South Korea ranked top among the Organization for Economic Cooperation and Development countries in terms of research and development spending as a proportion of gross domestic product, a report showed Thursday.According to the OECD report on the global state of science, technology and industry, Korea has superseded Israel as the world’s most R&D intensive country, spending 4.29 percent of GDP for this purpose in 2014. OECD countries spent an average of 2.37 percent of their GDP, the same level

Korea's economic growth was largely fueled by a rise in inventories last year amid a deepening slump in domestic demand and industrial output, with its contribution hitting a five-year high, central bank data showed Thursday.The contribution of inventory stocks to economic growth reached 1.1 percentage points in 2015, while Asia's fourth-largest economy expanded 2.6 percent over the period, according to the data compiled by the Bank of Korea. The Bank of Korea (Yonhap)The figure marked the highe

Hong Kong stocks plunged more than four percent to a more than three-year low Thursday, leading another sell-off across Asian markets and extending a global rout fanned by worries over the world economy.Comments from Federal Reserve boss Janet Yellen virtually confirming the bank will not lift interest rates next month put further pressure on the beleaguered dollar, while the ongoing supply glut saw oil prices sink below $27 a barrel.Dealers continued their flight to safe investments that has pl

The Korean central bank is widely expected to stand pat on its key rate for another month in February despite weak signs of a recovery in the economy and exports that might require a rate hike down the road, a poll showed Thursday.In a monthly poll conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency, all 10 economists surveyed projected the Bank of Korea (BOK) to hold its policy rate frozen at 1.5 percent for February.The central bank has kept the key rate steady for seven

South Korean shares started over 2 percent lower Thursday as investors dumped blue chips on heightened worries over the global economy and growing geopolitical risk following North Korea's long-range rocket launch.The benchmark Korea Composite Stock Price Index (KOSPI) dropped 40.52 points, or 2.11 percent, to 1,877.27 in the first 15 minutes of trading. KOSPI (Bloomberg)Recent setbacks in Japanese stocks set the gloomy tone for the Korean market, which started its first day of trading following

The won-dollar exchange rate has shown sharp fluctuations in recent months, raising concerns over the possible negative impact of such volatility on the country’s economy, which is struggling with deteriorating conditions both at home and abroad.Last week saw it rise by 18.8 won in the first three trading days to reach 1,219.3 won per dollar -- the highest level in five years and eight months -- before falling by 21.9 won over the following two days to close at 1,197.4 won on Friday. The foreign

Construction firms were the top winners on the main stock bourse in early trading this year, data showed Wednesday, as investors cheered growing opportunities in the Iranian market.The construction segment of the benchmark Korea Composite Stock Price Index advanced 15.47 percent this year through Feb. 5, the bourse operator Korea Exchange said. Over the cited period, the KOSPI plunged 2.22 percent. Industry watchers said builders gained ground throughout January and early February as the interna

FORAY INTO IRAN -- Woori Bank CEO and president Lee Kwang-goo (third from the left) hosts a ceremony to announce the opening of the bank’s trade and investment center in Iran with guests including Strategy and Finance Vice Minister Choi Sang-mok (fourth from the left), at the firm’s headquarters in Jung-gu, Seoul, on Jan. 25. (Yonhap)

A Finance Ministry director will fill the World Bank executive director’s office, vacated by Eun Sun-soo, the ministry said Friday. Eun quit last month to run Korea’s sovereign fund Korea Investment Corp.“World Bank on Feb. 3 appointed Choi Hee-nam as one of its executive directors,” the ministry said in a press statement. 　Choi was previously the head of the Finance Ministry’s international finance bureau. He will serve out the remaining term of Eun, until Oct. 31.  Choi Hee-nam (Yonhap News)Wo

Tokyo stocks opened sharply lower on Friday as a stronger yen hit exporters, despite modest gains on financial markets in Europe and on Wall Street.European and US shares mostly firmed Thursday despite another drop in oil prices ahead of an eagerly awaited US jobs report for January later on Friday.US stocks advanced despite veering into negative territory a couple of times in a choppy session, as oil prices closed lower and US data showed a drop in fourth-quarter productivity and a rise in week

The government will step up efforts to restructure the manufacturing industry and reinvigorate the sagging corporate sector, officials said Thursday.Industry Ministry officials said the government will seek industry-wide reorganization after the National Assembly passes a reform bill aimed at helping firms to sell or purchase businesses. “The ministry will move fast to support companies to fasten their business restructuring with the legislation of relevant law,” Industry Minister Joo Hyung-hwan

Korea’s trade minister urged the chiefs of major business groups on Thursday to step up investment to help revive exports and rejuvenate the sluggish economy. “With your efforts, our economy will be able to get back on the right track earlier than expected. We want you to invest to create world-leading industries and develop innovative technologies,” said Trade Minister Joo Hyung-hwan at a breakfast meeting with the heads of the nation’s top 30 conglomerates. Trade Minister Joo Hyung-hwan (secon

Policymakers and economists here have shown mixed responses to a recent report that China and Japan are working to form a new framework to bring together government and central bank officials to discuss economic policy coordination.The move reported by a leading Japanese business daily last week apparently reminded them that South Korea’s two giant neighbors are ready to pursue practical economic interests separately from their conflicts over historical and territorial issues. Beijing and Tokyo

Korea will pump an additional 21 trillion won ($17.4 billion) of fiscal stimulus into the economy until March to combat sagging exports and revitalize growth, the government said Wednesday.  The Ministry of Strategy and Finance said that public spending in the January-March period would rise by 6 trillion won to 144 trillion won, with 2 trillion won of the amount to come from the central government. The government’s total budget for 2016 stays unchanged at 386.4 trillion won. Containers are seen

South Korea plans to jack up its fiscal spending by an additional 21 trillion won ($17.4 billion) in the first quarter in an effort to pump-prime the economy struggling with faltering exports, the finance ministry said Wednesday.It will also extend a consumption tax cut program on passenger cars, which was set to finish at the end of December, to June to bolster domestic demand.Asia's fourth-largest economy is grappling with plummeting exports in the face of a crippling downturn in oil prices an