The Korea Herald

Stocks close flat on China’s GDP report

Apr 16, 2014

Stocks on the local bourse ended flat after the market fluctuated throughout Wednesday on China’s latest gross domestic product report, analysts said. The benchmark Korea Composite Stock Price Index ended at 1,992.21, up 0.06 point from Tuesday. Trading volume was light at 224 million shares worth 3.23 trillion won ($3.1 billion), with gainers leading losers 398 to 395.The market started slightly higher on the back of tech gains but moved in a tight range in the morning session on news that the
Vocational education eyed as remedy for youth unemployment

Apr 15, 2014

Finance minister pledges to catch up with OECD average of 50.9% by 2017
Gov't seeks to introduce apprenticeship to boost youth employment

Apr 15, 2014

The South Korean government said Tuesday it will introduce an apprenticeship system similar to that of Switzerland where students can receive education or training while also working, a move aimed at boosting the country's youth employment rate.The measure is an effort to improve the country's youth employment rate that continues to drop despite rises in the overall employment in recent years, according to the Ministry of Strategy and Finance."An increase in youth unemployment rate not only mean
[Graphic News] Income divide widening among salaried workers

Apr 14, 2014

The number of salaried Korean workers earning over 100 million won ($96,200) a year and those earning less than an annual 30 million won both rose over a span of four years, according to government data on Monday.The Financial Supervisory Service and the National Tax Service said that some 415,000 people, or 2.6 percent of all salaried workers in Korea, earned an annual salary of 100 million won or more in 2012. This compares with the 194,000, or 1.4 percent, in 2008.At the same time, the propor
[SUPER RICH] Korea vs. U.S.: Executive salary gap

Apr 14, 2014

Big discrepancies found in bottom-line figures and structure of pay packages
Gap widening between GDP growth, sentiment

Apr 13, 2014

The Bank of Korea’s recent data showed that the gap between the nation’s overall economic growth and ordinary people’s sentiments is likely to widen in 2014.The central bank has been unveiling an adjusted gross domestic product by taking the employment factor into consideration in a bid to measure the disparity between the conventional index and real public sentiment.In its latest announcement over the yearly economic outlook, the central bank forecast that the economy would grow 4 percent this
Korea seeks to remove non-tariff barriers set by its main trade partners

Apr 13, 2014

The trade ministry said Sunday that it is seeking ways to remove non-tariff barriers set by its main trade partners on concerns they may sap Seoul's overseas shipments.China topped the list with 35 cases of non-tariff barriers, followed by the U.S. with 31 and Japan with 31, according to the trade ministry and the Korea International Trade Association. The number of the European Union's non-tariff barriers reached 29, trailed by Indonesia with 22 cases and Vietnam with 19.Countries around the wo
[Desk Column] The great salary divide

Apr 10, 2014

The recent unveiling of the multi-billion won salaries that registered board of directors at Korean companies took home seems to have shaken many, including myself.But as I was unsure of exactly how to see it, I asked many about their views, and the answers varied quite a bit depending on each person’s circumstances.An ajumma friend in her late 30s who had never worked at any kind of business enterprise was in awe, saying she could not imagine how someone could be paid that much, adding she woul
Korea left with little choice on rice market opening: officials

Apr 10, 2014

Korea may have no choice but to open up its rice market, government officials here said Thursday, one day after the World Trade Organization again rejected the Philippines’ request to waiver its mandatory rice market liberalization.It was the sixth time the WTO has rejected such a request since the negotiations began in 2011, according to officials from the Ministry of Agriculture, Food and Rural Affairs.“The WTO decision largely tells us two things. One is that it will be nearly impossible for
Korean listed firms’ debt ratios fall in 2013

Apr 9, 2014

Korean listed firms saw their debt ratios fall last year as they stepped up efforts to improve their financial status amid protracted economic uncertainties, data showed Wednesday.The average debt ratio for 568 companies traded on Seoul’s main bourse came to 88.19 percent at the end of last year, down 4.5 percentage points from a year ago, according to data compiled by the Korea Exchange.Their combined debt reached 578.31 trillion won ($554 billion) at the end of last year, up 0.92 percent from
Simpler customs clearance planned for products purchased via foreign websites

Apr 9, 2014

South Korea’s customs agency said Wednesday it will simplify the customs clearance process for low-priced consumption goods purchased on foreign websites, a move aimed at shortening delivery time and increasing benefits to consumers.The Korea Customs Service said it will apply the clearance process called “de minimis” to consumption goods bought from foreign websites starting in July.The rule will be applied to products priced at $100 or lower. For goods bought from U.S. websites, the cap will b
Korea, Australia ink free trade pact

Apr 8, 2014

South Korea and Australia on Tuesday signed a free trade agreement that is expected to reinforce economic ties and help respective businesses find new opportunities.The tearing-down of tariffs on automobiles, beef and other traded goods is expected to give Korea’s gross domestic product a 0.14 percent increase and boost customer welfare by $1.6 billion within 10 years of the FTA’s effectuation, the Korean government said. The signing was held between Korean Trade Minister Yoon Sang-jick and his
National debt hits W1,117tr driven by pension liabilities

Apr 8, 2014

South Korea’s national debt rose to about 1,117 trillion won ($1.06 trillion) in 2013 mainly due to increased pension liabilities, the Finance Ministry said Tuesday.According to a settlement of accounts for last year’s budget compiled by the ministry and approved by the Cabinet, South Korea’s national debt including the central government’s debt and provisions came to 1,117.3 trillion won, up from 902.1 trillion won tallied a year earlier. This represents 78.2 percent of the country’s gross dome
Skepticism greets Dongbu’s pick of ex-lawmaker as new chairman

Apr 8, 2014

Choi Yeon-hee has no experience in business, construction, agriculture
S. Korea's national debt rises to 1,117 tln won

Apr 8, 2014

South Korea's national debt rose to about 1,117 trillion won ($1.06 trillion) in 2013 mainly due to increased pension liabilities, the finance ministry said Tuesday.According to a settlement of accounts for last year's budget compiled by the ministry and approved by the Cabinet, South Korea's national debt including the central government's debt and provisions came to 1,117.3 trillion won, up from 902.1 trillion won tallied a year earlier. This represents 78.2 percent of the country's gross dome