The Korea Herald

Korean gov't vows to control rising egg, gas prices

Dec 23, 2016

The South Korean government said Friday that it will make full efforts to control rising living costs largely driven by the worst outbreak of avian influenza here and a gain in oil prices.At an emergency economic response team meeting chaired by Vice Finance Minister Choi Sang-mok in Seoul, the government will consider partly easing the restriction on egg supply and lowering import duties on the foodstuff in order to stabilize prices, according to the Ministry of Strategy and Finance.The short s
Foreign ownership of Korean land grows 1.7% in H1

Dec 23, 2016

Foreign ownership of South Korean land slightly expanded in the first half of the year from six months earlier, the government said Friday.The amount of land owned by foreign entities came to 232.23 million square meters as of end-June, up 1.7 percent from 228.27 million ㎡ tallied at end-2015, according to the Ministry of Land, Infrastructure and Transport.The amount accounted for 0.2 percent of the country's total area, with the value of the land estimated at 32.26 trillion won ($26.89 billion)
Diplomatic tensions slow growth of Chinese tourists to S. Korea

Dec 22, 2016

Diplomatic tensions slow growth of Chinese tourists to S. Korea
Exports by venture firms jump 21% in Nov.

Dec 22, 2016

Exports by South Korea’s venture firms grew more than 20 percent in November, a silver lining amid sluggish overall exports, data from a government-backed trade agency showed Thursday. In November, a total of 2 trillion won ($1.66 billion) worth of goods made by venture firms were shipped overseas, jumping 21.7 percent from a year ago. In the same month, overall exports grew only 2.7 percent, according to data from the Korea International Trade Association. It is the first time the gro
Central bank chief urges Seoul to use stronger fiscal policy

Dec 22, 2016

South Korea’s central bank chief publicly urged the Finance Ministry to use more aggressive expansionary fiscal policy next year to sustain growth, saying the era of monetary policy has nearly ended.His comments could lead to the Bank of Korea and the Finance Ministry each pushing the other to take on the burden of propping up the flagging Korean economy. Bank of Korea Gov. Lee Ju-yeol speaks during a dinner meeting with reporters at the BOK’s head office in Seoul, Wednesday. (BOK)“It is rather
[News Focus] Revenue increase heightens calls for fiscal expansion

Dec 21, 2016

An unexpected increase in national tax revenues has heightened calls for the government to implement a more aggressive fiscal policy to shore up the sluggish economy.The government collected 215.9 trillion won ($180.7 billion) in tax revenues in the first 10 months of this year, up 23.5 trillion won from a year earlier, according to data released by the Ministry of Strategy and Finance last week.Tax revenues are projected to exceed 240 trillion won by the end of the year, far above the target se
‘Protectionism to hurt Korea’s annual exports by 0.8 percent’

Dec 21, 2016

Global protectionism, likely to intensify with US President-elect Donald Trump’s pledge to up trade barriers for the US, is expected to hurt South Korea’s annual exports by 0.8 percent in the next four years, a central bank report said Wednesday.Protectionist measures are tariffs and nontariff barriers that each government imposes on imports to protect local industries. In the wake of the 2008 global financial crisis, delayed recovery in the world economy has pushed countries to enhance nontarif
Korea's exports up 12% in first 20 days of Dec.

Dec 21, 2016

South Korea's exports rose 11.6 percent in the first 20 days of this month from a year earlier, raising hopes that the country may post positive growth for two straight months for the first time in more than two years, latest customs data showed Wednesday.The country's exports totaled $27.1 billion from Dec. 1-20, up from $24.2 billion tallied over the same period last year, according to the Korea Customs Service.Outbound shipments of semiconductors soared 19.5 percent on-year and those of passe
Damage from AI outbreak could top 1.5 tln won: report

Dec 20, 2016

South Korea is set to face record damage from the latest outbreak of avian influenza with more than 10 percent of all poultry here already slaughtered for infection or in preventive measures, a report suggested Tuesday.According to the Ministry of Agriculture, Food and Rural Affairs, over 19.9 million birds at 378 farms here have been destroyed or set to be culled as of Monday. The number accounts for more than 12 percent of the total 165.25 million poultry being raised here, according to the st
A year in practice, Korea-China trade deal brings limited effect

Dec 19, 2016

A free trade agreement between South Korea and China has brought fewer benefits than anticipated since it came into force a year ago.But the pact has served as a bulwark against an otherwise steeper fall in bilateral commerce between the two countries. The decline comes against a backdrop of fraying diplomatic ties in recent months caused by South Korea’s moves to strengthen security cooperation with the US and Japan.So far this year, South Korea’s exports to China have fallen by more than 9 per
Households spending less than W1m monthly surge

Dec 19, 2016

The proportion of households spending less than 1 million won ($843) per month has spiked in the third quarter amid worsening economic conditions in South Korea, government data showed Monday.According to data by Statistics Korea, the proportion of households with monthly spending of less than 1 million won rose to 13 percent in the third quarter, the highest level among third-quarter figures since 14 percent in 2009.The proportion of such low-spending households has been hovering around 8-11 pe
Korea-China FTA tarnished by slowdown, but facilitates investment

Dec 19, 2016

Trade between South Korea and China fell this year from 2015 due to the global slowdown, but their bilateral free trade pact has contributed to expanding e-commerce and foreign direct investment over the past year, government data showed Monday.The Seoul-Beijing free trade agreement (FTA) went into effect on Dec. 20, 2015, with tariffs on about 90 percent of goods to be eventually removed over the next two decades.The free trade pact came as the two countries have seen a remarkable increase in t
Korea's corporate retirement pension funds top 125 tln won in 2015

Dec 19, 2016

Corporate retirement pension funds managed by South Korea's financial institutions topped 125 trillion won ($106 billion) last year, more than a decade after the country introduced the scheme, government data showed Monday.The scheme introduced in 2005 aims to help fund retirees' severance payments. Companies and employees make contributions to the pension funds, and employees can receive the pension after their retirement.The South Korean government has been encouraging companies to adopt the r
Korea's private pension funds suffer low yields: data

Dec 19, 2016

Most pension savings funds have posted negative yields this year, while such products are attractive to investors seeking tax benefits, data showed Monday.The average return of 227 such pension funds here, each with initial assets of 1 billion won ($840,000) under management, stood at minus 2.6 percent as of Friday, the data compiled by industry tracker FnGuide.The three-month and six-month yield rates were minus 0.37 percent and minus 0.17 percent, respectively.For people who bought the product
Korea's economy to grow 2.3% in 2017: think tanks

Dec 18, 2016

South Korea's major think thanks on Sunday predicted the country's economy may grow in the low 2 percent range next year, citing a global trade slowdown and faltering domestic consumption amid political uncertainties at home.For 2017, the growth outlook stood at an average 2.3 percent, according to a survey on major private and state-run think tanks and research centers conducted by Yonhap News Agency.The Korea Development Institute (KDI) forecast that Asia's fourth-largest economy will expand 2