South Korean retailers' business sentiment plunged to the lowest in four years in the first quarter of the year, affected by a protracted slump in domestic demand and the implementation of an anti-graft law, data showed Tuesday.The retailers' business sentiment index stood at 89 in the January-March period, the lowest since a reading of 81 was posted in the first quarter of 2013, according to the data compiled by the Korea Chamber of Commerce and Industry .The data were based on a survey of 1,00

The amount of banknotes currently in circulation in South Korea has reached nearly 100 trillion won ($84.4 billion), the central bank said Tuesday, due to the bank's easing stance to bolster growth in Asia's fourth-largest economy.Outstanding banknotes came to 97.4 trillion won as of end-December, compared with 86.8 trillion won as of the end of 2015, according to the Bank of Korea .Outstanding banknotes refer to actual bills in circulation and are different from cash in circulation, which partl

The poverty rate for working low-income elderly people reached close to 62 percent in 2015, according to government statistics on Tuesday, showing that some of the aged population cannot sustain themselves even when they have jobs.Records collected from Statistics Korea, Bank of Korea and the Financial Supervisory Service showed that 61.7 percent of people aged 65 or over were in poverty, up 1.5 percentage point from the previous year. The number started at 60.7 percent in 2011, the first year w

Finance Minister Yoo Il-ho said Tuesday that the government will double the supply of fresh vegetables and promote discounts of agricultural produce to ease household burdens ahead of the Lunar New Year holiday.During a meeting with the ruling Saenuri Party, Yoo pledged to make efforts to stabilize consumer prices especially for the low-income bracket ahead of the nation's largest holiday season that falls on Jan. 27-30. Finance Minister Yoo Il-ho (Yonhap)"The price of eggs is expected to be som

Real estate inheritance in the form of a gift is being used as a means of saving on taxes among family members, especially for non-residential properties, a market analysis indicated Tuesday.A detailed look at real estate transactions registered with the land ministry and the Korea Appraisal Board showed 269,472 cases of properties handed over last year as gifts to family members. The number, a 7.2-percent rise from the previous year, is the largest since the state began to keep records in 2006

A request by South Korean prosecutors to arrest Lee Jae-yong, the 48-year-old vice chairman and de facto leader of Samsung Electronics, has added to the troubles for the country's most valuable company after a spate of recalls last year. Lee faces allegations he offered $36 million in bribes to a friend of President Park Geun-hye, who has been impeached. Prosecutors say they also suspect him of embezzlement and lying under oath. A Seoul court will review the request for his arrest Wednesday and

The chief of Kumho Asiana Group, parent of Asiana Airlines Co., said Tuesday that he will exercise his right to buy back a tire-making unit from its creditors currently up for sale.The creditors of Kumho Tire Co., led by the state-run Korea Development Bank, are set to announce this week a preferred bidder for a 42.1 percent stake in South Korea's No. 2 tire maker, with a Chinese tire maker reportedly picked as the prime bidder."It is right to exercise the right to buy back (Kumho Tire)," Kumho

South Korean corporations are scrambling to find ways to contain or reduce growing risks posed by China to their business in the world’s second-largest economy. (123rf)They have found themselves bearing the brunt of Beijing’s anger at Seoul’s agreement in July to deploy an advanced US missile defense system here to protect against nuclear and missile threats from North Korea.While refraining from taking outright retaliatory measures, China has heightened nontariff barriers and increased other re

South Korea's top 100 large-cap companies have cut more than 7,000 jobs in 2016, data showed Monday, as they are reluctant to hire new employees amid the economy's prolonged sluggishness.According to the data by market tracker Chaebul.com, the leading companies had a combined 861,578 employees as of the end of September 2016, down 0.8 percent, or 7,132 people, from the same period a year earlier.The job reduction is most noticeable in South Korea's shipbuilding industry, with the country's leadi

Economy-related numbers from different government offices all show sweeping indicators of hard times in progress from stagnant income to homes becoming more unaffordable and businesses going bankrupt, analysts said Monday.Average monthly household income in the third quarter last year was 4.445 million won ($3,781), up 0.7 percent from a year ago, figures from Statistics Korea showed. Real income, however, fell 0.1 percent. The actual income has been in a continuous drop from the third quarter o

South Korea's home transactions continued to increase from a year earlier last month, the government said Monday, amid a move to limit the supply of new homes as a way of reducing household debt.The number of home transactions came to 88,601 in December, up 0.8 percent from the same month in 2015, according to the Ministry of Land, Infrastructure and Transport.The tally marked a 13.9-percent plunge from the previous month.However, December marked the fifth consecutive month of on-year gain.Such

South Korea logged a trade surplus for 59 straight months in December, with its exports remaining in positive terrain, customs data showed Monday.The country's trade surplus came to $6.8 billion last month, compared with a surplus of $6.9 billion tallied in the same month in 2015, according to the data from the Korea Customs Service.Exports rose 6.4 percent on-year to $45.1 billion in December, extending its winning streak to two months in a row, while imports jumped 8 percent to $38.3 billion l

Sales of the Korean lottery Lotto hit their highest last year, statistics from the operator showed Monday, a trend that comes during economic slumps, social analysts say.The statistics from the Korea Lottery Commission said Lotto sales reached 3.55 trillion won ($3.02 billion), or 3.55 billion tickets, last year, an increase of 9 percent from the year before.The sales volume is the highest on record since it was first introduced in the country in 2002. The monetary amount of the sales is also th

South Korea‘s job market is under strain from not only a rising unemployment rate but also an increasing number of people who have been jobless for a long time, data showed Sunday.The number of jobseekers surpassed 1 million in 2016 for the first time since 2000, according to Statistics Korea.Of the total, 133,000 were unemployed for more than half a year, accounting for 13.1 percent of the unemployed.It marks the highest number since 13.8 percent was posted in 2002.The rate reached double digit

South Korea’s central bank Friday lowered its 2017 growth outlook to 2.5 percent, citing a greater risk in already weak domestic consumption.Bank of Korea Gov. Lee Ju-yeol speaks during a press conference in Seoul, Friday. (Yonhap)Despite bigger downside risks, the Bank of Korea kept its base rate unchanged at a record low of 1.25 percent in an apparent move to strike a balance between supporting growth and seeking stability in the financial market. It was the seventh consecutive rate freeze sin