Concerns rise over declining exports

The latest customs data showed South Korea’s exports tumbled by 18.2 percent from a year earlier in the first 10 days of October, making it almost certain that this month will post another sharp decline in outbound shipments.The country’s exports had decreased for a record 19th consecutive month through July before slightly rebounding in August. But its outbound shipments fell by 5.9 percent on-year to $40.9 billion last month, while imports edged down 1.7 percent to $34 billion.Accordingly, the

Oct. 19, 2016

Cost of owning home up 2.7% amid rising home prices

The cost of owning and living in a home rose 2.7 percent in the first nine months of this year from a year earlier due mainly to a hike in home prices, government data showed Wednesday.The cost of owning a house and living there refers to overall spending related to maintenance, utility payments and other residential services, Statistics Korea said.In comparison, consumer prices rose 0.9 percent during the cited period. It means that the cost of owning and living in a home has jumped three times

Oct. 19, 2016

Anti-graft law makes cheaper meals popular at hotel restaurants

Lower-priced meal sets have been gaining popularity at restaurants run by major South Korean hotels as more customers shy away from expensive meals following the implementation of a draconian anti-graft law, sources said Wednesday.The law, which took effect on Sept. 28, bans public servants, educators and journalists from receiving free meals valued over 30,000 won ($26.50), gifts worth more than 50,000 won or congratulatory or condolence money of more than 100,000 won.  Kim Young-ran (R), the f

Oct. 19, 2016

[Monitor] Apartment sales prices mostly below previous highs

Sales prices of apartment complexes slated for reconstruction are still soaring in affluent southern Seoul, but recent data showed that only those in Seocho-gu surpassed previous highs, as of this month.Property consultancy Real Estate 114 released the apartment sales prices of the “Bubble Seven” regions that led the upsurge of real estate prices a decade ago.The numbers showed that despite the concerns of a real estate bubble, the prices of the apartment complexes were below previous highs, esp

Oct. 18, 2016

Policymakers clash on how to boost economy

South Korea’s top financial and monetary policymakers have recently given the impression of pushing each other to assume a more active role in propping up the fourth-largest economy in Asia.Finance Minister Yoo Il-ho said earlier this month the country has room to use more monetary policy, though he conceded he is not in a position to ask the central bank to lower its key rate.(Yonhap)In an interview with a foreign news outlet in Washington where he was staying to attend the annual conferences o

Oct. 18, 2016

PM vows stern action against truck, railroad strikes

Prime Minister Hwang Kyo-ahn said Tuesday the government will deal sternly with all laws broken by truckers and railroad workers currently engaged in strikes, urging them to return to work."The strikes by unionized railroad workers and cargo truck drivers are hindering the transport of critical export and import cargo, emerging as a heavy burden on the national economy and the people's livelihood," Hwang said during a Cabinet meeting. Prime Minister Hwang Kyo-ahn (Yonhap)Unionized railroad worke

Oct. 18, 2016

Home transactions grow 6.3% on-year in Sept.

South Korea's home transactions continued to rise from a year earlier in September, the government said Tuesday, apparently reflecting a recent surge in demand for homes triggered by a government move to limit the supply of new homes in the future as a way of curbing household debts.The number of home transactions came to 91,612 last month, up 6.3 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.September marked the second consecutive month o

Oct. 18, 2016

Watchdog set to curb savings banks' household loans

South Korea's financial watchdog is seeking to curb savings banks' lending to households as part of efforts to tackle the nation's soaring household debt, officials said Tuesday.Savings banks' loans to the household sector have been rising at a rapid clip since last year due to their aggressive marketing activities for borrowers with poor credit in South Korea already gripped by high household indebtedness.According to the officials, the Financial Supervisory Service is considering toughening ru

Oct. 18, 2016

[Monitor] 1 in 3 unemployed are college graduates

 The number of four-year university graduates without jobs surpassed 300,000 for the first time in the third quarter this year, taking up over 30 percent of the entire unemployment rate for the first time, Statistics Korea said Monday.A total of 985,000 were unemployed in the period, with 315,000 of them holding degrees from four-year universities. It is the first time that the figure has topped the 300,000 mark since 1999.The rising unemployment among college graduates is due to the combination

Oct. 17, 2016

Gov't discloses list of habitual tax delinquents

The South Korean government on Monday disclosed a list of 36,433 new citizens and corporate entities with unpaid local taxes exceeding 10 million won ($8,763) for one year or longer, officials said. The Ministry of the Interior said that it decided to reveal those on the list after they refused to specify their reasons for failing to pay their taxes even though they have been asked to do so for more than six months.According to the ministry, the list includes 29,848 individuals whose unpaid taxe

Oct. 17, 2016

Korea logs 56th consecutive month of trade surplus in Sept.

South Korea logged a trade surplus for 56 months in a row in September but its value fell sharply from a year earlier due to sluggish exports, customs data showed Monday.The country's trade surplus came to $6.9 billion last month, down 22.4 percent from $8.89 billion tallied a year earlier, according to the data from the Korea Customs Service.But it marked a 35-percent on-month jump from a seven-month low of $5.1 billion in August.The on-year decline in trade surplus was led by a steep decline i

Oct. 17, 2016

Number of casual workers hits 5-year high in Q3

The number of South Korea's casual employees with no guaranteed hours of work reached a five-year high in the third quarter of this year, government data showed Monday, due to a rise in time-selective jobs amid a prolonged economic slump.The number of employees who work for one hour to 17 hours per week came to 1.34 million as of the end of September this year, up 91,000 from the same period a year earlier, according to the data by Statistics Korea. This file photo shows job seekers waiting in l

Oct. 17, 2016

Korean banks expect strong Q3 earnings

Major South Korean banks are expected to post strong earnings in the third quarter despite the low interest rates and corporate restructuring as they focus more on profitable businesses, market watchers said Sunday. The combined net profit of the big four banks -- Shinhan Financial Group, KB Financial Group, Hana Financial Group and Woori Bank -- was estimated at 1.75 trillion won ($1.54 billion) in the July-September period, according to the data compiled by the market researcher FnGuide.    Cu

Oct. 16, 2016

Policymakers, economists remain apart on growth outlook

Economic policymakers and private economists are making vastly different forecasts of the South Korean economy’s growth rate this year and next.Vice Finance Minister Choi Sang-mok said last week he expects the economy to reach the government-set growth target of 2.8 percent this year, despite lingering downside risks in the remainder of the year.In June, the government revised down its 2016 growth forecast by 0.3 percentage points to 2.8 percent. The Korean economy, the fourth-largest in Asia, e

Oct. 13, 2016

BOK cuts 2017 growth forecast to 2.8%

South Korea’s central bank cut its 2017 growth forecast to 2.8 percent from the July projection of 2.9 percent, citing bigger uncertainty in the global economy and risks from ongoing corporate restructuring here. The Bank of Korea said it left the 2016 growth outlook unchanged at 2.7 percent, despite a possible dent in Korean exports in the wake of the halt of production of Samsung Electronics’ smartphone Galaxy Note 7.The central bank’s 2017 growth projection is gloomier than the Finance Minist

Oct. 13, 2016