South Korea's watchdogs will limit their probes and inspections of local and foreign companies next year as the government promotes business-friendly policies to help boost the local economy, officials said Tuesday.The National Tax Service (NTS) plans to run the advance pricing arrangement (APA) program for foreign companies with less than 50 billion won (US$45 million) in sales, its officials said. The APA is an ahead-of-time agreement between a taxpayer and the taxing authority to specify a pr

Foreign institutions and investment banks lowered their 2015 forecasts for South Korea’s economic growth, data showed Monday, as domestic demand remains sluggish and tepid global recovery plus a weakening yen signaled hurdles for exports.The average outlook for the country’s gross domestic product given by 28 foreign institutions came in at 3.5 percent, down 0.3 percentage point from two months earlier. It is also lower than the high 3 percent forecast by the Finance Ministry and the central ban

President Park Geun-hye called Monday for reform of South Korea's rigid labor market, setting the stage for confrontation with labor unions that oppose measures that would make it easier to adjust wages and work schedules.She asked labor and management to make concessions in ongoing discussions with the government on reforming the labor market, but acknowledged the difficulties in resolving the explosive issue."Reform of the labor market is an urgent and important task that cannot be delayed any

South Korea and New Zealand on Monday initialed their free trade agreement (FTA), concluded last month, that will eliminate import tariffs on more than 90 percent of goods traded between them.The FTA was initialed in Wellington by South Korean Deputy Trade Minister Choi Kyong-lim and New Zealand Deputy Secretary of Foreign Affairs and Trade David Walker, the Ministry of Trade, Industry and Energy said.Initialing of a free trade pact means that the two parties confirm every word on each page is f

The following are key economic policy plans unveiled by the finance ministry Monday for 2015. The measures are centered on pushing forward structural reforms to improve the country's economic health and risk management.Economic forecasts - Annual growth forecast downgraded from 4 percent to 3.8 percent in 2015 to reflect lingering economic uncertainties, weaker-than-expected consumer spending and investment. Growth figures for 2014 marked down from 3.7 percent to 3.4 percent.- Job creation to re

South Korea's oil import prices are estimated to have fallen to their lowest in nearly four years last month as international prices plummeted, the Korea National Oil Corporation (KNOC) said Sunday.South Korea brought in 74.47 million barrels of crude oil in October at an average of $93.75 per barrel, KNOC's statistics showed. This is a 15.5 percent markdown from $111 in the same month last year and is the lowest price since January 2011. It is also the first time that the price has fallen to un

A central bank policy board member on Friday stressed the need for a soft landing of the country's household debt, citing it as one of the economy's weakest spots.   "The household debt issue has mounted for decades. While it was not a problem when the property market was booming, situations have changed," Bank of Korea (BOK) policy board member Ha Sung-keun told reporters at a luncheon, calling it "one of the biggest weaknesses."   "It is important to induce the soft landing of household debt.

Finance Minister Choi Kyung-hwan said Friday that the government will focus on structural reforms in key economic sectors next year to improve the fundamentals of the South Korean economy and revive the nation's growth potential.   "The government will increase the efficiency of the public sector and boost the dynamics of the financial industry, to help create a virtuous circle between the financial sector and the real economy," Choi said in a government meeting in Seoul.   He said that he will

South Korea’s exports of semiconductors have reached a new annual high, exceeding $60 billion for the first time, the government said Thursday.“Outbound shipments of semiconductors reached over $60 billion as of today, making them the only item worth more than $60 billion in annual exports,” the Ministry of Trade, Industry and Energy said in a press release.The ministry said the annual total this year was estimated at $61.5 billion, which would mark a 7.6 percent on-year increase from $57.1 bill

South Korean stocks ended 0.21 percent lower Wednesday as investors stepped to the sidelines amid worries over weakening oil prices and financial instability in Russia while waiting for the results of a Fed policy meeting, analysts said. The local currency fell against the U.S. dollar.After opening higher on institutional bargain hunting, the benchmark Korea Composite Stock Price Index fell 3.97 points to close at 1,900.16, falling for a third straight session.Trading volume was moderate at 299.

Producer prices in South Korea plunged to a near four-year low in November due to a continued fall in global oil prices, central bank data showed Wednesday.The producer price index, a barometer of future consumer inflation, reached 104.14 in November, down 0.9 percent from the previous year, according to the preliminary data from the Bank of Korea.It marks the lowest level since 102.71 in December 2010 and marks a fourth straight month of on-year decline.The November figure was largely attribute

The amount of trade between South Korea and Vietnam this year is forecast to top 30 billion won ($27.67 million) to reach an all-time high, data showed Wednesday, raising anticipation of further expansion once the recently agreed bilateral free trade pact goes into effect.Trade volume between the two countries has already reached 25 billion won in the January-October period, according to tallies from the Korea Trade-Investment Promotion Agency and Korea International Trade Association. For the w

South Korea said Wednesday it was closely watching for any fallout from the Russian risk sparked by the falling ruble and oil prices, while banks reported a safe level of market exposure.   Local banks and non-bank institutions' exposure to Russia stood at US$1.36 billion as of September, accounting for 1.3 percent of the country's total foreign lending of $108.4 billion, according to the Financial Supervisory Service (FSS).   Exposure, or market exposure, refers to the amount that an investor c