10 out of top 30 conglomerates cut number of workers in 2017: report

South Korea's leading business groups scaled back the number of employees on their payrolls in 2017 amid challenging market conditions and restructuring efforts undertaken by some industries, a report by a corporate information provider said Sunday.According to the data compiled by Chaebol.com., 10 out of the 30 largest conglomerates in terms of assets, had fewer workers last year than in 2016, with four cutting their workforces by more than 1,000.Of the groups that cut workers, Kumho Asiana, wh

June 10, 2018

Finance minister calls for corporate support in job creation, innovative growth

HANAM -- South Korea's top economic policymaker on Friday asked companies to do more to create jobs and spearhead innovative growth in the latest appeal to the business community to join the government's efforts to push for a more balanced and sustainable economy.In a meeting with Shinsegae Vice Chairman Chung Yong-jin and top executives of affiliates of the business group in Hanam, just southeast of Seoul, Finance Minister Kim Dong-yeon stressed the importance of cooperation between the private

June 8, 2018

Finance minister vows actions for income inequality, tones down on wage

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Thursday vowed assertive fiscal measures regarding the nation‘s widening income disparity, extending his concerns for the Moon Jae-in administration’s income-led growth initiative. The top economic policymaker, however, toned down on his disapproval of the nation‘s fast-paced legal minimum wage hike plan, which he regarded as a hindrance to employment and income distribution.“The decline in earnings in low-income

June 7, 2018

NK thaw signals end to export-driven economy: Herald forum

A tectonic shift is unraveling in and around the Korean Peninsula, especially in the wake of rapprochement mood and signs of denuclearization in North Korea, as well as trade war threats in East Asia. But to businessmen here, the looming transformation in the world‘s most secluded state could translate into a change in environment to which they would be forced to adapt. Experts and veterans in economic fields in South Korea discussed ways to address the transformation, to some 200-strong a

June 7, 2018

Key economic, political events could rock local stock market

Investors are keeping close tabs on various scenarios that could potentially lead to a "June crisis" amid key global market-moving and political events, observers here said Thursday.Increased volatility caused by rate hikes in the United States and eurozone risks, among other things, and the subsequent market adjustment are all likely, but it seems far-fetched to translate this as something that could lead to a financial meltdown, they pointed out.In May alone, the benchmark Korean Sto

June 7, 2018

[Monitor] Disparity in private education spending widens

The amount of private tuition spent by the highest income group in South Korea is 27 times larger than those spent by the lowest income households, latest data by Statistics Korea showed.Private tuition spending by the fifth income quintile was 242,600 won on monthly average, compared to 8,925 won spent by the first quintile.An income quintile divides the population into five equal income groups. The first quintile refers to those with the lowest income, and the fifth, the highest.The agency poi

June 5, 2018

Korea's current account surplus amounts to $1.77b for April

South Korea's current account surplus contracted to a six-year low in April due to a decrease in the goods account and a sharp rise in dividend payouts, but a turnaround in Chinese visitors helped narrow the deficit in the service sector, central bank data showed Tuesday.The country's current account surplus came to $1.77 billion in April, down from a surplus of $3.67 billion a year ago, according to the preliminary data from the Bank of Korea.From a month earlier, the April figure also lost gro

June 5, 2018

Moon's wage hike plan could dampen employment: think tank

A major state-run think tank on Monday warned that the government’s minimum wage hike plan could hinder employment in the upcoming years, underpinning the uneasiness over drastic changes and the consequent impact on the market. The study also laid bare the recently suspected feud between the nation’s top two economic officials -- presidential chief of staff for policy Jang Ha-sung and Deputy Prime Minister and Finance Minister Kim Dong-yeon.The Korea Development Institute, affil

June 4, 2018

Korea, Russia to hold economic cooperation meeting this week

SEJONG -- South Korea and Russia will hold a joint committee meeting to discuss ways to further expand cooperation in such areas as the economy and sciences, Seoul's finance ministry said Monday.During the 17th South Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation meeting slated for Thursday in Seoul, the two countries will discuss a variety of issues, such as developing infrastructure in the Russian Far Eastern region, as well as a potential trilateral project

June 4, 2018

Korea, Philippines agree on further economic cooperation

SEJONG -- South Korea and the Philippines agreed on Monday to further expand their economic cooperation and work together for an early conclusion of a regional economic trade deal, Seoul's finance ministry said.In a meeting with the Philippines' Finance Secretary Carlos Dominguez, South Korea's chief economic policymaker Kim Dong-yeon gave high marks to the Asian country's massive infrastructure development project and said Seoul will actively support such projects through extended financial hel

June 4, 2018

Income growth rates for 90 pct of S. Koreans up this year: presidential aide

Income growth rates for 90 percent of South Koreans improved this year, a presidential aide said Sunday, in a move to rebut criticism over recent comments by President Moon Jae-in.Last week, Moon said 90 percent of the effects of the minimum wage hike have been positive, sparking some criticism that the drastic hike in the minimum wage is to blame for a decline in income of low-income bracket. The government raised the minimum wage by 16.4 percent to 7,530 won ($7) on Jan. 1 this year, the

June 3, 2018

[Newsmaker] BOK, ministry dismiss economic skepticism

Amid ongoing claims that the country’s headline growth indicators fail to fully reflect the economic situation in Korea, officials are countering skeptical media reports, in apparent support of President Moon Jae-in’s economic growth initiative.Despite the economic upturn in the first quarter, as well as strong exports, the Moon administration has recently been criticized for failing to realize its vision of a “people-centered, innovative economy.”In a press briefing Frid

June 1, 2018

[Monitor] Growth in Seoul property prices slows

Driven by a slowdown in the growth of apartment prices in Gangnam-gu, the weekly increase rate in apartment prices in 11 districts in southern Seoul declined from the previous week for the first time in eight months in the last week of May, data from the Korea Appraisal Board showed.The rise in apartment prices in metropolitan areas also weakened for the first time in 70 weeks.As of the survey conducted on May 28, apartment prices in Seoul rose 0.03 percent, smaller than 0.04 percent recorded th

June 1, 2018

S. Korea's consumer prices up 1.5% in May

South Korea's consumer price growth continued to hover above 1 percent in May on a rise in prices of agricultural goods and services, government data showed Friday.The country's consumer price index climbed 1.5 percent last month from a year earlier, slightly decelerating from the previous month's 1.6 percent on-year gain, according to the data compiled by Statistics Korea.From a month earlier, the index rose 0.1 percent.Core inflation, which excludes volatile oil and food prices, grew 1.3 perce

June 1, 2018

S. Korea's exports jump 13.5% on-year in May

South Korea's exports spiked 13.5 percent in May from a year earlier, rebounding from a brief dip in the previous month, due to a rise in prices of key products and a global boom in the IT sector, government data showed Friday.Outbound shipments reached $50.98 billion last month, compared with $44.92 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports surged 12.6 percent on-year to $44.25 billion.South Korea's trade surplus came to $6.73 billi

June 1, 2018

S. Korea economy grows revised 1% in Q1: BOK

South Korea's economy grew at a slower-than-expected pace in the first quarter from three months earlier on sluggish construction and facilities investment, central bank data showed Friday.The country's gross domestic product expanded 1 percent in the January-March period, rebounding from a 0.2 percent on-quarter contraction three month earlier, according to preliminary data from the Bank of Korea.The latest reading marks a slight decrease from an earlier estimate of a 1.1 percent expansion rele

June 1, 2018

Moon calls for fiscal expansion to respond to slow growth, polarization

Warming up for next year‘s budget planning, South Korean President Moon Jae-in on Thursday indicated a further increase in government expenditure as part of its long-term plan to address the nation’s structural problems such as low birth, elderly poverty and unemployment. He also added pressure on the economic team -- led by Deputy Prime Minister and Finance Minister Kim Dong-yeon -- to speed up with the government‘s innovative growth initiative.“Key macroeconomic in

May 31, 2018

[Monitor] Jeju's land price surges at highest

The Ministry of Land, Infrastructure and Transport said Thursday that as of Jan. 1 this year, the appraised individual land price has been officially released, showing an average 6.28 percent increase. It is the fifth consecutive yearly rise of the land value. By city and province, Jeju showed the highest surge at 17.51 percent, the ministry said. (khnews@heraldcorp.com)

May 31, 2018

Prospect of Korea’s exports being dimmed

Concerns are growing over the long-term prospects for Korea’s exports, which have supported its economic growth in recent years amid sluggish domestic demand and industrial activity.Mainly on the back of a rise in global trade, Asia’s fourth-largest economy had extended the streak of on-year monthly increases in exports to 18 months before its outbound shipments fell 1.5 percent from a year earlier in April.Trade officials attributed the decline partly to a base effect from an unusua

May 30, 2018

[Monitor] Convenience store businesses flourish in South Korea

Ever since the first-ever convenience store 7-Eleven was opened by then-copy printer manufacturer Dong-Hwa Industrial in May, 1989, in Bangi-dong, southern Seoul, the convenience store industry has greatly expanded.With some 30 years of history, the industry continues to expand in light of a rise in one-person households and double-income families seeking quick, easy consumption of daily necessities 24-7.According to a report by the Korea Association of Convenience Store Industry, the combined r

May 29, 2018