S. Korea ranks 5th in biz environment: World Bank

South Korea ranked fifth in terms of business environment this year thanks to improvements in regulations and the system for starting a business, granting construction permits and protecting minor investors, the finance ministry said Wednesday.The ranking by the World Bank rose by two notches from that of the previous year, marking the highest since the "Doing Business" report started to be compiled in 2003, according to the ministry.Every year, the World Bank analyzes 189 countries' business en

Oct. 29, 2014

Number of irregular workers hits all-time high in August

The number of irregular workers in South Korea grew to an all-time high in August, with much of the increase coming from those in their 60s and older, government data showed Tuesday. The number of workers employed on a temporary or time-based contract came to 6.08 million in August, up 2.2 percent, or 131,000, from the same month a year earlier, according to the data by Statistics Korea.This marked the highest level since the agency started to compile related data in 2002.The August figure made

Oct. 28, 2014

S. Korea's debt levels exceed WEF standards: data

Debt owed by South Korea's individuals, businesses and the government last year all exceeded the "critical points" set by an international organization, data showed Tuesday, indicating that the country's debt problems are deteriorating and restraining economic growth.According to the data analyzed independently by Rep. Lee Hahn-koo, a ruling Saenuri Party lawmaker, the debt-to-gross domestic product (GDP) ratios for individuals, companies and the government came to 10-46 percent above the crucia

Oct. 28, 2014

Global biz leaders to discuss aging society in Seoul

A group of global business leaders and economists will get together in Seoul later this week to discuss the issue of the aging population and come up with ways to utilize senior workers for economic growth, the city government said Monday.The 2014 meeting of the Seoul International Business Advisory Council, scheduled for Friday at the Seoul City Hall, brings together 27 members and five advisers, including Dominic Barton, global managing director of McKinsey & Co., and Nobuyuki Koga, chairman o

Oct. 27, 2014

S. Korea should improve overall economic fundamentals: finance minister

The stimulus measures that the government has announced over the past few months were aimed at restoring confidence, the finance minister said Monday, adding that the longer-term objective is to improve overall economic fundamentals. Since taking office in July, Finance Minister Choi Kyung-hwan has unveiled a set of stimulus measures, including 41 trillion won(US$38.8 billion) fiscal spending plans aimed at providing a much-needed jolt to the slowing economic recovery."They are emergency measure

Oct. 27, 2014

S. Korea not in rush to conclude FTA talks with China: trade

South Korea's trade minister said Monday that Seoul will not rush to conclude negotiations for a bilateral free trade agreement (FTA) with Beijing, stressing that substance is more important than timing."The reason we are working to sign an FTA with China at an early date is to help promote global trade," Yoon Sang-jick said in a parliamentary session."China, too, hopes to conclude the FTA negotiations at an early date because it will help boost its own economy," said the minister of trade, indu

Oct. 27, 2014

Park to call for bipartisan cooperation to boost economy

President Park Geun-hye plans to call for bipartisan cooperation to boost South Korea's economy at a speech to the parliament later this week, an official said Monday.Park also plans to explain the country's budget for next year during her address scheduled Wednesday, said presidential spokesman Min Kyung-wook.Park has repeatedly called on the National Assembly to pass key bills meant to revitalize the economy.South Korea's central bank said that the country's gross domestic product expanded 0.9

Oct. 27, 2014

Seoul shares likely to move up on eased uncertainties

The South Korean stock market is likely to edge up next week on eased uncertainty on the U.S. Federal Reserve's next moves, but the gains will be limited due to underperforming earnings results of local firms, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 25.03 points, or 1.32 percent, from the previous week to close at 1,925.69 on Friday. Seoul shares started off strong on Monday and remained above the 1,900 level after having fallen below the mark dur

Oct. 25, 2014

Authorities probe electronics firms over suspected accounting fraud

The South Korean customs and financial authorities have launched an investigation into suspicions that a mid-sized electronics firm and its affiliate, championed as some of the fiscally healthiest companies, committed accounting fraud amounting to hundreds of billions of won, state officials said Friday.According to the officials, the Korea Customs Service (KCS) is looking into allegations that privately-owned Moneual Inc., a manufacturer of computers and other small home appliances, altered the

Oct. 24, 2014

BOK chief urges companies to invest

Bank of Korea (BOK) Governor Lee Ju-yeol on Friday urged the heads of South Korean companies to beef up investment as the country's economy is in further need of a boost in growth momentum.In a meeting with the heads of large corporations, the BOK chief said economies around the world face a common agenda of reviving momentum for growth, and while that for South Korea is modest compared to other countries, it is not solid. The central bank is tasked with the issue of improving investment sentime

Oct. 24, 2014

Korea executes 76% of annual budget spending as of Q3

South Korea has spent 76 percent of its annual budget so far this year as it seeks to frontload its spending to boost economic recovery, the finance ministry said Thursday. The government has executed 227.7 trillion won ($216 billion) in spending as of the end of the third quarter, according to the ministry. This represents 76 percent of the total spending target of 299.4 trillion won. The ministry provided a bleak assessment of current economic conditions, saying that the recovery momentum is w

Oct. 23, 2014

S. Korea's terms of trade snaps 4-month fall in Sept.

South Korea's terms of trade rose in September as a fall in import prices outweighed that of export prices, ending a four-month streak of decline, central bank data showed Thursday.The country's net terms-of-trade index for goods reached 90.37 last month, rising 0.7 percent on-year, according to the preliminary data by the Bank of Korea.The index is calculated by dividing the index for export prices by that for import prices. The base year is 2010 with a benchmark of 100.From a month earlier, th

Oct. 23, 2014

Seoul shares up 1.13% on Wall Street gains

South Korean stocks ended 1.13 percent higher Wednesday as investor sentiment was boosted by overnight gains in the U.S. market, analysts said. The South Korean won gained ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 21.69 points to 1,936.97. Trading volume was moderate at 390.61 million shares worth 4.37 trillion won ($4.16 billion), with gainers beating decliners 560 to 258.Analysts said the rise likely comes as investors’ hopes of a market r

Oct. 22, 2014

Unfavorable conditions, competition to weigh down key industries

Unfavorable economic conditions at home and abroad, as well as stiffer competition, are expected to weigh down key South Korean industries such as electronics and autos in 2015, market watchers said Wednesday.In a gathering hosted by the Federation of Korean Industries (FKI), analysts from local securities firms, such as Kiwoom, Daishin and HI Investment and Securities, and think tanks, predicted the electronics, autos, steel and shipbuilding sectors may experience difficulties in the new year.T

Oct. 22, 2014

S. Korea's tax collection down 300 bln won in 1st eight months: finance ministry

South Korea's national tax revenue declined by about 300 billion won (US$281 million) on-year in the January-August period due to the slowing economic recovery, raising worries that the government might face tougher income conditions, government data showed Tuesday.According to the data provided by the finance ministry, the government had collected 136.6 trillion won in national taxes during the period, down 300 billion won from the same period a year earlier. The amount represented 63.1 percent

Oct. 21, 2014

Seoul shares up 1.55% on tech, auto shares

South Korean stocks ended 1.55 percent higher Monday on strong tech and auto shares, although the jump seems to be a moment in passing, analysts said. The South Korean won gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 29.40 points to 1,930.06. Trading volume was moderate at 338.79 million shares worth 3.54 trillion won ($3.41 billion), with gainers beating decliners 555 to 256. Analysts said the rise may be a temporary reaction to the cont

Oct. 20, 2014

FTC to step up crackdown on large firms abusing market power: FTC chief

The head of South Korea's antitrust watchdog said Monday the agency will intensify its crackdown on large retailers and franchise headquarters abusing their power in deals with smaller business partners."We will step up our efforts to prevent large retailers and franchise headquarters from engaging in coercive practices such as abusing their market power in transactions," Noh Dae-lae, the head of the Fair Trade Commission (FTC), told lawmakers during a parliamentary audit session.The FTC is also

Oct. 20, 2014