One-man operations swing to upturn despite slump

The number of one-man operations in South Korea swung to an upturn in the third quarter of this year, government data showed Thursday, apparently as more people set up shop for "non-voluntary" reasons amid a prolonged economic slump.The country's mom-and-pop businesses, which don't hire workers, numbered 4.09 million as of the end of September, up 1.3 percent from a year earlier, according to the data by Statistics Korea. This photo, taken on Aug. 4, 2016, shows a group of self-employed people h

Dec. 1, 2016

Korea's consumer prices gain 1.3% on-yr in Nov.

South Korea's consumer prices gained more than 1 percent for the third month in a row in November on high prices of fresh groceries, government data showed Thursday.The country's consumer price index rose 1.3 percent last month from a year earlier, unchanging from the previous month's 1.3 percent gain, according to the data compiled by Statistics Korea. Flower vending machine (Photo courtesy of the Korea Agro-Fisheries and Food Trade Corporation)The inflation has stayed over the 1 percent level

Dec. 1, 2016

Seoul to up incentives for youths at SMEs

The South Korean government will give cash incentives to more youths hired by small and medium-sized enterprises next year, the nation’s top economic policymaker said Wednesday.The plan comes as youth unemployment among those aged between 15 and 29 has continued to rise, from 8 percent in 2013 to 9.2 percent in 2015. In the first 10 months of this year, it hit 10.1 percent, government data showed.Yoo Il-ho, minister of strategy and finance, said the government would raise the target number for i

Nov. 30, 2016

Net asset of Korea's overseas funds hits record high

The net asset of South Korea's overseas investment funds last week hit a record high of 88.2 trillion won ($75.4 billion) in nearly nine years, government data showed Wednesday.It marked the highest since Dec. 6, 2007, when the corresponding figure came to 87.8 trillion won, according to data compiled by the Korea Financial Investment Association. This photo, taken on Aug. 4, 2016, shows a group of self-employed people holding a press conference in front of the National Assembly in Seoul to call

Nov. 30, 2016

Korea's net external assets hit record high in Q3

South Korea's net external assets in debt instruments hit a record high of $383.5 billion in the third quarter, data showed Wednesday.The figure represents an increase of $25.7 billion from the previous quarter, according to the data by the Bank of Korea.The nation's total external liability reached $400.4 billion in the third quarter, up $8.6 billion from a quarter earlier.Among them, the country's short-term external debt, with a maturity of one year or less, totaled $111.8 billion as of the e

Nov. 30, 2016

Asset-boosting program for youth to benefit 50,000 people

The South Korean government said Wednesday that it will expand a program to help young job seekers find jobs at small and mid-sized enterprises (SMEs) and create assets in a way to tackle the country's high youth unemployment rate.Under the program, which was initiated in April, an SME employee will be given a total of 12 million won after saving 3 million won for two years, with the employer and the government additionally paying 3 million won and 6 million won, respectively. South Korea's Fina

Nov. 30, 2016

[Graphic News] OECD cuts South Korea’s 2017 growth forecast to 2.6%

The Organization for Economic Cooperation and Development has cut its 2017 growth forecast for the South Korean economy to 2.6 percent from an earlier projection of 3 percent, citing slower government spending next year.In its latest global economic outlook, the OECD said Asia’s fourth-largest economy would slightly recover its growth momentum in 2018 with 3 percent growth. The global economy is expected to attain 3.3 percent growth in 2017 and 3.6 percent growth in 2018.OECD’s 2017 growth proje

Nov. 29, 2016

OECD cuts S. Korea’s 2017 growth outlook

The Organization for Economic Cooperation and Development on Monday cut its 2017 growth forecast of the South Korean economy to 2.6 percent from an earlier projection of 3 percent, citing a slower government spending next year.In its latest global economic outlook, the OECD said Asia’s fourth-largest economy will slightly recover its growth momentum in 2018 with 3 percent growth, while the global economy is expected to attain 3.3 percent growth in 2017 and 3.6 percent growth in 2018.“Concerns ab

Nov. 28, 2016

Public entities to hire record numbers in 2017

South Korea's public firms and agencies will recruit a record high of nearly 20,000 new employees next year to take part in nationwide efforts to boost the employment of young job seekers, the government said Monday.According to the recruitment plan compiled by the Ministry of Strategy and Finance, 321 state-funded organizations will hire an all-time high of 19,862 new employees in 2017, up about 1,300 from this year's plan of 18,518. The figure had risen from 17,323 in 2013 to 18,932 in 2015. P

Nov. 28, 2016

Money circulation drops as people keep more in banks

Turnovers for deposits fell to their lowest rate in over 11 years in September, the latest central bank figures showed Monday, indicating worsening monetary congestion that is blocking the flow of investment and consumption needed to revive the economy.The turnover of demand deposits in September came to 19.6, down from 20.7 the previous month. The September number is the lowest since 18.1 in February 2005, the last time the rate fell below 20, according to the Bank of Korea.The deposit turnover

Nov. 28, 2016

Korean exports expected to grow 3.9% in 2017: report

South Korea's exports will likely expand next year, marking a turnaround from two consecutive years of drop, though its trade surplus is expected to shrink due to fast growing imports, a report suggested Monday.According to the report from the Korea International Trade Association (KITA), the country's outbound shipments are expected to reach $516.5 billion in 2017, up 3.9 percent from an estimated $497 billion this year.The anticipated increase will mark the first on-year gain since 2014 when t

Nov. 28, 2016

12 1/2 years of saving needed to buy Seoul apartment

Koreans in their 20s and 30s have to save up all of their disposable income for more than 12 years to purchase an apartment in Seoul, which now costs an average 554.8 million won ($474,300). The average monthly disposable income of those younger than 39 years old stood at 3.71 million won in the third quarter of 2016, data from Statistics Korea showed Monday.The Korea Appraisal Board tallied the average sales price of an apartment in the capital at 554.8 million won for September.Based on the fi

Nov. 28, 2016

S. Korean economy projected to grow 2.5% in 2017: state-run think tank

The South Korean economy will likely expand 2.5 percent next year as a drop in domestic demand and investment will weigh heavily on Asia's fourth-largest economy, a state-run think tank said Sunday."The 2017 economy will grow an estimated 2.5 percent as a slight recovery in exports will be offset by a slowdown in construction investment and private consumption," the Korea Institute for Industrial Economics and Trade said in a report."But external uncertainties, including the new US government's

Nov. 27, 2016

[Weekender] Ajae, the new middle-aged man

Brian Bae, 40, recently wrote on his Facebook wall, “I can’t believe it’s the 20th anniversary of the launch of Diablo -- yet more evidence that I’ve become an ajae.” Diablo is a popular role playing video he had taken up as a college student. Now he is the father of two children and holds a senior position at his company. A few years ago, he might have been called “ajeossi,” an appellation for middle-aged men in Korean, but his youthful fashion style

Nov. 25, 2016

[Weekender] Middle-aged men's fashion loosens up

What was once a staple outfit for middle-aged men -- dress shirts and stoic suits -- is now considered outdated as they opt for a less formal look.Nowadays, it is more common to see men in their 40s wearing sweatshirts or crew neck knits, slacks and sneakers as they go to work or spend a day with their kids.The transformation of the traditional “ajeossi” style is now widely referred to as the “ajae” phenomenon. Both words refer to middle-aged men, with the former carrying an outdated connotation

Nov. 25, 2016