Consumer sentiment improves in July

South Korea’s consumer sentiment index rebounded toward its previous high over three months in July, as concerns over corporate restructuring and the Brexit vote both at home and abroad fell, following policy measures to cushion the economy from possible shocks.The consumer sentiment index stood at 101 this month, up 2 points from a month before, the Bank of Korea said Wednesday.Along with the April sentiment at 101, the July index marks the highest since December last year when it stood at 102.

July 27, 2016

Extra budget vital for job creation: Park

President Park Geun-hye said Wednesday that the extra budget submitted to parliament will play a crucial role in bolstering job creation, calling on lawmakers to lend their support by promptly approving the stimulus plan."The government will allocate the extra budget with haste as soon as the plan is passed," Park said in a statement delivered by Prime Minister Hwang Kyo-ahn at the National Assembly, adding the budget will play a key part in improving the national economy and creating more jobs.

July 27, 2016

Minister issues warning against strike

Finance Minister Yoo Il-ho said Wednesday that the government will deal with the laborers of conglomerates under a creditor-led workout going on strike. In an economic-related ministerial meeting in Seoul on Wednesday, the finance minister said that he was concerned that some conglomerates’ workers are protesting when they should instead be working together to overcome the difficulties of restructuring ahead.“They are only making contractors and nonregular workers uneasy. Their act, which is onl

July 27, 2016

Korea‘s overseas afforestation makes progress

The Korea Forest Service has made significant progress in developing forest resources abroad in order to secure long-term, stable lumber resources and expand carbon sinks to cope with global climate change. The KFS’ efforts have been driven by the necessity to secure raw wood supplies from resource-rich countries, especially Indonesia, to help stabilize the economy.  The Korea Forest Service created a forest of eucalyptus trees on Kalimantan Island in Indonesia. (KFS)Also, increasing demand for

July 27, 2016

Korea’s reforestation expertise under global spotlight

Foreigners visiting South Korea are often surprised to find mountains that are filled with green trees in all corners of the country. However, most young Koreans are not aware that their parents and the government worked hard to restore those trees and forests. Youngsters think that these dense forests and abundant trees have always been a part of Korea. Back in the 1950-1970s, mountains in Korea were rather treeless. About one third of the nation’s forests were devastated, so rain often led to

July 27, 2016

Korea initiates Mongolia into forestry

The Korea Forest Service signed a memorandum of understanding last week with Mongolia’s ministry of environment, green development and tourism to jointly combat desertification, according to KFS officials.The agreement, which was made during Asia-Europe Meeting in Ulaanbaatar, reads that both countries will be in cooperation to contribute to afforesting Mongolian regions where the locals suffer from air pollution caused by its rapid urbanization. Korea Forest Service Minister Shin Won-sop (left)

July 27, 2016

Nearly 50 million flight passengers in first half of 2016

Flight passengers in Korea hit an all-time high in the first half of 2016, totaling nearly 50 million, according to Transport Ministry data on Wednesday.Korea saw 49.8 million people traveling by air in the first half of the year, up 14.5 percent from last year and marking a record high. About 35 million of those passengers flew internationally.The number was up 44.5 percent on-year for the month of June thanks to the travel industry’s recovery from the Middle East Respiratory Syndrome shock las

July 27, 2016

Youth employment policy gets nowhere

Since its installment in February 2013, President Park Geun-hye’s administration has put increasing youth employment on top of its policy agenda. It has poured more than 4 trillion won ($3.5 billion) in various programs designed to get more young people into the workforce.To its embarrassment, the country’s youth jobless rate has set a record monthly high in recent months, standing at 10.3 percent in June, according to figures from Statistics Korea. Some private researchers estimate the actual y

July 27, 2016

BOK chief: Fiscal policy more important than monetary policy amid low growth

The head of South Korea's central bank on Wednesday stressed the importance of a fiscal and restructuring policy than a monetary one in tackling the country's low growth.Bank of Korea Governor Lee Ju-yeol said in a meeting with lawmakers that South Korea's relatively strong financial status will allow the government to inject some money to support slowing growth and generate jobs.He said an excessive monetary easing policy could lead to an increase of risky assets of financial companies and an e

July 27, 2016

Finance minister vows full support for corporate revamp

South Korea's chief economic policymaker said Wednesday that the government will give full support to the industries that are undergoing tough restructuring and workers affected to minimize adverse impact.The South Korea government earlier unveiled a set of stimulus steps, including an 11 trillion won-extra budget, to boost Asia's fourth-largest economy which has been suffering from faltering exports and lukewarm domestic demand.Its economy-boosting measures focused on cushioning fallout from in

July 27, 2016

Korea's land prices rise 1.25% in H1

South Korea's land prices continued to grow in the first half of the year, government data showed Wednesday, amid a residential building construction boom partly created by a series of government measures aimed at boosting the property market.In the six months ended June 30, land prices gained 1.25 percent from six months earlier, accelerating from a 1.07 percent increase over the same period last year, according to the Ministry of Land, Infrastructure and Transport.The tally marks the steepest

July 27, 2016

Korea's consumer sentiment slightly improves in July

The overall sentiment of South Korean consumers slightly improved from a month earlier in July as a growing number of people predicted better economic conditions down the road, central bank data showed Wednesday.The composite consumer sentiment index for July came to 101, compared with 99 the previous month, according to the data from the Bank of Korea.A reading above 100 means optimists outnumber pessimists.The rise in consumer sentiment came as people believe their living conditions could get

July 27, 2016

[Contribution] Korea seeks to share reforestation skills at WFC in 2021

The Rio Olympics, long-awaited for four years, will kick off in August, and two years later, PyeongChang is set to host the Winter Olympics. Taking a look at how the Olympic Games are put together, the process begins with countries actively competing to be chosen as the host country. The real game begins after the final decision is made, with the elected country embarking on a long journey of preparation, building stadiums, infrastructure and so on. Once the game begins, stadiums are filled with

July 26, 2016

Seoul makes bid to host 2021 World Forestry Congress

The Korea Forest Service submitted a bid last week to host the 15th World Forestry Congress in Seoul, officials said.The WFC, also known as the “Olympics of Forestry District,” is the largest international conference where delegates discuss countermeasures for forest maintenance, management and economic problems by sharing knowledge and experience every six years. Being nominated as a host city would imply that the hosting country’s forestry service is globally recognized.  KFS Minister Shin Won

July 26, 2016

Korean economy grows 0.7% in Q2

South Korea’s economy grew 0.7 percent in the second quarter of this year, remaining in zero percent growth territory for three straight fiscal quarters, according to the Bank of Korea on Tuesday.Even though the country’s second-quarter growth exceeded that of the first quarter when Asia’s fourth largest economy expanded merely 0.5 percent, Korea’s economy performed slightly better mostly due to improved domestic consumption backed by government policies.Other key drivers of growth such as gover

July 26, 2016

Korea's economy grows 0.7% in Q2 on improved consumption, exports

South Korea's economy posted improved growth in the second quarter on increased exports and consumption, central bank data showed Tuesday.In the three months that ended June 30, the country's gross domestic product grew 0.7 percent from a quarter earlier, according to preliminary data from the Bank of Korea.The second-quarter estimate marks an improvement from a 0.5 percent on-quarter expansion in the previous quarter. From a year earlier, it marks a 3.2 percent improvement.Domestic consumption

July 26, 2016