S. Korea's national debt growing sharply since 1997 crisis: data

South Korea's national debt has been growing sharply over the past decades, data showed Friday, raising concerns that such ballooning debt could weigh on its fiscal health going forward. According to the data by the finance ministry, the country's national debt is projected to expand from 480.3 trillion won this year to 515.2 trillion won ($478.4 billion) next year. The debt projected for 2014 represents an 8.5-fold rise from 60.3 trillion won tallied in 1997. The country's national debt increas

Sept. 27, 2013

S. Korea logs current account surplus for 19th straight month in Aug.

South Korea's current account surplus narrowed in August from the previous month on smaller trade gains, but it logged a surplus for the 19th straight month, the central bank said Friday. The current account surplus reached $5.74 billion in August, down from $6.77 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The surplus narrowed in August from the previous month, but Korea has maintained a current account surp

Sept. 27, 2013

Seoul to offer incentives to job-creating foreign investors

South Korea is moving to provide incentives to foreign investors who create new jobs here, the government said Thursday.Under the plan approved at a meeting of the state committee on foreign investment, the government will soon revise its incentive system for foreign investors to provide additional benefits to those creating more jobs, according to the Ministry of Trade, Industry and Energy.Currently, foreign-invested areas are designated a foreign investment district, which leads to various ben

Sept. 26, 2013

Rise of ‘mild’ alcohol epitomizes shift in drinking culture

It is not a secret: Koreans love to drink.Whether it is for celebration or commiseration, a birthday party or a send-off for a colleague, the most popular phrase to invite someone to a special occasion seems to be “let’s go get a glass (of alcohol).”What goes in the glass, however, has recently undergone a transition. In the past, going for a drink was roughly equivalent to going to get drunk. This paved way for the popularity of the “poktanju (bomb-drink),” mixture of beer and other alcohol, us

Sept. 26, 2013

Gov't requests 4.6 percent increase in 2014 budget

The government wants to increase its spending next year by 4.6 percent from this year's budget in order to lend more support to stimulate the prolonged sluggish economic recovery, the finance ministry said Thursday.According to the ministry, the government will request the National Assembly to approve its 357.7 trillion won ($332.2 billion) budget proposal for 2014, which is larger than the 342 trillion won budget set aside for this year.The proposal, which was endorsed by a Cabinet meeting on T

Sept. 26, 2013

S. Korea's consumer sentiment hits 5-month low in Sept.

South Korean consumer sentiment declined to a five-month low in September as private spending remained subdued amid lingering economic uncertainty, the central bank said Thursday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 102 for September, down from 105 tallied in the previous month, according to the Bank of Korea (BOK).The index stayed unchanged at 105 for the third straight month in August, the high

Sept. 26, 2013

Sales grow at department stores, drop at discount outlets in Aug.

Sales at South Korea's three major department store chains grew from a year earlier in August while sales at major discount outlet chains dropped for a second consecutive month, the government said Thursday.Combined sales by the three department store chains rose 6.6 percent in August from the same month last year, posting an on-year growth for the second straight month, according to the Ministry of Trade, Industry and Energy.The ministry attributed the increase partly to a rise in sales of luxu

Sept. 26, 2013

Korea seeks to double exports of farm, fisheries products by 2017

South Korea will work to double its outbound shipments of farm and fisheries products to $16 billion in just five years, the agriculture ministry said Wednesday.Under its plan revealed at a government meeting chaired by President Park Geun-hye, the Ministry of Agriculture, Food and Rural Affairs said it will invest nearly 2 trillion won ($1.86 billion) by 2017 to develop new products and farming technologies.“The government plans to invest up to 2 trillion won by 2017, with most of the amount to

Sept. 25, 2013

Hyundai, Kia to recall 660,000 vehicles in Korea

South Korea’s top automaker Hyundai Motor Co. and its affiliate Kia Motors Corp. will together recall over 660,000 vehicles sold here in the country for faulty brake light switches that may cause the ignition to fail, the Transportation Ministry said Wednesday.The faulty light switch could also cause the cruise control system to malfunction, according to the Ministry of Land, Infrastructure and Transport.The recall affects a total of 662,519 vehicles of 15 different types, including 185,176 unit

Sept. 25, 2013

Korea to develop 9 new industrial complexes, revamp old ones

The government plans to select nine areas in the country’s major commercial cities to develop highly efficient industrial complexes with adjacent accommodation through deregulation by 2015.In an investment and trade meeting presided over by President Park Geun-hye at Cheong Wa Dae on Wednesday, the Ministry of Strategy and Finance said these will not only lead to job creation but reinvigorate its inefficient systems for industrial site operations.“We must closely evaluate the potential (economic

Sept. 25, 2013

Korea's global GDP ranking stuck in 15th place

The global ranking of South Korea's nominal gross domestic product (GDP) stayed flat at 15th for the fifth straight year in 2012, data compiled by the World Bank showed Wednesday.Korea's nominal GDP was valued at $1.13 trillion in 2012, up from $1.11 trillion in the previous year, according to the international organization.GDP, the broadest measure of an economy's performance, is the total value of goods and services produced within the economy in a given period.Korea's GDP ranking reached 13th

Sept. 25, 2013

Tax collection through audits up in 2012: data

South Korea's tax agency said Wednesday that its tax collection through audits into companies increased last year amid the government's intensifying crackdown on tax evasion attempts.According to data provided by the National Tax Service (NTS), it collected 7 trillion won ($6.5 billion) in additional taxes through audits, which is higher than 6.1 trillion won tallied a year earlier.The amount represented 3.6 percent of the total tax revenue of the NTS, which stood at 192.1 trillion won.This is u

Sept. 25, 2013

BOK head sees Fed's stimulus tapering only matter of time

The U.S. Federal Reserve's possible monetary stimulus tapering is just a matter of time, South Korea's top central banker said Wednesday, amid increased uncertainty following the bank's recent decision to postpone it.The remarks by Bank of Korea (BOK) Gov. Kim Choong-soo came as the Fed surprised the market last week by announcing its decision to delay tapering of the US$85 billion monthly bond-buying program.Most market players expected the Fed to start dialing back the monetary stimulus starti

Sept. 25, 2013

K-sure to fully back small, hidden export champions

The state-run Korea Trade Insurance Corp., or K-sure, will offer a wide range of financial benefits to a select group of small and medium-sized local companies to help them reach the next stage of the global growth ladder.The public corporation on Tuesday held the kickoff ceremony of its Global Growth Ladder Program, a multi-stage export financing project aimed at nurturing local champions into global players.The event was attended by K-sure president Cho Kye-ryoong, Vice Trade Minister Kim Jae-

Sept. 24, 2013

SoloPower vows expansion in Korean market

SoloPower, a U.S.-based specialist in ultrathin photovoltaic film, announced its first major step in building a technology platform in Korea, jointly with its local partner.The solar energy company, which recently carried out large-scale corporate restructuring, pledged to add momentum to its partnership with CTI, a Korean green growth business entity.Earlier this year, the two companies jointly established SoloPower Korea and set to building a manufacturing facility in Gwangju, with the aim to

Sept. 24, 2013