Drivers use less gasoline in 2018 amid higher fuel prices

A gasoline-burning automobile consumed an average 1,159 liters last year, down 2.4 percent from a year earlier, as drivers cut back on spending probably to cope with high prices, industry data showed Wednesday.According to the Korea Petroleum Association, the figure marks the lowest since 2006, when the comparable figure was 1,153 liters of gasoline.The owners of gasoline-burning autos spent some 1.83 million won ($1,620) on average last year to run their vehicles and an average 153,000 won per

Feb. 20, 2019

Koreans traveling more but spending less

South Koreans traveling overseas spent a record amount last year, but spending per person declined, central bank data showed Wednesday.The current account for last year showed travel expenditures of $31.97 billion, the highest since recordkeeping began in 2006. Past figures show increases from $15 billion in 2009 to $20 billion in 2012, $25 billion in 2015 and $31.69 billion won in 2017.The increase, however, was the smallest since the global financial crisis of 2009 at 0.9 percent, compared wit

Feb. 20, 2019

Manufacturing sector crucial for economic growth: BOK chief

Citing mounting challenges in the global market, the chief of South Korea’s central bank on Tuesday urged for measures to improve the competitiveness of the manufacturing sector during a rare meeting with industry representatives.“The competitiveness of the manufacturing sector will determine the survival of our economy,” said Lee Ju-yeol, governor of the Bank of Korea, at an economic meeting with officials from industries. “We cannot guarantee sustainable growth without

Feb. 19, 2019

[Herald Interview] SK Innovation’s participation to bring better understanding of EV in US city

SK Innovation’s decision to build a US production facility for electric vehicle batteries in Commerce, Georgia, will help raise public awareness and understanding of the next-generation vehicle technology according to the city’s mayor. Mayor Clark Hill visited Seoul for a weeklong trip that will involve a tour of SK Innovation’s EV battery plant in Seosan, South Chungcheong Province, and some learning about Korea’s cultural aspects. “SK’s participation in the

Feb. 19, 2019

[News Focus] Gasoline prices set to bounce back amid reduced output

SEJONG -- The nation’s gasoline prices have seen a sharp drop over the past few months, and to a certain extent this eased the financial burdens of ordinary people and small business owners amid economic difficulties.After peaking at 1,690.31 won ($1.50) per liter on Nov. 4, gasoline prices fell below 1,350 won on Jan. 12 before sinking to 1,342.24 won on Feb. 15. This month’s low marked a 20.5 percent drop from three months earlier and the lowest level seen in 35 months. Gasoline pr

Feb. 19, 2019

Coal imports set another record in 2018

South Korea's coal imports hit a new high last year despite government efforts to phase out the use of fine dust-emitting energy sources, industry data showed Tuesday.The country shipped in 131.52 million tons of coal last year, breaking the record for the second consecutive year. Coal imports in 2017 totaled 131.46 million tons. The figure for 2018 marks an 11 percent increase from 2016.The monetary value of the imports totaled US$14.65 billion last year, a gain of 8.7 percent from the year bef

Feb. 19, 2019

US Commerce chief sends report to Trump on auto imports: reports

The US Commerce chief has submitted a report to US President Donald Trump on the topic of imported cars, news reports said Monday, as South Korea renews efforts to win exemption for its cars from possible tariffs.The Commerce Department did not make public any details on its recommendations to Trump.Commerce Secretary Wilbur Ross presented his recommendations to Trump, Bloomberg news reported, citing the department's statement. Reuters news agency carried a similar story, while the French news a

Feb. 18, 2019

Kwon Young-soo to be appointed as LG Electronics executive

Kwon Young-soo, chief operating officer of LG Corp., will be appointed an executive director of the board of LG Electronics at a shareholders meeting next month, the electronics company said Monday. Kwon is a close aide to LG Corp. Chairman Koo Kwang-mo.  Koo Bon-joon, Chairman Koo’s uncle, will not be reappointed as a board member, and the industry views his departure to make room for younger successors as part of the LG family tradition. LG Electronics will hold its shareholders mee

Feb. 18, 2019

Seoul’s home purchase sentiment hits six-year low

Reflecting the market response to the government’s real estate regulations, the home purchase sentiment has dwindled to the lowest level in nearly six years, data showed Monday.According to the Korea Appraisal Board, Seoul’s weekly apartment supply-demand index stood at 73.2 as of Feb. 11, the lowest since March 11, 2013, when the index hit a record-low of 71.8.The index, referring to the ratio of apartments available for transactions, is measured on a scale of zero to 200. While 100

Feb. 18, 2019

Prices of high-consumption processed foods rise on-year

The price of sugar rose 11 percent in January from a year earlier as the cost of widely consumed processed foods increased overall, the Korea Consumer Agency said Monday.A survey of 26 items in the measured basket of foods for the month showed price hikes for 18 and drops for six. Prices for two remained the same. The agency normally reviews inflation for 30 items, but four were left out this time as the subjected items are being adjusted.Compared with January last year, the price of sugar jumpe

Feb. 18, 2019

[Monitor] LG Uplus’ CJ Hellovision acquisition to change pay TV landscape

On Thursday last week, LG Uplus’ board of directors approved a plan for the company to purchase 50 percent plus one share of CJ Hellovision from its holding company, CJ ENM.LG Uplus will become the nation’s second-largest pay TV operator with a 24.4 percent market share, up from fourth place, with the deal worth 800 billion won ($711 million).The acquisition is to be confirmed in a shareholders meeting next month and also requires approval from the Fair Trade Commission, which has up

Feb. 17, 2019

ICT is key to innovation in customs administration: KCS

Fast-paced technological advancement and mounting challenges in the global trade environment have been pushing companies to reinforce their supply chain system and governments to innovate their customs clearance procedures.As a technology pioneer, South Korea is seeking to add momentum to its customs administration through blockchain, artificial intelligence, big data and drone technology, according to officials of the Korea Customs Service.“It is the KCS’ goal to create a safe trade

Feb. 17, 2019

Korea's coffee imports fall in 2018 for 1st time in 6 years

South Korea's imports of coffee declined last year for the first time since 2012, suggesting that the boom of coffee shops might have peaked, data showed Sunday. Imports of coffee fell to 143,000 tons in 2018, down 2,600 tons from a year ago, according to data by the Korea Customs Service. It was the first time in six years that the annual volume of coffee imports fell, the data showed.  South Korea's coffee imports had been on a steady rise in recent years, with inbound shipments stood at

Feb. 17, 2019

Korea’s current account extends 21-year surplus in 2018: BOK

South Korea’s current account surplus extended its surplus for 21 years straight in 2018, on the back of improved service accounts and record-high exports, central bank data showed Friday.The monthly figure for December, however, hit an eight-month low amid falling prices of semiconductors and the consequent blow on exports. The country’s current account surplus for 2018 stood at $76.41 billion, up $1.18 billion from a year earlier and marking the 21st consecutive year in the black s

Feb. 15, 2019

S. Korea's current account reaches eight-month low in Dec.: BOK

South Korea's monthly current account surplus hit an eight-month low in December on slowing exports, central bank data showed Friday.The country's current account surplus came to $4.82 billion in December, slightly up from $4.49 billion a year earlier, according to the preliminary data from the Bank of Korea. The tally marks the 80th consecutive month of the balance being in the black based on a revised statistics criteria, but it represents the smallest monthly surplus since April when it

Feb. 15, 2019

[Monitor] 1 in 5 Koreans at risk of smartphone addiction

One in 5 South Koreans face the risk of becoming addicted to smartphone use, according to a poll by the Ministry of Science and ICT. Of 28,575 people between 3 and 69 years old, 19.1 percent fell into the potentially at-risk or high-risk addiction categories in the survey conducted between August and October last year. They could suffer physical and mental withdrawal symptoms. The proportion of those at high risk rose from 17.8 percent in 2016 to 18.6 percent in 2017.By age, teens made up the th

Feb. 14, 2019

S. Korea’s unemployment rate hits 4.5% in January

South Korea’s employment indexes have continued to struggle so far this year, with the jobless rate hitting a record high since the aftermath of the global financial crisis, and the number of newly employed people extending a five-month low, government data showed Wednesday.The country’s unemployment rate stood at 4.5 percent in January, up 0.8 percentage point from a year earlier, reflecting the hiring slump in the manufacturing sector, according to figures released by Statistics Ko

Feb. 13, 2019

S. Korea's jobless rate rises to 4.5% in January

South Korea's jobless rate rose to 4.5 percent in January as the pace of hiring slowed, government data showed Wednesday, in the latest sign of an economic slowdown in Asia's fourth-largest economy.The unemployment rate marked the highest level for any January since 2010, when the corresponding figure stood at 5 percent, according to Statistics Korea. The South Korean economy added just 19,000 jobs in the first month from a year earlier, the fewest since August last year when employers added jus

Feb. 13, 2019

[Photo News] Most expensive land in Korea

The Ministry of Land, Infrastructure and Transport has revealed Tuesday that the most expensive real estate in South Korea is the Nature Republic cosmetics store located in Myeong-dong, Seoul, valued at 183 million won ($163,000) per square meter. This is the 16th consecutive year it has held the position, dating to 2004. The second and third most expensive lots were also located in the Myeong-dong vicinity: the Woori Bank headquarters (177.5 million won per square meter) and Uniqlo’s Chu

Feb. 12, 2019

[Monitor] Samsung expected to pay $15b corporate tax this year

Samsung Electronics is expected to cough up some 16.8 trillion won ($15 billion) in corporate tax this year, its regulatory briefing showed. This is up 20.1 percent from the previous year, and 2.4 times the number from 2015.The record-high tax was attributable to its all-time high operating profit of 58.9 trillion won fueled by the memory chips sector boom last year, coupled with a revised tax code that raised the maximum tax rate from 22 percent to 25 percent for companies with over 300 billion

Feb. 12, 2019