The Korea Herald

S. Korea unveils measures to boost domestic service sector

South Korea unveiled a set of measures, including expanded tax benefits, to stimulate business activity in the service sector Thursday, as it believes the area will likely help create more jobs and lead to overall economic growth.The service-sector development measures were the first of their kind mapped out by the Park Geun-hye government since it took office in February. They were announced jointly by the Ministry of Strategy and Finance; the Ministry of Culture, Sports and Tourism; and the Mi

July 4, 2013

[Graphic News] Cross-border migrating

The number of people moving to and from Korea totaled 1.28 million last year, a 4.4 percent increase from a year earlier, according to Statistics Korea. But net migration, the difference between the numbers of immigrants and emigrants, fell to just 7,000 people.

July 3, 2013

Farmers seek edge to prosper from China FTA

This is the second and last in a series on the impact of the potential Korea-China Free Trade Agreement on the local agriculture industry. Seo Ji-yeon contributed to this article. ― Ed.With Korean and Chinese policymakers due to wrap up the sixth round of negotiations on a free trade agreement between the two countries in Busan on Thursday, thousands of agriculture workers from across the country have been marching through the city in protest.More than 3,000 farmers wearing red protest headbands

July 3, 2013

Farmers seek edge to prosper from China FTA

Firms seek to relocate equipment from suspended industrial zone in N.K.

A private task force called on South and North Korea Wednesday to take steps to relocate electronic and machinery equipment from a suspended inter-Korean factory complex in North Korea.The move represents a growing impatience by South Korean investors over the shutdown of their factories in the North’s western border city of Gaeseong.The North pulled all of its 53,000 workers from the complex in April amid tensions with South Korea. Seoul quickly responded by bringing home all of its workers fro

July 3, 2013

Firms seek to relocate equipment from suspended industrial zone in N.K.

Korea mulls raising re-entry quota for foreign workers

SEJONG (Yonhap News) ― South Korea is considering raising its re-entry quota for foreign workers seeking to find jobs in labor-intensive fields as part of efforts to ease their chronic labor shortage problems, government officials said Wednesday.According to the officials from the finance ministry, labor ministry and other related agencies, the government is mulling hiking the quota in such labor-intensive areas as the agricultural, livestock and fishery industries as well as small-scale manufac

July 3, 2013

Going green with dome houses

Eco-friendliness is becoming an important trend in the construction industry. World Dome House Co. CEO Shin Jong-ho has come into the limelight for his company’s dome-shaped “passive houses,” which help keep warmth in and maintain the temperature.“The dome-shaped structure blocks the outside air but makes the inside air flow well and circulate, therefore homeowners can save on air conditioning and heating costs,” said CEO Shin. Along with the structure, the materials the company uses help keep t

July 3, 2013

S. Korea's FX reserves fall by most in 13 months in June

South Korea's foreign exchange reserves fell by the largest amount in 13 months in June due to repayment of maturing currency stabilization bonds and a stronger U.S. dollar, the central bank said Wednesday.The country's foreign reserves reached US$326.44 billion as of end-June, down $1.66 billion from a month ago, according to the Bank of Korea (BOK).The FX reserves fell by the most since May last year when they declined by $5.97 billion. The June data also marked the lowest level since November

July 3, 2013

S. Korean farmers hold massive rally against FTA with China

Thousands of South Korean farmers and fishermen rallied Tuesday to oppose a potential free trade deal with China as the two countries kicked off a new round of negotiations to tear down trade barriers between two of Asia's biggest economies.An estimated 3,200 protesters from across the country attended the rally in front of the BEXCO convention center, a few kilometers from the negotiation venue in this southeastern port city of Busan.The organizers put the number of participants at about 6,000.

July 2, 2013

[Graphic News] Korea’s trade balance in H1

Korea’s exports dropped for the first time in four months in June, indicating that the nation still faces external economic uncertainty amid the global slowdown. (Source: The Trade Ministry)

July 2, 2013

[Graphic News] Korea’s trade balance in H1

BMW Korea to lay bridge between Korea, Germany: CEO

BMW Korea CEO Kim Hyo-joon is expected to lay another important bridge connecting Korea and Germany, this time with his policy proposal that could be reviewed by President Park Geun-hye and her German counterpart Angela Merkel. At a recent forum hosted by the Korean-German Academy of Economics and Management in Germany, Kim delivered a speech on how to create better infrastructure for small and medium enterprises to gain competitiveness. “I suggested learning from Germany’s experience, emphasizi

July 2, 2013

‘No hope’ for Korea’s small-scale farmers in China trade pact

This is the first in a series on the impact of the potential Korea-China Free Trade Agreement on the local agriculture industry. ― Ed.On a plot of land up a narrow dirt road in Beopwon-ri, a quiet Gyeonggi Province area near the inter-Korean border, Hwang In-sik and a farmhand raise some of his 250 beef cattle.His operations are small and he says he gets enough business selling “hanwoo” in Gyeonggi Province and Seoul ― but that rising costs and competition are pressuring his business and industr

July 2, 2013

‘No hope’ for Korea’s small-scale farmers in China trade pact

S. Korea mulling including central bank's debt in public debt

South Korea's government and the central bank are discussing whether to include the Bank of Korea (BOK)'s debt in data on public debt to be newly released next year, officials said Tuesday.The government plans to provide additional figures on public debt including public firms' debt holdings in a bid to offer a more accurate picture of financial conditions in the public sector.The BOK said that the government and the central bank are in talks over whether the central bank's issuance of monetary

July 2, 2013

Samsung chief tops list of Korea’s richest 400

Samsung Electronics chairman Lee Kun-hee once again topped the list of Korea’s 400 richest individuals of 2013 with total assets standing at 12.8 trillion won.Each of the 28 richest Koreans held assets worth more than 1 trillion won ($875 million) this year, conglomerate information website Chaebul.com reported on Monday.At nearly half of Lee’s total wealth, or 6.8 trillion won, Hyundai Motor Group chairman Chung Mong-koo came in second, while the son of Samsung chairman and vice chairman of Sam

July 1, 2013

[Newsmaker] Seoul to lure companies back to Korea

In an aim to boost investment in the local economy, the government said it would offer benefits to companies that leave their overseas manufacturing sites to return to Korea.According to the Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy on Monday, such returning companies will be allowed access to special economic zones with various site rental and tax benefits.Under the current system, foreign-invested companies may lease industrial sites in six free economic z

July 1, 2013

[Newsmaker] Seoul to lure companies back to Korea

[Graphic News] Young people’s share of working population shrinks

Statistics Korea said Monday that the proportion of younger people in Korea’s total working population has dropped sharply over the past three decades, raising concerns that the decline could undermine the country’s overall growth potential. (Source: Statistics Korea)

July 1, 2013

[Graphic News] Young people’s share of working population shrinks

[Power Korea] Korea seeks to reform railway system for sustainable growth

The Korea Herald is publishing a series of articles on infrastructure as part of its second installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This series features the development and global competitiveness of Korea’s infrastructure. The special articles were made in cooperation with the Ministry of Land, Infrastructure and Transport. This is the 5th part of the i

July 1, 2013

[Power Korea] Korea seeks to reform railway system for sustainable growth

FTC imposes corrective measures against hotels

Korea’s Fair Trade Commission said on Monday that it imposed corrective measures against 20 deluxe hotels in Seoul for restricting their customers’ options for wedding floral decorations.The antitrust agency said that such premium luxury hotels forced their customers to buy and use either their in-house flowers or ones provided by their suppliers for wedding decoration.The measures included allowing consumers from now on to have wider choices such as purchasing other decorative products besides

July 1, 2013

M&As, alternative investment key to growth momentum of firms, finance

Global economic uncertainty is growing. Japan saw the dollar pass the 100-yen mark in early May but faces a dilemma with the slowdown of the real economy and rising interest rates. China is also experiencing difficulties with provincial debt of 172 trillion won ($150.6 billion). The United States is hinting at a departure from quantitative easing even though the prospects for economic recovery remain unclear, casting gloom over the global economy. In these uncertain times, the Korean government

July 1, 2013

M&As, alternative investment key to growth momentum of firms, finance

Younger people's ratio in working population falls sharply: data

The ratio of younger people in South Korea's total working population has dropped sharply over the past three decades, data showed Monday, raising concerns the decline could undermine the country's overall growth potential.According to the data by Statistics Korea, the number of people aged 15-29 stood at 3.82 million in May, accounting for 15.1 percent of the total 25.39 million working population.The ratio is about half the corresponding figure recorded in May 1983 when related data started to

July 1, 2013

S. Korea's consumer prices grow 1 pct on-year in June

South Korea's consumer price growth stayed in the 1-percent range for the eighth straight month in June, indicating that inflation remains in a quite stable mode, a government report showed Monday.The country's consumer prices index rose 1 percent on-year in June, unchanged from the figure tallied in the previous month, which was the slowest growth since September 1999, according to the report by Statistics Korea. The June figure represented the eighth straight month since November that the pric

July 1, 2013