Korea to invest W110tr in renewable energy sources by 2030

South Korea will build more solar and wind farms nationwide to nearly triple its renewable energy ratio by 2030, a project estimated at 110 trillion won ($101 billion), the energy ministry said Wednesday. The Ministry of Trade, Industry and Energy announced the detailed plans for its new energy road map, which aims to increase the ratio of renewable energy from the current 7 percent to 20 percent by 2030. The increase will allow renewable energy output to reach 63.8 gigawatt capacity. To achieve

Dec. 20, 2017

Govt. eyes economic growth in 3% range in 2018

The government expects the economy to grow in the 3 percent range in 2018 following an estimated expansion of more than 3 percent this year, informed sources said Wednesday.It would mark the first time in seven years that Asia's fourth-largest economy will likely achieve a growth rate of 3 percent or more for two straight years.According to the sources, the finance ministry is slated to unveil its 2018 economic policy a week later, which may target an economic growth rate of 3 percent or higher.

Dec. 20, 2017

FTC to reinvestigate humidifier sterilizer firms over misleading info

South Korea's antitrust watchdog said Tuesday that it has decided to reopen its probe into local humidifier sterilizer firms as its task force found some procedural loopholes in the previous investigation regarding their failure to inform consumers of possible health hazards.In 2016, the Fair Trade Commission closed an inspection of two local humidifier sterilizer manufacturers, citing a lack of evidence, amid a ballooning toxic disinfectant scandal that has resulted in numerous deaths and illne

Dec. 19, 2017

Seoul expects US pressure on auto, steel in FTA talks

South Korea’s Trade Ministry said Monday that it will seek to start talks with the United States on amending the bilateral free trade deal as early as within a month, and take guard against Washington’s anticipated pressure in the auto and steel sectors.The Ministry of Trade, Industry and Energy submitted its Korea-US Free Trade Agreement road map to the National Assembly, wrapping up the domestic procedure that precede the actual renegotiation of the trade deal.“There is a pos

Dec. 18, 2017

Korea expects US pressure on auto industry in FTA talks

South Korea's trade ministry said Monday it will push to start talks to amend the free trade agreement with the United States within a month or so and expected Washington to engage in hardball tactics, especially in autos.The Ministry of Trade, Industry and Energy reported its FTA plan to the National Assembly, wrapping up the domestic procedures required for beginning the renegotiation of the five-year-old trade deal. The latest move comes as Seoul accepted US President Donald Trump's demand to

Dec. 18, 2017

More than 1 in 10 Korean workers underpaid: data

More than 1 out of 10 South Korean workers were paid below the minimum wage in 2016, with many being teenagers, elderly or female workers, government data showed Sunday. Out of 19.62 million workers, 2.66 million, or 13.6 percent, were paid below the minimum wage as of August 2016, up from 1.89 million in 2007, Statistics Korea said.The ratio of the underpaid workers stood at 4.9 percent in 2003, but the level has steadily risen to over 10 percent over the past decade, the national statistics of

Dec. 17, 2017

Data show rising number of borrowers with excessive debt

A growing number of South Koreans were holding excessive amounts of loans compared with their income levels, raising concerns over their debt service capability, central bank data showed Sunday. One out of 10 borrowers held loans of more than their five-year income at the end of September, which means their loan-to-income ratio exceeded 500 percent, according to the data compiled by the Bank of Korea. The LTI ratio refers to the portion of outstanding loans to annual income. An increase in the r

Dec. 17, 2017

Seoul shares may test 2,520 next week on eased uncertainties

outh Korean shares could rise next week on eased market uncertainties, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) is expected to test 2,520 next week. The main index rose 0.73 percent for the whole of this week. The U.S. Federal Reserve marked up its key rates for the third time this year to 1.5 percent on Wednesday, although, having been expected, the move had little impact on the overall market.Political tensions between Seoul and Beijing over a U.S. mi

Dec. 16, 2017

Moody's upgrades outlook for S. Korean banking system

Moody's Investors Service has upgraded the South Korean banking system's outlook to "stable" from "negative," citing stronger economic growth and stabilizing asset quality in Asia's fourth-largest economy."The outlook change reflects our assessment that the overall creditworthiness of Korean banks will be stable over the next 12-18 months," the global ratings agency said in a report released on Friday. "Stronger economic growth in Korea has resulted in an impro

Dec. 16, 2017

Korea's annual trade volume tops $1tr

South Korea's annual trade volume surpassed the $1 trillion mark for the first time in three years, driven by upbeat exports of memory chips and petrochemical products, the government said Thursday.The total amount of trades by Asia's fourth-largest economy reached the threshold as of Thursday afternoon, according to the data from the Ministry of Trade, Industry and Energy and the Korea Customs Service.Annual trade volume surpassed the $1 trillion mark for four consecutive years from 2011, but i

Dec. 14, 2017

Record number of 20-somethings give up search for work in Nov.

A record number of South Koreans in their 20s gave up their search for work in November amid a severe job crunch, government data showed Thursday.A total of 284,000 South Korean 20-somethings were outside the labor force and did nothing to look for jobs last month, according to the data from Statistics Korea.The tally was up 48,500 from a year earlier and marked the highest-ever level for November.  The number of 20-somethings giving up looking for work had been on the rise over the past se

Dec. 14, 2017

Corporate activity hampered by steep rise in costs

Concerns are growing that a steep rise in corporate costs to be incurred by the Moon Jae-in administration’s anti-business policies will hold back companies from increasing investment and employment.Korean businesses are now bracing for a corporate tax hike, a minimum wage increase and a reduction in work hours in the coming year, which experts forecast will see them shoulder combined additional costs of 36.5 trillion won ($33.4 billion).Ruling party lawmakers, joined by some legislators f

Dec. 13, 2017

Monthly living costs for retirees W1.77m per household: survey

The minimum living expenses for retired elderly people was tallied at 1.77 million won ($1,600) per month for each household, a survey showed Wednesday.The optimum monthly cost of living for retirees, however, is 2.51 million won per household, according to KB Financial Group's recent survey of 2,000 people aged between 20 and 74.Only 27 percent of those surveyed said they are prepared for their minimum living expenses after retirement. Less than half of those in their 50s said they have yet to

Dec. 13, 2017

Korea's jobless rate edges up in Nov.

South Korea's jobless rate rose slightly in November as the construction sector hired fewer temporary workers than before amid relatively cold weather, government data showed Wednesday. The unemployment rate stood at 3.2 percent last month, up 0.1 percentage point from a year earlier, according to the report compiled by Statistics Korea.From a month earlier, it remained unchanged.October's unemployment rate marked the lowest rate since December last year, when it hit 3.2 percent. The number of e

Dec. 13, 2017

[Monitor] Export, import price indexes fall in 5 months

Both South Korea’s export price index and import price index saw downturns for the first time in five months as of November, mainly due to the strength of the won against the greenback. The import price edged down 0.4 percent to 82.87 in November, while the export price sank 1.8 percent to 85.68, according to data by the Bank of Korea released on Tuesday. The drops came in spite of oil price hike in November, overshadowed by strengthening local currency, according to BOK. On the contract c

Dec. 12, 2017

List of 21,000 tax defaulters made public

Unpaid tax by Korean tax defaulters amounted to 11.3 trillion won ($10.4 billion) in 2017, the National Tax Service revealed on Monday. The tax agency annually discloses names of those whose unpaid tax money exceeds 300 million won. This year, there were about 4,700 more names on the list compared to 2016 because the standard for disclosure was lowered to 200 million won.Some 21,000 entities failed or delayed to pay their taxes amounting over 200 million won in 2017 without giving specific reaso

Dec. 12, 2017

Moon urges efforts to root out job irregularities at public firms

President Moon Jae-in called for swift measures Monday to reduce working hours and eradicate job-related corruption at public firms."Revising the Labor Standards Act to cut working hours is a task we can no longer afford to delay," the president said while meeting with his top presidential aides in a weekly meeting at his office Cheong Wa Dae."As both ruling and opposition parties share the common objective of (improving) the economy and people's livelihoods, I ask them to make re

Dec. 11, 2017

Confusion deepens over reducing work hours

Confusion over plans to reduce work hours is deepening, adding to the aggravating conditions faced by local businesses.Ranking members from ruling and opposition parties at a parliamentary committee last month agreed on a draft revision to the labor law to reduce the maximum workweek from 68 hours to 52 hours in three stages depending on company size. But the revised law would leave additional pay for holiday work unchanged at 50 percent of the wages for weekday work.The parliamentary passage of

Dec. 11, 2017

Regulator to call for banks to focus on risks of household debt

The top financial regulator said Monday it will order banks and other financial institutions to improve their risk management for household debt by restricting high-risk debt and improving emergency backstops. Choi Jong-ku, chairman of the Financial Services Commission, told a meeting of journalists that the FSC could amend the calculation system of a loan-to-deposit ratio to help financial institutions better manage risks of household debt. Among the possible measures is to draw a line between

Dec. 11, 2017

3 Gangnam districts take up 20% of national inheritance

Seoul residents inherited over 23 trillion won ($20.9 billion) over the last five years, which is 45 percent of the total inheritance that occurred across South Korea in the cited period, data released by the National Tax Service showed Sunday.In particular, the inheritance scale was big in Gangnam, Seocho and Songpa -- the three major affluent districts located in southern Seoul -- where a combined 10 trillion won was marked in inheritance. This accounted for 43 percent of the capital city&rsqu

Dec. 11, 2017