Sales of key retailers in South Korea grew 6.3 percent last month from a year earlier, led by the strong performance in the online sector, government data showed Thursday.The combined revenue of 26 online and offline retailers reached 10.29 trillion won ($9 billion) in May, compared with 9.68 trillion won the previous year, according to the data from the Ministry of Trade, Industry and Energy. Of the total, 13 offline-based retailers, including department stores, discount chains and convenience

June 29, 2017

The debt burden of South Koreans in their 20s and 30s has grown at the fastest pace among all age groups over the past three years amid a spike in household debt, central bank data showed Thursday.The so-called loan-to-income ratio for 20-somethings and 30-somethings has risen 36.2 percent over the three years, meaning their debt has gained at an annual average rate of 12 percent amid stalled income growth, according to the data from the Bank of Korea. Yet the LTI for the young Koreans came to 1

June 29, 2017

South Korean manufacturers' business sentiment for July worsened from this month as local companies expect a slight decline in domestic demand and exports, central bank data showed Thursday.The business survey index of manufacturing firms came to 80 for next month, down from 84 in June, according to the Bank of Korea. A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite.An index measuring local firms' sentiments toward exports came to 8

June 29, 2017

South Korea needs to address chronic problems in its economic structure in order to achieve sustainability in economic reforms, including those of family-run business groups known as chaebol by the new government, experts voiced at a forum on Wednesday. Around 300 government officials including Deputy Prime Minister for Economic Affairs Kim Dong-yeon, executives of major businesses, and economic scholars gathered at the 2017 Herald Business 氣UP Forum, a business policy conference, held at the Fo

June 28, 2017

The rising level of internal reserves at Korea’s large corporations is drawing attention again, as the new administration is moving to levy heavier taxes on them.According to Chaebul.com, an online corporate tracker, total internal reserves held by 178 listed companies affiliated with the country’s 30 largest conglomerates stood at a record high of 691.5 trillion won ($606.5 billion) as of the end of March.Internal reserves include profit reserves and capital surpluses. A high level

June 28, 2017

A private think tank urged the government Wednesday to exempt taxes on income earned by South Korean multinationals abroad so they can easily repatriate funds that can fuel investment in the country."The core of the new US administration's tax reform revealed in April is centered on the country moving away from an extraterritorial or residence tax regime to that of a source base system so that dues are only levied on income incurred domestically," Lim Dong-won, a researcher at the Kore

June 28, 2017

South Korean shares opened weak Wednesday, tracking a decline on Wall Street after a key vote on US President Donald Trump's health care plan was delayed.The benchmark Korea Composite Stock Price Index slipped 9.47 points, or 0.4 percent, to 2,382.48 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics falling 0.83 percent.Top automaker Hyundai Motor rose 1.25 percent, and top steelmaker POSCO gained 1.45 percent.The local currency was tra

June 28, 2017

The amount of toy imports in South Korea rose to a record level in the first four months of this year on robust demand for character robots, government data showed Wednesday. The inbound shipment of kids' toys reached a record $276 million in the January-April period, up 3.1 percent from $267 million the previous year, according to the data compiled by the Ministry of Culture, Sports and Tourism and its affiliated Korea Culture Information Service Agency.  The purchase of character toys, in

June 28, 2017

South Korea's stock funds returned nearly 17 percent in the first half of the year as the equity market soared on improving corporate earnings and an economic recovery, a fund evaluator said Wednesday.The average return of local stock funds with net assets of 1 billion won or more, excluding exchange traded funds, came to 16.9 percent as of Monday, according to KG Zeroin.In contrast, local bond funds returned an average 0.76 percent in the first half amid greater risk appetite across the wo

June 28, 2017

Eland Group, a major South Korean outlet mall operator, is seeking to log over 400 billion won ($351 million) in sales from its local and Chinese e-commerce platforms, industry sources said Wednesday. The company entered the Chinese market in 1996 and had since focused on expanding the offline stores until opening its first e-commerce store on Tmall in 2014. Tmall is China's largest online shopping mall operated by Alibaba Group.The company's online sales in the neighboring country, which stood

June 28, 2017

The Composite Consumer Sentiment Index in South Korea hit a new high for the last six years and five months, data showed Tuesday. The CCSI reached 111.1 in June, up 3.1 points from the previous month, according to data from the Bank of Korea. This marked the highest since it recorded 111.4 in January 2011. The index surged for five consecutive months after dropping for three straight months to hit about an eight-year low in January, at 93.3.For nearly six years, the CCSI hovered at around 100, w

June 27, 2017

A state-run think tank on Tuesday revised up its 2017 growth forecast for the South Korean economy by 0.3 percentage point to 2.8 percent on the strength of global trade and eased uncertainties at home and abroad."The South Korean economy will likely see the upbeat pace of its exports and investment slow down to some extent, but private consumption should make a slight upturn in the second half," the Korea Institute for Industrial Economics and Trade said in a report. It said such deve

June 27, 2017

　President Moon Jae-in is embarking on his first overseas trip as Korea’s leader, attending a critical two-day Korea-US Summit with President Donald Trump on Thursday and Friday. 　During the summit, Moon is slated to spearhead delegations that are to highlight the importance of the five-year Korea-US Free Trade Agreement as well as address looming uncertainties regarding the US’ attempts to renegotiate it -- a crucial economic issue here since Trump took office in January. 　With his

June 27, 2017

Concern is being raised that the problem of debt incurred by self-employed businesses in the country is much more severe than has been depicted by official figures.A newspaper report last week said a recent survey by the local financial authorities revealed the country’s self-employed people held a combined debt of 650 trillion won ($573.1 billion) as of the end of last year, exceeding the Bank of Korea’s earlier tally at 480.2 trillion won.According to another report Sunday, data pr

June 26, 2017

The government is considering a move to raise the price of diesel fuel with the aim of reducing fine dust emissions, government sources said Sunday.Among plans under consideration by the Ministry of Strategy and Finance, higher taxes could be slapped on diesel gas, which is cheaper than gasoline in Seoul Korea. Diesel has been cited as the main culprit behind the fine dust in the country that has been cited for endangering the public health. The ministry said it will hold a hearing with relevant

June 25, 2017