S. Korea's goods trade surplus with U.S. falls to below $20b mark in 2018

South Korea's trade surplus with the United States fell sharply to below the $20 billion mark last year for the first time in six years, U.S. data showed Saturday.The world's largest economy posted a deficit of $17.9 billion in trade with South Korea in 2018, down from a deficit of $23.1 billion a year earlier, according to the data released by the U.S. Census Bureau. It is the first time that the numbers have fallen this low since 2012, when the U.S. reported a $16.6 billion trade deficit with

March 9, 2019

Samsung heir departs for Mumbai to attend Akash Ambani’s wedding

Samsung Electronics Vice Chairman Lee Jae-yong on Friday departed for Mumbai, India, to attend the wedding ceremony of the son of the owner of an Indian telecom giant, confirmed The Korea Herald.Samsung heir Lee has been invited to the wedding of Akash Ambani, the son of Reliance Industries Chairman and Managing Director Mukesh Ambani, to be held at the Jio World Center in Mumbai on Saturday. Reliance Jio, the No. 1 telecom group in India with over 200 million subscribers, is the largest cu

March 8, 2019

Seoul shares finish lower on economic woes, trade war uncertainties

South Korea's main bourse closed lower Thursday as investor sentiment was dampened by concerns over the global economic slowdown and uncertainties over trade frictions between the United States and China, analysts said. The local currency weakened against the greenback.The benchmark Korea Composite Stock Price Index shed 9.81 points, or 0.45 percent, to finish at 2,165.79. Trading volume was slim at 278.9 million shares worth 4.6 trillion won ($4.22 billion), with losers outnumbering gainers 623

March 7, 2019

[Weekender] Coworking space on the offensive

Upon entering the 30th floor of the 123-story Lotte Tower, the tallest building in Korea, visitors encounter a spacious and sleek office with people working on laptops on sofas, at desks or in glass-walled private rooms.Boasting a stunning panoramic view of Seoul, the venue has an atmosphere that is both relaxing and business-like -- unlike traditional offices. It is called Workflex, a premium coworking space launched in February by construction firm Lotte E&C with the aim of providing a snu

March 7, 2019

OECD lowers economic forecast amid slowing growth

The Organization for Economic Cooperation and Development on Wednesday inched down its forecast for the global economy, as well as for the South Korean economy, citing slowing trades, weakened growth and other downside risks.In its half-year interim outlook report, the OECD lowered the global economic growth forecast for 2019 to 3.3 percent from the 3.5 percent previously suggested in the November report, the Ministry of Economy and Finance said. The outlook for 2020 was also reduced to 3.4 perc

March 6, 2019

Govt. announces measures to foster kimchi industry

South Korea's agricultural ministry on Wednesday announced a set of measures to promote the country's kimchi industry, which has been facing challenges from increasing production in China.Kimchi is a traditional Korean side dish, normally made of fermented cabbage, salt and hot peppers and eaten with almost all meals.The Ministry of Agriculture, Food and Rural Affairs said South Korea's exports of kimchi reached a record-high in January, at $9.1 million, up 30.5 percent on-year. The spike comes

March 6, 2019

S. Korea’s per capita income crosses $30,000 milestone

South Korea’s economy grew 2.7 percent in 2018, marking a six-year low amid sluggish investments, but its per capita income exceeded the $30,000 mark for the first time, central bank data showed Tuesday.The latest figures are considered crucial for Asia’s fourth-largest economy amid the prolonged slow economic growth, as the $30,000 mark is generally considered an entry line for top-tier economies.According to the revised estimates released by the Bank of Korea, the country’s g

March 5, 2019

S. Korean economy grows 2.7% in 2018: BOK

The South Korean economy grew by a six-year low of 2.7 percent last year due to sluggish corporate investment, but its per capita income surpassed US$30,000 for the first time, preliminary data by the central bank showed Tuesday.The revised 2018 reading by the Bank of Korea (BOK) is on par with its earlier estimate of 2.7 percent growth released in January.But it is the slowest on-year gain since 2012, when the country pulled off 2.3 percent annual growth.For the fourth quarter of 2018, the econ

March 5, 2019

S. Korean consumer prices rise 0.5% on-year in February

South Korea's consumer prices gained 0.5 percent in February from a year earlier on a rise in prices for utility and service charges, government data showed Tuesday.The reading marks the lowest since August 2016, when the comparable figure was 0.5 percent, Statistics Korea said.From a month earlier, the index rose 0.4 percent. "The biggest reason behind lower consumer prices is a decline in petrochemical products," said Kim Yun-sung, director of Statistics Korea's price statistics divi

March 5, 2019

Korea marks BOP surplus for Hallyu-linked sectors on global success of games, K-pop

South Korea logged a record-high balance of payments surplus for Hallyu-related products and services last year, owing to the global success of Korea-made video games and K-pop, statistics from the Bank of Korea showed Sunday.　Hallyu, or the Korean Wave, refers to the proliferation of Korean cultural content overseas, including K-pop, food, TV programs and movies as well as PC and mobile games produced by Korean firms.　According to the Bank of Korea Economic Statistics System, Korea’s BOP

March 3, 2019

Seoul shares set for sluggish trade next week amid slowing economic indexes

South Korean shares are expected to trade in a limited range next week, with investors set to take a wait-and-see stance on key economic indexes, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,195.44 on Friday, down 1.57 percent from last week’s close. Earlier this week, South Korean shares were nearly flat ahead of the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, which took place in Hanoi on Wednesday and Thur

March 2, 2019

[News Focus] Exports drop 7.9% so far this year amid gloomy GDP growth outlook

SEJONG -- South Korea’s export performance has remained sluggish since November, the last month that it posted a positive on-year growth figure.In November, exports recorded 4.1 percent growth compared with a year earlier. But exports fell 1.3 percent in December and 5.8 percent in January, according to the Korea Customs Service.Further, the nation saw exports plunge 11.7 percent on-year for the first 20 days of February, posting $23.33 billion for a difference of $3.09 billion (3.45 trill

Feb. 28, 2019

S. Korea's industrial output rises 0.8% on-month in January

South Korea's industrial output edged up 0.8 percent in January from a month earlier due in part to increased production of cars and the service sector, government data showed Thursday.The data compiled by Statistics Korea showed the output of cars rose 3.5 percent in January from a month earlier as vehicle sales at home and abroad increased 4.2 percent and 9.8 percent, respectively, during the same period.Semiconductor output rose 7.5 percent in January from a year earlier, but its exports fell

Feb. 28, 2019

S. Korea-India economic ties need more heft

It is now nine years since the South Korea-India Comprehensive Economic Partnership Agreement -- a de facto free trade agreement -- went into effect. However, while much progress has been made, there is still a long way to go for economic ties to reach their potential.It was widely anticipated that the CEPA, which came into effect in January 2010, would lead to more bilateral trade and investments. South Korea abolished tariffs on 93 percent of Indian imports and India has done the same on 75 pe

Feb. 27, 2019

Seniors in bottom 20% income group to get more basic pension from April

Senior citizens with 50,000 won ($44.70) or less in monthly income will be eligible for increased basic pension from April, the welfare ministry said Wednesday.People aged 65 or older whose monthly earnings are in the lowest 20 percent range can receive 300,000 won in pension benefits per month, according to the ministry. The eligibility and the amount of the benefits are adjustments to the existing payouts of 250,000 won for those with monthly income in the lowest 70 percent, which began in Sep

Feb. 27, 2019

[News Focus] Busan, North Jeolla in tug-of-war over financial hub title

With the next parliamentary election slated for April next year, some opposition lawmakers have recently rekindled long-stalled talks on relocating the nation’s key policy financing institutions -- the Bank of Korea and the three state-run banks -- to their respective constituencies.The two regions in apparent rivalry are Busan and North Jeolla Province, the former celebrating its 10th anniversary of being designated as the country’s No. 2 financial hub and the latter hoping to be na

Feb. 25, 2019

Hyundai expands partnership with BTS

Hyundai Motor Co. is expanding its partnership with BTS by providing sponsorship to the South Korean boy band's global campaign in Britain, the company said Sunday. On Friday, BTS began to air a teaser of the K-pop band's global campaign in London's Piccadilly Circus aimed at informing its fans worldwide of its plan to launch the site www.armypedia.net. Hyundai Motor provided sponsorship for the campaign, Hyundai said in a statement.  The same teaser video will also be released in six other

Feb. 24, 2019

S. Korea to offer incentives to firms over job creation

South Korea on Thursday unveiled a wide range of incentives for companies if they create jobs in deals with municipal governments and other relevant parties.The incentives include an investment subsidy and tax cuts, as well as discounts in rental fees in industrial complexes, according to the Ministry of Trade, Industry and Energy. The ministry said a company can receive 9 billion won ($7.9 million) back from a municipal government if it invests 90 billion won.The move is part of South Korea's e

Feb. 21, 2019

Korea's income gap hits record high in Q4

South Korea's household income inequality hit a record high in the fourth quarter of 2018, government data showed Thursday, prompting officials to step up efforts to carry out a series of measures to support low-income people.An average household earned 4.6 million won ($4,000) per month in the October-December period, up 3.6 percent from the previous year, according to the data compiled by Statistics Korea.The monthly average income of the bottom 20 percent income bracket dropped 17.7 percent o

Feb. 21, 2019

Govt. picks two locations for smart industrial zones

South Korea's industry ministry on Wednesday announced its first batch of locations to establish what it calls smart industrial zones, which will utilize high-end information and communication technologies to improve companies' productivity.The Ministry of Trade, Industry and Energy said it decided to apply smart factory technologies in the industrial complex of Changwon, 398 kilometers south of Seoul, along with the Banwol-Sihwa complex southwest of the capital city.The announcement comes in li

Feb. 20, 2019