Cigarette price hike shows intended effect on low income earners, youths: study

The cigarette price hike in 2015 has been effective in discouraging smoking in low income earners and youths, but not for people with high earnings, a survey said Tuesday.A public health and nutrition study by the Ministry of Health and Welfare said the smoking rate among the low-income male population fell from 45.9 percent in 2014 to 40.6 percent the following year. It rose slightly to 41.1 percent in 2016. The government had hiked the price of cigarettes to 4,500 won ($4.03) per pack from 2,5

Nov. 7, 2017

Korea’s per capita GNI poised to touch $30,000

Expectations are growing that Korea’s gross national income per capita will reach the level of $30,000, regarded as the threshold to enter the group of truly advanced economies, for the first time this year.Asia’s fourth-largest economy has failed to achieve the landmark figure for more than a decade since its per capita GNI first surpassed $20,000 in 2006.Local economic research institutes estimate the country’s per capita GNI to be somewhere between $29,500 and $29,800 in 201

Nov. 6, 2017

Free trade system being challenged like never before: experts

One day ahead of US President Donald Trump’s visit to Korea, the Ministry of Trade, Industry and Energy and Korea International Trade Association on Monday held an annual trade conference, discussing ways to combat trade protectionism. 　The fourth 2017 International Conference of Trade and Industry at Coex in Seoul opened under the theme of “A new cooperation paradigm for realizing free and inclusive trade,” with both local and international trade experts tackling growing conce

Nov. 6, 2017

Korea likely to achieve 3% economic growth this year

South Korea will be able to achieve this year's growth target of 3 percent, barring any sudden economic volatility in the fourth quarter, the country's finance minister said at a parliamentary session Monday.Kim Dong-yeon's view is in line with growth outlooks by the Bank of Korea and the International Monetary Fund.In October, the BOK raised its growth forecast for South Korea's gross domestic product to 3 percent for 2017, up 0.2 percentage point from its earlier estimate. The IMF has also adj

Nov. 6, 2017

FTC slaps combined W37.1b fine on three auto parts suppliers for bid rigging

South Korea's antitrust watchdog said Monday that it has levied a combined 37.1 billion won ($33.2 million) in fines on three foreign auto parts firms for allegedly rigging bids.Denso Korea Automotive Corp., an auto parts supplying unit of Japan's Toyota Motor Corp., and Hyundam Industrial Co. owned by Japan's Aisan Industry Co. had been accused of colluding to participate in bids for engine fuel pumps arranged by South Korean carmakers from August 2007 to February 2009, according to the Fair Tr

Nov. 6, 2017

IBK institute cites greater economic uncertainties for 2018

South Korea's economy will stay on a recovery track next year but will contend with greater uncertainties due to uncontrollable variables, a think tank under state-owned Industrial Bank of Korea said Monday.The IBK Economic Research Institute estimated next year's economic growth at 2.8 percent, lower than the 3 percent being forecast by the government and the central bank but close to projections by other private economic institutes.Steps taken by the government to increase household income, in

Nov. 6, 2017

Households' overseas spending up 5.5 pct in Q3

South Korean households' overseas spending rose 5.5 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Saturday.South Korean households spent $6.95 billion overseas in the July-September period, compared with 6.59 billion won in the same period last year, the Bank of Korea said. The data included expenditures South Koreans spent on accommodations and food during their travels or business trips to foreign countries.The number

Nov. 4, 2017

Number of temporary workers inches up in 2017

The number of temporary workers in South Korea rose slightly this year from 2016, with its percentage also gaining ground, government data showed Friday.A total of 6.54 million workers were non-regular workers, part-timers and outsourced laborers as of August 2017, up 1.5 percent, or 98,000, from a year ago, according to the data by Statistics Korea.They accounted for 32.9 percent of the country's salaried employees that totaled 19.88 million. The 2017 data also showed 55.2 percent of them were

Nov. 3, 2017

Korea's current account surplus widens to $12.21b in September

South Korea's current account surplus widened in September from a year earlier due to an increased surplus in the goods account, central bank data showed Friday.The country's current account surplus reached $12.21 billion in September, compared with a surplus of $8.07 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 67 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the goods accoun

Nov. 3, 2017

[Monitor] Shorter work hours raise efficiency: KDI

The labor productivity has risen by 1.5 percent by introducing shorter 40-hour workweek system in the manufacturing sector, a report by the Korea Development Institute showed.The report noted that it was imperative to clarify murky rules on working hours and pay increment, suggesting raising the basic pay for regular work hours and lessening the extra pay for extended work hours to ultimately raise work efficiency.Under the current laws, maximum working hours per week is set at 52 hours, which i

Nov. 2, 2017

Construction sector could experience contraction in 2019: report

South Korea's construction sector could suffer a contraction in 2019, a report said Thursday as the government's moves to stabilize property markets may weigh on new orders.The combined value of construction orders -- a leading indicator in the construction sector -- posted a 29.5 percent decline in July, swinging from 8.4 percent growth in 2016 and a 48.4 percent gain in 2015.In 2014, the combined value of construction orders jumped 16.3 percent, according to a report released by a research cen

Nov. 2, 2017

Korea's top fair trade regulator calls for tougher biz reform

The head of South Korea's antitrust watchdog urged local business heavyweights Thursday to put more effort into achieving fair competition and coexistence with smaller companies and regaining public confidence."I know our businesses have tried to make changes and helped smaller companies share the fruit (of our success)," Fair Trade Commission Chairman Kim Sang-jo said before talks with leaders of the five top conglomerates. "But from ordinary people's point of view, there is

Nov. 2, 2017

Hirings at public institutions remain short of target

New hirings by public institutions through end-September this year met 70 percent of the annual target, meaning 5,000 people will have to be employed in the final quarter to reach it, according to government statistics Thursday.Figures posted on the government portal All Public Information in One said 14,015 people were hired during the three quarters this year, down 5.3 percent on-year. The tally is about 70 percent of the 19,862 set as the goal for this year.The Moon Jae-in administration, whi

Nov. 2, 2017

Korea losing appeal as FDI destination

Korea is becoming less attractive as a destination for foreign direct investments, just as the government looks to FDI to help ease unemployment.According to official data, foreign investment in manufacturing totaled $2.03 billion in the first nine months of this year on an arrival basis, slightly less than half the $4.4 billion invested in the same period of 2015.The figure marked a five-year low.Additional investments by foreign-invested firms in expanding or upgrading existing facilities amou

Nov. 1, 2017

[Monitor] Korea ranks 4th in good business environment

South Korea moved up to fourth place in this year’s business environment survey by the World Bank, mainly due to high scores in legal settlements and electricity supply.The organization’s “Doing Business 2018” report comprising the annual survey showed that South Korea moved one notch up from the previous year.The business environments of 190 countries were surveyed in 10 broad categories in accordance with the business life cycle from start to closure.South Korea was pla

Nov. 1, 2017

Think tank raises Korea's economic growth outlook to 3.1%

A South Korean think tank on Wednesday revised up its growth outlook for Asia's fourth-largest economy this year to 3.1 percent, up 0.1 percentage point from its previous estimate in July.The upward revision by the Korea Institute of Finance is higher than growth outlooks estimated by the Korean government, the Bank of Korea and the International Monetary Fund.Last month, the BOK raised its growth outlook for the country's GDP to 3 percent for 2017, up 0.2 percentage point from its earlier estim

Nov. 1, 2017

Korean workers' salary ranks low among OECD nations

The average salary of South Korean workers ranked mid to low among major economies last year with its growth rate over the past six years also hovering below their median, a report said Wednesday.According to the report from Rep. Park Kwang-on of the ruling Democratic Party, South Korean wage workers earned an average $29,125 in 2016, the 23rd highest among the 34 member nations of the Organization for Economic Cooperation and Development, excluding Turkey.Switzerland topped the list with an ave

Nov. 1, 2017

Korea's consumer prices up 1.8% in Oct.

South Korea's consumer prices rose at the slowest pace in 10 months in October as high-flying food prices slowed down, government data showed Wednesday.The consumer price index advanced 1.8 percent last month from a year earlier, down 0.3 percentage point from a month earlier, according to the data compiled by Statistics Korea.It is the lowest figure since December last year when it posted 1.3 percent. Also, the October number returned to below the 2 percent level for the first time since June.C

Nov. 1, 2017

Korea's exports rise 7.1% in Oct. on strong demand for semiconductors

South Korea's exports jumped 7.1 percent in October from a year earlier on the back of strong demand for semiconductors, ships and petrochemical products, government data showed Wednesday.Outbound shipments came to $45 billion for October, up from $41.9 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service.It marked the 12th consecutive month that exports have grown, despite shorter working days in October. South Ko

Nov. 1, 2017

[Monitor] South Korea‘s business outlook by firms remain weak

While business outlook by companies in such countries as the US and China continue to be robust this year, South Korea’s business outlook remains weak, hovering below the benchmark for 18th consecutive month, a report by the Korea Economic Research Institute said Tuesday.The business survey sentiment for November remained dim at 96.5 for November, mainly due to an unbalanced growth in exports and sluggish domestic demand.An index below 100 means pessimists outnumber optimists.

Oct. 31, 2017