Ethiopian officials learning Korea’s food reserves policy

Ethiopian government officials are studying Korea’s farm policy and know-how in securing food reserves efficiently, Seoul officials said Tuesday.The African country dispatched a delegation of high-profile officials to Korea, seeking inputs to deal with food security issues, according to the Ministry of Agriculture, Food and Rural Affairs.The eight-member delegation, led by Mirafe Marcos, chief of staff of the Agricultural Transformation Agency, and Misrak Mamo, director general of the Strategic

Jan. 27, 2015

S. Korea seeks to ship rice to China as it moves to lift export restrictions

South Korea is seeking to ship rice to the vast Chinese market as it moves to lift export restrictions on the staple grain, officials said Tuesday.The agriculture ministry said it was seeking revisions to the outdated laws and clauses that restrict the volume and price of rice shipped abroad to open up the export market starting as early as March. The restrictions had been put in place when the country did not produce enough rice to feed its own people, which is no longer the case.Last year, the

Jan. 27, 2015

Record number of individual debtors apply for bailout program in

The number of South Koreans who filed for a personal debt bailout program rose 4.6 percent to a record high last year, data showed on Tuesday, amid concerns that household debt in Asia's fourth-largest economy is growing at a worrisome pace.A total of 110,707 people applied for a state-managed bailout scheme last year, according to court records and financial sources.The number has been increasing since 2010, from 46,972 that year to 65,171 in 2011 and 90,368 in 2012. It reached 105,885 in 2013,

Jan. 27, 2015

S. Korean consumer sentiment snaps 3-month fall in Jan.

Consumer sentiment in South Korea improved for the first time in four months in January despite the central bank's sharp downward revision of this year's growth forecast, data showed Tuesday.The overall consumer sentiment index (CSI) reached 102 in January, inching up from a revised 101 in the previous month, according to the Bank of Korea (BOK). A reading above 100 means that optimists outnumber pessimists. The reading for December was revised due to an annual standardization process. The centr

Jan. 27, 2015

Gov't to keep current account surplus under 2014 level: finance minister

The government will try to keep this year's current account surplus below the 2014 level to prevent sharp appreciation of the South Korean won against the U.S. dollar, the country's top economic policymaker said Monday.Finance Minister Choi Kyung-hwan's remarks, made at a meeting with the Korea Chamber of Commerce and Industry (KCCI), comes as Asia's fourth-largest economy posted a record current account surplus of US$90 billion last year, with the Bank of Korea predicting the total will reach $

Jan. 26, 2015

Park calls for easing public difficulties over controversial tax scheme

President Park Geun-hye called on officials Monday to address the government's new tax settlement scheme that has sparked fierce public backlash.The new scheme is designed to collect less taxes throughout the year and return less in overcharge during tax settlements at the start of a new year. The government's stated goal is to enhance the distribution of wealth.Under the new tax settlement scheme, some people with an annual income of less than 55 million won (US$50,700) are required to pay addi

Jan. 26, 2015

Gov't to reflect corporate deregulation demands to help boost

The government will tackle deregulation demands made by companies to help them hire more workers, make investments and carry out critical business reforms, top economic policymaker pledged Monday.At a meeting with the Korea Chamber of Commerce and Industry (KCCI), finance minister Choi Kyung-hwan reasserted that 2015 represents the last chance for the country to make the next economic leap forward."This year marks the 'golden opportunity' to make a difference," he stressed.The policymaker called

Jan. 26, 2015

Seoul to streamline customs procedure for Chinese consumers:

South Korea will streamline its customs clearance to better sell South Korean goods directly to Chinese consumers in March, which could give local firms a price advantage over overseas rivals, the head of the country's customs service said Monday.In an interview with Yonhap News Agency, Korea Customs Service chief Kim Nak-hoe said talks with Chinese counterparts have made it possible for close cooperation to take place on the clearing of ship-borne shipments through customs and building of a log

Jan. 26, 2015

S. Korean firms set to raise dividend payouts for 2014

South Korean companies are set to increase dividend payouts for 2014 under growing government pressure to return more to shareholders, data showed Monday. Among the 18 listed companies that have announced their dividend plans as of Friday, 15 said they would deliver more to shareholders with their 2014 dividends to be paid standing at 1.84 trillion won (US$1.7 billion), up 38 percent from the previous year, according to disclosure filings by each firm.Among them, NC Soft Corp., an online game de

Jan. 26, 2015

ECB quantitative easing in line with market forecast: BOK chief

The additional quantitative easing by the European Central Bank is likely to have limited impact on the South Korean financial market as the measure has mostly been priced in, the central bank chief said Friday."The ECB's measure was already factored in the market," Bank of Korea Gov. Lee Ju-yeol said in a financial consultative meeting with local bank heads."It could have caused a shock if the move diverged from expectation, but it was mostly in line with expectation," said Lee, adding the cent

Jan. 23, 2015

Seoul shares open higher on ECB push

South Korean stocks opened higher Friday on the European Central Bank's announcement of a massive stimulus for the eurozone, analysts said.The benchmark Korea Composite Stock Price Index advanced 18.26 points, or 0.95 percent, to 1,939.08 in the first 15 minutes of trading.The ECB said it will purchase more than 60 billion euros ($68.1 billion) worth of bonds from March, a decision intended to turn around stagnation in the eurozone economies.Tech shares traded higher, with Samsung Electronics ad

Jan. 23, 2015

S. Korea's Q4 economic growth slowest in 2 yrs

The South Korean economy expanded at the slowest pace in more than two years in the fourth quarter, central bank data showed Friday, raising concerns over faltering growth.Asia's fourth-largest economy grew 0.4 percent during the October-December period, sharply decelerating from the 0.9 percent on-quarter growth in the July-September period, according to the Bank of Korea. The figures are seasonally adjusted.The fourth-quarter expansion marks the lowest on a quarterly basis since the 0.4 percen

Jan. 23, 2015

S. Korea central bank suggests further rate cuts on hold

South Korea's central bank governor on Thursday appeared to rule out any further rate cut in the short term, and said the bank's decision to slash its 2015 economic growth was no cause for pessimism.After two rate cuts last year, the Bank of Korea's benchmark rate is currently at a record-equalling low of 2.0 percent -- a level not seen since 2009-10 when Asia's fourth-largest economy was seeking to recover from the global financial crisis.Some analysts have predicted a further cut of 25 basis p

Jan. 22, 2015

BOK chief plays down further rate cut

South Korea's top central banker on Thursday took a cautionary stance on the country's ever-growing household debt level, seemingly taking a step back from an additional rate cut."Because of the increase in household debt since October, we are very closely paying attention to ensuring financial stability in Korea," Bank of Korea Gov. Lee Ju-yeol told reporters when asked about the central bank's monetary policy.The BOK will take time to measure the effects of last year's rate cuts in August and

Jan. 22, 2015

Gov't pledges to frontload budget outlays in H1 to bolster growth

The government on Wednesday pledged to frontload this year's budget outlays in the first half to bolster growth and meet calls by the business community.In the first fiscal management review meeting of 2015 chaired by Vice Finance Minister Bang Moon-kyu, the government confirmed the goal is to use 58 percent of the allocated budget before the end of June, with outlay numbers rising to 60 percent in social overhead capital development, job creation and measures to stabilize the livelihoods of ord

Jan. 21, 2015

Economic policymaker stresses reforms to boost growth momentum

South Korea's top economic policymaker on Wednesday stressed the need for timely and sweeping reforms in order to boost the country's growth momentum that has struggled to meet expectations.Speaking at a ministerial meeting in Seoul that assessed the latest economic developments, Finance Minister Choi Kyung-hwan pointed out that despite some positive signs like the drop in crude oil prices and more free trade agreements reached between South Korea and trading partners last year, more must be don

Jan. 21, 2015

Number of S. Korean goods facing import regulations up 18 pct

The number of South Korean products facing import regulations in other countries rose 18.4 percent in 2014 from a year earlier, data showed Wednesday, as emerging nations turned to trade barriers to protect their mainstay businesses. A total of 167 goods from South Korea faced import restrictions in 26 countries last year, up by 26 items compared to 2013, according to the data compiled by the Korea International Trade Association.The figure includes regulations that are currently being imposed a

Jan. 21, 2015