Most Popular
-
1
Medical profs at top hospitals suspend surgeries, clinics
-
2
Exports to US reach all-time high, widen gap with China
-
3
Samsung chip business back on track, logs W1.9tr operating profit in Q1
-
4
Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
-
5
Shinsegae faces showdown with investors over SSG.com's delayed IPO
-
6
Hopes rise for possible Gaza truce deal
-
7
Ex-pro baseball player who killed debtor appeals sentence
-
8
S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
-
9
[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
-
10
[Music in drama] Rekindle a love that slipped through your fingers
-
[Anniversary Special] ‘Japan’s export curbs hint at changing Seoul-Tokyo trade model’
Japan’s decision to remove South Korea from its list of trusted export partners in late July brought the relations between the two neighboring countries to a new low. Tensions stemming from the bilateral trade row served as a stark reminder that old wounds run deep and both sides will always have to deal with their complicated histories marked by the 1910-45 Japanese colonial rule of Korea. But according to local experts, the latest dispute is also a sign of changing trade dynamics between
Aug. 14, 2019
-
Seoul eyes massive spending for infrastructure to revitalize economy
Seoul eyes massive spending for infrastructure to revitalize economySouth Korea's finance minister said Wednesday the government plans to spend a whopping 16.5 trillion won ($13.5 billion) on social infrastructure projects this year, in a bid to revitalize the economy, which has been losing steam due to falling exports. Government infrastructure spending over the July-Dec. period is to include 5.1 trillion won on public housing projects and 5.2 trillion won on railroads, according to Hong Nam-ki
Aug. 14, 2019
-
Job additions hit 18-month high in July
The number of new jobs in South Korea rose to their highest in 18 months in July on the back of a rise in employment in the health care, food and leisure-related sectors, with the jobless rate up slightly to 3.9 percent, government data showed Wednesday. The number of employed people in Asia's fourth-largest economy came to 27.38 million, up 299,000 from a year earlier, according to the data from Statistics Korea. It was the highest on-year leap since the 334,000 increase
Aug. 14, 2019
-
Jobless rate reaches 3.9% in June, 299,000 jobs created
South Korea's jobless rate reached 3.9 percent in July despite nearly 300,000 new jobs added, government data showed Wednesday. The unemployment rate increased 0.2 percentage point from the same month last year, according to the data from Statistics Korea.The unemployment rate marks the highest for the same month in 19 years.The number of employed people came to 27.38 million, up 299,000 from a year earlier. (Yonhap)
Aug. 14, 2019
-
[News Focus] Uncertainty mounts over Korean food fair in Japan
SEJONG -- South Korea’s annual food fairs across the globe have drawn wide attention from overseas buyers and consumers over the past few years.This year, the “K-food Fair,” which is organized by the Korea Agro-Fisheries & Food Trade Corp. (also dubbed aT) and the Ministry of Agriculture, Food and Rural Affairs, targeted seven venues in Asia, Europe and the US.According to aT, more than 270 Korean companies are scheduled to participate in the fairs in seven locations, colle
Aug. 13, 2019
-
Seoul urges Central American states to quickly implement free trade deal
South Korea's trade ministry on Tuesday urged a group of five Central American countries to implement a free trade agreement with Seoul.Early this month, South Korea's parliament ratified the pact with the five countries -- Costa Rica, El Salvador, Honduras, Nicaragua and Panama.Among the five, Nicaragua has completed its domestic procedures, paving the way for the FTA implementation in October, according to the trade ministry here. Four other countries are expected to implement the free trade d
Aug. 13, 2019
-
S. Korea to adopt price ceiling on privately built flats
South Korea will adopt a controversial scheme to cap presale prices of privately built apartments in extended efforts to stabilize real estate markets, the land ministry said Monday. The ministry said the government plans to revise related laws by early October to fully prepare for the adoption of the "presale price cap system" for apartments to be built by private builders amid signs of home prices turning higher, according to the Ministry of Land, Infrastructure and Transport.The upc
Aug. 12, 2019
-
Seoul to strip Tokyo's trusted trade status in tit-for-tat measure
South Korea on Monday decided to remove Japan from its trusted trading partners, upping the ante in the trade haggling sparked by the neighboring country's export restrictions against Seoul. The trade ministry said it will revamp its export list into three groups of trading partners from the current two, placing Tokyo in the newly established bracket, according to the Ministry of Trade, Industry and Energy. Tokyo had been on Seoul's top-tier list of 29 countries subject to preferential exp
Aug. 12, 2019
-
Exports dip 22% in first 10 days of Aug.
South Korea's exports dropped 22.1 percent in the first 10 days of August mainly due to decreased shipments of semiconductors, one of the country's key items, customs data showed Monday.The country's exports stood at $11.5 billion in the Aug. 1-10 period, according to the Korea Customs Service.By product, exports of semiconductors and petroleum products fell 34.2 percent and 26.3 percent, respectively. Meanwhile, outbound shipments of wireless communications devices and home appliances jumped 41
Aug. 12, 2019
-
Real estate market tenses up ahead of upcoming price regulations
Tension built up in Seoul’s housing market on Sunday, a day ahead of a scheduled government announcement about details of a price ceiling system for apartment complexes in key bubble-prone areas.The forthcoming actions, intended to stabilize the overheated real estate market and discourage speculation, are set to play out amid uncertain economic conditions aggravated by US-China economic tensions and South Korea-Japan strife.According to major local real estate industry trackers including
Aug. 11, 2019
-
[Graphic News] Exports of cultural contents rise 8.4% in 2018
South Korea’s exports of cultural contents increased 8.4 percent in 2018 from the previous year to $9.55 billion, a government report showed.Last year’s growth came after annual average growth of 16 percent between 2014 and 2017, with exports of $5.27 billion in 2014, $5.66 billion in 2015, $6.08 billion in 2016 and $8.81 billion in 2017, according to the report on trends in the content industry released by the Ministry of Culture, Sports and Tourism and the Korea Creative Content Ag
Aug. 11, 2019
-
S. Korea's growth potential poised to decline amid steady drop in exports
South Korea's growth potential has dipped to the mid-2 percent range and may further decline due to the fast aging of the population that is beginning to affect its labor force, a local think tank suggested Sunday.According to the Hyundai Research Institute, the country's growth potential has steadily dwindled from 7.3 percent in the early 1990s to 5.6 percent in the late 1990s and 3.2 percent in the 2011-2015 period.The report said the growth potential of Asia's fourth-largest economy has dropp
Aug. 11, 2019
-
Korean won tipped to face further decline after 5% dip
South Korea's local currency has dropped by one of the fastest rates in the world against the US dollar but may further decline on apparently growing demand for safer assets, data showed Sunday.The Korean won closed at 1,214.90 won against the greenback Thursday, down 5 percent from 1,154.70 won a month earlier, according to the Bank of Korea (BOK).The sharp decline was largely attributed to the escalating trade tension between the world's two largest economies -- the United States and China --
Aug. 11, 2019
-
S. Korea's 2020 budget may top 510t won
South Korea's state budget may top 510 trillion won ($421 billion) next year, up some 9 percent from this year's budget, as the country seeks to boost the economy with massive fiscal spending, government officials said Sunday. For the year, the country's budget is set at some 470 trillion won, and the government wants to increase the state coffers by between over 7.3 percent and 9.5 percent.For the year, the annual budget spending increase was set at 9.7 percent.In June, government ministries an
Aug. 11, 2019
-
Fitch maintains S. Korea's rating at 'AA-'; outlook stable
Global credit appraiser Fitch Ratings said Friday that it has reaffirmed its rating on South Korea at "AA-" with a stable rating outlook. "South Korea's AA- rating balances robust external finances, steady macroeconomic performance, and sound fiscal management against evolving geopolitical risks related to North Korea and medium-term structural challenges from aging demographics and low productivity," the ratings agency said in a report posted on its website.South Korea's eco
Aug. 9, 2019
-
Japan’s new whitelist rules exclude additional ‘strictly controlled’ export items for now
Japan on Wednesday officially declared a revised bill that excludes South Korea from its list of trusted trading partners. However, the proclamation didn’t stipulate any additional items that Japan will slap restrictions on, aside from the three chip and display materials, offering momentary relief for Korean businesses amid intensifying tension between the two nations. The Japanese Ministry of Economy, Trade and industry announced on its homepage it would put the bill into effect starting
Aug. 7, 2019
-
Authorities vow to stabilize market amid volatility
South Korea’s financial authorities vowed Wednesday to take preemptive stabilizing measures, responding to the latest local stock market crash incurred in line with the intensifying US-China trade feud and Japan’s export curbs against Korea.Their action plan includes aggressive government interferences such as reinforced regulations on stock short-selling and alleviated rules on treasury stock purchases, as well as possible intervention in the currency market.“The government wi
Aug. 7, 2019
-
Seoul to take preemptive steps to stabilize markets
South Korea will take swift and bold steps if necessary to help stabilize the financial markets, the country's finance minister said Wednesday, assuring that the country's economic fundamentals remain strong despite what he called "temporary risks."In an emergency meeting with other top financial officials, including the head of the Bank of Korea, Finance Minister Hong Nam-ki said the increased volatility in the market was the result of "short-term risks" that happened to ove
Aug. 7, 2019
-
Japan’s export curbs to affect imports of carbon fiber, botulinum toxins
With Japanese Prime Minister Shinzo Abe’s Cabinet removing South Korea from its list of trusted export destinations last week, attention has been drawn to what materials will become subject to import restrictions. According to the Korea Strategic Institute, which oversees management of strategic goods for the Korean government, 159 materials were selected as items of concern to be subject to the Japanese restrictions for security reasons. Among those materials that Japan claimed could be
Aug. 6, 2019
-
[News Analysis] Markets roiled as US-China spat dwarfs impact of Japan factor
As South Korea’s financial market continued to totter Tuesday after a “Black Monday,” experts observed that the key reason behind the current anxiety is the prolonged US-China trade conflict rather than the escalating feud with Japan.Tense about the US-China situation and its anticipated leverage in the global financial markets, authorities here vowed to take stabilizing steps in case of increased volatility, signaling a possible intervention in the local foreign exchange marke
Aug. 6, 2019