Most Popular
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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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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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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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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Seoul to deploy more military doctors to fill med prof void
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US to levy antidumping duties on S. Korean carbon, alloy steel wire rod
WASHINGTON -- The United States will levy antidumping duties on imports of South Korean carbon and alloy steel wire rod due to their harmful effect on the domestic industry, a US trade panel said Tuesday.The US International Trade Commission said it had determined that a domestic industry was being "materially injured" by imports of carbon and certain alloy steel wire rod from South Korea, Italy, Spain, Turkey and Britain.The Commerce Department determined in March that the five countr
May 2, 2018
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US formally exempts S. Korea from steel tariffs
WASHINGTON -- The United States on Monday formally exempted South Korea from steep tariffs on steel imports, saying the move was in line with national security interests.US President Donald Trump earlier announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from all countries in principle, citing the need to protect the nation from what his administration called a threat to national security."Today, President Donald J. Trump issued two proclamation
May 1, 2018
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Infrastructure budget cuts raise concerns
With a thaw in inter-Korean relations raising expectations for possible infrastructure projects in the North, concerns are growing over decreasing budgets set aside to build and refurbish social overhead capital in the South.It is still too early to discuss economic cooperation with North Korea as there remain many hurdles to its denuclearization that would be rewarded with the lifting of international sanctions on the impoverished regime. If the North would eventually take steps to scrap its nu
April 30, 2018
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Work hour reduction comes with both expectations, concerns by economic actors
SEJONG -- Reductions in legal work hours to go into effect from July 1 are raising expectations for better quality of life outside of the office in a country where people put in some of the longest work hours in the world, but they are also fueling worries about lost jobs and wages, economic observers said Monday.Laws were revised to set legal working hours at 52 per week, down from 68. The new regulations will be applied first at work sites with 300 employees or more.South Korea has long been k
April 30, 2018
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Korea's industrial output dips 2.5% in March
South Korea's industrial output fell in March from a month earlier on a dip in production in the automaking and machinery sectors, government data showed Monday.Production in the mining, manufacturing, gas and electricity industries fell 2.5 percent on-month in March, following an adjusted 0.8 percent on-month gain in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output plunged 4.3 percent, following a 6.8 percent on-year fall in February.Productio
April 30, 2018
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Peace mood to have limited impact on Korean market: report
Ongoing peace gestures involving North Korea could have positive impacts on South Korea's equity markets, though global woes would limit their upward momentum, a global investment bank said Friday.Marking the culmination of a series of inter-Korean reconciliation moves in recent months, the historic inter-Korean summit between South Korean President Moon Jae-in and North Korean leader Kim Jong-un is now underway at the border truce village of Panmunjom. "It seems markets are beginning
April 27, 2018
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S. Korea to impose anti-dumping duties on PET film imports
SEJONG -- South Korea's finance ministry said Thursday it has decided to levy anti-dumping duties on polyethylene terephthalate film imported from Taiwan, Thailand and the United Arab Emirates for the next three years.In January, the country's trade commission recommended the government levy stiff duties on the product, citing substantial damage to the local industry.Starting April 30, duties ranging from 3.67 percent to 60.95 percent will be slapped on synthetic resin imported from the three co
April 26, 2018
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Korean economy grows 1.1% on-quarter in Q1: BOK
South Korea's economy rebounded 1.1 percent in the first quarter from three months earlier thanks to increased investment and exports, central bank data showed Thursday.In the January-March period, the country's gross domestic product increased 1.1 percent from the previous quarter, turning around from a 0.2 percent drop three months earlier, according to preliminary data from the Bank of Korea.From a year earlier, Asia's fourth-largest economy expanded 2.8 percent over the three-month period.&q
April 26, 2018
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Korea’s worsening unemployment goes against global trend
Korea’s unemployment problem has continued to worsen in recent years, with all other major economies seeing their job markets tightening in keeping with robust growth.According to data from Statistics Korea and the Organization for Economic Cooperation and Development, the country’s unemployment rate rose from 3.5 percent in 2014 to 3.7 percent in 2017, while the average jobless rate of 34 OECD members dropped from 7.4 percent to 5.8 percent over the same period.What should be noted
April 25, 2018
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[Herald Interview] Procurement sector should expand abroad: PPS administrator
Considering the limited size and full saturation of the local market, outstanding procurement companies are being encouraged to create opportunities in overseas markets. And it is the government’s role to guide them to success, according to the chief of South Korea’s procurement office.“Our mission is not only to procure and manage material resources for the public sector, but also to sort out capable procurement providers from the private sector and help them expand into the g
April 25, 2018
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Korea's consumer sentiment drops to 1-yr low in April
South Korea's consumer confidence dropped for five months in a row to hit a one-year low in April due mainly to a possible US-China trade row and a strengthening local currency, a central bank poll showed Wednesday.The composite consumer sentiment index for this month stood at 107.1, down 1 point from the previous month, according to the survey by the Bank of Korea.The index has been on a steady decline since touching a seven-year high of 112 in November and has reached the lowest level since Ap
April 25, 2018
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Job losses from restructuring hit shipyard cities
SEJONG -- Shipyard cities and surrounding areas suffered steep job losses over a one-year period from ongoing restructuring efforts, state data indicated Tuesday.Employment and job sector figures from Statistics Korea showed the number of workers in Geoje, a city in the southeastern South Gyeongsang Province that is home to major shipbuilding facilities, dropped 12,900 to 123,400 as of October 2017 from a year before. The number of workers in mining and manufacturing sectors was down 6,900 to 58
April 24, 2018
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More female workers hired by restaurant businesses
SEJONG -- A large number of female workers in South Korea worked at restaurants and food catering businesses in the second half of last year while the retail sector hired mostly male workers, a report said Tuesday.A total of 1.35 million women were hired by various eateries in the last six months of 2017, slightly more than the 1.32 million female workers in the country's retail sector, according to the report by Statistics Korea.Some 1.27 million were in the educational service business and 886
April 24, 2018
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Korea, US made 'progress' on details in revised FTA draft: minister
WASHINGTON -- South Korea and the United States have made progress on the final details of a revised free trade agreement before a formal signing after they agreed in principle on major issues last month, Seoul's commerce minister said Monday (local time).Paik Un-gyu, minister of trade, industry and energy, made the remark during his weeklong visit to the US, where he met with senior American policymakers and business people, including Commerce Secretary Wilbur Ross and US Trade Representative R
April 24, 2018
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Strengthening won cushions rate reversal with US
Concerns over the possibility of capital outflow amid a widening gap between interest rates in Korea and the US are being eased by the strengthening of the won against the dollar.Earlier this month, the Bank of Korea held steady its key rate at 1.5 percent despite a decision by the US Federal Reserve in March to raise its policy rate by a quarter percentage point to a range of 1.5 percent to 1.75 percent.A weakening increase in consumer prices, growing household debt and worsening conditions for
April 23, 2018
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Chaebols' financial affiliates urged to sell non-financial shares
The top financial regulator has called on financial affiliates of family-run business conglomerates, or chaebol, to map out plans to sell their stocks in non-financial affiliates. The remarks by Financial Services Commission Chairman Choi Jong-ku on Friday were seen as a veiled warning to Samsung Life Insurance Co., which holds an 8.27 percent stake in Samsung Electronics Co.Lawmakers proposed a bill that bans insurers from holding a more than 3 percent stake in non-financial affiliates. If the
April 22, 2018
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Korean washer exports to US almost halved after safeguard action: KITA
South Korean washer exports to the United States plunged 45.4 percent on-year as safeguard measures took effect, an international traders organization here said Sunday.The data released by the Korea International Trade Association showed outbound shipments standing at around $30 million in the first three months of 2018 compared to $55 million a year earlier.Under the safeguard measure that took effect on Feb. 7, 20 percent tariff have been slapped on the first 1.2 million imported washers
April 22, 2018
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Job growth remains slow despite signs of economic recovery
South Korea's job growth has remained anemic in recent months despite the national economy showing signs of a recovery with robust exports, according to data on Sunday.The South Korean economy added about 112,000 new jobs in March and 104,000 new jobs in February, the data by Statistics Korea showed.It is the first time in almost two years that the number of new jobs remained at the 100,000-mark for two consecutive months.South Korea's exports rose 6.1 percent in March from a year earlier, thank
April 22, 2018
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Korea, US to strengthen policy coordination: finance ministry
Economic chiefs of South Korea and the United States agreed to strengthen their policy coordination at a time when inter-Korean relations are facing a dramatic turn, Seoul's finance ministry said Sunday.South Korean Finance Minister Kim Dong-yeon held a meeting with his US counterpart Steven Mnuchin in Washington on Saturday on the sidelines of the G-20 finance ministers and central governors meeting.They shared the view that it is a critical time for the two countries to engage in close policy
April 22, 2018
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SMEs should lead growth on Korean Peninsula: think tank
Small and medium enterprises should take center stage in fueling future growth in the two Koreas once cross-border tensions recede, a local think tank said Sunday.According to a report by the Korea Small Business Institute, the Moon Jae-in administration needs to give priority to SMEs in its new economic roadmap for the Korean Peninsula.It added that Seoul should get ready to restart bilateral economic cooperation, which has been halted in the face of North Korea's nuclear ambitions."This i
April 22, 2018