The Korea Herald

Validity of deflation concerns

Dec 4, 2014

With the latest consumer price index showing a further decline in Korea’s inflation rate, the scaremongers are having a field day. While some suggest that the country is staring at deflation, others are going so far as to suggest that Korea has to brace itself for a “lost decade,” similar to what Japan faced.A government report released on Tuesday showed that Korea’s consumer prices grew at the slowest pace in nine months in November. The CPI rose 1 percent last month from a year earlier, slowin
Economy grows 0.9% in Q3: BOK

Dec 4, 2014

The South Korean economy expanded 0.9 percent in the third quarter from three months earlier as consumption recovered and builders increased investments, central bank data showed Thursday.The third-quarter figure marks an improvement from the 0.5 percent on-quarter growth logged in the April-June period, according to the data by the Bank of Korea. The revised data is on par with an earlier estimate by the central bank on Oct. 24.From a year earlier, gross domestic product, the broadest measure o
[Graphic News] Gasoline prices drop below 1,700 won per liter

Dec 4, 2014

Average petrol prices in South Korea have dropped to a little below 1,700 won ($1.53) per liter, according to data by Opinet, an online service provider of oil prices run by the state-run Korea National Oil Corp.Opinet said Thursday that this was the first time in four years that the nation’s average gas prices have dropped below 1,700 won. The agency attributed the latest fall to a decline in international oil prices triggered by the Organization of the Petroleum Exporting Countries’ unwillingn
Korea-Australia FTA to be effective on Dec. 12

Dec 4, 2014

A free trade agreement between South Korea and Australia will go into effect next week, the South Korean government said Thursday, two days after the deal was ratified by the South Korean parliament.“The government exchanged letters with Australia on Dec. 3 (saying) that the countries’ domestic procedures have been completed, and agreed to enact the Korea-Australia FTA from Dec. 12,” the Ministry of Trade, Industry and Energy said in a press release.The Korea-Australia FTA will be South Korea’s
Foreign ownership of Korean land edges up in Q3

Dec 4, 2014

Foreign ownership of South Korean land grew from three months earlier in the third quarter amid a rise in net purchase by foreign companies, the government said Thursday.As of the end of Sept. 30, the amount of land owned by foreign entities here came to about 231.42 million square meters, up 1.48 percent from three months earlier, according to the Ministry of Land, Infrastructure and Transport. The land owned by foreign entities, including joint ventures and individual investors, accounted for
S. Korea to set up consumer financial protection agency

Dec 4, 2014

The South Korean financial regulator said Thursday that it will establish an independent state-run agency responsible for consumer protection in the financial sector next year, as part of the government's plan to revamp the financial regulatory system and beef up consumer protection functions.The financial consumer protection body will enforce rules for the entire process of financial consumption, including the sale of financial products and remedies for financial losses, according to the Financ
S. Korea, Australia set to implement bilateral FTA next week

Dec 4, 2014

A free trade agreement (FTA) between South Korea and Australia will go into effect next week, the South Korean government said Thursday, two days after the deal was ratified by the South Korean parliament."The government exchanged letters with Australia on Dec. 3 (saying) that the countries' domestic procedures have been completed, and agreed to enact the Korea-Australia FTA from Dec. 12," the Ministry of Trade, Industry and Energy said in a press release.The Korea-Australia FTA will be South Ko
S. Korean economy grows 0.9 pct in Q3: central bank

Dec 4, 2014

The South Korean economy expanded 0.9 percent in the third quarter from three months earlier as consumption recovered and builders increased investments, central bank data showed Thursday.The third-quarter figure marks an improvement from the 0.5 percent on-quarter growth logged in the April-June period, according to the data by the Bank of Korea (BOK). The revised data is on par with an earlier estimate by the central bank on Oct. 24.From a year earlier, gross domestic product (GDP), the broade
[Graphic News] 5.5% budget increase to boost economy

Dec 3, 2014

The National Assembly passed the government’s 2015 budget bill Tuesday, meeting the legal deadline for the first time in 12 years.The bill calls for increasing the government budget by 5.51 percent to 375.4 trillion won ($338 billion) next year from 355.8 trillion won this year.It is hoped that the increase will stimulate the economy, government officials said.The three sectors with the biggest budget increase were welfare, including health and job creation; general and local administration; and
FTC rejects commitment decision request by movie chains

Dec 3, 2014

South Korea’s antitrust watchdog said Wednesday that it has decided to reject a commitment agreement request by major movie chains suspected of abusing their market power. A commitment decision refers to a process in which the Fair Trade Commission finalize a case swiftly without making any determinations on illegality if companies under investigation voluntarily come up with reasonable corrective measures. CJ CGV Co., CJ E&M Corp. and Lotte Shopping are accused of abusing their market power in
(Photo News) New air route promotion

Dec 3, 2014

Jeju Air crew members walk down the street near the Hongik University subway station in Seoul on Wednesday, wearing Vietnam’s traditional hat to promote the company’s new air route between Incheon-Hanoi, which will open on Dec. 18. (Kim Myung-sub/The Korea Herald)
Weakening yen's impact on Korean exporters may worsen: report

Dec 3, 2014

The impact of a weakening Japanese yen on South Korean exporters may worsen down the road, a report showed Wednesday, highlighting the need for measures to minimize potential losses."Growth in exports of South Korean electronics, chemical and machineries firms has slowed significantly and there is a possibility that the impact may worsen following the rapid weakening of the yen since late September," according to the report compiled by Lee Ji-pyung of LG Economic Research Institute.The report sh
Exports predicted to top $600b for 1st time in 2015

Dec 3, 2014

South Korean exports are expected to top the $600 billion mark for the first time ever in 2015 thanks to the faster pace of global economic growth and trade, an international traders organization said Wednesday.The landmark figure represents a 4.3 percent increase from the $576 billion worth of goods that is expected to be exported for the whole of this year, the Korea International Trade Association said. It said South Korea’s trade surplus may reach $44 billion in 2015, down from an estimated
S. Korea moves to implement free trade pacts with Australia, Canada

Dec 3, 2014

South Korea is moving to implement its bilateral free trade deals with Australia and Canada possibly before the year's end, the government said Wednesday, one day after the country's National Assembly ratified the free trade pacts."The government is now consulting with Australia and Canada on dates for the implementation of the free trade agreements (FTAs)," the Ministry of Trade, Industry and Energy said.The ministry has noted an FTA is usually implemented within 30 days after the agreement is
S. Korean exports predicted to top US$600 for 1st time in 2015 : KITA

Dec 3, 2014

South Korean exports are expected to top the US$600 billion mark for the first time ever in 2015 thanks to the faster pace of global economic growth and trade, an international traders organization said Wednesday.The landmark number represents a 4.3 percent increase from the $576 billion worth of goods that is expected to be exported for the whole of this year, the Korea International Trade Association(KITA) said. It said South Korea's trade surplus may reach $44 billion in 2015, down from an es