ICT ministry pushes to expand discount rate of mobile fees

The ICT ministry said Monday it is pushing to expand the discount rate of household communication fees, such as mobile phone rates, as the expenditures on telecommunication services are viewed as a burden for many South Korean consumers.The plan by the Ministry of Science, ICT and Future Planning was announced during a regular briefing to President Moon Jae-in's policy advisory panel, the State Affairs Planning Advisory Committee.The two sides discussed ways to expand the discount rate from the

June 19, 2017

Korea tightens lending rules to curb property speculation

The government said Monday it would apply stricter lending regulations on homes in Seoul and parts of Busan to curb real estate speculation and reduce household debt.　The announcement was made jointly by the Ministry of Strategy and Finance, the Financial Services Commission and the Ministry of Construction and Transportation. 　The new regulations, which are set to take effect on July 3, stipulates that the loan-to-value ratio in Seoul, Gyeonggi Province, Sejong and selected areas in Busan are t

June 19, 2017

Big screen TV panels to exceed 50% of global market in 2017

TVs with 50-59 inch display panels are expected to account for more than 50 percent of the global TV market this year, industry data showed Monday, indicating an industry trend toward larger-sized TV panels.According to the data compiled by industry tracker IHS, the share of such big-screen TVs is forecast to reach 51.7 percent this year, exceeding the estimated share of 35.3 percent by models with 40-49 inch panels.After the 50-59 inch segment, 60-69 inch TV panels have great potential to becom

June 19, 2017

AIIB may finance projects for North Korea

SEOGWIPO, Jeju Province -- The Asian Infrastructure Investment Bank may finance infrastructure projects for North Korea, if its board of directors agree to it, the head of the China-led multinational lender said Saturday.According to the bank’s articles of agreement, it will invest in its member countries, and whether there is any need or necessity to invest in a nonmember country is the decision of the board of governors, said AIIB President Jin Liqun at a press conference held to wrap up

June 18, 2017

Korea's exports to China increase for 6th straight month: KOTRA

Led by memory chips, petrochemical products and machineries, South Korea's exports to China increased in April for the sixth consecutive month despite Beijing's apparent import restrictions over a diplomatic row, according to data released Sunday.The Korea Trade-Investment Promotion Agency (KOTRA) said that the nation's shipments to the neighbor country jumped 10.2 percent in the month from one year before. Its imports from China also increased 14.4 percent year-on-year. Bilateral trade has cont

June 18, 2017

Korea's chicken exports virtually suspended amid bird flu

The export of South Korean chickens has effectively come to a halt this year, apparently hit by the spread of avian influenza, government data showed Saturday. The outbound shipment of chickens reached only 139 tons between January and May, down 98.8 percent on-year, according to the Ministry of Agriculture, Food and Rural Affairs. It means the country's chicken exports have virtually been suspended. The value of total exports over the five months plunged 97.6 percent to $300,000, from $12.67 mi

June 17, 2017

AIIB highlights urgency for sustainable infrastructure

SEOGWIPO, JEJU ISLAND -- The second annual meeting of the Asian Infrastructure Investment Bank opened in Jeju on Friday, with South Korean President Moon Jae-in echoing the organization’s emphasis on the dual goals of economic growth and environmental protection."What the AIIB pursues in its investment direction goes well with the ways that the Korean government seek to achieve economic growth,” Moon said in his congratulatory address in front of more than 2,000 participants, in

June 16, 2017

Korea's won expected to remain steady despite US policy tightening

South Korea's won currency is likely to remain steady for the time being, despite US Federal Reserve's move to tighten its monetary policy, analysts here said Friday. The won has risen 6.9 percent against the US dollar so far this year, and the local currency market showed a muted reaction after the Fed raised interest rates by 25 basis points as expected. The won's strength was mainly due to the US dollar's steady decline over uncertainties surrounding US President Donald Trump's fiscal policy.

June 16, 2017

Korea's export prices down 1% in May on strong won

South Korea's export prices fell slightly in May from a month earlier due to the strong won and a drop in oil prices, central bank data showed Friday.In local currency terms, overall export prices fell 1 percent month-on-month in May, according to preliminary data provided by the Bank of Korea. Still, year-on-year, export prices jumped 5.3 percent last month, marking the seventh consecutive month of gains.The dollar came to an average of 1,125.28 won during the month, down 0.7 percent from April

June 16, 2017

Number of de facto unemployed people surpasses 700,000 for 1st time: data

The number of people preparing for jobs surpassed the 700,000 mark in May for the first time ever, data showed Thursday, amid the rising unemployment among young people.The figure surged to 735,000 last month, up 13 percent from 656,000 a year earlier, the data by Statistics Korea said. Those who are preparing for jobs are not categorized as jobless as they belong to the economically inactive population. These include people studying for state employee exams or attending vocational training cour

June 15, 2017

[Monitor] More preparing for jobs

The number of people preparing for jobs without actually seeking jobs surpassed 700,000 for the first time last month, according to Statistics Korea. Those preparing for jobs are categorized as economically inactive, as they are not actually seeking for jobs during the preparation process. A total of 735,000 were preparing for employment, up 13 percent from the same month the previous year. It was the largest number since the relevant tally began in January 2003.Some 251,000 were registered with

June 15, 2017

Korean finance minister has no immediate plan to raise income, corporate taxes

South Korea's finance minister said Thursday that he has no immediate plan to raise income and corporate taxes, and seek other ways to support President Moon Jae-in's expanded fiscal role in creating jobs and boosting the economy."The government is looking into discretionary spending and unnecessary items in terms of government expenditures that can be adjusted and review plans to remove tax exemptions and other benefits," Finance Minister Kim Dong-yeon told reporters after his inaugur

June 15, 2017

Home property value rises sharply on eased regulations: data

The property value of South Korean homes has risen sharply in recent years, data showed Thursday, amid the previous government's policy to prop up the country's housing market.The value of homes in the country stood at over 3,732 trillion won ($3.32 trillion) as of late last year, up 17.7 percent or 560.6 trillion won from late 2013, according to figures by the Bank of Korea. Compared with the end of 2015, when the total stood at 3,511 trillion won, value of homes were up 6.3 percent. The market

June 15, 2017

Fed rate hike to worsen Korea’s household debt

The US Federal Reserve’s interest rate hike is likely to worsen South Korea’s rising household debt problem, dampening domestic demand and possibly hurting exports to emerging markets, experts said Thursday.The Fed raised the key rate by 0.25 percentage point to the 1-1.25 percent range Wednesday, its second hike this year, which was widely expected in the market. Along with Bank of Korea Gov. Lee Ju-yeol’s recent hint at monetary tightening, the Fed’s move raises concern

June 15, 2017

Seoul ramps up efforts to improve Asia’s infrastructure

As the fifth-largest stakeholder of the Asian Infrastructure Investment Bank, South Korea is ramping up efforts on multiple fronts in a bid to contribute to the improvement of Asia’s infrastructure. As part of the efforts, Korea became the second country to host the 2017 annual meeting of the Beijing-led multicultural financial organization representing Asian nations on Jeju Island, outside of China for the first time, from Friday to Saturday. The relatively new AIIB held its first an

June 15, 2017

Korea, US hold 1st forum on pending economic issues

South Korean and US business groups on Thursday held a forum to discuss pending economic issues and cooperative measures amid concerns Washington may become more protectionist going forward, organizers said.At the gathering arranged by the Federation of Korean Industries and the American Chamber of Commerce in Korea, experts and business leaders from the two countries analyzed the Korea-US free-trade agreement as a "reciprocal and win-win" deal. "The United States and South Korea

June 15, 2017

Korea logs 64 straight months of trade surplus in May

South Korea's trade surplus extended its winning streak for the 64th month in a row in May as the country has been basking in brisk outbound shipments on an upturn in global demand, customs data showed Thursday.The country's trade surplus came to $5.68 billion last month, down sharply from a surplus of $12.9 billion tallied a month earlier, according to the data from the Korea Customs Service.  Asia's fourth-largest economy has posted the consecutive monthly trade surplus since February 201

June 15, 2017

Korea to take appropriate market stabilizing measures

South Korea said Thursday that it will tighten monitoring of the local financial market and take immediate measures to stave off any fallout from the latest US rate increase."We will get fully prepared to minimize the adverse impact of the US rate hike," Vice Finance Minister Ko Hyoung-kwon said at a financial policy meeting in Seoul. "The government will keep close tabs on the market and take stabilizing measures in a timely manner." The US Federal Reserve raised key interes

June 15, 2017

US Fed raises key rates for 2nd time this year

The US Federal Reserve raised key interest rates by 0.25 percentage point Wednesday, and said it plans to reduce its securities holdings, a move that could spur rates to rise further.The Fed raised the target range for the federal funds rate from 1 to 1.25 percent, a level that's on par with South Korea's. It was the second time the Fed has raised rates this year after the first hike in March."The labor market has continued to strengthen and that economic activity has been rising moderately

June 15, 2017