The Korea Herald

BOK chief says economy gaining traction

Apr 28, 2015

South Korea's top central bank said Tuesday the country's economic recovery is gaining momentum despite external risks but stressed that structural reform is necessary for long-term growth. Bank of Korea data released last week showed that the country's gross domestic product grew 0.8 percent on-quarter in the first three months of the year, up from a 0.3 percent on-quarter gain tallied for the fourth quarter of 2014. BOK Gov. Lee Ju-yeol said while the quarterly result is "not satisfactory,"
[Herald Interview] Korea to defend rice market in TPP talks

Apr 27, 2015

Korea’s top agriculture policymaker has emphasized that the government would not further open its rice market, even when the nation participates in the U.S.-led Trans-Pacific Partnership to establish a free trade zone among Pacific Rim countries. “Our government is firmly set on excluding rice from the TPP’s list of tariff concession,” said Lee Dong-phil, minister of agriculture, food and rural affairs.“As regards to joining the TPP, our government’s position is that we will do so after carefull
S. Korea seeks to ink bilateral FTA with China next month

Apr 27, 2015

South Korea is working to officially sign its bilateral free trade agreement with China in May, a ranking government official said Monday. The move comes as the government seeks to implement the free trade pact before the end of the year. "After the FTA is officially signed, the government plans to submit a ratification bill to the National Assembly before the end of the first half," Deputy Trade Minister Woo Tae-hee told a regular press briefing. Implementing the FTA before the year's end is
[Weekender] Korea, Middle East eye stronger partnership

Apr 24, 2015

Two sides expand cooperation for second regional boom
S. Korea should offer more to lure foreign tourists: minister

Apr 24, 2015

South Korea needs to offer foreign visitors more than a world-class shopping experience and its pop culture to attract more tourists from abroad over the long haul, the nation's economic czar said Friday.In a meeting with people in the tourism industry on the southernmost resort island of Jeju, Finance Minister Choi Kyung-hwan said that foreigners, especially Chinese tourists, are currently coming to South Korea for shopping and to see firsthand Korean pop culture, or "hallyu," that has made a c
Income of farming, fishing households up in 2014

Apr 24, 2015

The average income of households engaged in farming and fishing rose in 2014 on higher market prices for goods, a government report showed Friday.The income of farming households averaged 34.95 million won ($32,400) last year, up 1.2 percent from the year before, the report by Statistics Korea said. Earnings for fisherman stood at 41.01 million won, or a gain of 6.3 percent.Farmers earned less from selling their crops, but made up for the loss thanks to the higher prices of livestock, which adva
Home prices in S. Korea keep rising in April: data

Apr 24, 2015

Housing prices in South Korea seem to be on a sustained recovery path, data showed Friday, reflecting growing demand for home purchases amid eased lending circumstances.Seoul apartment prices gained 0.55 percent on-month in April, accelerating from a 0.45 percent increase in March, according to the data compiled by Kookmin Bank, the flagship unit of the country's second-largest banking group, KB Financial.Since the end of last year, apartment prices in Seoul have jumped 1.31 percent, surpassing
Nuclear agreement with U.S. to boost Korean exports

Apr 23, 2015

The Korea-U.S. civilian nuclear cooperation pact signed Wednesday is expected to smooth Korean companies’ exports of nuclear power generation-related products and technologies, industry insiders said Thursday. Under the new deal, Seoul can transfer U.S.-originated nuclear equipment, technology and material to a third country without the consent of the U.S., as long as the respective country has a nuclear pact with the U.S. Seoul had been obliged to secure U.S. approval prior to the outbound ship
Reactor operator to demand GE compensation for parts

Apr 23, 2015

The nation’s nuclear power plant operator said Thursday that it is considering demanding compensation from General Electric for having supplied faulty parts, which led to a delay in operations of two nuclear power plants in Korea. According to the state-run Korea Hydro & Nuclear Power Co., the U.S. energy giant on April 11 recalled nine plugs used for the Shin-Kori reactor 3 and 4. The parts were known to have had thermal process once, instead of the standard twice, but do not affect the safety
Won hits 7-year high vs. yen, bodes ill for exports

Apr 23, 2015

The South Korean won touched a seven-year high against the Japanese yen on Thursday, prodding the local currency authorities to raise their guard to minimize its possible impact on exports.The won-yen arbitrated exchange rate stood at 903.04 per 100 yen as of 3 p.m., the highest since Feb. 28, 2008, when the comparable figure was 889.23. Earlier in the day, the rate briefly dipped below the psychologically important 900-won level.The local currency closed at 1,082.20 per dollar, down 2.6 won fro
LNG price to be cut by 10.3 pct from next month: gov't

Apr 23, 2015

The price of liquefied natural gas will be cut by an average 10.3 percent from the start of next month, the government said Thursday, marking a third price reduction in just five months.The latest price cut, along with two previous reductions, reflects a drop in global oil prices, according to the Ministry of Trade, Industry and Energy."The rate cut is the outcome of efforts to quickly reflect a cut in import prices due to a drop in global oil prices," it said in a press release.Unlike liquefied
S. Korea's economic growth picks up in Q1

Apr 23, 2015

South Korea's economic growth accelerated in the first quarter from three months earlier but remained below the 1 percent level in a sign of a tepid recovery, central bank data showed Thursday.The country's gross domestic product grew 0.8 percent on increased construction investment and improved spending in the January-March period, up from a 0.3 percent on-quarter gain three months earlier, according to the preliminary data by the Bank of Korea.From a year earlier, the economy expanded 2.4 perc
Korea-Japan bilateral trade dips 14% in Q1

Apr 21, 2015

Bilateral trade between South Korea and Japan stood at $18.4 billion (19.9 trillion won) in the first quarter of this year, dropping by 13.9 percent compared to $21.4 billion during the same period in 2014, data showed Tuesday.According to the Korea International Trade Association, the value of exports from Korea to Japan dropped on-year by 22 percent to reach $6.39 billion in the first quarter of 2015, while imports declined by 8.8 percent to stand at $12.54 billion.Market analysts said that sh
Gov't accelerates budget spending to spur economy

Apr 21, 2015

The government plans to spend nearly 60 percent of this year's budget in the first half in a bid to put the fizz back into the slowing economy, the finance ministry said Tuesday.The plan comes amid escalating concern that Asia's fourth-largest economy may grow at a far weaker rate than expected earlier due to slumping exports and persistently anemic domestic demand.The finance ministry retains its 2015 growth forecast of 3.8 percent, but the Bank of Korea cut its outlook to 3.1 percent from an e
Saudi Aramco to hold board meeting in Seoul this week

Apr 21, 2015

Saudi Arabian Oil Company, the world's largest crude oil exporter, will hold its board meeting in Seoul later this week, its local unit said Tuesday, with top Saudi Arabian government officials and business leaders to attend the annual gathering.It is the second time that the state-run oil giant, also known as Saudi Aramco, will hold its annual board meeting in South Korea, the world's fifth-largest crude importer, following the first in 2011. Saudi Arabian Oil Minister Ali al-Naimi, Saudi Aramc