Korea's land prices grow despite cut in transactions in 2016

South Korea's land prices continued to increase from a year earlier in 2016, also growing at the fastest rate in nine years, the government said Wednesday.Land prices increased 2.7 percent in 2016 from a year earlier, accelerating from a 2.4 percent on-year gain in 2015 and marking the fastest rise since a 3.89 on-year spike posted in 2007, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)The increase in land prices also far outpaced the 1 percent on-year gain in overall

Jan. 25, 2017

Korea's trade ministry meets with US business people

South Korea's trade ministry on Wednesday held a meeting with US business people to seek ways to bolster bilateral economic cooperation under the new Trump administration.In a breakfast meeting with the American Chamber of Commerce in Korea in Seoul, Vice Trade Minister Woo Tae-hee said the two countries have had a close relationship in terms of economy and trade, with the Korea-US free trade agreement playing a big role. (Yonhap)"We expect the members of AMCHAM to promote that the KORUS FTA has

Jan. 25, 2017

US-Korea trade deal even more important after US withdrawal from TPP

The US free trade agreement with South Korea has become even more important to American businesses as President Donald Trump withdrew the US from a massive Asia-Pacific free trade deal, a top official of the US Chamber of Commerce said Tuesday.Tami Overby, senior vice president for Asia at the largest US business lobby, made the remark during a discussion at George Washington University, a day after Trump signed an executive order pulling out of the 12-nation trade deal, known as the Trans Pacif

Jan. 25, 2017

[NEWS FOCUS] Trump’s TPP abandonment fans trade fears in Korea

On his first full weekday in office Monday, US President Donald Trump signed an executive action to abandon a multilateral trade deal involving 12 countries, underlining his tough trade policy and raising concerns over a possible renegotiation of the South Korea-US Free Trade Agreement. The Trans-Pacific Partnership, a free trade pact between 12 Asia-Pacific countries and a legacy of former President Barack Obama, was signed in February 2016 after five years of negotiations. It was considered a

Jan. 24, 2017

Korea's terms of trade improve in December

South Korea's terms of trade improved in December from a year earlier as a slight rise in import prices was offset by a hike in export prices, central bank data showed Tuesday.The terms of trade index for products came to 102.63 last month, up 1.9 percent from a year earlier, according to preliminary data from the Bank of Korea. (Yonhap)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 with those of

Jan. 24, 2017

Korea's per-person rice consumption hits fresh low in 2016

Per capita rice consumption in South Korea hit a fresh record low last year amid rapid changes in eating habits, government data showed Tuesday.The average annual consumption of rice per person fell to 61.9 kilograms last year, down 1.6 percent from the previous year's 62.9 kg, according to the data by Statistics Korea. (Yonhap)The figure has been on a steady decline since 1984 when it posted 130.1 kg, and started to make new record lows of 104.9 kg in 1996, breaking the earlier record low of 10

Jan. 24, 2017

Regulator says Korea's economy robust despite political turmoil

The head of South Korea's state financial watchdog assured foreign investors Tuesday that the country's economy maintains strong fundamentals unscathed by a political setback at home.Zhin Woong-Seob, governor of the Financial Supervisory Service, stressed that the fiscal, monetary and financial authorities are in close cooperation for risk management. Zhin Woong-Seob (front row, center), governor of the Financial Supervisory Service, poses for a photo with heads of foreign investment firms in So

Jan. 24, 2017

Korea to raise emissions trading rights for 2017

South Korea will raise greenhouse gas emissions rights in the trading market for this year in a bid to meet its tightened reduction target, the finance ministry said Tuesday.Under the revised 2017 emissions allocation plan endorsed by the Cabinet, some 538.9 million tons of emissions rights will be involved in the trading market, up 17 million tons from the country's earlier goal of 521.9 million tons for the year, according to the Ministry of Strategy and Finance. (Yonhap)The revision came as S

Jan. 24, 2017

Korea to seek better cooperation with Trump govt.

South Korea's trade minister said Monday that he will visit the United States soon to seek better ways to expand understanding and bilateral cooperation with the new Donald Trump administration.In his inauguration speech on Friday, Trump stressed his "America First" doctrine again, saying that his every decision on trade, taxes and foreign affairs will be made to benefit Americans. Trade Minister Joo Hyung-hwan (L) speaks during a meeting with trade-related officials in Seoul on Jan. 23, 2017. (

Jan. 23, 2017

Job creation pledges neglect corporate roles

Policymakers and potential presidential candidates have competitively put forward measures aimed at creating more jobs amid concerns the tightened job market will worsen this year.South Korea’s jobless rate reached a six-year high of 3.7 percent last year, with the figure for young people hitting an all-time high of 9.8 percent.The number of unemployed people in 2016 was officially tallied at 1.01 million, but the real number, which includes those who are preparing to apply for jobs or work part

Jan. 23, 2017

IMF urges Korea to expedite restructuring to avoid Japan’s ‘lost decades’

Korea should accelerate corporate restructuring to avoid Japan’s prolonged economic woes, the International Monetary Fund warned in a report.The Korean government projects that the number of the working age population, those aged between 15 and 64, will start declining from the year 2017. The proportion of seniors aged over 65 is to hit 13.8 percent this year, right ahead of the aged society in which the figure reaches 14 percent.The Bank of Korea is reportedly to announce soon its revised-down

Jan. 23, 2017

Korea to revise health insurance system to relieve burden on low-income people

South Korea is pushing to revise its national health insurance program to halve the fees for low income earners in an effort to make health care more affordable, officials said Monday.The Ministry of Health and Welfare released a revision to the national health insurance system, subject to parliamentary endorsement, that will be adopted in three stages for a total of nine years. (Yonhap)The ministry said 80 percent of the total subscribers to the state-run health insurance, or 6.06 million house

Jan. 23, 2017

Pension funds suffer low returns amid record low rates

The returns on major private pension programs remained at what local analysts on Monday called a disappointing level due to record low interest rates and risk-avoiding behavior of fund managers, industry data showed.The yield rate of most pension funds over the past seven years stood at below 5 percent as of end-September, according to the data. This file photo, taken on Dec. 28, 2016, shows a local adviser (L) offering advice to a client at a local business fair on retirement programs in Seoul.

Jan. 23, 2017

Korea's Big Mac index moves down two notches to 25th

South Korea's Big Mac index moved down two notches from six months earlier to the 25th spot, the global index showed Monday, indicating the South Korean won may be more undervalued than it was before.The average price of a Big Mac hamburger came to US$3.68 in South Korea in January 2017, according to the index posted on the Internet site of the British magazine The Economist. (Yonhap)The price marked the 25th highest among 57 countries surveyed, down two notches from the 23rd spot in July 2016.T

Jan. 23, 2017

Korea likely to miss $1t trade target again

South Korea's trade has turned upward after a two-year lull, but it is likely to miss the US$1 trillion target again this year and possibly next year as well, the central bank said in its estimate Monday.The Bank of Korea projected a trade volume of $955 billion this year, a 6 percent increase from last year on a customs clearance basis. Exports are expected to rise 4.3 percent to $517 billion and imports 8 percent to $438 billion. (Yonhap)The estimate is an improvement from a 5.9 percent fall i

Jan. 23, 2017

Korean economy put to test in Trump era

South Korea’s withering economy will be put to the test with US President Donald Trump officially taking office at the White House on Friday.Especially when most chiefs of Korean conglomerates are being probed by a team of special investigators on allegations that they colluded with the presidential office of Cheong Wa Dae for business favors, corporate Korea is losing its chance to build networks with US officials under the new Trump administration, observers say.Revelers attend the Texas Black

Jan. 20, 2017

McCain slams China for 'bullying' Korea over THAAD

US Senator John McCain (R-AZ) slammed China on Thursday for "bullying" South Korea for its decision to host the US THAAD missile defense system aimed at defending against North Korea, urging Beijing to use its "considerable influence" to rein in Pyongyang.McCain, chairman of the Senate Foreign Relations Committee, also said that Chinese bullying of the Asian ally is "unacceptable" and said he hopes the incoming administration of Donald Trump ensures US security commitments."China is escalating i

Jan. 20, 2017

Seoul to fight any price collusion ahead of Lunar New Year

Finance Minister Yoo Il-ho warned Thursday that the government will strictly deal with any price collusion ahead of the nation’s Lunar New Year holiday. His comments came as prices of some agricultural products have shot up more than 100 percent on-year in recent weeks, weighing on consumers who would have to spend more to prepare traditional food during the holiday set for Jan. 27-30. Finance Minister Yoo Il-ho speaks during a ministerial meeting in Seoul, Thursday. (Yonhap News)“There are grow

Jan. 19, 2017

Won-dollar volatility hits 6-year high in 2016

Volatility in won-dollar exchange rates hit a six-year high last year as the currency markets went volatile due to uncertainties, such as Britain's decision to leave the European Union, the U.S. presidential election and expected U.S. rate hikes, central bank data showed Thursday.The daily foreign exchange variation of the won-dollar rate averaged 0.65 percent in 2016, marking the highest level since 2010, when the figure hit 0.81 percent, according to the data compiled by the Bank of Korea.The

Jan. 19, 2017

Minister vows to stabilize consumer prices ahead of major holiday

South Korea's finance minister vowed Thursday to stabilize consumer prices and sternly deal with any possible price collusion in processed goods ahead of a major holiday."There are growing concerns over an increase in consumer prices being felt in the markets," Finance Minister Yoo Il-ho said in a meeting with officials in Seoul. "We will concentrate our utmost efforts on stabilizing prices of agricultural products and processed food."His comments came as prices of agricultural products and proc

Jan. 19, 2017