Seoul to hold FTA talks with six Central American nations

Korea will hold free trade agreement negotiations with six Central American countries this week, the Trade Ministry said Monday.The third round of negotiations will be held in San Francisco, U.S., from Monday to Friday, local time, according to the ministry.  The Americas (123rf)The six Central American countries are El Salvador, Panama, Guatemala, Honduras, Nicaragua and Costa Rica.At the five-day negotiations, the countries will discuss key topics including the products subject to the FTA, fin

Feb. 22, 2016

Beef prices rose 7.3% in 2015

Prices of domestically produced beef rose at the fastest clip in five years in 2015, government data showed Monday.According to the data by Statistics Korea, domestic beef prices rose 7.3 percent last year from the previous year. This marked the largest annual gain since 2010 when prices surged 10.5 percent on-year. Domestically produced beef is on display at a South Korean supermarket. (Yonhap)Industry watchers said prices rose on government efforts to reduce the number of cattle to prop up the

Feb. 22, 2016

Exports outlook looks grim on weak global demand

South Korea’s outbound shipments are expected to fall by up to 0.5 percent in 2016 from a year ago amid tepid global demand, a report showed Sunday.  (Yonhap)“Sluggish global demand, and weaker European and Japanese currencies will drag down the nation’s exports by 0.4 to 0.5 percent in 2016 compared to 2015,” said the report compiled by the Export-Import Bank of Korea.The report underlined the increasing uncertainties of the Chinese economy and the impact of the U.S. interest rate hike as key f

Feb. 21, 2016

[Graphic News] Skyscrapers change Seoul skyline

Seoul’s skyline is rapidly changing with the skyscrapers -- already built or under construction -- in major commercial and residential districts.According to a report by the Seoul Metropolitan Government, the tallest building in Seoul is the International Finance Center in Yeouido, the capital’s financial district, at 279 meters. But the title will be transferred to Lotte World Tower in Jamsil, southeastern Seoul, when its construction is completed next year.IFC is followed by Tower Palace in Do

Feb. 21, 2016

Geopolitical risk adds to economic woes

Concerns are mounting over the South Korean economy, which has already been dented by the global economic slowdown and falling oil prices, as it faces increasing geopolitical tensions over North Korea’s missile tests.Most experts are offering a pessimistic outlook, saying the local economy would be stifled by greater uncertainty in a Cold War-like situation with Seoul and Washington taking bolder actions against Pyongyang, despite protests by Beijing and Moscow. Market reactions to the ongoing i

Feb. 19, 2016

Tokyo stocks fall sharply by break on stronger yen, weaker oil

Tokyo stocks fell sharply by the break on Friday, as a stronger yen dented exporters and another fall in oil prices hammered energy-linked firms.US crude dropped below $31 a barrel after news that American stockpiles rose to the highest in more than eight decades, reigniting concerns about demand and broader worries about the global economy. (Yonhap)In response, Japanese energy explorer Inpex tumbled 10 percent to 860.5 yen by the break, while JX Holdings was off more than four percent to 441.6

Feb. 19, 2016

S&P sends Brazil deeper into junk territory

Standard and Poor's cut Brazil's already dire junk credit rating a further notch from BB+ to BB Wednesday, warning the world's seventh biggest economy faces worse to come.The new downgrade reflected the South American country's steep recession, rising inflation and vulnerability to a big drop in prices for iron ore, oil and agricultural products that form the backbone of its economy.In addition, Brazil has been crippled politically by gridlock in Congress and a protracted battle to impeach Presi

Feb. 19, 2016

[Graphic News] Government to give 15,000 nonregular workers to regular positions by 2017

The government plans to additionally transform about 15,000 nonregular employees working at the public sector into by next year, according to its task force team on labor reform.Under the plans released Wednesday, the status of a total of 15,262 nonregular workers in the central government, local governments, state-run corporations and other public workplaces will be changed into regular positions.The Park Geun-hye administration has pushed for the gradual transformation of nonregular workers to

Feb. 18, 2016

Korea world’s 6th-largest exporter

Korea is now the world’s sixth-largest exporter, World Trade Organization rankings show. Shipments from Korea totaled $526.9 billion in 2015, down nearly 8 percent from a year ago as global markets slumbered. But its share of world trade grew by 0.11 percentage point to 3.46 percent, pushing the country a notch up to its highest level in the WTO rankings. Global trade shrunk more than 10 percent last year. “Weak demand and low oil prices weighed down on global trade last year, but Korea and Chin

Feb. 18, 2016

Seoul shares spike 1.32% on hopes for oil price rebound

Korean shares jumped 1.32 percent on Thursday as investors cheered major oil exporters' efforts to stabilize crude prices, analysts said. The local currency edged down against the U.S. dollar, hitting a new yearly low.The benchmark Korea Composite Stock Price Index (KOSPI) gained 24.9 points to close at 1,908.84. Trading volume was moderate at 327 million shares worth 4.64 trillion won ($3.78 billion), with gainers far outnumbering losers 666 to 170.It marked the first time in more than a week f

Feb. 18, 2016

Would eliminating $100, 500 euro banknotes beat crime?

Drug czars and terrorists could find their operations tougher -- or at least their gym bags heftier -- if proposals to eliminate high-value US and European banknotes gain traction.The world's bad guys, from South America's cocaine cowboys to the Islamic State jihadist group to tax evaders smuggling riches into Switzerland, are often depicted shouldering sacks or toting briefcases jammed with bundles of $100 or 500 euro banknotes.If those large bills were eliminated, argues a new Harvard Universi

Feb. 18, 2016

Standard and Poor's cuts Saudi Arabia's rating by two notches

Standard and Poor's cut Saudi Arabia's credit rating by two notches on Wednesday, saying low oil prices would have a considerable impact on the country's finances and economy."In our view, the decline in oil prices will have a marked and lasting impact on Saudi Arabia's fiscal and economic indicators given its high dependence on oil," said the ratings agency in a statement.Global oil prices have crashed by some 70 percent from peaks above $100 per barrel in mid-2014, hurting the finances of oil-

Feb. 18, 2016

Japan swings back to trade deficit as China exports plunge

Japan swung back to a trade deficit in January as exports to China plunged, official data showed Thursday, underscoring the impact of a slowdown in one of Tokyo's biggest trade partners.The disappointing figures come after Japan's economy shrank 0.4 percent in the October-December quarter -- or an annualised 1.4 percent drop -- owing to weak demand for big-ticket items like cars and home appliances.That was Japan's second quarterly contraction in 2015, and dealt another blow to Prime Minister Sh

Feb. 18, 2016

Korea's intellectual property trade deficit hits record low in Q3

 Korea's trade balance from intellectual property rights remained in the red in the third quarter of last year, but the deficit shrank to an all-time low on the back of a cut in deficits from industrial property rights, data showed Thursday.In the July-September period, Asia's fourth-largest economy posted a trade deficit of $400 million in the intellectual property sector as it exported $2.83 billion and imported $3.23 billion, according to the Bank of Korea (BOK).Bank of Korea (Yonhap)The Q3 t

Feb. 18, 2016

1 out of 4 companies consider layoffs this year: survey

One out of four Korean companies plan to reduce their workforces this year to save costs, bracing for the grim reality of sluggish exports and dull domestic consumption, a poll showed Thursday. According to the survey by online recruiting agency Saramin on 307 human resource officials, 23.8 percent said they plan to cut their staffs this year. Among them, 41.1 percent reduced their workforces last year as well.Job seekers at a job fair in Seoul (Yonhap)With nearly half of the respondents opting

Feb. 18, 2016

Youth unemployment hits 16-year high

Korea’s youth unemployment rose to a 16-year high in January as a sluggish economy created more jobs for senior workers than fresh and inexperienced candidates. According to Statistics Korea, the jobless rate for workers aged between 15 and 29 was 9.5 percent last month, up 0.3 percentage point from the same month in 2015. Compared to January figures of the earlier years, the level is the highest since 2000, when the number stood at 11 percent. “An increasing number of youth entered the job mark

Feb. 17, 2016

ECB chief: parts of Europe banking system 'face challenges'

European Central Bank head Mario Draghi says some eurozone banks “face challenges” but that the system is more resilient due to oversight that was strengthened after the global financial crisis. Draghi said Monday that thanks to new supervision at the European Union level, banks were in a position to bring down the amount of bad loans burdening their finances “in an orderly manner over the next few years.”His comments in the European Parliament follow a week of violent swings in the stock prices

Feb. 17, 2016

Corporate investment to be boosted in new industries, services sector

President Park speaks during a meeting to boost trade and investment at Cheong Wa Dae on Wednesday. (Yonhap)Park calls for shifting to negative regulatory systemThe government Wednesday announced a package of measures aimed at helping promote corporate investment in new industries that can strengthen the country’s long-term growth potential and boost its sagging exports.Regulations will be drastically removed and an effective support system will be set up to encourage companies to carry out the

Feb. 17, 2016

Oil prices recover ahead of Iran-Iraq talks

Crude prices recovered in Asia Wednesday ahead of a meeting between the Iranian and Iraqi oil ministers and following a Saudi Arabia-Russia agreement to freeze output.At around 3:30 a.m. GMT, U.S. benchmark West Texas Intermediate for March delivery was 18 cents, or 0.62 percent, higher at $29.22 and Brent for April was 33 cents, or 1.03 percent, higher at $32.51.Oil prices have tumbled about 70 percent since June 2014, hit by oversupply, sluggish demand and concerns over the global economic out

Feb. 17, 2016

Korea’s jobless rate higher in Jan.

Korea’s jobless rate was higher in January from a month earlier due mainly to seasonal factors, a government report showed Wednesday.The jobless rate reached 3.7 percent last month, up from 3.2 percent in December. Compared to a year earlier, the January figure was 0.1 percentage point lower. However, the seasonally adjusted jobless rate remained unchanged from a month earlier at 3.5 percent. Job seekers line up at a local job fair to submit their resumes. (Yonhap)In its report, Statistics Korea

Feb. 17, 2016