Seoul apartment lease prices fall by largest margin in 5 years

Apartment lease prices in Seoul dipped by the largest margin in five years and eight months this week, according to statistics released Thursday. Apartment lease prices in Seoul have been on a steady decline for the past four weeks, and prices fell 0.08 percent this week compared to the previous week, according to a weekly report released by the Korea Appraisal Board. The figure is the largest since a 0.09 percent dip in the third week of July in 2012. The drop in lease prices stems from the sur

March 15, 2018

Govt. to extend financial, tax incentives to address chronic unemployment of young people

SEJONG -- The government on Thursday unveiled a set of measures, including bolder financial and tax incentives, to tackle the chronic unemployment of young people with the aim of stabilizing the country's youth jobless rate at the 8 percent range by 2021.The measures center around extending direct financial and tax incentives to young jobseekers. The measures also include broader support to startups launched by young people, according to the finance ministry.Under the measures, 9 million won ($8

March 15, 2018

Govt. says GM's 'sustainable' plan for Korean unit essential for financial support

The chief of Korea's financial regulator said Wednesday the government's financial support will be possible if General Motors Co. outlines a "long-term and sustainable" plan to turn its loss-making Korean unit around.In a press conference held in Seoul, Financial Services Commission Chairman Choi Jong-ku said the government and the state-run Korea Development Bank understood that GM strongly wants to maintain its production facilities in Korea."The government's financial support d

March 14, 2018

Strategic approach needed to cope with US protectionism

Calls are rising for President Moon Jae-in’s administration to be more strategic and flexible in coping with mounting US trade protectionism, which is casting a broadening shadow on Korea’s exports.Moon instructed his aides last month to confidently and resolutely deal with what he called “unreasonable” US protectionist measures. The instruction came days after the US Department of Commerce released a report recommending President Donald Trump impose stiff tariffs on stee

March 14, 2018

Finance minister calls for corporate support in job creation

Korea's top economic policymaker on Wednesday asked companies to do more to create jobs and boost investment in the latest appeal to the business community to combat the chronic unemployment of young people."I hope that SK and other companies will pay more attention to investment and hiring," Finance Minister Kim Dong-yeon told reporters ahead of his meeting with SK Group Chairman Chey Tae-won at the SK headquarters in central Seoul.The minister also said job creation for young people

March 14, 2018

Korea's jobless rate falls to 4.6% in Feb.

SEJONG -- South Korea's jobless rate fell slightly in February due to a rise in employment in the construction and public service sectors, but the number of newly added jobs fell to the lowest level in eight years, government data showed Wednesday.The unemployment rate stood at 4.6 percent last month, down 0.3 percentage point from a year earlier, according to the report compiled by Statistics Korea.From a month earlier, it remained unchanged.The number of employed people reached 26.08 million i

March 14, 2018

S. Korea to maintain 3% growth for 2018-2019: OECD

Amid a global economic recovery boosted by extended investment and trade, South Korea is expected to maintain its 3 percent growth momentum throughout year 2018 and 2019, according to the Organization for Economic Cooperation and Development.In its interim economic outlook report issued Tuesday, the organization forecast global economic growth for this year at 3.9 percent, up from its previous suggestion of 3.7 percent. The figure for next year was also increased from 3.6 percent to 3.9 percent.

March 13, 2018

Moon urges swift govt. measures to support SMEs, Gunsan disaster zone

President Moon Jae-in urged the government Tuesday to quickly come up with measures to help small and medium-sized enterprises, as well as people and businesses in Gunsan, the region hit by the planned shutdown of the GM Korea plant there."Recently, our economy has been showing continued signs of improvement in indicators regarding exports, industrial output, investment and consumption, but the conditions actually felt by SMEs and small business people are still very difficult," the pr

March 13, 2018

Wine sales up sharply amid growing demand from single households: Emart

Sales of wine rose sharply during the first two months of 2018 from a year earlier with the product becoming the best-selling alcoholic beverage in Korea's largest hypermarket chain, industry data showed Tuesday.Wine sales jumped 16.5 percent on-year during the January-February period this year, pushing up the share of wine to 24.3 percent of the total liquor sales at Emart Mall, figures provided by the company showed. The market share of wine was 18.2 percent last year.Industry watchers said th

March 13, 2018

Korea considers joining revived TPP

Korea needs to move faster to join a Pacific trade deal signed by Japan and 10 other regional nations last week without the presence of the US, experts here say.Seoul officials have withdrawn their attention from the Japan-led process of reviving the Trans-Pacific Partnership since President Donald Trump pulled the US out of it to pursue his “America First” agenda shortly after taking office early last year. An interministerial task force formed to consider Korea’s entry to the

March 12, 2018

Seoul vows to deter steel tariffs at all costs

South Korea’s top policymakers are taking all efforts this week to lift the US President Donald Trump administration’s incoming tariff on steel imports, which is slated to take effect on March 23 and consequently deliver a heavy blow to local steelmakers and the nation’s export-reliant economy.Also, in relation to the increasing level of trade protectionism and tariff retaliation around the globe, they have gestured at soon joining a comprehensive free trade partnership in the

March 12, 2018

Korea to decide on joining CPTPP before June

South Korea will decide whether to join the fledgling Pacific trade pact within the first half of the year after looking into its impact on the national economy and consulting with member states, Seoul's chief economic policymaker said Monday.A year after US President Donald Trump abandoned the Trans-Pacific Partnership, the 11 remaining member states last week signed a revamped deal, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in Chile.The agreement that a

March 12, 2018

Steel stocks down following Trump's decision to slap tariffs on imports

Korean steel stocks ended lower last week after the United States decided to impose a 25 percent tariff on imported steel products, as growing downside exerted pressure on steelmakers, analysts said Sunday.On Friday, the country's leading steelmaker, POSCO, fell 3.63 percent to end at 345,000 won ($322), with Hyundai Steel Co. was down 2.48 percent at 51,100 won and Dongkuk Steel Mill Co. backtracked 1.94 percent at 10,100 won. They all underperformed the broader Kospi, which rose 1.08 percent.

March 11, 2018

Employees at shipbuilders down 22.1% in Feb. on industry-wide crisis

The number of employees at local shipbuilders plunged 22.1 percent in February from a year earlier due to an industry-wide crisis, data showed Sunday.According to data compiled by the Ministry of Employment and Labor, in February the number of employees at local shipbuilders was 37,800 lower than the same month a year earlier, marking the 11th consecutive month with a drop of 20 percent or more.The number of employees in the sector fell by 24.5 percent in Gyeongsang Province, the hub of the nati

March 11, 2018

Govt. aims to attract more than $20 billion in FDI this year

Korea aims to attract more than $20 billion in annual foreign direct investment for the fourth year in a row in 2018, the government said Sunday.If the target is reached, some 10,000 high quality jobs will be created, the Ministry of Trade, Industry and Energy said. The goal was set at the inaugural meeting of the foreign investment committee held late last month, where policymakers approved a plan to stimulate FDI for the year, it said."The government wants to maintain last year's momentum

March 11, 2018

Breakdown of talks on US safeguards will force Korea to seek WTO litigation

Breakdown in talks to resolve US safeguard measures against washers and solar panels will force Korea to take the case to the World Trade Organization, the government said Sunday.The Ministry of Trade, Industry and Energy said bilateral negotiations failed to reach a satisfactory conclusion thus necessitating Seoul's pursuit of litigation at the world trade body. It said the government had made clear in advance that such an action would be taken if the United States did not withdraw the plan or

March 11, 2018

KDB to focus on cost structure during GM Korea due diligence

The state-run Korea Development Bank said Sunday it will thoroughly look into the cost structure of GM Korea Co. this week as it mulls whether to provide fresh loans to the loss-making South Korean unit of General Motors Co.In a meeting with GM Executive Vice President Barry Engle in Seoul on Friday, KDB Chairman and Chief Executive Lee Dong-gull agreed that the state bank will begin due diligence on GM Korea in a "fair and transparent" manner this week though the Detroit carmaker has

March 11, 2018

Thawing ties lift share prices of S. Korean firms with ties to NK: KRX

Stock prices of South Korean companies that have business ties with North Korea have risen sharply in recent months amid thawing inter-Korean relations, the Korea Exchange said Sunday.The two Koreas have exchanged high-level delegations on the occasion of the PyeongChang Winter Olympics and agreed to hold summit talks in late April.US President Donald Trump also agreed to meet with North Korean leader Kim Jong-un by the end of May as the South Korean delegation delivered Kim's offer for the summ

March 11, 2018

Korea posts 6th fastest export growth among G20 members in 2017: report

Korea's export growth rate ranked No. 6 among Group of Twenty nations last year, while its imports rose at the fourth-fastest clip, a report showed Sunday.According to the Organization for Economic Cooperation and Development, Asia's fourth-largest economy shipped out $574 billion worth of goods, a gain of 16 percent on-year. This is some 6 percentage points higher than the 10 percent growth average reached by other systemically important industrialized and developing economies. The Paris-b

March 11, 2018

South Korea's ice cream market faces hurdles due to fewer children

South Korea's ice cream market has been shrinking in recent years, industry data showed Saturday, apparently due to the falling number of children coupled with growth of cafes offering alternative desserts.   According to data compiled by the Korea Agro-Fisheries & Food Trade Corporation, the country's ice cream market was estimated at1.6 trillion won ($1.49 billion) in 2017.    The data is based on the volume sold through retail stores. It marked a 14.2 percent drop from

March 10, 2018