economy, as it could lead to fewer working people and increased spending on health and wel
June 1, 2017
-
Korea's exports up 13.4% on-year in May
South Korea's exports jumped 13.4 percent last month from a year earlier to extend their winning streak to seven months on the back of brisk overseas sales of computer chips and displays, the trade ministry said Thursday.Outbound shipments came to $45 billion last month, up from $39.7 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. I
June 1, 2017
-
Korea's Q1 growth ranks high among OECD
South Korea ranked high in first-quarter economic growth among major advanced and emerging economies as its economy got a boost from recovering exports and investment, data showed Thursday.Asia's fourth-largest economy expanded 0.9 percent on-quarter in the January-March period from three months earlier, a quarterly increase of 0.4 percentage point in the fourth quarter of last year, according to the data by the Organization for Economic Cooperation and Development. It was the sixth-highest quar
June 1, 2017
-
Korea's consumer prices up 2% in May
South Korea's consumer prices continued their upbeat mode to touch the 2 percent level in May on high-flying oil and livestock prices, government data showed Thursday.The country's consumer price index gained 2 percent last month from a year earlier, slightly up from the previous month's 1.9 percent rise, according to the data compiled by Statistics Korea. Consumer prices have been hovering around 2 percent since the first month of 2017 due to a sharp gain in oil prices, following a 1.3 percent
June 1, 2017
-
[Herald Interview] ECCK chairman calls for deregulation
Following the ouster of former President Park Geun-hye and the election of President Moon Jae-in, some foreign investors in Korea have heaved a sigh of relief in anticipation that the country’s economic instability during the turbulent political times will finally begin to normalize. Foreign-invested firms make up 20.9 percent of the nation’s total exports and 5.7 percent of jobs. Of these firms, roughly 2,500 are European companies operating in Korea. Dimitris Psillakis, president a
May 31, 2017
-
Manufacturing sentiment edges down
South Korea’s manufacturing sentiment inched down in May from the previous month, the first decline in nine months, as producers were psychologically pressured from reduced business days with more holidays in May, the Bank of Korea said Wednesday.The business survey index in the manufacturing sector dropped to 82 in May from 81 in April. The index remained low at 71-72 from August to December but began to rise in earnest from 75 in January to 83 in April with robust exports. The manufactur
May 31, 2017
-
Merit pay system destined to be derailed
Confusion is growing over the implementation of a merit pay system at public organizations in the country, as President Moon Jae-in and his aides are pushing to repeal the measure introduced under previous administrations.During his campaign for the May 9 presidential election, Moon pledged to immediately abolish the performance-based wage system if he became president.Kim Jin-pyo, head of a commission functioning as the de facto transition team of the new administration, said last week that wor
May 31, 2017
-
Korea's exports to ASEAN more than double thanks to FTA
South Korea's exports to the group of Southeast Asian countries more than doubled over the last decade as commerce and investment increased following the implementation of a free trade deal, government data showed Wednesday.Outbound shipments to the 10 member countries of the Association of Southeast Asian Nations reached US$74.52 billion in 2016, compared with $32.1 billion in 2006, according to the data by the Ministry of Trade, Industry and Energy. With the South Korea-ASEAN free trade deal t
May 31, 2017
-
[Monitor] Professional women still paid less than men
While the number of women professionals increased significantly in the past seven years, their average wage compared to men remained low, a report by the Korea Institute for Industrial Economics & Trade showed.The KIET surveyed the number and structure of the female professional workforce aged 20-59 between 2008 and 2015.Out of all female workers, 26.6 percent were those with professional jobs in 2015, up from 22.0 percent in 2008.Comparatively, out of all male workers, 22.8 percent were in
May 30, 2017
-
Regulator to ease capital rules for insurers ahead of global accounting change
South Korea's financial regulator said Tuesday it will relax some capital rules and other technical standards for insurance firms to help them better cope with changes in global accounting rules. South Korea is one of more than 100 nations that will adopt the new global bookkeeping standard or the International Financial Reporting Standards 17, starting in January 2021. When adopted, some insurers in South Korea will face capitalization pressure, analysts said. To help insurers alleviate p
May 30, 2017
-
Public agencies‘ Q1 hiring undershoots target
South Korean public agencies' employment fell just short of their target in the first quarter of the year, data showed Tuesday, but they are expected to expand hiring for the rest of the year in line with the new government's jobs push.The country's public institutions hired 5,046 new workers in the January-March period, some 100 shy of their combined goal unveiled at the start of the year, according to the government portal All Public Information in One. In January, the finance ministry said it
May 30, 2017
-
New home permits tumble 27% in April
New home permits in South Korea plunged nearly 30 percent in April from a year earlier, the government said Monday, amid its move to limit housing sales as a way of curing household debt and rising interest rates.Construction permits issued for new homes came to 43,568 last month, down 27 percent from the same month a year earlier, according to the Ministry of Land, Infrastructure and Transport. April marked the fifth consecutive month of decline. In the first four months of the year, new home p
May 29, 2017
-
Korea’s GDP to include digital sharing economy from 2019: BOK
With the rapid emergence of new platforms that enable peer-to-peer transactions, such as Airbnb and Uber, South Korea will start reflecting the digital sharing economy in its gross domestic product from March, 2019, the Bank of Korea said Monday.While existing digital transactions such as e-commerce and the trade of digital content are already included in the current GDP, unregistered Airbnb service providers have not been reflected in Korea, the BOK said. “The first (GDP) figure that refl
May 29, 2017
-
Door closed for communication with businesses
Discord over the issue of irregular workers has exposed a rift in relations between the Moon Jae-in administration and business circles.The new liberal government has not been supposed to be business-friendly as the appointment of key economic policymakers reflects Moon’s resolve to implement his campaign pledge to reform the country’s large family-run conglomerates known as chaebol. But the heavy-handed reaction by Moon and his aides to criticism by a local employers’ group of
May 29, 2017
-
More people, especially women, voluntarily subscribing to state pension
More South Koreans, especially women, are voluntarily subscribing to the state pension as a means to secure stable income for their senior years, data showed Monday.As of the end of last month, 317,800 people -- 48,843 men and 268,957 women -- were voluntary subscribers to the state pension plan, according to the National Pension Service. These people are not required to have pension subscriptions, which applies to people aged 18-60 and have an income, but are mostly housewives, military personn
May 29, 2017
-
Moon’s policy planner slams chaebol as priority to change
Slamming the conglomerates for resisting change, the Moon Jae-in administration’s de-facto transition team chief said Sunday that it was the chaebol that must first reflect on themselves to change the society.“Those that enjoy the most vested interests in our country are the chaebol. … In order to properly reform the society and achieve social harmony, chaebol’s self-reflection must come first,” said Kim Jin-pyo, chairman of the State Affairs Policy Planning Commit
May 28, 2017
-
SMEs led consumer goods exports in 2016: report
South Korea's exports of cosmetics, medicine and other major consumer goods were led by small and medium-sized enterprises last year, with the active establishment of new firms in the industry, data showed Sunday.The ratio of exports of cosmetics, medicine, clothing, agro-fishery products and household items by SMEs reached $19.8 billion, or 84.1 percent of the total $23.5 billion, last year, according to the figures by the Korea International Trade Association. Big businesses shipped $3.7 billi
May 28, 2017
-
Korea's terms of trade worsen in April
South Korea's terms of trade deteriorated slightly in April from a year earlier as a rise in export prices was offset by a hike in import prices, central bank data showed Friday.The terms of trade index for products came to 101.38 last month, down 1.1 percent from a year earlier, according to preliminary data from the Bank of Korea . The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison to others.Last m
May 26, 2017
-
Consumer sentiment hits record 3-year high on improved exports
South Korea's overall consumer sentiment hit the highest level in more than three years helped by a rise in exports and expectations of the new government's economic policies, central bank data showed Friday.The composite consumer sentiment index for May came to 108.0, up from 101.2, a month earlier, according to data from the Bank of Korea. The May figure marked the highest since April 2014 when the index stood at 108.4. A reading above 100 means optimists outnumber pessimists.A BOK official sa
May 26, 2017