The Korean economy is plagued by dwindling vitality in the private sector stemming from some structural problems amid rising external uncertainties, the finance minister said Thursday."Since the beginning of the year, Korea's exports have been in the doldrums due to fast-falling oil prices, Chinese financial turmoil and Japan's negative interest rate," Finance Minister Yoo Il-ho said in a meeting with heads of state-funded agencies. Finance Minister Yoo Il-ho (Yonhap)"Economic vitality in the pr

The number of Koreans who traveled abroad reached a monthly high in January, according to figures from a government-run tourism agency Thursday. A total of 2.11 million departed the country last month, up 15.1 percent from a year ago, said the Korea Tourism Organization. It cited cheap airfare as the main reason for the jump.  Travelers seen at Incheon International Airport. (Yonhap)The number of visitors to Taiwan surged 15.9 percent to 57,700 during the cited period, as local airlines gave dis

Korean consumer sentiment fell to an eight-month low in February as more people expected their future incomes to deteriorate, central bank data showed Thursday.The composite consumer sentiment index stood at 98 for February, compared with 100 for January, according to the Bank of Korea. Consumers shop at a supermarket in Northern Seoul. (Yonhap)The February reading marks the first time the index has fallen below 100 since June. A reading below 100 indicates pessimists outnumber optimists, and a

Korea's finance ministry said Wednesday that it will speed up its budget-frontloading efforts to pump-prime the economy struggling with faltering exports.The ministry earlier said it will spend 144 trillion won ($116.6 billion) out of the 330.6 trillion won budget for 2016 in the first three months of the year as key economic data showed that the country is facing some tough challenges.Asia's fourth-largest economy is grappling with plummeting exports in the face of a sharp downturn in oil price

The United States is moving to tag Korea as a currency manipulator at a time when the country is struggling with plunging exports, local observers said Wednesday.Korea and other countries that have consistently posted trade surpluses with Washington will likely be designated currency manipulators in the coming months after U.S. President Barack Obama signs an amendment to a related bill, according to the local observers."Korea along with Taiwan may be among the first to be designated as countrie

Korean shares erased earlier gains to close 0.11 percent lower on Tuesday as investors continued to opt for a profit-taking mode. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.14 points to finish at 1,914.22. Trading volume was slim at 324 million shares, worth 3.95 trillion won ($3.21 billion) with losers outnumbering gainers 437 to 362.The local bourse started a tad higher following overnight gains on Wall Street and rebounding o

Korea's terms of trade improved from a year earlier last month but mostly due to import prices falling at a faster rate than export prices, central bank data showed Tuesday.The terms of trade index for products came to 101.34 in January, up 5.6 percent from the same month last year, according to preliminary data from the Bank of Korea (BOK).From a month earlier, the January figure marks a 0.6 percent rise.The index measures the amount of imports a country can purchase for each unit of exports, s

The Bank of Korea (BOK), Korea's central bank, is seeking to expand its performance-based wage system to include lower grade officials as part of efforts to boost efficiency and competitiveness, bank officials said Tuesday.A new task force on expanding the new wage system has been set up following a recent order from BOK Gov. Lee Ju-yeol, the officials added, while speaking on the condition of anonymity. Bank of Korea (Yonhap)Senior officials at the managerial level or higher are already subject

Contract workers made up one-in-five of all jobs in local brokerages as firms cut back on their regular workforce in the face of a prolonged market slump, data by a local capital investment organization showed Tuesday. According to Korea Financial Investment Association (KOFIA), in the five years up through 2014, contract workers accounted for between 16-18 percent of all workers, but jumped to over 20 percent as of December. It said there were some 7,411 contract employees working for 64 securi

Korean shares closed nearly flat Monday as profit-taking by institutions and individuals was offset by foreign buying. The local currency finished steady against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) ticked up 0.12 point, or 0.01 percent, to finish at 1,916.36. Trading volume was slim at 261.98 million shares, worth 3.4 trillion won ($2.75 billion) with gainers outnumbering losers 470 to 331. KOSPI (Bloomberg)The index rose 4.4 percent last week, with local curr

Korea will hold free trade agreement negotiations with six Central American countries this week, the Trade Ministry said Monday.The third round of negotiations will be held in San Francisco, U.S., from Monday to Friday, local time, according to the ministry.  The Americas (123rf)The six Central American countries are El Salvador, Panama, Guatemala, Honduras, Nicaragua and Costa Rica.At the five-day negotiations, the countries will discuss key topics including the products subject to the FTA, fin

Prices of domestically produced beef rose at the fastest clip in five years in 2015, government data showed Monday.According to the data by Statistics Korea, domestic beef prices rose 7.3 percent last year from the previous year. This marked the largest annual gain since 2010 when prices surged 10.5 percent on-year. Domestically produced beef is on display at a South Korean supermarket. (Yonhap)Industry watchers said prices rose on government efforts to reduce the number of cattle to prop up the

South Korea’s outbound shipments are expected to fall by up to 0.5 percent in 2016 from a year ago amid tepid global demand, a report showed Sunday.  (Yonhap)“Sluggish global demand, and weaker European and Japanese currencies will drag down the nation’s exports by 0.4 to 0.5 percent in 2016 compared to 2015,” said the report compiled by the Export-Import Bank of Korea.The report underlined the increasing uncertainties of the Chinese economy and the impact of the U.S. interest rate hike as key f

Seoul’s skyline is rapidly changing with the skyscrapers -- already built or under construction -- in major commercial and residential districts.According to a report by the Seoul Metropolitan Government, the tallest building in Seoul is the International Finance Center in Yeouido, the capital’s financial district, at 279 meters. But the title will be transferred to Lotte World Tower in Jamsil, southeastern Seoul, when its construction is completed next year.IFC is followed by Tower Palace in Do

Rising tensions with North Korea could hit already-fragile investor sentiment, experts warn