The Korea Herald

Pyeongtaek Port manager receives logistics award

Oct 31, 2014

Kim Jeong-hun, general manager of PR and marketing at Gyeonggi Pyeongtaek Port Corp., received on Friday a ministerial citation from the Ministry of Land, Infrastructure and Transport at the Korea Logistics Awards, held at the Korea Chamber of Commerce and Industry.The ceremony, which was held for the 22nd time this year, rewards those who contribute to the development of Korea’s logistics industry. Kim was acknowledged for enhancing the competitiveness of logistics in Pyeongtaek Port by helping
Finance minister stresses measures to reignite economy

Oct 31, 2014

South Korea's finance minister on Friday said efforts to reinvigorate the economy are in the early stages and stressed more action is needed before the general public can feel tangible results.In a letter sent to ministry employees, Choi Kyung-hwan compared the current state of affairs to the ignition being turned on to get the economy back on its track and that the journey still lay ahead. "Bills aimed at revitalizing the economy have run into obstacles and business investment and consumer spen
[Graphic News] Korea logs record tourism profitsTourism

Oct 30, 2014

South Korea achieved record-high tourism income in September, due to an increase in the number of Chinese visitors, according to data by the Bank of Korea and the Korea Culture and Tourism Institute.The nation’s total tourist income reached $1.76 billion last month, exceeding $1.7 billion for the first time and marking a 35 percent leap from the same period in the previous year. Also, related businesses turned net profits for the first time in 28 months.The gain was mostly attributed to the grow
(Photo News) Vision of Pyeongtaek Port

Oct 30, 2014

The Gyeonggi Pyeongtaek Port Corporation invited key consignors to its 2014 business vision briefing held at the Plaza Hotel on Thursday. Herald Corp. CEO Lee Young-man (fourth from left), Gyeonggi Province Gov. Nam Kyung-pil (fifth from right) and GPPC president Jung Seung-bong (far right) were among those in attendance. (Ahn Hoon/The Korea Herald)
Korea’s national debt expected to spike under Park government

Oct 29, 2014

South Korea’s national debt is expected to increase by about 216 trillion won ($206.3 billion) during the five-year term of President Park Geun-hye, data showed Wednesday, underlining growing concerns over mounting debt problems facing the country. According to the data, South Korea’s national debt is expected to increase to 659.4 trillion won by the end of 2017 from the 443.1 trillion won reported in 2012. The estimate is based on figures provided by the finance ministry’s 2014-2018 national fi
Korea ranks 5th in biz environment: World Bank

Oct 29, 2014

South Korea ranked fifth in terms of business environment this year thanks to improvements in regulations and the system for starting a business, granting construction permits and protecting minor investors, the Finance Ministry said Wednesday.The ranking by the World Bank rose by two notches from that of the previous year, marking the highest since the “Doing Business” report started to be compiled in 2003, according to the ministry.Every year, the World Bank analyzes 189 countries’ business en
Seoul shares jump on Fed optimism, eased corporate uncertainty

Oct 29, 2014

South Korean stocks jumped to a three-week high on Wednesday as investor sentiment was cheered by the U.S. Fed's dovish movement and eased uncertainty about corporate earnings, analysts said. The Korean won gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 35.49 points, or 1.84 percent, to 1,961.17, marking the highest level in three weeks since it hit 1,962.25 on Oct. 8. Trading volume was moderate at 388.9 million shares worth 5.36 trillion wo
S. Korean economy to grow 3.7 pct next year: think tank

Oct 29, 2014

A South Korean think tank on Wednesday forecast the country's economy to grow 3.7 percent next year, lower than the central bank's projection of 3.9 percent.In its more conservative forecast, the Korea Institute of Finance (KIF) said growth is expected to reach 3.6 percent in the first half and accelerate to 3.9 percent in the second half."While (negative) structural factors linger, consumption will likely improve next year as government policies and the low-rate effect begin to materialize," sa
Card spending growth highest in almost 2 years

Oct 29, 2014

South Korea's credit card spending grew in the third quarter at the sharpest pace in almost two years, data showed Wednesday, pointing to a recovery in domestic demand from the deep trough that followed April's deadly ferry disaster.Purchases made with credit cards reached 147.17 trillion won (US$141 billion) in the July-September period, growing 6.3 percent from a year earlier, according to the data compiled by the Credit Finance Association. The third quarter gain marks the highest since the 1
S. Korea's national debt expected to spike under Park government

Oct 29, 2014

South Korea's national debt is expected to increase by about 216 trillion won (US$206.3 billion) during the five-year term of President Park Geun-hye, data showed Wednesday, underlining growing concerns over mounting debt problems facing the country. According to the data, South Korea's national debt is expected to increase to 659.4 trillion won by the end of 2017 from the 443.1 trillion won reported in 2012. The estimate is based on figures provided by the finance ministry's 2014-2018 national
S. Korea ranks 5th in biz environment: World Bank

Oct 29, 2014

South Korea ranked fifth in terms of business environment this year thanks to improvements in regulations and the system for starting a business, granting construction permits and protecting minor investors, the finance ministry said Wednesday.The ranking by the World Bank rose by two notches from that of the previous year, marking the highest since the "Doing Business" report started to be compiled in 2003, according to the ministry.Every year, the World Bank analyzes 189 countries' business en
Number of irregular workers hits all-time high in August

Oct 28, 2014

The number of irregular workers in South Korea grew to an all-time high in August, with much of the increase coming from those in their 60s and older, government data showed Tuesday. The number of workers employed on a temporary or time-based contract came to 6.08 million in August, up 2.2 percent, or 131,000, from the same month a year earlier, according to the data by Statistics Korea.This marked the highest level since the agency started to compile related data in 2002.The August figure made
S. Korea's debt levels exceed WEF standards: data

Oct 28, 2014

Debt owed by South Korea's individuals, businesses and the government last year all exceeded the "critical points" set by an international organization, data showed Tuesday, indicating that the country's debt problems are deteriorating and restraining economic growth.According to the data analyzed independently by Rep. Lee Hahn-koo, a ruling Saenuri Party lawmaker, the debt-to-gross domestic product (GDP) ratios for individuals, companies and the government came to 10-46 percent above the crucia
Global biz leaders to discuss aging society in Seoul

Oct 27, 2014

A group of global business leaders and economists will get together in Seoul later this week to discuss the issue of the aging population and come up with ways to utilize senior workers for economic growth, the city government said Monday.The 2014 meeting of the Seoul International Business Advisory Council, scheduled for Friday at the Seoul City Hall, brings together 27 members and five advisers, including Dominic Barton, global managing director of McKinsey & Co., and Nobuyuki Koga, chairman o
S. Korea should improve overall economic fundamentals: finance minister

Oct 27, 2014

The stimulus measures that the government has announced over the past few months were aimed at restoring confidence, the finance minister said Monday, adding that the longer-term objective is to improve overall economic fundamentals. Since taking office in July, Finance Minister Choi Kyung-hwan has unveiled a set of stimulus measures, including 41 trillion won(US$38.8 billion) fiscal spending plans aimed at providing a much-needed jolt to the slowing economic recovery."They are emergency measure