Experts criticize measures as lacking detail, focus and quality

Bank lending rates on new household loans edged up in January, while interest rates paid by banks on new deposits fell, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.39 percent in January, up 0.10 percentage point from the previous month, according to the Bank of Korea. (Yonhap)The BOK data came amid South Korea's efforts to tackle rising household debt. The country's outstanding household credit, which is composed of househ

New home permits dropped 16.1 percent from a year earlier in January, the government said Monday, amid a government move to limit the number of new homes as a way of curbing household debt.Construction permits issued for new homes came to 39,898 last month, compared with 47,536 issued in the same month last year, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)New home permits have been on a steady decline since July, except in November when they gained 3.2 percent on-ye

South Korea's international air passenger traffic jumped 12.1 percent from a year earlier last month, helped by a sharp increase in passengers to and from Japan and other Asian countries, the government said Monday.International air passengers to and from the country came to about 6.96 million in January, compared with 6.21 million in the same month last year, according to the Ministry of Land, Infrastructure and Transport. (Yonhap)Air passengers between South Korea and Japan spiked 19.7 percent

Sales of major South Korean retailers soared in January from a year earlier on strong sales by convenience stores and big chain supermarkets, government data showed Monday.The combined sales of department stores, large outlets and online malls gained 8.3 percent last month, snapping a three straight monthly drop since October last year, according to the data by the Ministry of Trade, Industry and Energy.  (Yonhap)The ministry said the growth in sales was driven by brisk sales of convenience stor

South Korea's imports of crude oil climbed 5.1 percent last year from a year earlier driven by a surge in inbound shipments of Iranian oil following the removal of international trade sanctions on the Middle Eastern country, government data showed Monday. The combined inbound purchase of crude oil reached 1.78 billion barrels at the end of December, compared with 1.26 billion barrels the previous year, according to the Ministry of Trade, Industry and Energy.  (Yonhap)The import of petroleum prod

South Korea's stock market capitalization was ranked 15th in the world last year, down one notch from a year ago, according to the nation's stock market operator on Monday.The nation's market cap rose 4.1 percent on year to $1.28 trillion at the end of 2016, data by Korea Exchange showed.(Yonhap)Last year, global stock market capitalization gained 4.5 percent on year to $70.1 trillion at the end of last year, according to the data. Buoyed by solid economic growth and expectations about US Presid

South Korea's per capita rice consumption is forecast to hit a new low in 2017 due to people's changing eating habits, a report showed Monday.The average annual consumption of rice per person is likely to reach 59.6 kilograms this year, compared with 61.9 kg a year earlier, according to the report by the Korea Rural Economic Institute.(Yonhap)It will mark the first time for the country's per capita rice consumption to fall below the 60-kg mark. It will also be equal to 40 percent of the record h

In an age when people Google just about everything in search for a quick answer, know-how and guidelines on how to age gracefully are also popular topics. In the quest to age well, many tend to search out anti-aging, with contents offline and online dedicated to such information as anti-aging foods and the secrets to staying young, as though aging is a process we should defy.Seeking to bring about a society where people can age with dignity, Kim Young-ok is a feminist activist currently running

South Korea's financial authorities said Friday they are preparing to revise legislation on a personal pension system as part of efforts to address the post-retirement poverty problem."The government will do its best to submit a revision bill to the National Assembly by May," Yoo Kwang-yeol, standing commissioner of the Securities and Futures Commission, said at a public hearing on the issue. The logo of the Financial Services Commission in a photo provided by Yonhap News TV. (Yonhap)The SFC, an

Sales of lottery tickets in South Korea rose 8.4 percent in 2016 from a year earlier amid a protracted economic slump, the finance ministry said Friday.The Ministry of Strategy and Finance said it settled the lottery fund account for fiscal 2016, which totals 4.74 trillion won. (Yonhap)Lottery sales rose 8.4 percent on-year to 3.8 trillion won ($3.3 billion) last year, with 1.95 trillion won spent on prize money and 1.67 trillion won used for public projects.The ministry said it will release det

South Korean households' real income and spending retreated last year from a year earlier amid a protracted economic slowdown, a government report showed Friday.An average household earned 4.4 million won ($3,862) per month in 2016, up 0.6 percent from the previous year, according to the report by Statistics Korea. (Yonhap)But the inflation-adjusted real income fell 0.4 percent on-year over the one-year period, while the country's consumer prices index inched up 1 percent throughout the year.At

South Korea's terms of trade slightly worsened in January from a year earlier as a rise in export prices was offset by a hike in import prices, central bank data showed Friday.The terms of trade index for products came to 100.34 last month, down 0.8 percent from a year earlier, according to preliminary data from the Bank of Korea. (Yonhap)The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those

South Korea's finance minister said Friday that the country is fully prepared to deal with the possibility of an economic crisis in the coming months amid rising concerns over debt-ridden firms and currency volatility."Some say we may fall into a crisis in April, but such concerns are excessive," Finance Minister Yoo Il-ho said in a minister-level meeting in Seoul. "There is low possibility of the crisis taking place, and we are strong enough to deal with it." South Korea's Finance Minister Yoo

South Korea's overall consumer sentiment improved this month from a month earlier, central bank data showed Friday, as the economy got a boost from increased exports and investments.The composite consumer sentiment index for February came to 94.4, compared to 93.3 in January. The January figure was the lowest since March 2009 when it stood at 75, according to the data from the Bank of Korea. (Yonhap)A reading above 100 means optimists outnumber pessimists.A separate index gauging the people's se