Ex-commerce minister nominated to lead PyeongChang Olympics organizing committee

Former Commerce Minister Lee Hee-beom has been nominated to lead preparations for the 2018 PyeongChang Winter Olympics, the event's organizers said Tuesday.The PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games (POCOG) announced it listened to a wide range of opinions before tapping Lee to fill the vacancy at the top.    Commerce Minister Lee Hee-beom (Yonhap)Lee, 67, is in line to replace Hanjin Group Chairman Cho Yang-ho, who resigned earlier Tuesday. Cho cited t

May 3, 2016

Biz organization urges local services firms to look at China

Korea's corporate organization in a report Tuesday recommended that local services firms find growth outlets in China, laying out four specific strategies to improve their chances of success.The Korea Chamber of Commerce and Industry (KCCI) advised  Korean companies to look closely into Chinese markets for children, the aging generation, the rich and broadcasting content to land strong in a country with an economy being reshaped around the services industry that has been growing at an annual rat

May 3, 2016

Exports of Korean washers nearly triple in Australia, New Zealand

Exports of Korea-made washing machines nearly tripled in Australia and New Zealand for the first three months of the year on the implementation of free trade pacts with the countries, customs data showed Tuesday.Shipments of washers to the two Oceanian nations reached a combined $6.17 million over the January-March period, up from $2.23 million a year earlier, according to the data compiled by the Korea Customs Service.Over the cited period, Korea's washing machine exports fell 3.4 percent on-ye

May 3, 2016

Korea's land prices edge up in Q1

Korea's average land prices continued its upbeat trend in the first quarter of this year amid government efforts to boost the local property market, data showed Tuesday.The average land price for the country's 17 major cities and provinces rose 0.56 percent during the January-March period, accelerating from a 0.48 percent on-year gain for the same period last year, according to the data compiled by the Ministry of Land, Infrastructure and Transportation. Sejong City (Yonhap)The first-quarter jum

May 3, 2016

Korea's consumer prices gain 1% in April

Korea's consumer prices grew by more than 1 percent for the third consecutive month in April, government data showed Tuesday.The country's consumer price index rose 1 percent last month from a year earlier, according to the data compiled by Statistics Korea.It is the first time in 17 months that the index has stayed above the 1 percent level for three straight months.The figure had remained less than 1 percent throughout last year except in November and December.Core inflation, which excludes vo

May 3, 2016

Oil imports from Iran more than double in Q1

Korea's imports of oil from Iran more than doubled in the first quarter of this year from a year earlier after international sanctions on the Middle East country were lifted in January, industry data showed on Tuesday.According to the data, imports of Iranian crude oil and condensates reached 22.85 million barrels in the January-March period, compared with 10 million barrels a year ago.By value, Korean imports of Iranian crude jumped 17.6 percent on-year to $629 million in the first three months

May 3, 2016

Korea‘s exports drop 11.2 percent on-year in April

Korea’s exports continued to shrink from a year earlier last month on less working days, the government said Sunday.Exports reached $41 billion in April, down 11.2 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. A view of Busan Port. (Yonhap)The rate marks an acceleration from an 8.2 percent on-year cut in March. April also marks the 16th consecutive month of an on-year drop.The decline was mostly attributed to a drop in the number of working days

May 2, 2016

Korea‘s current account surplus widens in March

Korea’s current account surplus widened from a month earlier in March on a rise in the goods account surplus, central bank data showed Monday.The current account surplus came to $10.09 billion in March, which marked the 49th consecutive month of surplus. The figure compared with a revised $7.17 billion surplus in the previous month, according to preliminary data from the Bank of Korea. Cap: Bank of Korea headquarters in downtown Seoul. (Yonhap)From a year earlier, the current account surplus rem

May 2, 2016

Korean firms shifting overseas business focus to Vietnam

Korea's consumer goods firms are shifting their overseas focus to Vietnam as their business in China reaches its limits, increasing investment and aggressively opening new branches, according to industry watchers on Monday.With a population of over 90 million and 60 percent in their 30s or younger, Vietnam stands out as a market promising robust growth. A recent report by the Korea Trade-Investment Promotion Agency said the Korean government is pursuing expansion of consumer goods exports to Vie

May 2, 2016

[Graphic News] Korea Securities Depository pays highest salary among public institutions

The Korea Securities Depository pays the highest salary among public institutions, according to a report by Alio, an online information provider on public agencies, on Monday. Out of the 321 domestic public institutions, employees of KSD, an affiliate with the Financial Services Commission, received an average of 104.9 million won ($91,950) last year, a 4.2 percent increase from 100.7 million won in 2014.Second place went to those who work for the Korea Investment Corp. where they receive an ave

May 2, 2016

BOK chief vows support for restructuring, but cautions against misunderstandings

The head of South Korea's central bank vowed full support for corporate restructuring Monday, but warned against what he called public misunderstanding."The bank has repeatedly stressed that corporate restructuring is a very important task for our economy and that it will actively fulfill its necessary role in the process," Bank of Korea Gov. Lee Ju-yeol said while meeting with senior BOK officials. BOK chief Lee Ju-yeol (Yonhap)"As discussions on corporate restructuring are now seriously underw

May 2, 2016

More firms subject to strict antitrust rules in April

The number of Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose in April from the previous month, the antitrust watchdog said Monday.The Fair Trade Commission (FTC) said the number of firms on its monthly watch list came in at 1,741 on Monday, up five from the previous month. Fair Trade Commission in Sejong City (Yonhap)Such affiliates are owned by the country's 66 largest business groups.Last month, the FTC added six companies including Ka

May 2, 2016

BOK softens stance on role in corporate restructuring

Monetary and fiscal policymakers here have been out of step on how to finance restructuring debt-laden companies that are weighing on Korea’s economy.It may not be unusual for them to hold different views. But their prolonged discord risks derailing the urgent task of corporate restructuring.BOK Governor Lee Ju-yeol. YonhapMoreover, central bankers and government policymakers have recently sent inconsistent signals, partly influenced by the changing political climate.BOK officials have changed w

May 2, 2016

Korea’s industrial output declines in March

South Korea’s industrial output fell in March mainly due to a drop in the machinery and electronics parts sector, government data showed Friday.Production in the manufacturing, mining and utilities declined 1.5 percent in March from a year earlier, according to Statistics Korea. The March figure is a setback from a 2.2 percent growth in February, which was the first increase in three months.From a month earlier, industrial output fell 2.2 percent in March. (Yonhap)By sectors, the machinery’s out

April 29, 2016

Korea to allow four new duty-free shops in Seoul

Korea will allow four more duty-free shops to open in Seoul to meet growing demand from Chinese tourists, the government announced Friday. “Four new licenses will be issued for operation in Seoul, while the city of Busan and Gangwon Province will also get one each,” Lee Myung-gu, director of the Korea Customs Service, said at a press briefing in Sejong. The licensees will be selected by the end of this year through an open competition, the official explained, with one ticket reserved for midsize

April 29, 2016

BOK takes stance against Korean QE

A high-ranking official at the Bank of Korea said Friday that social consensus is needed for the central bank to pump money into policy banks, voicing caution on President Park Geun-hye-backed “Korean-style quantitative easing” proposal.  “If policy banks need injection of capital to support corporate restructuring, that is primarily a fiscal policy issue, (not a monetary policy one),” said Yoon Myun-shik, assistant governor during a press briefing. “For the central bank to exercise its money-is

April 29, 2016

Korea faces no deflation pressure: BOK

South Korea currently faces no deflation risks and its consumer prices are projected to move upward to reach the target in the second half of the year, a central bank report said Friday.The consumer price index has remained below the 1 percent level throughout last year, sparking concerns that deflation is already under way in Asia's fourth-largest economy. Bank of Korea (Yonhap)In 2016, the index showed tepid signs of rebound although it hit 1.1 percent in February and 1 percent in March, follo

April 29, 2016

Korea's manufacturing sentiment surges to 11-month high for May

South Korean manufacturers' business sentiment climbed to an 11-month high for May, a poll showed Friday, apparently reflecting what top officials here have called recent signs of improvement.The business survey index (BSI) of manufacturing companies came to 73 for the upcoming month, up from 70 for April, according to the survey by the Bank of Korea (BOK).The May reading marked the highest level since 76 registered for June 2015.A reading below 100 means pessimists outnumber optimists while a r

April 29, 2016

Korea's industrial output down 1.5% in March

South Korea's industrial output fell from a year earlier in March due to a drop in the machinery and electronics parts sectors, while domestic consumption hit a four-month high, a government report showed Friday.Production in the mining, manufacturing, gas and electricity industries fell 1.5 percent last month from a year ago, according to the report by Statistics Korea. From a month earlier, industrial output also retreated 2.2 percent.(Yonhap)The March figure backtracked to negative territory

April 29, 2016

Mega-hit Korean drama creates huge economic effect

South Korean national broadcaster KBS's latest smash-hit TV series has created a huge economic impact by contributing to exports, luring more foreign tourists and creating new jobs, a report showed Friday.According to the report by the state-run Export-Import Bank of Korea, the direct and indirect economic effects of the KBS 2TV military-romance TV series "Descendants of the Sun" are estimated to hover above 1 trillion won ($880 million).  "Descendants of the Sun" poster (Yonhap)Partly funded by

April 29, 2016