South Korean retailers saw their sales fall in the first two months of this year, weighed by sluggish consumption, industry data showed Friday. The sales of Lotte Department Store, the country's leading retail chain, dropped 1.2 percent in the January-February period from a year earlier, according to company data. Its rival Hyundai Department Store also saw its combined revenue slip 0.7 percent on-year in the cited period, the company said.Shinsegae posted double-digit sales growth over the two

South Korea and the South American trade block MERCOSUR will launch their official negotiations on a trade pact before the first half of this year, the trade ministry here said Friday, amid the country's efforts to tap deeper into the region.South Korea's Trade Minister Joo Hyung-hwan and Susana Malcorra, the foreign minister of Argentina, the chair country of MERCOSUR, signed a joint statement to open the trade talks in Buenos Aires on Thursday (local time), according to the Ministry of Trade,

South Korea's consumer prices rose at a faster-than-expected pace in February as prices of oil-related products picked up, government data showed Friday.The country's consumer price index gained 1.9 percent last month from a year earlier, slowing down from the previous month's 2 percent rise, according to the data compiled by Statistics Korea.From a month earlier, the index also edged up 0.3 percent in February. (Yonhap)Core inflation, which excludes volatile oil and food prices, increased 1.7 p

South Korea’s consumption remained sluggish in January, in a sign of downward pressure on the country’s economy despite a recovery in exports and industrial output, according to the country’s statistics office Thursday. While industrial production rose for three consecutive months backed by an upturn in exports, consumption saw three straight months of decline due to weak spending during the national holidays in January and a waning of the effects of consumption-boosting meas

A growing number of South Koreans canceled their insurance policies last year due to financial woes amid a protracted economic slowdown, data showed Thursday.The cancellations cost insurance policyholders 3.89 trillion won ($3.4 billion) in the first nine months of last year, according to the data released by opposition lawmaker Park Yong-jin. (Yonhap)Park's office said it received the data from the Financial Supervisory Service, South Korea's financial watchdog.Insurance firms refund some porti

The total value of gift cards issued in South Korea last year topped 9 trillion won ($7.8 billion) for the first time, data showed Thursday.The trend is apparently good news for department stores, supermarket chains, oil refiners and other related businesses. Models show gift cards in a file photo. (Yonhap)But it also raises worries about such adverse effects as tax evasion.The Korea Minting, Security Printing & ID Card Operating Corp. said it issued 9.5 trillion won worth of gift certificates i

The US Trade Representative said Wednesday the free trade agreement with South Korea resulted in a "dramatic increase in our trade deficit," stressing it's time for a major review of how the US approaches trade deals. "The largest trade deal implemented during the Obama administration -- our free trade agreement with South Korea -- has coincided with a dramatic increase in our trade deficit with that country," USTR said in President Donald Trump's 2017 Trade Policy Agenda. (Yonhap)Compared with

Concerns are deepening among South Korea’s businesses over moves by political circles that are intended to improve corporate governance, but risk putting their managerial stability in danger.Liberal opposition parties have been pushing to revise the commercial code in the direction of restraining the power of large shareholders and protecting the interest of small shareholders.(123RF)One of the most controversial proposals is to limit the voting rights of largest shareholders of listed companies

The tax burden for South Korean households hit a record high in 2016, data showed Wednesday, further worsening their financial situation amid a prolonged economic slowdown.Households spent more than 1.9 million won ($1,670) in taxes on average in 2016, up 2.1 percent from a year earlier, according to data compiled by Statistics Korea. (Yonhap)It marked the highest amount since 2003, when the statistics office started collecting data on the tax burden.The increased tax burden has led to a hike of

South Korea's exports jumped 20.2 percent last month from a year earlier expanding at the fastest clip in five years on rising oil prices and recovering world trade, government data showed Wednesday.Outbound shipments came to $43.2 billion in February, up from $35.9 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy. (Yonhap)The February rate of increase was the largest on-year gain since February 2012 when it posted a 20.4 percent monthly jump.It is the firs

South Korea will play a bigger role in Asia's investment in sustainable infrastructure through its experience of economic development and constant investment in basic facilities, a senior official at an international institution said."I would say that Korea is a very important member of our bank," Danny Alexander, vice president of the China-led Asia Infrastructure Investment Bank, said in an interview with Yonhap News Agency in Seoul Monday. "Korea's experience of the last 50 years of rapid eco

The country’s top financial and monetary policymakers came forward last week to dismiss the possibility of South Korea being drawn into an economic crisis in the coming months amid rising uncertainties at home and abroad.Some economic watchers have cautioned that Asia’s fourth-largest economy may fall into trouble, probably in April, when the US might designate it a currency manipulator and a large amount of debt falls due for a faltering shipbuilder. (123RF)These factors would be added to a con

The head of a major business lobby on Tuesday urged local companies and their workers to work together to ensure their survival, noting they may not expect any meaningful help from the government for some time."It appears we may not see any economy-supporting politics for a while due to the complicated political schedule that includes the impeachment and presidential election," Bahk Byong-won, chairman of the Korea Employers Federation, said at a Seoul meeting. KEF Chairman Bahk Byong-won (Yonha

South Korea spent more than 22 trillion won ($19.4 billion) in government budget last month as part of its efforts to frontload its budget spending to prop up the economy, the finance ministry said Tuesday.Fiscal spending by the government and public institutions reached a combined 22.4 trillion won in January, up 2 trillion won from its planned outlay of 20.4 trillion, according to the Ministry of Strategy and Finance. (Yonhap)The South Korean government has called for a stronger fiscal role in

South Korean households headed by people in their 40s saw their monthly income rise at the slowest pace ever in 2016, data showed Tuesday, sparking concerns it could further dampen the nation's anemic consumption.According to the data by Statistics Korea, the average monthly income of those households came to 5,005,000 won ($4,414) last year, up a mere 0.9 percent from a year earlier which compares to the 2.8 percent on-year expansion the previous year. (Yonhap)It also marked the lowest annualiz