Trump may reiterate US trade deficit in his Korea visit: trade minister

US President Donald Trump may step up pressure to renegotiate the free trade deal with South Korea during his state visit here next week, Seoul's trade minister said Tuesday."There's a possibility that Trump will mention the need to cut the US trade deficit (with South Korea)," Trade Minister Kim Hyun-chong said during a parliamentary audit, ahead of Trump's visit scheduled on Nov. 7-8.When asked whether Trump may touch on specific sectors, such as auto and steel, Kim said: "We ar

Oct. 31, 2017

Korean businesses await return of Chinese visitors to generate growth

The announcement Tuesday from Seoul and Beijing that they will try to put their relations back on track raised hopes among local businesses that have relied on Chinese consumers to generate growth.Chinese tourists had fueled the growth of local industries, from retailers to duty-free shops, airlines and the food sector.Last year, before the diplomatic crisis erupted in earnest between the two neighboring countries, 8.06 million, or 46.8 percent, of the 17.2 million foreign travelers who came to

Oct. 31, 2017

Korea firms step up Pyeongchang promotions as Olympics nears

South Korean companies are stepping up campaigns to promote their products and brand awareness as the countdown begins in earnest for the Pyeongchang Olympics. Chip giant Samsung Electronics Co. and top carmaker Hyundai Motor Co. are leading others by offering customers an opportunity to try their advanced technologies. Samsung Electronics has recently given visitors the chance to experience the thrill of ski jumping and participate in the Olympic torch relay through virtual reality and augmente

Oct. 31, 2017

[Monitor] Korea's growth rate gap with China narrows

South Korea has logged a better-than-expected economic growth rate of 3.6 percent in the third quarter this year on-year, marking the highest index in three years and six months, according to Bank of Korea.Particularly in comparison with the growth rate of China, the gap between the two indices has become the smallest in 15 years, statistics gathered by Bloomberg showed, as China’s economy enters the “new normal” state, shifting from high-speed growth.Experts, however, noted th

Oct. 30, 2017

Korean firms face challenges beyond THAAD row

South Korean companies should brace for the sophistication of China’s economic structure that will be accelerated during Xi Jinping’s second five-year term as Chinese leader, economists here say.The possible easing of China’s economic retaliation against South Korea over the latter’s hosting of a US anti-missile system could not mask fundamental challenges facing them in the Chinese market.Guarded optimism has been raised here that Beijing will ease retaliatory measures f

Oct. 30, 2017

Moon calls for social dialogue for sustainable growth

President Moon Jae-in on Monday urged business and labor circles to join efforts to forge a grand social consensus to ensure the country's sustainable and inclusive growth."Reaching a social consensus on economic and labor policies is not an easy task, but one we must achieve," Moon said while meeting with his top aides at the presidential office Cheong Wa Dae.The president noted that Asia's fourth-largest economy was expected to grow 3 percent this year, thanks partly to the 11 trilli

Oct. 30, 2017

W594tr of corporate money sent to tax havens from 2008 to 2016

Corporate money from South Korea amounting to 594 trillion won ($527.53 billion) has gone to tax havens over the past nine years, official data showed Monday.Figures compiled from multiple sources, including the National Tax Service and the Bank of Korea, said slightly over 594.08 trillion won was sent to tax haven countries from 2008 to 2016. The Cayman Islands, the Virgin Islands, the Bahamas, Bermuda and Lichtenstein were some of the destinations, according to the data. Of the money transferr

Oct. 30, 2017

Banks on alert as govt. clamps down on mortgage loans

Local banks are on alert as the government tightens the screw on mortgage loans that has contributed to their profits, financial industry insiders said Monday.The Moon Jae-in administration took a series of steps since taking office in May to tame real estate speculation. It placed nearly all major cities under heavy watch for speculative transactions and limited available loans using homes as collateral while linking such loans more strictly to borrowers' ability to repay. The Moon government a

Oct. 30, 2017

China-sensitive stocks rebound amid signs of easing Korea-China relations

South Korea’s China-sensitive stocks are recently showing signs of rebounding, as diplomatic tensions intensified by the installment of an advanced US anti-missile system here appears to be gradually settling.Riding on the resumption of Chinese group tours and an improved bilateral relationship signaled by the extension of a currency swap are the automobile, cosmetics, duty-free shop and travel sectors. South Korean shares are expected to test the landmark 2,500 level this week, with the m

Oct. 29, 2017

[Monitor] High rate of young adults economically dependent in Korea

Nearly 57 percent of those aged between 20 and 34 remain economically dependent on their parents even after reaching adulthood, showed a report released during a conference held by the Korea Labor Institute.The report pointed out that these group tend to have a negative perception of society.Another report showed that among those aged 15-29, nearly 17 percent were not in employment, education or training.The ratio was 5 percentage points higher than the OECD average of 13.9 percent.The conferenc

Oct. 29, 2017

Finance minister stresses gov't efforts to tackle structural problems, external risks

South Korea's finance minister on Friday highlighted ongoing government efforts to address security risks and a set of structural problems such as economic polarization so as to spur growth.Finance Minister Kim Dong-yeon, who doubles as the deputy prime minister for economic affairs, made the remarks during a meeting with former high-ranking officials, which was arranged to listen to their advice on how to revitalize Asia's fourth-largest economy. "We have been striving to address structura

Oct. 27, 2017

Korea’s semiconductor exports hit record high

Semiconductors export shares accounted for more than 16 percent of Korea‘s annual exports for the year, a record high for the industry, according to industry data on Friday. 　Led by Samsung Electronics and SK hynix, the world’s leading chipmakers, the data showed that chip exports reached $70.4 billion from January to September, an increase of 55.6 percent compared to last year. The figure accounts for 16.4 percent of Korea’s total exports of roughly $430.1 billion, representin

Oct. 27, 2017

[Monitor] Consumer sentiment rebounds following reduced ‘North Korean risk’

Amid easing political tensions between Washington and Pyeongyang, South Korea’s consumer sentiment figures have rebounded in October, according to a survey by the Bank of Korea on Friday. The composite consumer sentiment index for October climbed to 109.2, marking a 1.5-point increase compared to September, the data shows. A reading above 100 means that more companies are expressing optimism over negative sentiments. During June and July, the index reached 111.1 and 111.2, respectively. Ho

Oct. 27, 2017

Korea to create W85b global infrastructure venture fund

South Korea will create an 85 billion won ($75.2 million) global infrastructure development fund to address the key constraints of private investment in overseas projects, the land ministry said Friday. The Ministry of Land, Infrastructure and Transportation signed an agreement with the Korea Development Bank and the Export-Import Bank of Korea to shoulder 40 billion won, 25 billion won and 20 billion won, respectively, for the “Global Infra Venture Fund.”The state investors will rai

Oct. 27, 2017

Korea's air traffic edges up in Q3 on outbound travels

Air traffic in South Korea rose slightly in the third quarter on strong demand for outbound travel and increased routes to Southeast Asia, government data showed Friday. A total of 195,355 planes flew into and out of South Korea in the July-September period, up 1.2 percent from a year earlier, the Ministry of Land, Infrastructure and Transportation said. Air traffic was the busiest on Sept. 30, the first day of the long Chuseok holiday when local airports served 2,259 flights.  The number o

Oct. 27, 2017

Potential job seekers rise in Q3

The number of potential job seekers jumped in the third quarter of this year, data showed Friday, in an indication of a tougher employment market even though the nation's economy grew at a solid pace. Potential job seekers, who are not categorized as jobless but are looking for jobs, rose by about 194,000 people on year to some 1.6 million people during the July-September period, according to the data by the Statistics Korea. It was the first time that the quarterly number of potential job seeke

Oct. 27, 2017

Exports by startups to hit record $20b this year: KITA

Exports by South Korea's venture startups will likely hit a record $20 billion this year helped by surging shipments of instrumentation and control devices and semiconductor production equipment to China and Vietnam, industry data showed Friday.The amount reached $14.7 billion for the first nine months this year, up 14.6 percent from a year earlier, according to the statistics provided by the Korea International Trade Association.Exports by startups rose to $18 billion last year from $16.7 billi

Oct. 27, 2017

Korea to eradicate solicited employment in public firms

South Korea will launch a thorough inspection of all state-funded firms to find out if any job favors were given to children of influential people in politics and business amid rising public anger over reports of illicit employment, the government said Friday.The decision was made at an emergency ministerial meeting chaired by Finance Minister Kim Dong-yeon, with heads of 12 government ministries, including officials from the education and justice ministries, present.The government will set up a

Oct. 27, 2017

Consumer sentiment rebounds in October on eased geopolitical risks

South Korea's consumer confidence rebounded in October as tensions subsided between North Korea and the United States, a central bank poll showed Friday.The composite consumer sentiment index for October stood at 109.2, up 1.5 points from the previous month, according to the survey by the Bank of Korea.In August, the index fell 1.3 points from July. A reading above 100 means optimists outnumber pessimists. Consumer sentiment was also weak in September.The BOK attributed the rebound to eased tens

Oct. 27, 2017

Finance minister vows greater effort to maintain growth momentum

South Korea's top economic policymaker said Thursday that the government will take steps to maintain current growth momentum through next year, following the latest data, which showed Asia's fourth-largest economy is expected to reach its growth target of 3 percent in 2017.Earlier in the morning, the Bank of Korea said the economy expanded a solid 1.4 percent in the July-September period from the previous quarter, marking the fastest quarterly growth in seven years.The BOK forecast country's ann

Oct. 26, 2017