Korean economy to expand 3% in 2016: finance minister

 South Korea's finance minister said Wednesday the country's economy is expected to grow 3 percent on-year in 2016, adding it boasts enough capabilities to cope with short-term uncertainties."South Korea is able to post 3 percent level growth as the government is rolling out measures to vitalize investment and exports, as well as structural innovations," Finance Minister Yoo Il-ho said. The South Korean government currently aims to post an on-year growth of 3.1 percent.The International Monetary

April 13, 2016

South Korea‘s export prices slip in March

South Korea’s export prices slipped from a month earlier in March due to a strengthening local currency against the U.S. dollar, central bank data showed Tuesday.The export price index stood at 80.72 last month, down 1.5 percent from a revised 81.96 in the previous month, according to preliminary data from the Bank of Korea.From a year earlier, the March reading marked a 4.5 percent decline. It was also a turnaround from an on-month gain in February. The central bank attributed the decline to a

April 12, 2016

Major Korean firms suffer drop in sales and market cap

Major South Korean firms are facing a sales drop and the subsequent growth slowdown, while their foreign rivals are continuously expanding their presence, a report showed Tuesday.According to the Korea Economic Research Institute, 14 South Korean firms that were included in the world's top 1,000 companies in terms of market capitalization as of end-March saw their sales grow 1.12 percent in 2015, sharply decelerating from a 6.18 percent gain in 2014, an 8.48 percent rise in 2013 and a 5.75 perce

April 12, 2016

Seoul shares forecast to take breather next week

South Korean shares are expected to remain in a tight range next week as investors take to the sidelines ahead of corporate earnings seasons at home and abroad, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,972.05 points on Friday, down 0.08 percent from a week ago. KOSPI (Bloomberg)The country's stock market started higher this week as investor sentiment was boosted by gains in Wall Street, but caved in to institutional sell-offs, which was in part o

April 9, 2016

Falling number of Korean cattle raises price worries

The number of Korean-bred cattle is continuing to fall, adding to speculation that the prices of prized local beef, known as hanwoo, will keep soaring, showed data released Friday.A total of 2.6 million head of hanwoo cattle were being raised on domestic farms in the first quarter, down 63,000, or 2.4 percent, from the same period last year, according to Statistics Korea.It marks a 3-percent decline from the previous quarter.The number of Korean cattle stood at 2.93 million in 2012 but fell to 2

April 8, 2016

Park stresses job creation through 'creative economy'

President Park Geun-hye emphasized the need to foster a "creative economy" that can help churn out more jobs and address the biggest challenge facing Asia's fourth-largest economy.   Park made the remark during her visits to two innovation centers in Cheongju, North Chungcheong Province and Jeonju, North Jeolla Province, the latest in a series of tours meant to boost local startups and small companies.   South Korea set up 17 innovation centers across the country as part of its push for the esta

April 8, 2016

Korea's economy steadily rebounding from slump: report

Korea's economy seems to be steadily rebounding as some major indicators are showing signs of improving from their earlier marked setbacks, a government report showed Friday."Things appear to be bouncing back from a slump seen at the start of the year with industrial output recovering boosted by an eased downward pace of exports," the finance ministry said in its monthly economy assessment report. The report is based on the latest economic indicators on such key factors as output, exports, consu

April 8, 2016

[Graphic News] Asian elephant is zoo’s biggest eater

The Asian elephant eats the most out of all the animals at Seoul Grand Park, which contains a zoo. It eats up to 102.3 kilograms of food on a daily basis. On the other hand, the tarantula eats only 0.2 grams of food -- the smallest intake out of the zoo’s animals, according to the facility on Wednesday. One Asian elephant can consume 75 kilograms of hay, 24.7 kg of fruits and vegetables, and 2.6 kg of assorted feed, making it the No.1 eater out of all the animals at the park. It can also excrete

April 7, 2016

Korea to strengthen punishment against SME technology theft

The government said Wednesday that it will take tough action against the stealing of technology owned by small and mid-sized enterprises, as related damage has continued to increase in recent years.Under a set of punitive measures, the government will force people or companies that maliciously leak or steal technology and know-how from SMEs to give compensation of upwards to three times the size of the damages incurred.Prime Minister Hwang Kyo-ahn (Yonhap)Also, the government said it will increa

April 6, 2016

Korean shipyards' order backlog hits 12-year low in March

The order backlog held by Korean shipbuilders has dropped to the lowest level in 12 years amid the slumping global economy, industry data showed Thursday.According to the data by global researcher Clarkson Research Services, Korean shipbuilders had an order backlog totaling 27.59 million compensated gross tons (CGTs) as of end-March, the lowest since March 2004, when the comparable figure was 27.52 million CGTs.Experts say that the order backlog held by shipyards here will keep them busy for jus

April 6, 2016

Korean economy unlikely to face further slowdown: think tank

The Korea economy still remains in a protracted slump, but some positive signs in the service sector are likely to reduce the possibility of a further slowdown, a state-run think tank said Wednesday."Korea's growth has slowed gradually, but the economy is less likely to witness further weakness," the Korea Development Institute (KDI) said in its monthly evaluation of the country's economic conditions."Services production maintained its recent upward trend, and construction investment is in a fav

April 6, 2016

[Graphic News] Foreign tourists spend most on shopping

Foreign tourists spend over half of their travel expenses in Korea on shopping, according to government data on Sunday. Out of the total 10.4 trillion won ($9.06 billion) spent last year by tourists in Korea, 52.8 percent -- or 5.5 trillion won -- was used on shopping alone, the Korea Culture and Tourism Institute said. This was followed by accommodation at 23.3 percent and food at 8 percent. 　Government officials expect that foreign spending will increase this year compared to last year when th

April 4, 2016

Ex-President Roh Tae-woo's son found to be running offshore paper companies

The eldest son of South Korea's former President Roh Tae-woo was found to have established three paper companies overseas in a tax haven region, an independent online news outlet reported Monday, raising suspicions that the move is linked to an attempt to evade paying due taxes.Roh Jae-heon, the 50-year-old son of the general-turned-president who served as president from 1988 to 1993, launched the three firms in the British Virgin Islands in May 2012, according to Newstapa. Roh Jae-heonThe alleg

April 4, 2016

Stricter rules slow growth in mortgage loans in Q1

The pace of growth in Korea's mortgage loans slowed down sharply in the first quarter compared to a year earlier due to stricter lending rules and falls in real estate transactions, bank data showed Monday.Under the government's new guidelines announced early this year, borrowers in the Seoul metropolitan area are required by begin to pay down the monthly installments of principal and interest at the same time, soon after the execution of loans. Apartment complex in Seoul (Yonhap)The accumulated

April 4, 2016

[Graphic News] Global obesity rate surges

Number of obese adults in the world surged for the past four decades, reaching a record high of 641 million in 2014, according to the English medical journal the Lancet on Friday. The figure was a nearly sixfold increase from 105 million 40 years ago. If the trend continues, 20 percent of the total adult population will be obese by 2025, the report said.Collecting data from 19.2 million adults from 186 countries in 2014, Imperial College London professor Majid Ezzati found that 10.8 percent of m

April 3, 2016

Corporate investment, private spending shrank in 2015

Korean companies shunned investments as the economy struggled to find new sources of growth amid a downturn in exports and weak domestic demand last year, latest data showed Sunday. The country’s corporate investment in its gross domestic product fell to a 39-year low in 2015 as companies hunkered down due to the global slowdown and intensifying competition from Chinese firms.   Bank of Korea (Yonhap)Gross fixed capital formation -- measure used as a proxy for investment -- accounted for 29.1 pe

April 3, 2016

Exports decline in record-breaking losing streak

Korea’s exports remained persistently low in March, falling for the 15th consecutive month to post a record-breaking losing streak, government data showed Friday. The 8.2 percent decline, however, marked the first single-digit decrease in four months.  A container port in Busan (Yonhap)Total exports stood at $42.98 billion this month, according to the Ministry of Trade, Industry and Energy. Since November, exports have been seeing a double-digit fall due to sluggish economic conditions at home a

April 1, 2016