The Korea Herald

Korean households' excess funds shrink in Q2

Excess funds held by South Korean households fell sharply in the second quarter due to increased spending and debt repayment, while local companies saw their shortage of funds dwindle, central bank data showed Wednesday.Excess funds held by local households, including nonprofit organizations, came to 13.7 trillion won ($12.4 billion) as of end-June, compared with 24.3 trillion won from three months earlier, according to preliminary data from the Bank of Korea.Nonprofit organizations include inst

Sept. 28, 2016

Creative economy online platform brings 30 bln won revenue

Nearly 30 billion won ($27 million) in revenue was generated from an online platform to commercialize creative ideas in the past three years, the science ministry said Wednesday.In September 2013, the government launched the website, "creative economy town," that invites anyone to post and market creative ideas. The goal of the website was to boost the local economy by turning innovative ideas into businesses through science and technology, while generating business opportunities by converging d

Sept. 28, 2016

Anti-graft law officially sets sail in Korea

A much-debated anti-graft law has officially kicked off in South Korea, calling for workers in certain sectors who should maintain higher ethical standards to refrain from receiving any gift priced beyond a legal ceiling.Under the Kim Young-ran Law, people working for the government, media outlets and schools are banned from receiving meals priced higher than 30,000 won ($27), gifts exceeding 50,000 won, and congratulatory and condolence money over 100,000 won.The law aims to root out corruption

Sept. 28, 2016

[Monitor] Cancer still biggest cause of death in Korea in 2015

Cancer remained the leading cause of death in South Korea in 2015, with fatalities from pneumonia rising sharply amid a rapidly aging population, government data showed Tuesday. A total of 76,855 people died of cancer last year, which accounted for 27.9 percent of all deaths reported last year, according to the data provided by Statistics Korea.

Sept. 27, 2016

[Monitor] Cancer still biggest cause of death in Korea in 2015

Over 60% of content creators say business in China hurt by THAAD

South Korea's decision to deploy a US advanced missile defense system, which faced severe opposition from China, has turned out to have dealt a blow to the business of some of the country's cultural content creators, a survey showed Monday.In the survey, conducted Sunday by the office of lawmaker Yoo Eun-hae on the National Assembly's Education, Culture, Sports and Tourism Committee, 20 companies, or 64 percent, of the 31 surveyed answered that their businesses in China have been hurt after Seou

Sept. 26, 2016

[Monitor] India replaces S. Korea as world's No. 5 automaker

India overtook South Korea as the world’s fifth largest producer of automobiles in the first seven months of this year, industry data showed Sunday. It is the first time in 12 years that South Korea has ceded the No. 5 spot. If the trend continues, South Korea is in danger of losing the No. 5 spot on an annual basis this year.

Sept. 25, 2016

[Monitor] India replaces S. Korea as world's No. 5 automaker

Economy headed for a long tunnel of low growth

Deteriorations in jobs and other recent economic data are stoking fears of a crisis in South Korea, but experts say the economy is more likely to enter a long and gradual spiral downward, rather than a short-term, cyclical crisis. Youth unemployment, long-term unemployment, bankruptcy and corporate credit ratings downgrades are some of the indicators that have fallen to levels last seen in the Asian financial crisis in 1997-1998, which sent Korea to near-bankruptcy. Some see them as reinforcing

Sept. 25, 2016

Economy headed for a long tunnel of low growth

Competition between Korea, China intensifies in ASEAN market

Competition between South Korean exporters and their Chinese rivals has been intensifying in the 10-member Association of Southeast Asian Nations over the past years, a report showed Sunday.The report by the Korea Institute for Industrial Economics and Trade showed that Chinese exporters are steadily catching up with South Korean competitors in the ASEAN market, especially on technology goods.The report cited the "export competition index," which measures the extent to which two countries export

Sept. 25, 2016

Competition between Korea, China intensifies in ASEAN market

[Weekender] Elusive jobs, elusive dreams

Finding one’s first job can be a difficult task. But in a country where over 70 percent of high school graduates advance to four-year universities and the economy is visibly slowing with a bag of some serious problems, competition is reaching new heights. “With a gloomy business outlook, companies aren’t in a big hiring mood this year,” said Song Won-geun of the Federation of Korean Industries. According to its survey of some 201 major companies in Korea this week, nearly 50 percent plan a cut i

Sept. 23, 2016

[Weekender] Elusive jobs, elusive dreams

Seoul shares extend slight gains

South Korean stocks traded slightly higher late Friday morning, extending gains to six sessions in a row, as the US Federal Reserve has decided to keep its key rate unchanged.The benchmark Korea Composite Stock Price Index gained 3.57 points, or 0.17 percent, to 2,053.27 as of 11:20 a.m.The Fed on Wednesday maintained its target range for the federal funds rate unchanged at 0.25 percent to 0.5 percent.Large-cap stocks traded mixed across the board.Market bellwether Samsung Electronics Co. lost 1

Sept. 23, 2016

Korea Exchange wins int'l award for Azerbaijan's trading system

South Korea's stock exchange said Friday it has received an international award for its innovative trading system exported to Azerbaijan.The Korea Exchange installed the new information and trading system on the Baku Stock Exchange last year.It was selected as the 2016 Best Technology Innovation by an Exchange in a Singapore ceremony hosted Thursday by the Futures and Options World, a global capital data service provider, according to the KRX.It added the award demonstrates the superiority of th

Sept. 23, 2016

Korea's exports to China shrink for 14 consecutive months

South Korea's exports to China continued to drop for the 14th consecutive month in August, the longest streak in history, data showed Friday.Outbound shipments to China came to $10.3 billion last month, down 5.3 percent from the same month last year, according to the data from the Korea International Trade Association.The rate marked the slowest on-year drop since the country's exports began to dwindle in July 2015. The rate of decline peaked at a 21.5 percent on-year plunge in January.The cut i

Sept. 23, 2016

Korean shares open tad higher

South Korean stocks opened slight higher Friday as the US Federal Open Market Committee meeting results were in line with market expectations, analysts said.The benchmark Korea Composite Stock Price Index gained 0.88 point, or 0.04 percent, to 2,050.58 in the first 15 minutes of trading.The FOMC on Wednesday maintained its target range for the federal funds rate unchanged at 0.25 percent to 0.5 percent.Large-cap stocks were mixed across the board. Market bellwether Samsung Electronics Co. shed 2

Sept. 23, 2016

[Graphic News] Overseas orders for Korean builders may hit lowest level in 10 years

Overseas orders won by South Korean builders this year is expected to drop to the lowest level in a decade possibly due to the impact of low oil prices and a protracted global economic slump, a trade association said Thursday.This year’s combined overseas orders came to $18.47 billion by Wednesday, according to data compiled by the International Contractors Association of Korea.The figure represents 53.7 percent of the $34.59 billion posted during the same period of last year, and also compares

Sept. 22, 2016

[Graphic News] Overseas orders for Korean builders may hit lowest level in 10 years

[Monitor] Agencies under Trade Ministry hit by nearly 12,000 hacking attacks

There were nearly 12,000 hacking attempts over the past five years on organizations under the Trade Ministry, a report submitted to the parliament said Thursday. During the period, 1,119 attempts were carried out against Korea Hydro & Nuclear Power Co., including 91 so far this year.

Sept. 22, 2016

[Monitor] Agencies under Trade Ministry hit by nearly 12,000 hacking attacks

Ruling, opposition parties debate hiking corporate taxes

South Korea's ruling and opposition lawmakers clashed during an interpellation session in parliament over whether an increase in corporate taxes will be effective in revitalizing the economy.While opposition lawmakers claim that corporate taxes, which were significantly reduced in the previous administration, must be increased again, the government maintains that such a move will adversely impact business operations, eventually leading to an economic slump.Rep. Choi Woon-youl of the main opposit

Sept. 22, 2016

US Fed keeps key rate unchanged but hints of coming hike

The Federal Reserve is keeping its key interest rate unchanged but signaling that it will likely raise rates before year’s end.The Fed said in a statement ending its latest policy meeting Wednesday that the US job market has continued to strengthen and economic activity has picked up. But it noted that business investment remains soft and inflation too low and that it wants to see further improvement in the job market.The central bank characterized the near-term risks to its economic outlook as

Sept. 22, 2016

[Monitor] Producer prices fall in August

South Korea’s producer prices dropped slightly from a year earlier in August in response to large cuts in the prices of coal and petroleum products, central bank data showed Wednesday. The producer price index for August came to 99.02, down 1.7 percent from the same month last year, according to the Bank of Korea.

Sept. 21, 2016

[Monitor] Producer prices fall in August

Long-term unemployment hits record

Long-term unemployment, one of the most worrisome signs of a sinking economy, has risen sharply in Korea in recent months, approaching levels last seen in the aftermath of the so-called IMF crisis in the late 1990s, data showed Wednesday. According to Statistics Korea, over 182,000 Korean workers had been out of work for six months or longer in August, accounting for 18.27 percent of the population without jobs. This represents an increase of 62,000 from July, the data showed. That monthly gain

Sept. 21, 2016

Economy comes as priority over Constitution revision debate: PM

South Korea's Prime Minister Hwang Kyo-ahn said Tuesday that the country need to focus its efforts on revitalizing the national economy, amid the rising voice among some lawmakers that Seoul should seek to revise the Constitution to change the current presidential system."Although there are talks on Constitution revision, the government believes it is more important to revitalize the economy and stabilize the living quality of ordinary people at present," Hwang said during an interpellation sess

Sept. 20, 2016