Most Popular
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Jung's paternity reveal exposes where Korea stands on extramarital babies
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Samsung entangled in legal risks amid calls for drastic reform
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'
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Agency says Jung Woo-sung unsure on awards attendance after lovechild revelations
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[Health and care] Getting cancer young: Why cancer isn’t just an older person’s battle
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K-pop fandoms wield growing influence over industry decisions
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Seoul blanketed by heaviest Nov. snow, with more expected
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[Graphic News] International marriages on rise in Korea
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Korea's auto industry braces for Trump’s massive tariffs in Mexico
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KOSPI-listed firms' operating profit expected to reach nearly W200tr
Operating profits of companies listed on South Korea's benchmark KOSPI are expected to reach nearly 200 trillion won ($177.6 billion) for 2017 amid the recent stock rally, a survey showed Sunday.Local brokerages forecast that KOSPI-listed firms will post a combined 193 trillion won in operating profit for this year, up 29 percent from last year's 160 trillion won, according to the poll by FN Guide, a market research firm.It beat the earlier projection of 172 trillion won set in the beginning of
Aug. 6, 2017
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Korea's per capita GDP to edge by Italy in 2018
South Korea's per capita gross domestic is expected to edge past Italy's in 2018, the government predicted Sunday, based on growth forecast data. The prediction, if it is met, will place the country's per capita GDP at slightly more than $30,000 and just over that of the European country. South Korea was ranked 29th worldwide, with Italy standing at 27th as of October 2016, the government said.The data is based on reports released by the International Monetary Fund that ranked 190 countries, wit
Aug. 6, 2017
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Korea’s jobless rate likely at 3.8% in July
South Korea’s jobless rate is likely to remain unchanged at 3.8 percent in July, a leading provider of economic analysis said Saturday, citing government stimulus measures.“The labor market is on the mend at the hand of strengthening domestic demand as generous government stimulus measures begin to reduce the chronically high youth unemployment and improve welfare payments,” Moody’s Analytics said in an economic preview.It said consumer and business sentiments have alread
Aug. 5, 2017
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[Monitor] Agricultural shipments to China plummet amid THAAD row
South Korea’s agricultural and fisheries shipments to China fell in July for the fourth consecutive month amid the ongoing diplomatic dispute between Seoul and Beijing over the deployment of a US anti-missile system here, data showed Friday.South Korean agricultural and fisheries goods exported to China were estimated at $111 million in July, an 11.2 percent decrease from $125 million during the same period last year, according to data from the state-run Agro-Fisheries and Food Trade Corp.
Aug. 4, 2017
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Holiday, hot weather cause credit-card spending to rise in Q2
Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion won ($133.3 billion) for the April-June period, the highest quarterly spending tallied so far. The use of credit cards increased in part to people taking trips that require pa
Aug. 4, 2017
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Property investors may move money to stocks: analysts
South Korea's real estate investors may move their money to the stock market following tough government measures to cool the overheating housing market, analysts said Friday.In a desperate bid to rein in soaring apartment prices, the government unveiled a package of measures Wednesday, including the designation of areas under close state scrutiny, tougher mortgage rules and heavier capital gains taxes. The measures also restrict the resell of rights to buy new apartments, which have been cited a
Aug. 4, 2017
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[Monitor] Naver dominates online ad sales
Naver maintained the top spot in terms of internet display advertisement sales in the first half of this year, according to data from MezzoMedia, a digital marketing agency under CJ E&M.As for online video advertisements, Google’s YouTube and Facebook took 60 percent of total revenue.Display ads include banner advertisements that pop up on websites and apps.
Aug. 4, 2017
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Tougher mortgage rules to affect some 400,000 borrowers
South Korea's stricter lending rules will likely affect about 400,000 potential mortgage borrowers in "speculative districts" in Seoul and the administrative capital of Sejong in the second half of the year, officials said Thursday. In its latest bid to rein in the overheating housing market, the government Wednesday designated all 25 wards in Seoul and two cities -- Sejong and Gwacheon, south of Seoul -- as "speculative or overheated speculative districts." In particular, 11
Aug. 3, 2017
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Top earners' monthly business income soars in Q1
High-earning households in South Korea saw their monthly income from business operations gain at the fastest clip in seven years in the first quarter on a brisk property market, government data showed Thursday.The average monthly "business income" of the top 20 percent households in the income bracket stood at 1.43 million won ($1,274) in the January-March period of this year, up 8.4 percent from a year earlier, according to the data by Statistics Korea. It marks the largest on-year ga
Aug. 3, 2017
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Korea moves to hike tax rates for superrich, conglomerates
The government on Wednesday unveiled its plan to impose higher taxes on rich individuals and large businesses, seeking to fund President Moon Jae-in’s plans to boost employment and to support small-sized businesses.“We have decided that an adjustment in tax rates is needed to secure the nation’s tax revenues,” Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon said in a ministry-led taxing policy meeting Wednesday.But considering financial circu
Aug. 2, 2017
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Korean firms face 190 import tariffs in 28 countries
South Korean companies face some 190 import tariff restrictions in 28 countries, with emerging markets accounting for over 70 percent of the barriers, a local trade promotion agency said Wednesday.As of June, Korean firms were involved in 154 antidumping and countervailing duty actions and 36 safeguard tariffs imposed by countries such as the US, Canada, India, China and Thailand, the Korea Trade-Investment Promotion Agency said in a statement. A total of 135 import regulations were taken agains
Aug. 2, 2017
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Small businesses plan layoffs with minimum wage hike: survey
More than 90 percent of small business owners say they plan to lay off workers following the government’s minimum wage hike next year, according to a survey by the Korea Federation of Micro Enterprise on Wednesday. The survey polled 532 business owners from July 21 to 28 and found that 92.4 percent said they would most likely have to cut staff once the new minimum wage increase is implemented, while 68.1 percent said they definitely planned to lay off employees. In addition to futur
Aug. 2, 2017
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Industrial woes out of policy focus
President Moon Jae-in’s income-led growth policy risks derailing efforts to accelerate structural reforms and encourage industrial innovation, economists say.His economic policy directions, which were unveiled last week, barely address the two tasks, seen as crucial to boosting the country’s long-term growth potential.Korea’s manufacturing industries have been faltering in recent years, except for a few bright spots such as the semiconductor sector. Local manufacturers ran
Aug. 2, 2017
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[Monitor] ‘Rich’ Koreans surge by 30,000 in a year
A report by KB Financial Group’s research center showed that the number of those in South Korea with assets worth 1 billion won or more reached 242,000 at the end of last year, up by 14.8 percent from the previous year.
Aug. 2, 2017
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Tobacco tax revenue to reach W3tr in 2017
Revenue from taxes levied on cigarettes is forecast to reach 3 trillion won ($2.8 billion) for the first time ever this year, government data showed Wednesday.Starting in January 2015, South Korea jacked up the price of cigarettes by 80 percent from 2,500 won per pack to 4,500 won, in an effort to curb smoking. Following this move, taxes collected from the sale of individual cigarette packs jumped from 354 won to 841 won.According to the data by the Ministry of Health and Welfare, revenues from
Aug. 2, 2017
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Childcare subsidies losing initial effect, report says
State subsidies for childbirth and child rearing have helped increase South Korea's birthrate, but the effect is weakening over time, a report said Wednesday.According to the report from the Center for Economic Catch-up, subsidies can take credit for 0.122 of 0.163, or 75 percent, increase in the nation's birthrate between 2005 and 2015. The birthrate during the period rose from 1.076 to 1.239. Such effects, however, are waning after policy changes from 2012-2013 to pay a uniform amount to all h
Aug. 2, 2017
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Household savings rate to log minus growth in a decade: report
The savings rate of South Korean households is expected to lapse into negative territory in a decade due the country's rapid population aging, a central bank report said Wednesday.The Bank of Korea report estimated the household savings rate to start to register negative growth starting in 2026 in step with the country's fast population aging.The figure is forecast to fall from 8.9 percent in 2015 to -3.6 percent in 2030, when the ratio of people aged 65 and older to total population is likely t
Aug. 2, 2017
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Banks' loan delinquency rate falls to record low in June
The delinquency rate of South Korean banks' won-denominated loans fell to a record low in June as banks significantly resolved distressed loans, government data showed Wednesday.The rate for bank loans more than 30 days overdue stood at 0.43 percent at the end of June, down 0.15 percentage point from a month earlier, according to the data by the Financial Supervisory Service. Compared to a year ago, the rate was down 0.28 percentage point, it said. The end-June reading was the lowest rate since
Aug. 2, 2017
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[Monitor] Korea’s exports keep upward trend
South Korea continued to see brisk exports last month, backed by a rise in oil prices, recovering global trade and a rise in shipments of semiconductors, data from the Ministry of Trade, Industry and Energy and Korea International Trade Association showed Tuesday.Exports climbed 19.5 percent on-year in July, continuing its rise for nine consecutive months and posting double-digit growth for seven straight months. Outbound shipments reached $48.85 billion, up from $40.88 billion a year ago. Trade
Aug. 1, 2017
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Consumer prices up 2.2% in July due to weather: data
South Korea’s consumer prices surged in July at the fastest pace in four months, mainly due to a recent rise in fruit and vegetable prices after a period of alternating droughts and floods, government data showed Tuesday.Faced by record-high inflation in the costs of living necessities, the government pledged to offer discounts of up to 50 percent on selected vegetables and to increase the stock of livestock and marine products, in preparation for national holidays in early October.The nat
Aug. 1, 2017