The Korea Herald

Per-capita income to fall

Jan 13, 2012

Korea’s per-capita income for last year is expected to be lower than the government’s earlier estimate due to faster population growth, a senior Finance Ministry official said Friday.The government earlier predicted that the per-capita gross national income would range from $23,500 to $24,000 at the end of last year. It was based on the nation’s economic growth and inflation, which was projected to grow 3.8 percent and 4 percent last year.“The per-capita GNI is expected to decline to $22,500-$24
Seoul suspected of inflating oil development deal with UAE

Jan 12, 2012

The South Korean government is suspected of having exaggerated an oil development deal with the United Arab Emirates, which it earlier claimed would “guarantee” participation by South Korean companies, informed sources said Thursday.The government had claimed its memorandum of understanding, signed with the UAE early last year, would entitle the country to a production-sharing-agreement at one of the Middle Eastern country’s six production mines with more than 1 billion barrels of oil in confirm
Foreign direct investment inflows up 4.6% in 2011

Jan 12, 2012

Foreign investment in Korea grew a healthy 4.6 percent last year as an inflow of capital from rich countries sharply rose despite persistent uncertainties in the global economy.Foreign direct investment was $13.67 billion last year, up from $13.07 billion in 2010, the Ministry of Knowledge Economy said Thursday. The spike mainly resulted from robust investments by the European Union, the U.S. and Japan, which shot up 33.6 percent year-on-year to nearly $9.7 billion in 2011.EU nations together in
Korean firms expect difficult financial situation in Q1: poll

Jan 11, 2012

South Korea’s businesses are bracing for unfavorable financial conditions in the first quarter of this year, mainly due to sluggish economic growth and falling sales and profits, a poll showed Wednesday.The survey of 500 companies by the Korea Chamber of Commerce and Industry showed the business survey index on corporate finance dropping to 79 for the January-March period from 92 three months earlier.It is the lowest reading since the organization started taking the poll in the third quarter of
Jobless rate drops to 3.4% in 2011

Jan 11, 2012

Korea’s jobless rate fell last year from a year earlier, but its labor markets remain tough amid worries over a slowing economic recovery, a report showed Wednesday.The jobless rate stood at 3.4 percent in 2011, down 0.3 percentage points from a year earlier, according to the report by Statistics Korea. It is the lowest in three years.The report showed that the economy added 415,000 more jobs last year compared to the previous year, a jump from 323,000 jobs gained on-year in 2010.In December, ho
‘Korea-U.S. FTA will take economic ties to higher level’

Jan 11, 2012

A top U.S. Chamber of Commerce official said the Korea-U.S. free trade agreement, which is set to take effect soon, will further enhance economic relations between the two allies. “In this Korea-U.S. FTA, it’s a gold standard agreement, we already have a strong economic relationship, we got a great security relationship, a strong political friendship, but it takes the economic relationship to the next level,” said Tami Overby, vice president of the U.S. Chamber of Commerce. It is projected that
More Koreans retiring to farms

Jan 11, 2012

The number of South Koreans retiring to farming surged to a new annual high in 2011 thanks to local governments’ efforts to attract retiring baby boomers, a report showed Wednesday.According to the report by the Ministry of Food, Agriculture, Forestry and Fisheries, the number of households returning to the countryside came to an estimated 6,500 in 2011, up 59.8 percent from 4,067 a year earlier.The number had steadily increased since 2002 when only 769 people retired to a life of farming. The n
Exports of steel products hit record high in 2011

Jan 11, 2012

Korea’s exports of steel products rose to a record high last year, buoyed by rising overseas demand and increased production capacity, a local steel association said Wednesday. Local steelmakers, led by leader POSCO, exported 28.48 million tons last year, up 9.3 percent from a year earlier, according to the Korea Iron and Steel Association.Exports accounted for 39.7 percent of total steel output. On the other hand, domestic firms imported some 22.96 million tons of steel products last year, fall
S. Korea's jobless rate drops to 3.4 pct in 2011

Jan 11, 2012

SEOUL, Jan. 11 (Yonhap) -- South Korea's jobless rate fell last year from a year earlier, but its labor markets remain tough amid worries over a slowing economic recovery, a report showed Wednesday.The jobless rate stood at 3.4 percent in 2011, down 0.3 percentage points from a year earlier, accordi
Seoul seeks to start beef exports: minister

Jan 10, 2012

Korea will seek to begin exporting beef within a few years as part of its efforts to help stabilize prices, the agriculture minister said Tuesday.“Considering wagyu (Japanese beef) is 1.5 times more expensive than Korean beef but that Japan still exports beef, I believe we, too, can export Korean beef,” Suh Kyu-yong, the minister of food, agriculture, forestry and fisheries, told a press briefing.Suh, however, noted it will take some time before the country can begin shipping its beef overseas.“
Korea overtakes China as world’s top shipbuilder

Jan 10, 2012

South Korea regained its status as the world’s leading shipbuilding nation in 2011 by beating its archrival China and securing deals for large, value-added vessels, data showed Tuesday.According to London-based market researcher Clarkson Research Services, South Korean shipbuilders won a combined 13.55 million compensated gross tons in new orders last year, while Chinese shipbuilders clinched a total of 9.2 million CTGs.Last year, South Korea accounted for 48.2 percent of a total of 28.11 millio
Prices of daily necessities rise in December: report

Jan 10, 2012

Prices of most daily necessities in South Korea increased in December despite government efforts to fight rising inflation, a report by the state-run consumer protection watchdog showed Tuesday.The report by the Korea Consumer Agency showed that of the 102 everyday consumer necessities monitored such as sugar, cereals and detergents, prices of 70 products, or 68 percent, went up in December from a month earlier. Prices for 28 products fell or remained unchanged over the cited period, it showed.T
Asian woes may pose risks to Korean economy

Jan 10, 2012

China and other Asian economies are saddled with a raft of downside risks, adding to fears they may hurt the South Korean economy along with lingering eurozone debt woes, a report showed Tuesday.The report by the Korea Center for International Finance said that such risks could further undermine the global economy already buffeted by the impact from the long-standing eurozone debt crisis.According to the report, China is likely to see its economic growth rate fall by up to 1.5 percentage points
Stronger won exposed to more volatility

Jan 10, 2012

Sino-U.S. currency friction could amplify Korean currency fluctuation in 2012It has been a familiar year-end scene. Korean financial officials try to shore up the value of the nation’s currency to help local companies that settle accounts in December avoid exchange losses.In the closing days of 2008, a year when the Korean won fell sharply against the U.S. dollar amid the global financial crisis, some foreign exchange dealers in Seoul were pressed to withdraw their orders to buy the greenback.At
Korea to offer better biz environment for foreigners

Jan 9, 2012

South Korea will beef up efforts to provide a better business environment for foreign enterprises by “actively” reflecting their opinions in its policymaking process, the nation’s finance minister said Monday.“We will actively reflect the opinions of the EU Chamber of Commerce, and make redoubled efforts to improve areas such as investor protection and property rights registration,” Bahk Jae-wan told a meeting with European business people.Bahk promised to push ahead with measures to lower land