S. Koreans' investment in overseas stocks tops US$30 bln last year

South Koreans' investment in overseas stocks came to US$30.5 billion in the first 11 months of last year, central bank data showed Sunday.The figure represents a 55 percent hike from $19.6 billion tallied in the January-November period in 2016, according to data compiled by the Bank of Korea.South Koreans' investment in overseas stocks could hit the highest mark for the whole of 2017 since 2007, when the comparable figures came to $52.6 billion.Meanwhile, South Koreans' investment in overseas bo

Jan. 7, 2018

Korea's current account surplus narrows to $7.43b for Nov.

South Korea's current account surplus narrowed in November over the previous year, due mainly to a sharp rise in the service account deficit, central bank data showed Friday.The country's current account surplus reached $7.43 billion in November, down slightly from a surplus of $8.03 billion a year earlier, according to preliminary data from the Bank of Korea.November was the 69th consecutive month of a current account surplus, which started in March 2012.The services account deficit widened to

Jan. 5, 2018

Korea to benefit from opening of China's service market: experts

South Korea is expected to benefit from China's rapidly growing service industry if the two countries agree to upgrade their bilateral free trade agreement to include the service and investment sectors, experts said Friday.South Korea and China implemented the FTA in December 2015 and recently agreed to launch follow-up negotiations to expand the scope of the trade deal to lower barriers in the service and investment sectors.Experts and industry officials expressed hope that a high-level market

Jan. 5, 2018

Kakao Corp to launch debit cards to compete in offline payment market

Kakao Corp, the operator of the country's top mobile messenger service Kakao Talk, will launch debit cards next week to jump into the offline payment business, company officials said Friday.Promotional events are already under way before the official launch Wednesday for the debit cards that will be linked with Kakao Pay, officials said.Kakao Corp already has debit card services that are partnered with some commercial banks and credit card firms. It is the 10% owner of Kakao Bank, which issues d

Jan. 5, 2018

BOK chief, finance minister vow firm actions to achieve growth in 2018

South Korea’s top two economic policymakers on Thursday vowed to manage risk factors under the common goal of maintaining the nation’s economic recovery momentum this year.Concerning the recent appreciation of the Korean won, they said that they will take necessary measures against excessive fluctuations in the foreign exchange market.“Despite some downside risks here and abroad, the Korean economy achieved considerable growth last year on the back of strong fiscal policies,&rd

Jan. 4, 2018

BOK chief, finance minister vow to manage risk factors to fuel economic growth in 2018

South Korea's top economic policymakers said Thursday that they will do their best to manage economic and financial risks to maintain economic growth momentum in the new year."Despite some downside risks at home and abroad, the South Korean economy pulled off favorable growth last year thanks to strong fiscal policies," Bank of Korea Gov. Lee Ju-yeol said in a breakfast meeting in Seoul with Finance Minister Kim Dong-yeon."This year, we expect the economy to continue on the recove

Jan. 4, 2018

Korea pushes against US import restrictions on washers

WASHINGTON -- South Korea pushed Wednesday to stop the United States from imposing import restrictions on its large residential washers, saying such a move would adversely impact the American economy.A South Korean government and business delegation made the case at a public hearing held by the US trade representative in Washington with only weeks to go before a final decision by President Donald Trump.Kim Hee-sang, a South Korean diplomat in charge of the issue, stressed that "should the U

Jan. 4, 2018

Financial innovation matters for 3% growth: finance minister

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday urged the financial circles to grow out of their loan-focused business practices and to play innovative roles so as to contribute to the nation’s growth target this year.He also tendered a private meeting with the Bank of Korea Gov. Lee Ju-yeol, seeking to harmonize the government’s fiscal and monetary policies amid persisting challenges.“The financial circles should play their due rule for the sake of our ec

Jan. 3, 2018

Employment conditions set to worsen

Concerns are deepening that the country’s employment conditions will continue to worsen this year, leaving young job seekers frustrated and forcing mostly low-wage employees out of work.In his New Year’s message, President Moon Jae-in vowed to place top priority on improving people’s livelihoods.Critics were quick to note his pro-labor and anti-business policies stand in the way of creating more jobs, which hold the key to enhancing the quality of life.A sharp hike in the minim

Jan. 3, 2018

Korea's working population shrinking faster than in other countries

South Korea's working-age population is shrinking much faster than in other countries after hitting its peak in 2016, a report said Tuesday.According to the Health and Welfare Forum published by the Korea Institute for Health and Social Affairs, only the under-40 population was projected to drop among member countries of the Organization for Economic Cooperation and Development over the 2017-2037 period. The pace of the drop for other age groups was estimated at less than 4 percent.In case of So

Jan. 2, 2018

Seoul needs to respond with principle to US FTA renegotiation pressure: KITA chief

South Korea must respond to the United States' unprecedented trade pressure with unwavering principle, the chief of the country's leading international traders organization said Tuesday. "South Korean representatives need to sit down at the negotiating table (with their US counterparts) with their two major principles being to focus on trade expansion and the protection of local industries vulnerable to the bilateral free trade pact (with the US)," Kim Young-joo, chairman of the Korea

Jan. 2, 2018

[Monitor] 41% of South Korean men obese

Four out of 10 men who have received state-run medical checkup as of 2016 were obese, with the obesity ratio among those in their 30s reaching 7.30 percent. In relation to income, men were more prone to be obese when their income was higher, while it was vice versa for women. These and other data were showed in the 2017 obesity white book released by the National Health Insurance Service.The report categorized one as obese when his or her body mass index was 25 or over. BMI of under 18.5 wo

Jan. 1, 2018

Korea on path to 3 percent growth in 2018

Government policymakers have expressed confidence that the Korean economy will easily see more than 3 percent growth this year following an estimated 3.2 percent expansion last year.They may not be overly confident, especially given the recovering world economy that will continue to bolster the country’s exports. The Organization for Economic Cooperation and Development recently revised up its global growth outlook for 2018 to 3.7 percent from its previous estimate of 3.6 percent in June.T

Jan. 1, 2018

Challenges await South Korea in 2018

For South Korea, 2017 was full of upheavals, including the ouster and imprisonment of a scandal-ridden former president and the dramatic rise of a new progressive government.The real challenges, however, seem to lie ahead in 2018 as the nation faces a number of events that will test the capacity of the administration and the people.The most imminent is the PyeongChang Winter Olympic Games to run from Feb. 9-25 in eastern Gangwon Province.The international sports event, which would have marked th

Jan. 1, 2018

Korea expects 4% growth in exports for 2018: minister

South Korea expects to see its exports grow 4 percent this year, slowing down from a double-digit expansion in 2017, amid a strengthening local currency and potential geopolitical risks, the industry minister said Monday."The government will do its best to attain 4 percent growth in export growth this year by pre-emptively coping with possible downside risks," Minister of Trade, Industry and Energy Paik Un-gyu said in a New Year's visit to Incheon International Airport, the country's m

Jan. 1, 2018

Korea's property tax rate to GDP stands below OECD average in 2017: data

South Korea's property tax rate compared with its GDP stood below the average for Organization for Economic Cooperation and Development member countries, official data showed Monday.According to the Paris-based organization, the country's recurrent taxes on immovables reached 0.80 percent of its economy in 2017.This placed it the 16th highest among 31 countries that were checked and below the 0.91 percent average for other developed market economies with high incomes.The latest findings showed t

Jan. 1, 2018

Prime Minister says S. Korea's per capita income to surpass $30,000 in 2018

South Korean prime minister Lee Nak-yon said Sunday the country's per capita income is expected to breach the $30,000 mark next year.In his New Year's message, Lee said South Korea will likely see its per capita income surpass $30,000 next spring, but that achievement will bring new tasks to the country. "We need to let everyone feel and experience fairly even regarding the country's per capita income of $30,000," he said."We also need to make our economy keep growing." 

Jan. 1, 2018

BOK chief pledges to keep expansionary monetary policy in 2018

South Korea's central bank chief said Sunday that the expansionary monetary policy will be maintained in the new year in a way to further fuel the economic growth of Asia's fourth-largest economy."As the economy is expected to continue pulling off steady growth in the new year and there will likely be low inflation pressure, the central bank's monetary policy will remain expansionary," Bank of Korea (BOK) Gov. Lee Ju-yeol said in his New Year's message. The BOK raised the country's bas

Dec. 31, 2017

Consumer price marks largest rise in 5 years: data

South Korea’s consumer prices increased at the fastest rate in five years in December, on the back of strong industrial goods and financial services, government data showed Friday.The nation’s consumer price index climbed 1.5 percent this month from a year earlier, up from the previous month’s 1.3 percent on-year gain, according to Statistics Korea. Compared to the previous month, the index moved up 0.3 percent. For the entire year, consumer prices grew 1.9 percent from 2016, m

Dec. 29, 2017

Finance minister vows to maintain decent economic growth in 2018

South Korea's chief economic policymaker said Friday that the government will do its utmost to maintain decent growth for the country in the new year."The new year will mark the first time (for the economy) to achieve a (per capita GDP) $30,000 level," Finance Minister Kimg Dong-yeon said in his message for 2018. "(The government) will redouble efforts to help the economy maintain its solid expansion."Earlier, the finance ministry said it will implement its economic policy ne

Dec. 29, 2017