Koreas' experts to meet in China for joint dictionary project

South and North Korean lexicographers plan to meet in China next week to discuss the details of an ongoing project to publish a joint dictionary of their language, government officials said Tuesday.A group of 23 South Korean experts will visit China's northeastern coastal city of Dalian from Monday to next Sunday to hold a meeting with their North Korean counterparts over the contents of the dictionary, the Ministry of Unification said.Similar forums were already held twice this year.The joint d

Dec. 1, 2015

Korea's inflation hits one-year high in Nov.

South Korea's consumer inflation inched up to a one-year high in November as a drop in oil prices slowed, a government report showed Tuesday, a positive development for Asia's fourth-largest economy struggling to shake off deflation concerns.The country's consumer price index gained 1 percent last month from a year earlier, up from a 0.9 percent on-year gain in October and the highest increase since November 2014, according to the report by Statistics Korea."The main reason for the rise in numbe

Dec. 1, 2015

Korea's exports drop 4.7% on-year in Nov.

South Korea's exports continued to decline in November largely due to low oil prices, but its trade surplus reached a record high as imports dipped at a faster clip than exports, the government said Tuesday.Outbound shipments came to $44.43 billion last month, down 4.7 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. South Korea's exports have fallen every single month since the start of the year.Despite the cut in exports, the country's trade surpl

Dec. 1, 2015

Korean housing market forecast to slow in 2017

South Korea's housing market is expected to begin losing steam from 2017, foreign investment banks said Monday, amid growing concerns over an oversupply. "After reaching its peak next year, the local housing market will likely turn bearish starting the following year due to an excessive supply and the authorities' tightened regulations on mortgages to curb the record household debt," Credit Suisse Group was quoted as saying by the Korea Center for International Finance.Household credit soared to

Nov. 30, 2015

Korean manufacturers' sentiment weakens for Dec.

South Korean manufacturing confidence continued to weaken with a majority of non-manufacturing firms also expecting worse conditions for their business in December, a poll showed Monday.The business survey index for manufacturing companies came to 69 for December, down 1 point from the previous month, according to the survey by the Bank of Korea.A reading below the benchmark 100 means pessimists outnumber optimists.The BSI of non-manufacturing companies came to 71 for December, slipping 2 points

Nov. 30, 2015

Korea's industrial output falls 1.4% in Oct. on weak exports

South Korea's industrial output unexpectedly dropped on-month in October on weak exports, a government report showed Monday, a turnaround from the previous month's gain that points to the sputtering recovery of Asia's fourth-largest economy.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries fell 1.4 percent on-month in October, compared with a 2.2 percent on-month gain in September. It is the sharpest on-month fall since the 1.6 p

Nov. 30, 2015

Rival parties tentatively agree to ratify FTA with China

South Korea's rival parties tentatively agreed Monday to pass the country's free trade deal with China through the parliament, their floor leaders said. The floor leaders of the ruling Saenuri Party and the main opposition New Politics Alliance for Democracy said they agreed during an overnight meeting to convene two parliamentary sessions in a row as planned later in the day to ratify the pact."The rival parties have agreed on the schedule, meaning both will tentatively seek the ratification,"

Nov. 30, 2015

Dual income households make 1.4 times more than families with sole bread earner

Dual income households in South Korea brought home 1.4 times more than families with a sole bread earner, a report by a local think tank said Sunday.According to Hyundai Research Institute, households that had both husband and wife holding jobs brought home an average 5.32 million won ($4,600) per month in 2014. For families where only one person earned an income, the monthly average stood at 3.8 million won.The private think tank said data showed double income households spent some 2.94 million

Nov. 29, 2015

Korea trade to rebound in 2016 after poor showing this year: KITA

South Korea's two-way trade is expected to once again surpass the $1 trillion mark in 2016, after a poor showing this year, a report by an international traders organization said Sunday.The Korea International Trade Association predicted exports will rise 2.3 percent on-year in 2016 to $544 billion, with imports advancing 4.8 percent to $461 billion. The combined total should hover just over $1 trillion, with the country's trade surplus reaching $83 billion.Asia's fourth-largest economy became t

Nov. 29, 2015

Korea to offer foreign tourists on-spot tax refund benefits starting in Jan.

South Korea will offer on-spot tax refunds to foreign tourists who buy products at local duty-free shops starting Jan. 1, the government said Sunday.The Finance Ministry said it is moving to revise existing exemption guidelines governing foreign tourists so they need not pay value-added and excise taxes when they shop in the country.Under the proposed changes, an item costing less than 200,000 won ($173) will be eligible for immediate tax refunds at duty-free stores across the country. This mean

Nov. 29, 2015

Biz outlook for December stays weak amid U.S. rate hike concern

A majority of companies in South Korea are pessimistic about business outlook for next month due to worries over the expected rate hike by the U.S. Federal Reserve, a poll showed Sunday.According to the survey conducted on 600 South Korean companies by the Federation of Korean Industries, the business survey index for the last month of 2015 stood at 97.5.A reading below 100 means companies that are pessimistic about business conditions down the road outnumber optimists.After peaking at 103.7 in

Nov. 29, 2015

Korean economic delegation to visit Ivory Coast, Ethiopia

A South Korean economic delegation will visit the Ivory Coast and Ethiopia to help lay the foundation for more trade and industrial cooperation, the government said Sunday.The Ministry of Trade, Industry and Energy said the 37-person delegation made up of government officials and businessmen will be in the two African countries from Sunday through Saturday.It said the visit to the Ivory Coast will help local companies play a greater role in ongoing infrastructure building projects.The West Afric

Nov. 29, 2015

Seoul shares end flat amid lack of leads

South Korean stocks closed nearly flat Friday as investors took a wait-and-see approach amid an absence of market-moving news. The local currency fell against the U.S. dollar.  The benchmark Korea Composite Stock Price Index lost 1.69 points, or 0.08 percent to 2,028.99. Trade volume was moderate at 469 million shares worth 3.93 trillion won ($3.41 billion), with losers outpacing gainers 429 to 386.  Analysts said Seoul shares closed lower as investors awaited for other market-moving events, esp

Nov. 27, 2015

Weak exports impacting industrial output, investment: finance minister

Weak exports are starting to impact industrial output and business investment in South Korea, the country's top economic policymaker said Friday.  Chairing the meeting of foreign economy-related ministers in Seoul, Finance Minister Choi Kyung-hwan said outbound shipments in October plunged at the sharpest rate in more than two years.  "This drop is beginning to cause problems in industrial output and investment," the official claimed.  Last month, Asia's fourth-largest economy reported a 15.9 pe

Nov. 27, 2015

4 in 10 Koreans support stopping press from reporting destabilizing economic information: survey

Four out of 10 South Koreans believe that their government should be able to prevent media organizations from publishing information that could harm the country's economy, a U.S. survey showed.According to the Pew Research Center survey, South Koreans were less supportive of freedom of the press than their U.S. and European counterparts when it comes to reporting on economic issues that might destabilize the country's economy.While 40 percent of South Koreans were in favor of restricting publica

Nov. 27, 2015

Rising outbound travelers buttress tour agencies' earnings

South Korea's tour agents are forecast to post better earnings this year as a sharp rise in outbound travelers offset a fall in the number of foreign visitors in the wake of the Middle East Respiratory Syndrome outbreak in the country, according to market watchers Friday. The MERS outbreak in late May led to mass cancellations of flights and tour programs scheduled in the summer, cutting tour agencies' earnings in the third quarter.  Hana Tour, the nation's leading tour agency, saw its operating

Nov. 27, 2015

Most Koreans feel insecure about job status

The majority of Koreans are insecure about their current employment status, according to a biennial poll from the government’s statistical office released on Thursday.The 2015 society sector survey on about 39,000 Koreans conducted by Statistics Korea showed 61 percent of the employed respondents said they “feel insecure about their current job status.” The office said it sampled a cross section of Korean households in 27 residential districts nationwide for research on segments such as labor, i

Nov. 26, 2015

Korea opens exhibition to promote creative economy

South Korea kicked off a four-day exhibition Thursday to promote the country's creative economy policies, inviting local firms to share their achievements in the technology realm.  The creative economy refers to President Park Geun-hye's flagship policy that aims to merge different industrial sectors, mostly with information and communications technologies, to generate new business opportunities and foster the growth of startups.  "The creative economy became a symbolic policy of South Korea to

Nov. 26, 2015