Korea's childbirths slump in Sept.

South Korea again saw a steep slide in the number of newborn babies in September as the country is expected to experience record low childbirths in 2017, government data showed Wednesday.About 30,100 babies were born in the month, down 12.5 percent, or 4,300, from 34,400 tallied a year earlier, according to the data from Statistics Korea.The monthly childbirths have decreased every single month since December 2015 with a double-digit decline continuing for 10 straight months. The number of newbo

Nov. 22, 2017

Jobless rate rising for people with doctorates

One out of five people holding doctoral degrees are jobless in South Korea, the highest rate since recordkeeping began in 2014, official data showed Wednesday.Some 22.9 percent of people who earned doctorates locally this year are without jobs, according to the Korean Statistical Information Service. For previous years, the figures were 21.3 percent in 2014, 20.3 percent in 2015 and 21.6 percent last year.Another 2.8 percent were not looking for employment at the time of the survey, which was he

Nov. 22, 2017

Minister vows no concession on farm sector ahead of KORUS FTA revision

Ahead of the free trade deal revision talks with the United States, Korea’s trade minister vowed on Tuesday not to take a step back in the looming farm sector renegotiation deal.“(The government) is now taking a strong stand on agriculture sector, and will not retreat any further,” Paik Un-gyu, minister of trade, industry and energy told reporters Tuesday in the administrative city of Sejong.This echoed Korea‘s trade negotiator Kim Hyun-chong’s remark in October tha

Nov. 21, 2017

Youth employment hits record low, senior jobs soar

South Korea continues to struggle with its high youth unemployment rate, with the number of employed Korean youths hitting a record low last month and the number of senior citizens in Korea continuing to climb, according to data from Statistics Korea on Tuesday. 　The number of employed Koreans aged 15 to 29 stood at 3.93 million in October, 52,000 lower compared to the same month last year. The employment figure also represents an all-time low percentage of 14.6 percent of Korea’s total em

Nov. 21, 2017

Job offerings in Korea increase in 2016

The number of jobs offered by local businesses in South Korea edged up last year from a year earlier amid a protracted economic slump, government data showed Tuesday.There were a total of 23.23 million jobs as of December 2016, up 0.9 percent, or 220,000, from a year earlier, according to the data compiled by Statistics Korea.Some 3.61 million jobs were newly created last year, while 3.39 million position were lost. Incorporated companies offered 11.14 million jobs, or 48 percent of the total, o

Nov. 21, 2017

Low growth, high household debt threatening Korean economy: experts

An extended period of slow growth and steady increase in household debt could spark an economic crisis in South Korea, which suffered a financial crisis two decades ago, economists said Tuesday.Seven out of 10 economists stated they believe the country could face an economic crisis within the next five years if low growth persists and household debt continues to rise, the Korea Economic Research Institute said in a statement. In a seminar arranged by KERI on Tuesday, economists such as former fi

Nov. 21, 2017

Youth employment hits nadir in Oct.

South Korea's youth employment hit a record low in October due to demographic changes and their difficulty finding jobs, government data showed Tuesday.The number of employed South Koreans aged 15-29 stood at 3.93 million last month, down 52,000 from a year earlier and marked the fifth consecutive month of decline, according to the data from Statistics Korea.The figure accounted for 14.6 percent of the country's total employed people at 26.86 million, which was an all-time low percentage.The por

Nov. 21, 2017

Data shows tax write-offs for education costs not providing intended benefits

Tax write-offs for education costs intended to help low-income families are helping the rich more, data showed Tuesday.An analysis provided by the National Assembly's finance committee said tax exemptions in the education category this year are to reach 1.18 trillion won ($1.07 billion) and increase to 1.32 trillion won next year. The amount has been growing annually, from 1.08 trillion won in 2014 to 1.15 trillion won in 2015 and 1.16 trillion won last year.Households are given a number of tax

Nov. 21, 2017

Tax agency's reform TF reveals 5 abuse of power cases

The state tax agency has been allegedly involved in a number of abuse of power cases for political purposes in the previous conservative governments, a panel said Monday.A task force assigned to carry out sweeping reform of the National Tax Service has looked into 60 cases which were suspected of being politically motivated by the tax office. The task force was launched three months after liberal President Moon Jae-in took office in May and has 19 members, including NTS officials, professors and

Nov. 20, 2017

Korea sees labor market polarization deepen

Employment figures recently released were certainly disappointing for the Moon Jae-in administration, which has vowed to put top priority on creating more jobs as part of its income-led growth strategy.Its labor-friendly policies have done little to ease the polarization of Korea’s labor market, only exacerbating youth unemployment and reducing jobs for low-wage workers.According to data released by Statistics Korea last week, the unemployment rate for young people aged between 15 and 29 s

Nov. 20, 2017

Backed by FTA, US beef claims half of import market

For the first time in 14 years, imports of US beef accounts for more than half of South Korea’s imported beef market on the back of the two countries’ free trade agreement, according to data from the Korea International Trade Association on Monday. 　From January to October this year, US beef imports hit $989 million, making up 50.7 percent of the country’s beef import market, marking the first time it has exceeded 50 percent after hitting a record-high 75.9 percent in 2003.&nbs

Nov. 20, 2017

Household debt, geopolitical risks pose threats to Korean financial system: poll

South Korea's growing household debt and geopolitical risks are two major systemic risks facing the country's financial system, a survey showed Monday.Household debt topped the list of key systemic risks cited by market watchers at 87 percent, up from 85 percent in May, according to the semiannual survey conducted by the Bank of Korea.South Korea's overall debt incurred by households came to 1,388.3 trillion won ($1.22 trillion) as of the end of June, up 10.4 percent from a year earlier, accordi

Nov. 20, 2017

US beef claims over 50% of Korea's imported beef market

US beef has gained a bigger presence in South Korea's imported beef market this year helped by a bilateral free trade pact, achieving a share of over 50 percent, a trade agency said Monday.In the January-October period, US beef imports reached $989 million, accounting for 50.7 percent of the local imported beef market. It regained a share exceeding 50 percent 14 years after the ratio hit a record 75.9 percent, according to data from the Korea International Trade Association. In 2003, the country

Nov. 20, 2017

Govt. to reset guidelines on seismic design for nation's ports

The land ministry said Monday it put out an urgent bid to carry out research to establish new seismic design guidelines for airports and seaport facilities, one of the government's followup measures to an earthquake that rocked country's southeast last week.The Ministry of Land, Infrastructure and Transport will accept applications until Nov. 27 for studies on facility construction and retrofits that would minimize damage from earthquakes while maximizing preventive safety, ministry officials sa

Nov. 20, 2017

Korea still facing challenges two decades after financial crisis

In 1997, South Korea was hit by a regional financial crisis, which the majority of people here still remember as one of the worst experiences in the country's recent history.Twenty years later, South Korea's economic fundamentals have greatly improved, with its exports and foreign exchange reserves reaching record high levels, but job insecurity and widening income disparity have become chronic problems, experts said Sunday.South Korea managed to revive its economy with the help of a $58 billion

Nov. 19, 2017

US issues anti-dumping duties on Korean tubes

US Department of Commerce said Friday it issued preliminary anti-dumping duties on cold-drawn mechanical tubing from South Korea and five other nations, claiming cheap imports were hurting local companies.In a statement, the US government said its investigation determined that companies from South Korea, Germany, China, Switzerland, India and Italy were selling their products below "fair value." South Korean products are subject to 5.1-48 percent of preliminary duties, the department s

Nov. 17, 2017

[Monitor] Richest 1% hoard half of world wealth

The latest Global Wealth Report by investment bank Credit Suisse showed that assets held by the richest 1 percent account for half of the entire world‘s wealth, which surged at the fastest annual rate of 6.4 percent to $280 trillion as of mid-2017.Of millionaires worldwide, 2 percent, or 686,000 were South Koreans, with the number predicted to reach 972,000 by 2022.The report said those with low wealth tend to be disproportionately found among younger age groups, who have had little chance

Nov. 17, 2017

US protectionism poses increased threat, interrupts WTO's dispute settlement: ex-WTO chief

Former Director-General of the World Trade Organization Pascal Lamy expressed concerns over increased threats posed by the United States' protectionism. He said the US is also attempting to disturb the WTO's trade dispute settlement function."I think countries intending to export to the US may face some difficulties in the future. I have worries about that," Lamy said in a press conference here Friday.He was the WTO's director-general from 2005-2013 and is currently visiting Seoul to p

Nov. 17, 2017

Finance chief renews calls for innovative growth

South Korea's finance minister renewed his calls for innovative growth across the country Friday in the latest appeal to bolster Asia's fourth-largest economy.Kim Dong-yeon also said the government should put in place infrastructure to support innovation and asked relevant officials in different ministries and government agencies to produce tangible outcomes of innovative growth.South Korea has taken a series of steps to boost innovation in recent years. Kim's comments came amid intensifying glo

Nov. 17, 2017

Home ownership rate in Korea stands at 55.5% in 2016

The home ownership rate in South Korea came to 55.5 percent in 2016, data showed Friday.The annual data released by Statistics Korea said 10.7 million households out of 19.36 million across the country owned homes in 2016.Statistics Korea said 26.9 percent of 10.07 million households owned two or more homes last year, up 1.5 percentage points.The average price of houses came to 227 million won ($207,000) and the average area of a dwelling is 86.3 square meter. The data also showed that the total

Nov. 17, 2017