The Korea Herald

Public firms to launch mega projects in 2016

Mar 10, 2016

Four state-run companies will carry out 21 trillion won (US$17.3 billion) worth of projects in 2016 as part of the government-led stimulus to boost the local property market and the entire economy, the ministry said Thursday.The public firms will order 1,689 new projects, such as building new apartment complexes and highways, this year, with the total value reaching 20.9 trillion won, up 7 percent from 19.5 trillion won a year earlier, according to the Ministry of Land, Infrastructure and Transp
Finance Ministry warns pace of recovery slowing

Mar 9, 2016

Korea’s economic recovery lost some steam recently, with production and consumption slowing at home and exports continuing to get pounded by global trade woes, the Finance Ministry said Wednesday. In its latest monthly economic survey, the ministry expected the pace to pick up later this year, if and when the government’s fiscal stimulus and consumption-boosting steps exert their anticipated effect. “With industrial output sluggish, Korea’s economy is undergoing a correction in consumption, due
[Graphic News] Single-person households face malnutrition: survey

Mar 9, 2016

One out of three Korean people living alone skip breakfast, indicating they have abnormal eating habits and are vulnerable to malnutrition, a survey showed Wednesday.According to a survey of 500 single-person households and 500 households with more than two members by the state-run Korea Rural Economic Institute, 33.5 percent of those living alone eat no breakfast, nearly double the 18.1 percent of the other group. In particular, 44.2 percent of the singles aged 30 or younger skip breakfast.They
Industrial output, domestic demand to show signs of slight recovery: government report

Mar 9, 2016

Korea's industrial production and domestic demand have remained sluggish in recent months, but they are expected to slightly recover later this year, the finance ministry said Wednesday.A protracted slump in the nation's exports is also expected to ease, while the recent government decision to extend the individual consumption tax cut may have a positive effect on domestic consumption, said the ministry in its latest economic assessment report called the Green Book.According to the report, retai
China exports slump more than a quarter in February: Customs

Mar 8, 2016

China's exports plunged 25.4 percent year-on-year in February to $126.1 billion, Customs said Tuesday, as the struggling manufacturing sector dragged down the world's second-largest economy.The fall was much sharper than economists expected, with the median estimate of a Bloomberg News poll predicting a drop of 14.5 percent. Imports fell for the 16th consecutive month, plunging 13.8 percent to $93.6 billion, also below expectations, with the Bloomberg survey forecasting a 12 percent slide.The tr
KCCI chairman urges passage of economic bills

Mar 8, 2016

The head of the Korea Chamber of Commerce and Industry called on the National Assembly to act on a set of economic bills before the closure of the parliamentary extraordinary session this week.“It is regrettable that the debate on pending economic bills in the Assembly has stopped,” KCCI chairman Park Yong-maan said in a meeting with a group of reporters on Monday. KCCI chief Park Yong-maan meets the press in Seoul on Monday.　Among more than 10 pending bills aimed at economic revitalization and
[Graphic News] Glass ceiling still thick in Korea

Mar 7, 2016

Korea has the thickest glass ceiling in the corporate world, out of the 30 members of the Organization for Economic Cooperation and Development, according to an OECD report released on Monday.The report showed that the proportion of male executives to all employees was 2.4 percent in 2014 while the proportion of female executives stood at 0.4 percent.Among the nation’s 348 major companies, there were 273 (2.3 percent) female executives as of June last year. On the other hand, there were 11,447 (
Korean economy enters slowing mode: KDI

Mar 7, 2016

The Korean economy has entered a slowdown mode due largely to faltering exports and flaccid domestic consumption coupled with waning global demand, a state-run think tank said Monday."Korea's major indicators exhibited continuing sluggishness, signaling a gradual deceleration in economic growth," the Korea Development Institute (KDI) said in its monthly evaluation of the country's economic conditions."Exports declined continuously due to slowing global growth. As a result, mining and manufacturi
China cuts 2016 growth target to 6.5-7%

Mar 6, 2016

China on Saturday cut its growth target for this year to a range of 6.5 to seven percent, as the world's second-largest economy faces a litany of challenges from overcapacity to weak trade.The country is a key driver of global growth but expansion fell last year to 6.9 percent, its slowest in a quarter of a century, and worries over its health have sent tremors through stock markets around the world.Premier Li Keqiang told the opening of the National People's Congress (NPC) parliament, the count
Number of new firms in Korea up 1.7% in January

Mar 6, 2016

The number of new companies kicking off operations in Korea advanced 1.7 percent on-year in January, data showed Sunday, marking a record-high figure for the month.According to data compiled by the state-run Small and Medium Business Administration (SMBA), the number of new businesses in the country reached 8,210 in January, compared to the 8,070 posted a year earlier.The growth, however, marked a sharp decrease from the 10 percent on-month increase posted in December.The SMBA said the slowed gr
[Graphic News] North Korea’s trade deficit widens

Mar 3, 2016

The U.N. Security Council’s tougher economic sanctions against North Korea is expected to deal a serious blow to North Korea’s economy as they include a ban on the North’s major export items like coal and iron ore.According to a report released by South Korea’s Trade-Investment Promotion Agency on Thursday, North Korea’s external trade amounted to $7.6 billion in 2014 but its deficit widened to $1.29 billion, a 41 percent increase from a year earlier.North Korea’s major export goods included min
PM explores policy options to expand trade with China

Mar 3, 2016

Prime Minister Hwang Kyo-ahn on Thursday exchanged views with local business leaders on doing trade with China to help them find ways to better penetrate the world's second largest economy.During a meeting with eight company executives and related government officials, Hwang explored policy options to better assist companies in expanding exports, the Prime Minister's Office said. Prime Minister Hwang Kyo-ahn (Yonhap)Hwang stressed the importance of utilizing the bilateral free trade pact which
Key business bills win parliamentary approval

Mar 3, 2016

Although overshadowed by the hotly debated antiterror bill, a raft of key bills pertaining to various aspects of Corporate Korea passed through the National Assembly on Thursday. Among them, four bills that govern corporate restructuring, moneylending, insurance fraud and executive pay disclosure hold particular significance for their expected impact on businesses and individuals, particularly at this time of economic hardship. Lawmakers attend a plenary session at the National Assembly in Seoul
Consumer price growth hits over 1% in Febuary

Mar 3, 2016

Korea's consumer prices grew by more than 1 percent in February for the first time in two months on a rise in prices of public services and agricultural products, government data showed Thursday.The country's consumer price index rose 1.3 percent last month from a year earlier, accelerating from January's 0.8 percent on-year gain, according to the report by Statistics Korea.The figure had remained below the 1 percent level for 11 straight months until October last year but hit 1 percent in Novem
Industrial output slips 1.9% in Jan.

Mar 2, 2016

South Korea’s industrial output fell for a third consecutive month in January, a government report showed Wednesday.Output declined 1.2 percent from a month earlier, but moved up 1.8 percent from the same month in 2015, according to Statistics Korea. Workers assemble a car at a local auto plant. (Yonhap)Production in the mining, manufacturing, gas and electricity industries dropped 1.9 percent last month from a year earlier. Communications equipment production tumbled 24.5 percent from a year e