South Korea may be heading toward the worst economic turbulence in its history that will require much more than increased fiscal spending as currently planned by the Seoul government, the head of a South Korean think tank said.Kwon Tae-shin, chief of the Korea Economic Research Institute, said the country may soon face what he called a "perfect storm" where all three pillars of growth, including investment, will shrink."The crisis currently facing the country is a perfect storm where consumption

South Korea's health ministry said Monday that it will make all-out efforts this year to tackle the nation's chronically low birthrate, as the issue has arisen as a major social problem here.In a briefing to Prime Minister and Acting President Hwang Kyo-ahn on its policy direction for 2017, the Ministry of Health and Welfare announced various measures in an aim to increase the number of births.South Korea has one of the lowest birthrates among the Organization for Economic Cooperation and Develo

As the monetary policy committee of the country’s central bank is set to have its first meeting of the year on Friday, eyes are fixed on their decisions on benchmark interest rates and economic growth projection. At the meeting, the committee will unveil its revised growth target and decide on the interest rate.  The meeting is likely to cut the forecast for economic growth. In the previous projection in October, the Bank of Korea had set its gross domestic product forecast at a 2.8

US beef recently became the most popular imported beef in South Korea, outranking Australian beef for the first time in 13 years, a tally showed Sunday.The Korea Customs Service said 13,921 tons of US beef were imported here in November, compared to 10,310 tons from Australia. They include frozen and refrigerated beef that have passed customs.While the amount of beef imported from the US had surpassed those from Australia prior to clearing the customs process, it is the first time in 13 years th

South Korean shares are likely to remain in a tight range this week as the US dollar is showing signs of continued strength against the Korean won, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2.049.12 points on Friday, up 1.2 percent from a week ago. Foreign investors remained net buyers of local stocks for an eighth consecutive session.The country‘s foreign exchange market saw increase in volatility this week, after the minutes of the Federal Reserve’s Decem

Samsung Electronics Co. showcased a Bluetooth speaker and mobile printer at an annual technology fair in Las Vegas, saying they would provide an easier way to stay connected with smartphones. The "Level Box Slim" Bluetooth speaker and the "Image Stamp" mobile printer "add new levels of convenience and fun to users' smartphone interactions, making it easier to enjoy a favorite song, moment or memory with those they care about," Samsung said in a statement.  Level Box Slim (Samsung)The two mobile

South Korea‘s major discount store chains have again raised the prices of eggs as the nation is struggling to contain its worst outbreak of bird flu, according to company officials on Saturday. Eggs have been in short supply after the country culled a record 30 million poultry following the first confirmation on Nov. 18 last year. Starting Saturday, Homeplus raised the retail price of 30 eggs by 9.6 percent to 7,990 won ($6.67) at its 142 stores. Homeplus has increased the egg prices five times

Brokerages have cut their price targets on shares of Korean Air after the airline announced its plan to sell new shares worth 450 billion won ($376.1 million). Korean Air said this week that the new stocks will be sold at 20,450 won each. After the stock offering, the amount of stocks traded on the local stock market will rise to 95.95 million from the current 73.95 million, it said. Analysts said the debt-to-equity ratio of Korean Air would jump on losses related to foreign exchange rates, desp

The youngest son of Hanwha Group Chairman Kim Seung-youn was arrested on Saturday for assaulting bar employees while under the influence of alcohol.A Seoul court earlier issued a warrant for the police to arrest Kim Dong-seon, 27, the youngest of Chairman Kim’s three sons.  Kim Dong-seon, the third son of Hanwha Group Chairman Kim Seung-youn, is interrogated at Gangnam Police Station in Seoul on Jan. 5, 2017, after allegedly assaulting two bar employees and destroying a patrol car while being es

Foreign companies operating in South Korea accounted for nearly 14 percent of the country‘s overall corporate tax income in 2015, the national tax agency said Sunday.Multinational firms, reaching only 1.5 percent of the country’s 673,374 companies at the end of 2015, earned a combined 664 trillion won ($555 billion) and paid a total of 5.3 trillion won in corporate tax that year, data from the National Tax Service showed.  In this photo taken on Oct. 17, 2016, jobseekers are in consultations wit

South Korea's single-earner families suffered declines in their income for the first three quarters of last year as companies cut wages and jobs amid a prolonged economic slowdown, government data showed Sunday. Single-income families earned an average of 3.71 million won ($3,100) in the third quarter ended Sept. 30, down 1.6 percent from 3.77 million won a year earlier. In the first and second quarter, their on-year income fell 2.6 percent and 0.1 percent, respectively, according to data from S

South Korean government plans to assist the country's entertainment industry that has been dealt a blow amid China's anger over Seoul's decision last year to deploy a U.S. missile defense system.China has openly criticized the Korean government's plan to set up the U.S. missile defense system called THAAD on the peninsula, citing the move would harm its strategic interests in the region. In this Associated Press photo taken on July 22, 2016, Chinese fans cheer during a concert by the South Korea

South Korea will take swift action against any challenges from the global economy amid rising uncertainties sparked by the scheduled US government change and volatile Chinese financial market, the finance ministry here said Friday.In a meeting presided over by Finance Minister Yoo Il-ho in Seoul, the economic policymakers reviewed the current global economic situations and discussed ways to deal with the current headwinds, according to the Ministry of Strategy and Finance.South Korea's Finance M

South Koreans picked the child care support budget as the best policy enacted by the finance ministry last year, the ministry said Friday.The policy was one of the 25 candidates put to a vote on Dec. 21-30 by ordinary citizens, policy experts and journalists. The ministry said 3,402 people voted and selected the policy as the best of the year.  The government started child care support for children aged between three and five, providing free education and day care services. The policy became a p