Washing machine exports on decline with more blows expected from US safeguard

South Korea's washing machine exports have nearly halved over the past five years, customs data showed Tuesday, with more declines likely from new US safeguard measures.Last year's tally from the Korea Customs Service said washer exports last year amounted to US$118.6 million, down $4.56 million from the previous year. Shipments of the home appliance have been dropping for eight years after peaking at $392.4 million in 2009. Figures comparing the last five years show that last year's exports wer

Jan. 30, 2018

S. Korea to turn Sejong, Busan into safe, smart cities by 2023

he South Korean government confirmed Monday its plan to develop smart cities over the next five years, choosing Sejong and Busan as test beds. The Presidential Committee on the Fourth Industrial Revolution said it selected districts in the administrative hub city Sejong and port city of Busan as places to apply innovative technologies, including autonomous driving, artificial intelligence, smart energy management and virtual reality, in order to make them world-renowned smart cities by 2023. The

Jan. 29, 2018

Korea eyes opportunities in China's growing service market

South Korea's trade ministry said Monday it will hold talks with China to expand the scope of the two countries' free trade agreement to the service and investment sector in a way to create new business opportunities for local companies in the tourism, culture, legal and medical industries.  The Ministry of Trade, Industry and Energy held a meeting with industry officials and trade experts to collect their opinions before launching the follow-up FTA negotiations with Beijing. South Korea a

Jan. 29, 2018

Seoul, Beijing to hold economy minister meeting this week

The economic chiefs from South Korea and China will meet in Beijing this week to discuss an array of issues, including further boosting economic cooperation.During the gathering slated for Friday, Seoul's Finance Minister Kim Dong-yeon and his Chinese counterpart He Lifeng, chairman of China's National Development and Reform Commission, will seek ways to flesh out the outcome of December summit talks between leaders of the two countries, according to the ministry. President Moon Jae-in and Chine

Jan. 29, 2018

[News Focus] Seoul faces dilemma on taxing cryptocurrency

While accelerating its moves to tighten control over the overheated cryptocurrency market, the South Korean government now faces another dilemma: Can the disputed virtual currency be incorporated into the nation’s tax system?The greatest challenge is that, in order to impose tax, the government has to first recognize the disputed cryptocurrency as a legitimate financial product -- a view which a number of key policymakers have so far refused to adopt.The pressure weighs upon Deputy Prime M

Jan. 28, 2018

S. Koreans interested in starting own biz, earnings top consideration: poll

A large number of South Koreans are interested in starting their own businesses and earnings are their top consideration, a poll conducted by a public start-up support foundation showed Sunday.The latest findings from the Korea Institute of Startup & Entrepreneurship Development revealed that 53.5 percent of the respondents said they are examining the possibility of founding a business, compared to 46.5 percent who said they are not contemplating such a step.The data was based on questions h

Jan. 28, 2018

Korea, US to hold 2nd round of FTA renegotiation talks next week

South Korea and the United States plan to hold the second round of talks to amend their free trade pact in Seoul next week, Seoul's trade ministry said Friday, amid mounting US trade pressure.The two-day talks -- set to begin Wednesday -- come days after US President Donald Trump again denounced the free trade deal as "a disaster" for the US, claiming the deal cost 200,000 American jobs.Trump signed a set of safeguard measures earlier this week against imported large residential washin

Jan. 26, 2018

Israeli envoy invites Korean firms to take part in infrastructure projects

The top Israeli envoy to Seoul hopes South Korean companies will actively participate in his country's infrastructure projects, such as gas field development, the finance ministry said Friday.Ambassador Chaim Choshen met with Ko Hyoung-kwon, vice minister of strategy and finance, and discussed economic cooperation, according to the ministry. During the talks, the envoy also suggested cooperation between Israel's information-technology solutions with South Korea's auto manufacturers, as an exampl

Jan. 26, 2018

Seoul 'cautiously' considers higher property tax

South Korea's chief economic policymaker said Friday the government is "cautiously" considering raising property taxes in yet another attempt to tame rising home prices.Finance Minister Kim Dong-yeon said there are speculative demands in some areas such as the wealthy Gangnam Ward and adjacent districts."We have been reviewing many options in regard to a hike in property ownership tax," Kim said in a session with senior journalists at the press center in central Seoul.There h

Jan. 26, 2018

Koreans still distrustful of Japanese fish products after nuclear meltdown

A majority of South Koreans favor banning the import of Japanese fishery products, a survey showed Friday, underscoring lingering safety concerns about possible radioactive contamination.Radioactive water leaked following the meltdown at Japan's Fukushima nuclear power plant in 2011.The Consumers Union of Korea polled 1,023 adults across the country last year, and the results showed 55.3 percent want stronger import restrictions. Another 37.2 percent said the restrictions should be "very he

Jan. 26, 2018

[Monitor] Detached house prices surge

In a country where apartments are generally and mostly the preferred form of residence, the prices of detached, single houses have been showing a rapid surge, data by the Land Ministry showed.Of the 25 districts in Seoul, Mapo and Yongsan displayed significant increase in prices, as the two areas have diverse large-scale development plans in store. (khnews@heraldcorp.com)

Jan. 25, 2018

Korea orders companies to reduce power amid bitter cold

South Korea's state-run power exchange said Thursday it has ordered local companies to cut their power use to maintain a stable electricity reserve rate for the second consecutive day as the bitter cold gripping most of the nation was driving up heating demand.The Korea Power Exchange said it issued a demand response order to companies to cut electricity use between 9 a.m. and 11:30 a.m. as the country's power use soared to 86 million kilowatts earlier in the morning. The order, the fourth this

Jan. 25, 2018

Bill calls for public officials to disclose cryptocurrency holdings

A ruling party lawmaker said Thursday he has submitted a bill requiring high-level government officials and lawmakers to disclose their cryptocurrency holdings when they report their assets every year under an anti-corruption law.The revision to the Public Service Ethics Act, submitted by Rep. Noh Woong-rae of the Democratic Party, calls for officials subject to annual wealth disclosure to report their virtual currency holdings worth 10 million won ($9,388) or more.Under the current act, assets

Jan. 25, 2018

Korea's economy grows 3.1% in 2017: BOK

South Korea's economic growth accelerated last year on the back of robust exports amid a global economic recovery, the Bank of Korea said Thursday.The nation's economy expanded 3.1 percent in 2017 from a year ago, when it grew 2.8 percent, the BOK said. It was the first time since 2014 that the economy grew above the 3 percent level. For the final quarter of last year, however, the economy contracted 0.2 percent from the previous quarter, mainly due to fewer working days over the long Chuseok ho

Jan. 25, 2018

Elderly South Koreans suffer from rising household-debt-to-income ratios: BOK

South Korean people suffer from rising ratios of household debt to income, as more people are aging, due mainly to early retirement and the lack of an effective pension system, a report said Wednesday."People face rising household-debt-to-income ratios as they are getting older in South Korea, unlike other advanced countries," the Bank of Korea report said.South Korea, Spain and the Netherlands were the only countries where people aged 75 and older have higher ratios of household debt

Jan. 24, 2018

Korea languid in resources development abroad

Korea remains increasingly vulnerable to possible disruptions in overseas supplies of critical minerals used in everything from batteries to semiconductors and smartphones.Global demand for critical minerals continues to rise in keeping with the advancement of the “fourth industrial revolution,” resulting in a sharp increase in their prices.According to data from Korea Resources Corp., the prices of cobalt, tungsten, lithium and nickel jumped 124.7 percent, 63.2 percent, 31.7 percent

Jan. 24, 2018

S. Korea removed from EU blacklist of tax havens

The EU has removed South Korea from a blacklist of tax havens, lifting the concerns of punitive economic measures and reputational damage, the finance ministry said Tuesday.EU finance ministers agreed to remove South Korea and seven other countries from the list of non-cooperative jurisdictions for tax purposes, the Ministry of Strategy and Finance said in a statement.  The seven countries are Panama, Mongolia, Barbados, Macau, Tunisia, Grenada and the United Arab Emirates.In December,

Jan. 23, 2018

US issues safeguard against imported washers, solar cells

WASHINGTON -- The United States on Monday issued safeguard measures on imports of large residential washing machines and solar cells, in a potential blow to South Korean manufacturers.US Trade Representative Robert Lighthizer announced the measures were approved by President Donald Trump."The (US) ITC (International Trade Commission) found that US producers had been seriously injured by imports and made several recommendations to the President," he said in a written statement. "Th

Jan. 23, 2018

Restrictive measures deepen housing market polarization

Measures taken by President Moon Jae-in’s administration to curb home prices have resulted in deepening the polarization of the local housing market.Betraying policymakers’ expectations, the prices of expensive apartments in Seoul, which were mainly targeted by tighter mortgage rules and other restrictive steps, have continued to rise, while house prices in most provincial areas are on a downward trend.Largely affected by a set of restrictive measures announced on six occasions since

Jan. 22, 2018

Business community argues against govt. logic on minimum wage

The local business community on Monday continued to strongly dispute the government's argument that the raised minimum wage will eventually help the economy, dismissing such reasoning as outdated.Finance Minister Kim Dong-yeon on Jan. 11 cited results of the minimum wage increases that took place in 2000 and 2007, when the job market was affected by higher hiring costs in the short run but stabilized after just a few months. His deputy, Koh Hyeong-gwon, on the same day at a different government

Jan. 22, 2018