Koreans give themselves low scores on travel etiquette

South Koreans give themselves low scores on overseas travel etiquette and are most ashamed of being noisy in public places, a survey said Monday.A poll conducted by Hankook Research on behalf of the Korea National Tourism Organization said South Koreans rated themselves 2.75 out of five on their trip manners, with 37.4 percent saying they lack appropriate etiquette. The survey covered 1,000 people aged 18 or over who had gone overseas between January and September this year. Only 17.6 percent an

Nov. 13, 2017

October jobless rate expected to edge higher from September

South Korea's jobless rate is expected to have reached 3.7 percent in October, compared to 3.4 percent a month earlier, according to a forecast by credit appraiser Moody's Investors Services on Saturday. However, the unemployment rate is down from 4 percent tallied in April, Moody's said in a report.  September's unemployment rate declined 0.2 percentage point from the same month last year. Falling unemployment may help lift consumer confidence with the economy showing signs of modest recov

Nov. 11, 2017

S. Korean leader calls for APEC free trade, pledges support for regional FTA

South Korean President Moon Jae-in urged efforts to promote free trade in the Asia-Pacific region Friday, voicing support for the early conclusion of a regional trade deal known as the Regional Comprehensive Economic Partnership.He made the call during a meeting with a group of economic advisers to the Asia-Pacific Economic Cooperation."Over the past 30 years, APEC realized outstanding development. It has become the focal point of economic cooperation in the Asia-Pacific region while the re

Nov. 10, 2017

Farmers’ protest disrupts public hearing on US FTA

A group of protesting local farmers took over Seoul’s public hearing on the Korea-US Free Trade Agreement on Friday morning, demanding the Seoul government terminate the agreement.　Ahead of trade revision talks on the Korea-US FTA, the Ministry of Trade, Industry and Energy was to hold the public hearing at Coex in Seoul, in accordance with the FTA amendment negotiation procedures to collect public opinion on the trade deal.　The hearing was intended to include a short government presentati

Nov. 10, 2017

Korean economy on recovery track thanks to exports, consumption: govt. report

The South Korean economy will likely maintain its current recovery pace going forward on the back of strong overseas sales and rebounding private consumption, a government report said Friday."The South Korean economy has been maintaining an upturned pace on the back of brisk exports and recovering global demand, while private consumption made a turnaround from a long slump," the finance ministry said in its monthly economy assessment report. "Thanks to a rally in exports and incre

Nov. 10, 2017

[Monitor] BOK forecasts slower growth in household loans

The Bank of Korea said Thursday that the government’s full-fledged anti-speculative measures on real estate to curb household debt is expected to successfully put a dent on the growth of household loans.In a report submitted to the National Assembly, the central bank said it expects the increase in the volume of debt to slow, as the housing market shows slower price hikes in heated regions and transaction volume has been falling since September.

Nov. 9, 2017

KORUS revision talks may begin as early as next month

Negotiations between Seoul and Washington regarding the revision of the Korea-US Free Trade Agreement are expected to begin next month, according to the Ministry of Trade, Industry and Energy. 　The timeline for the FTA revision process still needs to be determined because the US has yet to officially announce whether it intends to push forward with a full or partial revision of the agreement, said a Trade Ministry official. However, if the two nation’s push for a speedy process, negotiatio

Nov. 9, 2017

Financial regulator pledges reform in hiring practices after scandals

The Financial Supervisory Service said Thursday it will reform its hiring practices after a series of irregularities emerged of new employees having ties with influential figures. The FSS has been under fire after state auditors found in September that senior FSS officials gave special favors to some job candidates who are relatives of politicians and senior financial executives. To eliminate influence-peddling in hiring, the FSS will abolish the process of screening resumes and cover letters an

Nov. 9, 2017

Finance minister vows greater effort to push forward higher minimum wage

South Korea's top economic policymaker said Thursday he will push forward President Moon Jae-in's key policy goal of raising the minimum wage, which is seen as vital for fueling economic growth."In order to achieve income-led economic growth, it is important for the government to help workers have enough earned income. A higher minimum wage is a starting point," Finance Minister Kim Dong-yeon said in a ministerial meeting in Seoul. "The government will strive to have the minimum w

Nov. 9, 2017

Govt. unveils W3tr subsidy plan to help firms with sharp minimum wage raise

The government said Thursday it will inject nearly 3 trillion won ($2.7 billion) into smaller companies to ease their cost burden resulting from a drastic increase of the wage floor starting next year. A company with less than 30 staff will be eligible for state support of up to 130,000 won per employee to cover payroll costs, according to the Ministry of Strategy and Finance and the Ministry of Employment and Labor. The government is expected to spend a total of 2.97 trillion won for the plan.A

Nov. 9, 2017

NCsoft reports record-high performance in Q3

NCsoft Corp., South Korea's biggest online game publisher, reported record-breaking quarterly performance for the third quarter Thursday on the back of the global popularity of mobile game "Lineage M."Operating income jumped 403 percent on-year to 327.8 billion won ($294 million) in the July-September period, and sales soared 234 percent over the year to 727.3 billion won, the company said in a regulatory filing.  The third-quarter sales and operating profit represent record-break

Nov. 9, 2017

Regulator to tighten rules on public disclosure of corporate governance

Financial authorities plan to tighten rules on public disclosures of corporate governance in a bid to improve transparency for investors and shareholders, the head of the top financial regulator said Thursday. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks during a meeting with foreign institutional investors. Currently, listed firms are advised to voluntarily make public disclosures of their corporate governance structure, but Choi indicated that they will be grad

Nov. 9, 2017

Putin calls for economic cooperation system for Asia Pacific, Eurasian regions

Russian President Vladimir Putin has called for efforts to establish a system of comprehensive economic cooperation encompassing the Asia Pacific and Eurasian regions, asking South Korea and other countries to actively join the vision.Putin made the appeal in his op-ed piece to Yonhap News Agency ahead of the Asia Pacific Economic Cooperation summit to be held in Vietnam on Nov. 10 and 11."As a major Eurasian power with vast Far Eastern territories that boast significant potential, Russia h

Nov. 9, 2017

[News Focus] Trump exhibits ‘art of the deal’ during S. Korea trip

During his two days in South Korea as part of his tour of Asia, US President Donald Trump proved to be what he has been since even before politics came along -- a profit-driven businessman to the core.Though his official message mostly pivoted on North Korea and its nuclear-ambitious leader Kim Jong-un, the billionaire entrepreneur-turned-president took a utilitarian approach toward money issues by highlighting American jobs, sales of US weapons and the bilateral free trade deal.Using the second

Nov. 8, 2017

BOK policy board member hints at rate rise

A board member of South Korea's central bank hinted Wednesday at a possible rate increase if the global economic recovery continues and central banks opt for tighter fiscal policies.Hahm Joon-ho, a member of the monetary policy board at the Bank of Korea, said economic growth and fiscal tightening overseas will affect the country's neutral interest rates."An upward pressure on the domestic neutral real interest rate could heighten the necessity to adjust the country's accommodative policy,&

Nov. 8, 2017

[Herald Interview] Trump’s ‘my way or highway’ approach to FTA ineffective: expert

During his two-day state visit to Korea on Tuesday and Wednesday, US President Donald Trump spared no opportunity to stress his economic crusade to reduce US trade deficits. Trump revealed Seoul will be buying billions of dollars’ worth of American military equipment, while calling the Korea-US Free Trade Agreement “not very good for the United States.”　Although Washington has continuously cited its growing trade deficit with Korea as the main reason behind its discontent with

Nov. 8, 2017

[News Analysis] Trump’s pressure on trade softens, but remains clear

US President Donald Trump maximized his opportunity of making his first state visit amid ongoing security instability to add pressure on South Korea to address what he has called a massive trade deficit, highlighting during a joint press conference that Seoul has agreed to purchase billions of dollars’ worth of American military equipment.After his summit talks with President Moon Jae-in at Cheong Wa Dae on Tuesday, Trump again stressed the importance of his agenda to reduce US trade defic

Nov. 7, 2017

Korea’s business tycoons, leaders join Moon, Trump dinner

On the first day of US President Donald Trump’s state visit to Seoul on Tuesday, he will be joining President Moon Jae-in and more than 100 government and business officials for a state dinner at Cheong Wa Dae.Joining the two world leaders will be a total of 122 guests -- 70 Koreans and 52 Americans. Among the top governmental guests in the business sector will be US Trade Representative Robert Lighthizer; Korea’s top trade Kim Hyun-chong; Paik Un-gyu, minister of trade, industry and

Nov. 7, 2017

[Monitor] South Korean economy to remain in uncertain domain

South Korean economy will remain on the recovery trend but uncertainties will increase both internally and externally, the Economic Research Institute of the Industrial Bank of Korea said.

Nov. 7, 2017

More people think their livelihood improved in 2017: survey

A growing number of South Koreans think their lives have improved in the last few years, a survey showed Tuesday.According to the survey of people aged 19 years old and over conducted by Statistics Korea, 41.1 percent said they became better off in 2017 compared to three years earlier, up from 38.8 percent in 2015.The positive response has been growing since 2011 when the number was 30.9 percent.Some 40.1 percent of people living in urban areas felt improvements in the quality of their lives dur

Nov. 7, 2017