[Graphic News] Japan’s possible alliance threatens Korean shipbuilders

Japanese shipbuilder Mitsubishi Heavy Industries is mulling an alliance with three other shipbuilders to revive the sluggish sector and give it an edge over its rivals South Korea and China, Nikkei reported Wednesday. A successful alliance with Oshima, Namura and Imabari is expected to create the second-largest tonnages, behind the world’s No.1 shipbuilder Hyundai Heavy Industries. Hyundai tops the global shipbuilding market with 6.2 million tons of ships in 2015, according to a Nikkei report ba

Sept. 1, 2016

Korea's exports rise for first time in 20 months

South Korea's exports posted the first on-year rise in 20 months in August on the back of brisk demand for chips and flat displays, the trade ministry said Thursday.Outbound shipments came to $40.1 billion last month, up 2.6 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.The upturn snapped a record 19th straight months of negative growth that began in January 2015.Imports also made a turnaround to edge up 0.1 percent on-year to $34.8 billion, recor

Sept. 1, 2016

Korea's consumer price growth hits 16-month low in Aug.

South Korea's consumer prices increased at the slowest pace in 16 months, rekindling concerns of possible deflation in Asia's fourth-largest economy saddled with a protracted slump in domestic demand and falling exports, government data showed Thursday.The country's consumer price index rose 0.4 percent last month from a year earlier, staying below the 1 percent level for four straight months, according to the data compiled by Statistics Korea.The August figure also marked the lowest on-year gai

Sept. 1, 2016

[Graphic News] Government-proposed 2017 budget surpasses 400 trillion won

The 2017 budget proposed by the government has surpassed 400 trillion won ($358 billion) for the first time.Officials said the government increased the budget by 3.7 percent to spend more on job creation, welfare benefits, education and defense.As a result, a large portion of the spending was allocated to the health, welfare and labor sectors, with about 130 trillion won set aside for these areas. In particular, 17.5 trillion won was earmarked for job creation projects. The requested budget for

Aug. 31, 2016

[MONITOR] Industrial output gains 1.6% on-year in July

South Korea‘s industrial output advanced for the third month in a row in July on a rise in chips and chemical production, according to a report by Statistics Korea. Production in the mining, manufacturing, gas and electricity industries rose 1.6 percent last month from a year ago while that in the service sector added 2.7 percent from a year earlier.

Aug. 31, 2016

Wage gap widening between SMEs, large firms

Data from the Ministry of Employment and Labor showed this week South Korea’s wage gap between high school and university graduates is smaller than the average of the Organization for Economic Cooperation and Development.The average wage of the country’s university graduates is 37 percent higher than that of high school graduates. The OECD average wage gap is 56 percent.This finding seems to betray the general perception in academic background-oriented Korean society that those with college dipl

Aug. 31, 2016

Lottery sales rise 6.9% on-year in H1

Sales of lottery tickets in South Korea rose 6.9 percent in the first six months of 2016 from a year earlier, on rising demand for chance games amid a prolonged economic slump, government data showed Wednesday.Lottery sales stood at 1.89 trillion won ($1.69 billion) in the January-June period, up from the previous year's 1.77 trillion won, according to data compiled by the Ministry of Strategy and Finance.The first-half amount accounted for 50.3 percent of the 2016 sales target of 3.76 trillion

Aug. 31, 2016

Presidential office calls for 'timely' passage of extra budget bill

The presidential office Cheong Wa Dae on Wednesday reiterated its calls for a "prompt, timely" passage of an extra budget bill that has stalled over partisan bickering over outlays."Timing is crucial for the extra budget this time, which is designed to address (the potential fallout from) the restructuring of major industries, and create jobs," presidential spokesman Jung Youn-kuk told reporters. "(We) hope for a swift passage (of the extra budget bill)." This photo, taken on April 14, 2016, sho

Aug. 31, 2016

Korea's industrial output gains 1.6% on-yr in July

South Korea's industrial output advanced for the third month in a row in July on a rise in chips and chemical production, a government report showed Wednesday.Production in the mining, manufacturing, gas and electricity industries rose 1.6 percent last month from a year ago, according to the report by Statistics Korea. The July figure marks the third straight month of advance, following a 4.7 percent jump in May and a 0.8 percent gain in June.From a month earlier, industrial output also climbed

Aug. 31, 2016

[News Focus] Korean economy braces for US rate hike impact

All eyes and ears are on the US Federal Reserve -- will the world’s most influential central bank raise its interest rate twice this year?Analysts are scrambling trying to decode what Fed Chairwoman Janet Yellen said at a recent symposium in Kansas City, Jackson Hole, Wyoming, followed by Fed Vice Chairman Stanley Fischer’s televised interview.“Looking ahead, the Federal Open Market Committee expects moderate growth in real gross domestic product, additional strengthening in the labor market, an

Aug. 30, 2016

[Graphic News] Korea to build network of smart expressways by 2020

The Transport Ministry plans to build a network of smart expressways that will include new sections of road where electric vehicles can be charged on the go, officials said Tuesday.Under the plan, the government will build an additional 1,000 kilometers of expressway, extending the total length in the country to 5,131 kilometers by 2020. This will create a complete network in which nearly 96 percent of the country’s population will be able to access an expressway within 30 minutes from their hom

Aug. 30, 2016

BOK chief cites heightened possibility of rate hike in US

The head of South Korea's central bank said Tuesday that there is a heightened possibility that the US Federal Reserve could raise its interest rates.Bank of Korea Gov. Lee Ju-yeol made the comment in a meeting with leading economists and scholars on the current economic conditions, citing recent remarks by Federal Reserve Chair Janet Yellen.Last week, Yellen said the Federal Open Market Committee continues to anticipate that gradual increases in the federal funds rate will be appropriate over t

Aug. 30, 2016

Views mixed over house prices growth

Measures announced by the government last week to curb the country’s soaring household debt showed the dilemma policymakers face in handling the local housing market.The government plans to reduce the supply of new apartments and residential plots by the state-funded Korea Land and Housing Corp. in a bid to hold down mortgage loans seen as the main culprit for the rapid increase in household debt.But it stopped short of implementing more effective and fundamental measures to cut borrowing by hom

Aug. 29, 2016

Korea's income gap is smaller than OECD average

South Korea's wage gap between its high school and university graduates is smaller than the average of the Organization for Economic Cooperation and Development, data showed Monday.According to data compiled by Seoul's Ministry of Employment and Labor, average wages of the country's university graduates are 37 percent higher than those of high-school graduates. The OECD average wage gap stands at 56 percent. In terms of the wage gap, South Korea ranked 23rd among the OECD member countries. (Yonh

Aug. 29, 2016

Koreans' average insurance coverage tops 47 mln won

South Korea's insurance policyholders can receive coverage worth 47.5 million won ($42,600) on average through their life insurance contracts, industry data showed Monday.According to the Korea Life Insurance Association, last year's figure represents a sharp rise from 5.44 million won in 1993, when related data began to be compiled. (KLIA)The comparable figures were 21 million won in 2001, 31.6 million won in 2006 and 40 million won in 2012, the data showed.The average coverage is obtained by d

Aug. 29, 2016