Minister predicts export turnaround in H2

JEJU -- Korea’s exports may swing to the positive territory in August at the earliest, Trade Minister Joo Hyung-hwan said Thursday. Speaking at a forum in the southern island of Jeju, the minister said that exports are on track to return to year-on-year expansion, ending a long streak of contraction. “The year-on-year growth of exports dipped to a negative 20 percent in January, but improved to a negative 2.7 percent in June,” the minister said. Reasons behind the decline are both structural and

July 21, 2016

KCCI chief warns of ‘waterfall’ of antibusiness legislation

JEJU -- Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, voiced concern over a rush of business regulations proposed by parliamentarians in the past several weeks. “This could lead to a situation like a waterfall of regulations cascading on businesses,” he told reporters Wednesday on the southern resort island of Jeju. He was there to attend the KCCI’s annual forum for local business leaders.  Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry. (KCCI)Si

July 21, 2016

Finance minister says extra budget could create about 60,000 jobs

Korea's finance minister on Thursday said the planned supplementary budget could create about 60,000 jobs amid industrywide restructuring efforts.Finance Minister Yoo Il-ho also said the extra budget is meant to stabilize people's livelihoods and revitalize Asia's fourth-largest economy by focusing on job creation.He made the comments in a meeting with advisers on the country's fiscal policy.Korea's unemployment rate for young people, aged between 15 and 29, reached 10.3 percent in June, up from

July 21, 2016

Business lobby chief voices concern over corporate regulations

The head of the nation's leading business lobby group has expressed concerns over a set of bills designed to toughen corporate regulations, saying that they could be a big burden for the companies."A total of 119 bills are related to regulating (companies),"Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said at a forum held on the southern resort island of Jeju on Wednesday. "I fear the situation will be like a waterfall full of regulations." Park, who formerly headed p

July 21, 2016

[Monitor] Korea‘s exports to China dip for 12th month straight

South Korean exports to China fell 9.4 percent on-year last month, marking the 12th straight month of decline, the Korea International Trade Association said Wednesday. Shipments to China grappling with slow growth amounted to $10.2 billion in June, compared with $11.3 billion for the same month last year.

July 20, 2016

Korean workers earn 32.8 mln won on annual average: poll

The average salary of Korean workers stood at 32.8 million won ($28,000) in 2015, up 1.5 percent from a year earlier, a survey showed Wednesday. The median income, however, was 25 million won, far below the average salary level, according to the Federation of Korean Industries. (123rf)The number of those who earned 100 million won or more came to 390,000, or 2.7 percent of the total. The country's major business lobby group analyzed income data from the labor ministry for 14.6 million workers na

July 20, 2016

Employees in 60s outnumber workers in their 20s in Q2

The number of employees in their 60s and older surpassed that of 20-somethings in the second quarter as a lingering economic slowdown has undermined the job market for young job seekers in South Korea, government data showed Wednesday.A total of 3.98 million people aged 60 and over were employed in the April-June period, while those in their 20s reached 3.79 million, according to the data compiled by Statistics Korea. People browse through recruitment advertisements at a job fair in Seoul on Jul

July 20, 2016

Korea sends mixed signals on FDI policy

A rising inflow of foreign direct investment is rare good news for the Korean economy that is struggling with declining exports, stagnant domestic demand and the task of overhauling inefficient, debt-ridden industries.New FDI pledged to the country hit a record high of $10.52 billion in the first half of this year, up 18.6 percent from $8.87 billion a year earlier, according to the Ministry of Trade, Industry and Energy.The ministry forecasts fresh FDI commitments to Korea will surpass $20 billi

July 20, 2016

Koreans spend more than $3,000 a year on insurance

Koreans paid more than a combined $3,000 per policy holder in insurance premiums for the year ended in March, a market researcher said Wednesday.Koreans' insurance density stood at $3,034 in the financial year 2015-16, compared with $2,332 in 2010, Swiss Re, the world's second-largest reinsurer based in Switzerland, said in its sigma report, referring to per capita premiums.It said Korea's premium per person is the 18th highest in the world, five notches higher than in 2010.The Cayman Islands, a

July 20, 2016

Korea's exports to China dip for 12th consecutive month

Korean exports to China fell 9.4 percent on year last month, marking the 12th straight month of declines, data showed Wednesday. Shipments to China declined to $10.2 billion in June, compared with $11.3 billion for the same month last year, according to the data from the Korea International Trade Association.China grappling with slow growth is South Korea's biggest export destination. The pace of declines in exports to China has slowed since May with exports dipping 9.1 percent on year during th

July 20, 2016

Seoul stocks open weak on economic uncertainty

Korean shares started lower Wednesday as investors opted to cash in part of recent gains amid increased economic uncertainties.The benchmark Korea Composite Stock Price Index slipped 7.04 points, or 0.35 percent, to 2,009.85 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics falling 0.20 percent.Top automaker Hyundai Motor shed 0.77 percent, and top steelmaker POSCO also fell 1.82 percent.In contrast, Naver, the operator of the country's top I

July 20, 2016

Teetering S. Korean economy hit by spreading labor dispute

[THE INVESTOR] Labor disputes are spreading across South Korean industries with Hyundai Motor and Hyundai Heavy’s unions striking on July 19, while other major unions are taking steps to follow suit. The unions of Hyundai Motor and Hyundai Heavy Industries on July 19 staged a partial strike, collaborating in industrial dispute for the first time in 23 years. Hyundai Motor’s union is demanding a 7.2 percent raise and 30 percent of 2015 net profits as bonus of employees, among other conditions. Hy

July 19, 2016

BOK chief stresses accommodative monetary policy

[THE INVESTOR] The head of South Korea’s central bank has emphasized the need for an accommodative monetary policy to cope with a drawn-out economic slump but cautioned against its potential adverse impact causing financial instability.“It’s necessary to implement monetary policy in a direction that supports the recovery of a growth trend and also to pay keen heed to risks to financial stability,” Bank of Korea Gov. Lee Ju-yeol said in an international forum on July 19. BOK Gov. Lee Ju-yeolHe ci

July 19, 2016

Korean shares down in late morning trading

Korean shares traded lower late Tuesday morning, on losses in automakers and some tech stocks.The benchmark Korea Composite Stock Price Index shed 9.1 points, or 0.45 percent, to 2,012.01 as of 11:20 a.m.Large caps traded mixed with market kingpin Samsung Electronics adding 0.53 percent.Global chipmaker SK hynix shed 2.29 percent, and POSCO, the country's leading steelmaker, dropped 3.29 percent.Top automaker Hyundai Motor fell 1.14 percent, and its smaller affiliate Kia Motors traded 0.85 perce

July 19, 2016

BOK chief warns of fallout from monetary expansion

The head of Korea's central bank emphasized the need Tuesday for an accommodative monetary policy to cope with a drawn-out economic slump but cautioned against its potential adverse impact causing financial instability."It's necessary to implement monetary policy in a direction that supports the recovery of a growth trend and also to pay keen heed to risks to financial stability," Bank of Korea Gov. Lee Ju-yeol said in an international forum here. (Yonhap)He cited the vulnerability of a "small o

July 19, 2016

Food, beverage shares lose early luster

Food and beverage shares that were bullish earlier in the year have slumped back on concerns that domestic demand will be subdued, market analysts said Tuesday.The composite index for food and beverage industry stocks on the main bourse ended 0.27 percent down on Monday from the previous closing, marking a third consecutive day of losses. Monday's closing of 4,733.17 is 17.49 percent lower than 5,736.92 at last year's end.The sector received attention when it started recouping early in the year

July 19, 2016

Producer prices drop in June

Korea's producer prices dropped slightly from a year earlier in June on a large cut in prices of coal and petroleum products, central bank data showed Tuesday.The producer price index for June came to 99.01, down 2.7 percent from the same month last year, according to preliminary data from the Bank of Korea. (123rf)Producer prices serve as an indicator of future consumer inflation.The June index marked a slight increase from a revised 98.79 in the previous month.Prices of manufactured goods gain

July 19, 2016