The South Korean government said Monday that it will funnel 7 trillion won into research and development activities over the next two years to foster the new growth engine industries, such as renewable energy and biofuel technologies.In its annual policy plan reported to the presidential office, the Ministry of Trade, Industry and Energy said that it will increase the government's R&D spending to 7 trillion won in 2016 and 2017 from 2.5 trillion won in 2015. Selected industries of services, cult

A growing number of customers have been filing complaints against e-commerce operators over product quality and service in the wake of their explosive growth in recent years, data showed Monday.The Korean online shopping market has rapidly grown in the world's most-wired country to become a major retail channel, with monthly transactions reaching nearly 5 trillion won in November.The Korea Consumer Agency said it received 6,701 complaints related to digital shopping services last year, up 21.1 p

South Korean companies are expecting to find a slew of business opportunities in Iran as the lifting of sanctions on the oil-rich nation could open up new investments to rebuild its battered economy, industry officials said Sunday. The U.N. nuclear agency on Saturday certified that Iran has met all of its commitments under last summer's landmark nuclear deal to crimp Tehran's ability to make atomic weapons. For Iran, the move lifts Western economic sanctions that have been in place for years, un

South Korea has suffered the largest outflow of foreign stock funds in more than six years as China's stock market rout and plummeting oil prices added uncertainties in the financial market, data showed Sunday. Offshore investors held 403.12 trillion won ($331.78 billion) worth of stocks in the main KOSPI and tech-laden KOSDAQ markets as of Friday, according to the data compiled by the Korea Exchange (KRX). Their ownership accounted for 28.7 percent of the total, the lowest since August 2009, th

China became South Korea's second-largest trading partner in the fourth quarter of last year, unseating Japan for the first time, data showed Sunday.According to the data by the Korea International Trade Association (KITA), South Korea's trade with China came to US$75.6 billion in the October-December period, with Seoul's trade with Japan reaching $71.7 billion. The United States was Seoul's top trading partner.South Korea's trade with Japan had been hovered above that of Japan, though Seoul's e

A prolonged downturn in international crude prices is feared to have a negative impact on South Korea's exports by hitting emerging markets and Middle Eastern countries, watchers said Sunday.Hurt by concerns over growth of the world economy and a supply glut, oil prices sank below the $30 a barrel last week for the first time in 12 years.Falling oil prices are widely seen as a boon to South Korea, which depends entirely on imports for its oil needs, as they usually lead to lower production costs

South Korea's employment-to-population ratio inched up last year thanks to a rising number of new employees in their 60s, but younger jobseekers still struggled with a slack labor market, data showed Sunday. The employment-to-population ratio ticked up 0.1 percentage point to 60.3 percent in 2015, hitting the highest mark ever but failing to reach the government's 70 percent target, data by Statistics Korea showed. Employees aged 60 or over grew at the fastest clip, with 172,000 landing new jobs

South Korea's macroeconomic uncertainty touched a three-year high in late 2015 as the U.S.interest rate hike and China's economic slowdown have shaken financial markets across the world, the Korean central bank said Sunday. The Bank of Korea (BOK) said the macroeconomic index based on eight indicators, including economic growth, business sentiment and stock market indices, stood at 37.5 in December 2015, the highest since January 2013. The index bottomed out in the first half of 2007 but surged

South Korean shares dropped 1.1 percent to hit a five-month low on Friday as investor sentiment was again spooked by losses in the Chinese stock market. The local currency remained flat against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 21.14 points to close at 1,878.87, the lowest since Sept. 8, 2015. Trade volume was thin at 303.9 million shares worth 4.39 trillion won ($3.62 billion), with losers outnumbering winners 584 to 274.Foreigners remained net sellers for 10

South Korea’s new finance minister said Friday that the country’s team of new economic ministers will do their best to lay the foundation for helping the country become the world’s fifth-biggest exporter in the near future.Yoo Il-ho, who took office Wednesday, chose to visit the port of Pyeongtaek, one of the biggest maritime gateways on the west coast, to show his determination in reviving exports.South Korea was the sixth-biggest exporter in the world last year with $440.1 billion in outbound

The recent stock market rout in China has been roiling the global market, but Korean investors who bought China-tied investment products could be hit hardest by the recent turbulence, market watchers said Friday.The issuance of equity-linked securities designed to track the Hong Kong Stock Exchange's Hang Seng China Enterprises index came to 46.34 trillion won ($38.34 billion) at the end of last year, accounting for some 60 percent of all ELS products sold here in 2015, according to data by the

President Park Geun-hye called Thursday to boost domestic demand and investment to help revitalize South Korea's economy amid sluggish growth and exports.She also asked officials to front load fiscal spending and ensure that nationwide discount events, like Korean Black Friday, can be held on a regular basis to keep boosting consumption.Korea's version of Black Friday helped boost sales of major department store chains by 11.4 percent in November in the second consecutive month of an on-year ris

South Korean adults are most concerned about such economic problems as inadequate retirement funds, employment and income, a poll showed Thursday, reflecting the country's worsening economic conditions.Nearly 37 percent of those surveyed consider the prolonged economic downturn and a slowdown in growth as the most disconcerting social issues.According to the survey of 7,000 Korean adults taken by the Korea Institute for Health and Social Affairs, the overall degree of uneasiness was 5.4 out of 1