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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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Medical profs at top hospitals suspend surgeries, clinics
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Liberal bloc moves to rewrite student rights ordinance
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Hopes rise for possible Gaza truce deal
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S. Korea's Q1 growth ranks 5th among OECD nations
South Korea's economic growth rate ranked fifth among members of the Organization for Economic Cooperation and Development in the first quarter of the year, a sharp turnaround from three months earlier, OECD data showed Sunday.Asia's fourth-largest economy expanded 1.1 percent in the January-March period from three months earlier, the fifth-highest among OECD member nations after Latvia (1.7 percent), Poland (1.6 percent), and Hungary and Chile (1.2 percent).South Korea tied with Finland and Mex
May 27, 2018
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Korea to maintain 3% growth target despite doubts: minister
South Korea’s economy will remain on its course to a 3 percent growth this year, the nation’s top economic policymaker said Thursday, downplaying lower forecasts by think tanks on sluggish employment and investment.“As for now, we have no plans to revise the 3 percent growth target,” Deputy Prime Minister and Finance Minister Kim Dong-yeon said in a morning radio interview with CBS.“The economy grew 1.1 percent in the first quarter this year, which is more or less o
May 24, 2018
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BOK freezes policy rate at 1.5% for May
South Korea's central bank on Thursday held its key rate steady for May amid signs of an economic downturn and low inflation pressure.In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the policy rate unchanged at 1.5 percent, extending its wait-and-see stance to six months.In November last year, South Korea's central bank adjusted up the key rate for the first time in more than six years, citing economic recovery.Gov. Lee Ju-yeol said the rate-freeze decisio
May 24, 2018
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Value of shares owned by 30 richest stockholders in Korea declines 5%
The combined value of shares owned by South Korea's 30 richest stockholders dropped 5 percent compared with the beginning of the year, industry data showed Tuesday. As of Monday, the combined value of shares owned by the stockholders stood at 85.8 trillion won ($79 billion), down 4.49 trillion won from 90 trillion won on Jan. 2, according to market tracker Chaebul.com.The benchmark Korea Composite Stock Price Index, compared with the closing price of 2,479.65 of the first trading session of this
May 22, 2018
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Different economic diagnoses confuse markets
Key economic officials have recently expressed different views on the performance of the Korean economy, leaving market watchers confused about their intended policy direction. Last week saw the three top economic aides to President Moon Jae-in and the central bank head strike different tones on the current state of the economy and the effect of minimum wage hikes on employment.Finance Minister Kim Dong-yeon, who concurrently serves as deputy prime minister for economic affairs, came forward Thu
May 21, 2018
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Korea to spend extra budget to create more youth jobs
SEJONG -- South Korea will make use of an extra budget as soon as possible to create new jobs for young people and help industrial regions grappling with massive layoffs, the finance ministry said Monday. With the National Assembly having passed the 3.83 trillion won ($3.54 billion) supplementary budget, an extraordinary Cabinet meeting will be held later in the day to approve a budget implementation plan.As it took 45 days to pass the bill submitted by the government due to political wrangling
May 21, 2018
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Foreign funds in Korea more than double over decade
The number of foreign funds investing in the South Korean stock market has more than doubled over the decade, exceeding the 20,000 mark this year, the financial watchdog said Monday.A total of 21,328 foreign stock investment funds were registered with the Financial Supervisory Service as of the end of March, up 112.7 percent from 10 years earlier and accounting for slightly over 62 percent of foreign institutions operating in South Korea.Equity investment funds were followed by pensions and othe
May 21, 2018
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Number of new hires in small retail, wholesale jobs falls in Q1
The total number of people finding work in the country's small retail and wholesale sectors fell in the first quarter, a report by a local think tank showed Sunday. The findings by the Korea Institute of Finance said that the number of jobs in the key service sector was down 86,000 from a year earlier. Small businesses refer to businesses that employ one to four workers, and have generally been seen as reflective of the number of people setting up their own businesses.KIF said that this year's d
May 20, 2018
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Panel to look into minimum wage's impact on jobs
The government will look into the impact of the minimum wage hike on employment, amid a heated debate over whether the increase is actually hurting entry level jobs and weighing down the local economy, the head of a special commission said Sunday.Ryu Jang-soo, the chairman of Minimum Wage Commission under the labor ministry, said his commission will delve into the real impact of the 16.4 percent raise in the minimum wage on the local economy since it went to effect in January."The minimum w
May 20, 2018
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BOK to hold key rate steady at upcoming monetary meeting: Moody's
South Korea's central bank is expected to freeze its policy rate at the current 1.5 percent at its upcoming monetary meeting due to low inflation pressure and the sluggish job market, a market watcher said Sunday.Scheduled to take place Thursday, the seven-member monetary policy panel under the Bank of Korea will decide whether to keep or adjust the key rate. The May meeting is the fourth round out of eight sessions set for this year.The BOK has maintained the present level in the previous three
May 20, 2018
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Households' overseas spending rises up
South Korean households’ overseas spending rose 18.9 percent in the fourth quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Saturday.South Korean households spent 8.43 trillion won (US$7.8 billion) overseas in the October-December period, the Bank of Korea (BOK) said.The data includes expenditure by South Koreans on accommodation and food while traveling or taking business trips to foreign countries.The hike in overseas spending is attrib
May 19, 2018
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S. Korea may face continued US trade pressure: experts
South Korea is feared to continue to face US trade pressure despite the amendment of a bilateral free trade deal and the recent settlement of a row over steel imports, experts said Friday.In late March, South Korea and the US revised their free trade agreement, with Seoul agreeing to open its auto market to the US in exchange for an exemption from steel tariffs.Washington formally exempted South Korea from steep tariffs on steel imports on April 30, saying the move was in line with national secu
May 18, 2018
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Annual salaries of top 30 firms increase 2.6% in 2017
The average annual salary of employees at South Korea's top 30 listed companies grew in the mid-2 percent range in 2017, with the growth rate for women nearly twice that for men, market trackers said Friday.The per-capita annual salary of the leading companies increased at an average rate of 2.6 percent last year from a year earlier, according to the job portals Job Korea and Albamon.Female workers of the companies saw their annual salaries expand 3.4 percent last year from the previous year, mu
May 18, 2018
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S. Korean economy in good position as N. Korea tensions ease: S&P
Standard & Poor's, a global rating agency, made a positive assessment of the South Korean economy amid eased inter-Korean tensions, the country's chief economic policymaker said Thursday."S&P sees the overall conditions surrounding the Korean economy positively, and it also views progress in the geopolitical risks involving North Korea in a favorable light," Finance Minister Kim Dong-yeon said after a meeting with a S&P delegation."But they expressed concerns over the
May 17, 2018
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Korea to launch dumping probe into imported stainless steel bars
South Korea's trade commission said Thursday it will launch an anti-dumping investigation into stainless steel bar products imported from Taiwan and Italy.The Korea Trade Commission under the trade ministry said it made the decision at the request of Korean manufacturers, including Dongil Steel Co. and SeAH Special Steel Corp., who claimed that the cheap imports hurt their businesses.The commission said it will look into whether Taiwanese and Italian companies sold their products below fair mark
May 17, 2018
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Seoul will phase in FX market intervention disclosure plan: minister
South Korea will be revealing its records on foreign exchange market intervention at an incremental pace, as part of efforts to promote the credibility of the nation’s currency policies, according to the top financial policymaker on Thursday.“The disclosure of the (government’s) measures to stabilize the foreign exchange market is the right way to go,” said Deputy Prime Minister and Finance Minister Kim Dong-yeon in a meeting of economy-related ministers.“But consid
May 17, 2018
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Seoulites spend 96 minutes on daily commute: data
Seoul citizens spend an average of an hour and 36 minutes traveling to and from work every day, data showed Wednesday.According to a report by the Ministry of Land, Infrastructure and Transport and the Korea Transport Institute, Seoul citizens’ average commuting time as of 2016 stood at 96.4 minutes, the longest among major cities and provinces nationwide. Of this daily average, 41.8 minutes were spent going to work and 54.6 minutes on returning home.The corresponding figures for the metro
May 16, 2018
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Concerns rise ahead of reduced workweek implementation
Concerns are deepening that the planned implementation of reduced work hours unaccompanied by specific guidelines and supplementary measures will add to difficulties faced by local companies, pushing them further to move production abroad.Under the labor law revision passed by the National Assembly in February, the maximum workweek will be reduced from 68 hours to 52 hours in three stages, starting from July 1 at companies with 300 employees or more. The shortened workweek will be applied to fir
May 16, 2018
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Women make up 3% of execs at Korea's top conglomerates
The number of female executives at South Korea's top 30 conglomerates came to 3.1 percent of the total last year, a market tracker said Wednesday, in a sign that the glass ceiling is still intact in the male-dominated Asian country.Among 8,835 executives of 268 affiliates belonging to the business groups, known as chaebol here, that submitted business reports last year, only 274 were female, according to CEO Score.Yet, it was the first time for the tally to surpass the 3 percent mark, it said. T
May 16, 2018
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Jobless rate falls to 4.1% in April, job creation remains sluggish
South Korea's jobless rate fell slightly in April due to a rise in employment in the health care, financial service and public service sectors, but job creation still remained weak, government data showed Wednesday.The unemployment rate stood at 4.1 percent last month, down 0.1 percentage point from a year earlier, according to the report compiled by Statistics Korea.The number of employed people reached 26.86 million in April, up 123,000 from a year earlier, according to the data.The unemployme
May 16, 2018