[Monitor] Loans taken by self-employed surge

Last year, the increase rate of loans taken out by the the self-employed surpassed by tenfold the rise of the number of self-owned businesses, data by Statistics Korea and the Bank of Korea showed.With the anticipated rise of interest rates, the debt repayment burden is expected to augment for those running their own businesses.A total of 5,682,000 are registered as self-employed as of the end of last year, up 1.2 percent from the previous year.According to data from the Bank of Korea, some 535.

April 1, 2018

Korea's exports rise 6.1% on-year in March

South Korea's exports rose 6.1 percent last month from a year earlier to mark the largest monthly tally for March, government data showed Sunday.Outbound shipments reached $51.58 billion in the one-month period, up from $48.64 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.They increased for the 17th consecutive month, with the total being the highest for all March figures.Imports gained 5 percent on-year to $44.72 billion. South Korea's tra

April 1, 2018

Korea's industrial output rises 1.1% in Feb.

South Korea's industrial output increased in February from a month earlier on a rise in production in the automaking and retail sectors, government data showed Friday.Production in the mining, manufacturing, gas and electricity industries rose 1.1 percent on-month in February, following an adjusted 0.9 percent on-month gain in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output plunged 6.4 percent in February, following a 4.3 percent on-year gain

March 30, 2018

Korea denies US' claim of currency talks within KORUS FTA revision

The South Korean government on Thursday demanded the US correct a recent statement concerning the Korea-US bilateral free trade deal amendment, saying that the trade negotiation did not involve a currency cap deal.The refutation came in the wake of reports from Washington late on the previous day that both states had agreed to prohibit deliberate currency devaluation on the sidelines of the Korea-US Free Trade Agreement renegotiation, in which case Seoul’s export-dependent economy would be

March 29, 2018

Senior officials declare W1.35b of personal assets on average

A total of 1,711 senior government and public officials declared an average 1.35 billion won ($1.26 million) of personal assets, up about 83 million won from a year earlier, the government gazette showed Thursday.Under an anti-corruption law, senior officials at government agencies and national universities as well as other high-level public office holders are required to report the status of their assets to the Government Ethics Committee once a year.According to this year's declaration carried

March 29, 2018

Trump hails revised Korea trade deal

WASHINGTON -- US President Donald Trump on Wednesday hailed the revised free trade agreement with South Korea as a "great deal" for workers in both countries.In a tweet sent shortly after the revision was formally announced, Trump said, "@USTradeRep just announced an agreement in principle with South Korea on KORUS!" KORUS is shorthand for the Korea-US free trade agreement that went into effect in 2012. Trump has slammed it as a bad deal that took away American jobs and widen

March 29, 2018

Korea moving to be clear on currency intervention

Korea is moving to free itself of the possibility of being designated by the US as a currency manipulator, which remains an uncertain factor for its exporters after the two countries this week reached an agreement on amending their bilateral free trade deal and exempting Korea from US steel tariffs.The Ministry of Strategy and Finance and the Bank of Korea said in a joint statement earlier this month they had studied plans to advance the foreign exchange market in the country.No decision has bee

March 28, 2018

Korea’s GNI per capita approaches $30,000: BOK

South Korea‘s nominal gross national income per capita came to $29.745 as of 2017 upon the sharpest on-year rise in six years, while the national economy grew by 3.1 percent, preliminary data by the Bank of Korea showed Wednesday. Such robust macroeconomic readings indicate Asia’s fourth largest economy is on track to be placed on par with developed nations, giving the country more room to carry out stronger measures for social welfare, according to the central bank. In 2017, Korea&l

March 28, 2018

Govt. bans shellfish harvesting over paralytic toxins

High levels of paralytic toxins have spread along South Korea's southeastern coast and contaminated shellfish, the maritime ministry said Wednesday, vowing to tighten oversight over the harvesting of the seafood.Earlier this month, paralytic toxins were detected in waters near the southern port city of Busan and Geoje Island for the first time this year and have continued to spread to adjacent areas, according to the Ministry of Oceans and Fisheries.A total of 28 regions are now confirmed to be

March 28, 2018

In Korea, W4b needed to join ‘rich’ class: survey

Working Koreans believe that the rich should have assets of at least 4 billion won ($3.73 million), while they estimate themselves able to accumulate an average of 800 million won in their own lifetimes.Job Korea, a job information provider, conducted a survey of 708 working Koreans and discovered that around 4.1 billion won is the standard qualification to be deemed “rich.” Respondents on average expected to save around 800 million won throughout their life. Those in their 20s expec

March 28, 2018

Korean economy grows 3.1% in 2017

The South Korean economy expanded a three-year high of 3.1 percent in 2017 on growth in construction and facility investment, with the real gross national income per capita closing in on the US$30,000 level, the central bank said Wednesday.The revised 2017 reading by the Bank of Korea is on par with its earlier estimate of 3.1 percent released in January. It marked a slight improvement from 2016, when Asia's fourth-largest economy grew 2.9 percent from a year earlier, according to the revised da

March 28, 2018

State pension eyes actively exercising shareholder rights

South Korea's state pension fund operator will push for actively exercising its rights as major shareholders of invested firms to promote the interests of subscribers in the mid and long term, a report showed Tuesday.In July last year, the welfare ministry and the National Pension Service commissioned a Seoul university to prepare a report on the introduction of the so-called stewardship code for the state pension fund. The ministry and the NPS are putting the final touches on the decision-makin

March 27, 2018

Korea to walk a tightrope in US-China trade row

Negotiations with China and Japan on a trilateral free trade agreement could provide Korea with a framework instrumental in coping with rising global protectionism, experts say.Intensifying trade conflicts between the US and China might get Beijing to be more positive on reaching the three-way accord, which would create the world’s third-largest trade bloc after the North American Free Trade Agreement and the EU.The three Northeast Asian countries combined accounted for 23.3 percent of glo

March 26, 2018

Govt. to focus on boosting job creation, low birth rate in mapping out 2019 budget

The government's fiscal policy for next year will be centered on boosting job creation and innovative growth, while at the same time tackling South Korea's low birthrate trend and aging society, the finance ministry said Monday.The 2019 budget guidelines, which were approved by the Cabinet, are also aimed at improving fiscal efficiency and allocating government funds to pressing issues, according to the Ministry of Strategy and Finance.The finance ministry said it will expand government spending

March 26, 2018

S. Korea's economy contracted 0.2% in Q4: Moody's

The South Korean economy likely contracted in the final three months of last year due largely to a slowdown in exports and construction investment, a leading provider of economic analysis said Sunday.In an earlier prediction, the Bank of Korea said Asia's fourth-largest economy probably grew 3.1 percent in 2017 on the back of robust exports amid a global economic recovery, compared to a 2.8 percent growth in the previous year.For the final quarter of last year, however, the economy shrank 0.2 pe

March 25, 2018

Loss-making public institutions post 10 tln won deficit

South Korea's loss-making public institutions posted a combined deficit of nearly 10 trillion won ($9.3 billion) over the past five years, due mainly to unprofitable overseas energy-development projects, a parliamentary report showed Saturday. According to the report by the National Assembly Budget Office, 13 firms, including the Korea National Oil Corp, the Korea Coal Corp., and the Korea International Broadcasting Foundation, were in the red between 2012 and 2016.Their combined losses reached

March 24, 2018

Trump: 'Very close' to trade deal with S. Korea

US President Donald Trump said Friday that the US is "very close" to resolving a trade row with South Korea, hinting at an announcement next week.The president was apparently referring to the renegotiation of the Korea-US free trade agreement as well as Seoul's push to win an exemption from US tariffs on steel imports."The deal with South Korea is -- according to Secretary Ross and Bob Lighthizer -- is very close to being finished," he said during a news conference at the Whi

March 24, 2018

Korea, China, Japan hold new trade talks amid rising protectionism

South Korea, China and Japan held a new round of trade talks on Friday in Seoul in the latest push to work out differences for a free trade deal amid rising trade protectionism.Trade officials will discuss modalities for tariff reduction, service market liberalization and other global trade issues, the Ministry of Trade, Industry and Energy said."South Korea, China and Japan need to show a firm will to advocate free trade amid intensifying trade tension in light of the protectionist policie

March 23, 2018

Korean steelmakers queasy despite US tariff move

South Korean steelmakers remain jittery about their exports to the United States despite Washington's move to temporarily exempt Seoul from heavy tariffs on steel imports, industry sources said Friday.Speaking at a Senate hearing, US Trade Representative Robert Lighthizer said President Donald Trump has authorized a "pause" in the 25 percent tariff on steel and 10 percent tariff on aluminum imports, which were to go into effect Friday.The exemption, which also applies to the European U

March 23, 2018

US temporarily exempts Korea from steel tariffs

WASHINGTON -- The United States will temporarily exempt South Korea from stiff tariffs on steel imports, a top US trade official said Thursday, following weeks of lobbying by South Korean officials.Speaking at a Senate hearing, US Trade Representative Robert Lighthizer said President Donald Trump had authorized a "pause" in the 25 percent tariff on steel and 10 percent tariff on aluminum imports, which are to go into effect Friday.Also on the list of exemptions are the European Union,

March 23, 2018