Korea to reinforce manpower, organization ahead of FTA revision talks: trade minister

Trade Minister Kim Hyun-chong said Friday he will reinforce the manpower and conduct a reorganization of the Office of International Trade and Investment to effectively cope with possible revisions to the trade deal with the United States.Kim held a video conference with US Trade Representative Robert Lighthizer last month to exchange views on Washington's request for revisions to the South Korea-US Free Trade Agreement.The conference was held as Lighthizer requested a meeting a month earlier to

Sept. 1, 2017

BOK picks 4 more companies for project for coinless society

South Korea's central bank said Friday that it has picked four more companies for its coinless society project in the latest move aimed at enhancing convenience for ordinary people.Under the project that began in April, consumers can deposit small change left from purchases of goods into prepaid mobile cards that can be used at convenience stores, discount stores and department stores, according to the Bank of Korea. It means that consumers won't have to carry coins in their pockets after making

Sept. 1, 2017

Seoul asks Beijing to lift trade restrictions over missile row: trade ministry

South Korea has asked China to remove economic sanctions imposed on South Korea due to the diplomatic row over the deployment of a US missile defense system here, the Ministry of Trade, Industry and Energy said Friday.China has been retaliating economically against South Korea since early this year over the stationing of the Terminal High Altitude Area Defense system.South Korea says the missile defense system is not aimed at China but is to combat North Korea's missile and nuclear threats.

Sept. 1, 2017

Korean economy grows 0.6% on-quarter in Q2: BOK

South Korea's economy grew at a slower pace in the second quarter from three months earlier on decreased manufacturing and construction, central bank data showed Friday.The country's gross domestic product expanded 0.6 percent in the April-June period from the previous quarter, decelerating from a 1.1 percent on-quarter expansion three months earlier, according to preliminary data from the Bank of Korea.From a year earlier, the local economy grew 2.7 percent in the second quarter, compared with

Sept. 1, 2017

Korea's exports continue rally, surge 17.4% in Aug.

South Korea's exports extended their double-digit growth to eight straight months in August on record shipments of semiconductors, government data showed Friday.Outbound shipments came to $47.1 billion in the month, up from $40.1 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy, and the Korea Customs Service.The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering global trade. August mar

Sept. 1, 2017

Average wedding in Korea costs W46m: survey

An average wedding in South Korea costs nearly 46 million won ($40,000), excluding the price of buying or renting a home, a survey showed Thursday, with more people opting for smaller ceremonies.Of the 45.9 million won total, the proportion spent on essential items like home furnishings accounted for 32 percent or 14.6 million won, followed by spending on presents and the wedding ceremony, according to the survey by the Korea Consumer Agency.  The survey was conducted on 2,000 respondents w

Aug. 31, 2017

KCCI chief backs Moon's economic vision

The Korea Chamber of Commerce and Industry, a leading business lobby group, on Thursday expressed support for the government’s recent decision to restructure the nation’s fiscal policy for a fundamental paradigm shift.　“The economic community agrees that it is necessary to shift the fundamental paradigm of the economy,” said its Chairman Park Yong-maan, during a meeting with Paik Un-gyu, minister of trade, industry and energy, and other chamber officials in Seoul. 　&ldquo

Aug. 31, 2017

BOK maintains key rate at 1.25% in August

South Korea’s central bank on Thursday froze the key interest rate for August, keeping the nation’s benchmark rate unchanged for 14 months straight since June last year.The monetary policy board of the Bank of Korea voted in its monthly meeting to hold the key rate steady at 1.25 percent for the intermeeting period, officials said.“The board shall operate the monetary policy focused on financial stability so that the (current) growth recovery may continue and the inflation rate

Aug. 31, 2017

BOK chief says uncertainties heightened over N. Korea risks

The head of South Korea's central bank said Thursday that the North Korean risk factor has raised uncertainties for Asia's fourth-largest economy.Tensions on the Korean Peninsula have been escalating over North Korea's long-range missile and nuclear programs.On Tuesday, North Korea fired an intermediate-range ballistic missile that flew over Japan in what North Korean leader Kim Jong-un says was a prelude to containing the US Pacific territory of Guam.The missile launch drew strong UN condemnati

Aug. 31, 2017

[Monitor] Korea's fertility rate drops to 7-year low

South Korea’s fertility rate fell to a seven-year low last year, data by Statistics Korea showed.The total fertility rate, or the average number of babies that a woman is projected to have during her lifetime, reached 1.17 in 2016, down from 1.24 a year earlier.The number of newborns also declined 7.3 percent to a record-breaking low of 406,200 last year.The average age that a woman had her first child was 31.4 last year.To tackle the low birthrate that would hurt the country’s econo

Aug. 31, 2017

Korea to create 200,000 jobs in health sector over 5 yrs

South Korea aims to create 200,000 new jobs in the health care sector over the next five years in an effort to improve medical services, the health ministry said Thursday.The government forecast that some 100,000 new jobs will be created naturally over the next five years, with another 100,000 positions being made with the government's policy intervention. It said such growth is possible as health care is the country's next growth engine after information technology. The plan was announced durin

Aug. 31, 2017

FTC adds four firms on its antitrust watch list in Aug.

South Korea's corporate watchdog said Thursday that it has put four more affiliates of large business groups under tight restrictions on mutual investment and loan guarantees.The Fair Trade Commission said 1,281 firms were on its monthly watch list as of end-August, up four from the previous month.They are owned by the country's 31 largest business groups, including Samsung Group and Hyundai Motor Group, with assets of 10 trillion won ($8.5 billion) or more. Three groups, like Hanwha and LS

Aug. 31, 2017

Korea's industrial output rebounds 1.9% in July

South Korea's industrial output rose at the fastest pace in six months in July on gains in cars and electronic devices, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries climbed 1.9 percent on-month in July, turning around from a 0.5 percent on-month drop in the previous month, according to the data by Statistics Korea.It also marked the fastest on-month gain since January when it posted a 2.8 percent rise.From a year earlier, output also edg

Aug. 31, 2017

Korean govt. to lower public firms’ debt ratio to 152% by 2021

The South Korean government will reduce the debt ratio of public corporations to 152 percent by 2021 as part of its efforts to improve the balance sheets of state-funded agencies, the finance ministry said Wednesday.Under a long-term financial management plan, 38 public firms, including the Korea Electric Power Corp. and the Korea Land & Housing Corp., are required to maintain their debt-to-total asset ratio at an average of 152 percent from 178 percent in 2016 in the next five years, accord

Aug. 30, 2017

Moody's upgrades Korea's economic growth outlook to 2.8%

Global rating agency Moody's Investors Service said Wednesday that it has revised up South Korea's growth forecast for this year on the back of strong investment growth.Moody's adjusted South Korea's gross domestic product growth to 2.8 percent for 2017, up from its previous estimate of 2.5 percent."Overall growth is supported by strong investment growth," Moody's said in a global macroeconomic outlook. It said South Korea's export momentum is showing signs of a slowdown, but it remain

Aug. 30, 2017

Health insurance outlays up 9.2% in H1

South Korea's health insurance outlays rose to 33.9 trillion won ($30.1 billion) during the first half of this year, a report showed Wednesday, partly on the back of more senior citizens requiring medical attention.According to the report by the Health Insurance Review and Assessment Service and the National Health Insurance Corp., the total amount to cover medical examinations, hospitalizations and drug purchases rose 9.2 percent on-year from January through June.The report showed that the mone

Aug. 30, 2017

Korean investment in overseas securities up 41% in Q2

The amount of foreign securities held by major South Korean institutions rose 41.4 percent in the second quarter from a year earlier due to an increase in South Korean investment in foreign bonds and stocks, central bank data showed Wednesday.As of the end of June, the value of foreign securities held by South Korea's institutional investors came to $210.1 billion, compared with $148.52 billion from the same period last year, according to data compiled by the Bank of Korea.Quarter-on-quarter, th

Aug. 30, 2017

Korea's fertility rate drops to 7-yr low in 2016

South Korea's fertility rate fell to a seven-year low in 2016 despite all efforts to tackle fewer babies being born in the country and the rapid population aging, government data showed Wednesday.The total fertility rate, or the average number of babies that a woman is projected to have during her lifetime, reached 1.17 in 2016, down from 1.24 tallied a year earlier, according to the data compiled by Statistics Korea.The 2016 figure marked the lowest ebb since 2009 when it stood at 1.15. The fer

Aug. 30, 2017

Rising household debt drags economic growth: regulator

The rising pile of household debt is the biggest risk facing South Korea's economy, and it is putting the nation's economic growth at risk, the head of the top financial regulator said Wednesday. Choi Jong-ku, chairman of the Financial Services Commission, told a forum that the government will unveil a fresh package of measures next month to rein in the growth of household debt.  Household debt stood at 1,388.3 trillion won ($1.25 trillion) at the end of June, up 10.4 percent from a year ea

Aug. 30, 2017

Salary of public sector CEOs gains 8.2% in 2016

The average salary of public corporations' CEOs climbed 8.2 percent in 2016 from a year earlier to recover the 200 million-won ($178,000) level in three years, a market tracker said Wednesday.The salary of CEOs of 35 public companies averaged 201.2 million won last year, up 15 million won from the previous year, according to CEO Score.The salary includes the base pay and various benefits. Their average base pay accounted for 61.7 percent of last year's salary. The average salary of public s

Aug. 30, 2017