The Korea Herald

Jobless rate to top 3.7% in 2012: think tanks

Dec 11, 2011

Korea’s unemployment rate is expected to slightly rise next year on the back of sluggish economic growth at home and abroad, leading private think tanks said Sunday.LG Economic Research Institute forecast the country’s jobless rate will be 3.7 percent next year, while Hyundai Research Institute predicted 3.6 percent. Both figures are up from this year’s estimated 3.5 percent.Samsung Economic Research Institute predicted a 3.4 percent rate. But it indicated a possible rise, citing lackluster job
Canadian Chamber elects chief

Dec 11, 2011

The Canadian Chamber of Commerce in Korea announced that Don MacKenzie has been elected its new chairman for 2012. “I look forward to taking over the great work of Simon Bureau. His work and dedication over the last four years have helped establish a sound foundation upon which we can continue to build in the future,” said MacKenzie.MacKenzie joined A.T. Kearney Korea in 2010 as vice chairman, focusing primarily on the firm’s extensive financial services, mergers and acquisitions, and private eq
Conglomerates expect exports to drop in 2012

Dec 8, 2011

South Korean conglomerates expect export conditions to worsen in 2012 mainly due to eurozone debt woes and a U.S. economic slowdown, a poll showed Thursday.The Federation of Korean Industries survey showed that of 22 major businesses polled, 15, or 68.2 percent, expected next year’s export environment to be less favorable than in 2011.The data also showed that 63.6 percent of the conglomerates, including Samsung, Hyundai Motor Co., LG and SK, are bracing for financing-related difficulties in the
SaKong to discuss global governance in Vienna

Dec 8, 2011

SaKong Il, chairman of the Korea International Trade Association, will discuss global governance in politics and the economy with leaders from around the world at a forum in Vienna, the trade agency said Thursday.More than 150 heads of state, policymakers and scholars will take part in the World Policy Conference on Dec. 9-11 hosted by the Institut francais des relations internationales, a leading think tank based in Paris. Participants include Heinz Fischer, president of Austria; Abdullah Gul,
Income inequality higher among seniors

Dec 8, 2011

Financial disparity among those over 65 third highest in OECDKorea had the third-highest income inequality among senior citizens in the Organization for Economic Cooperation and Development, a report by the organization said.The Gini coefficient ― a measure of income inequality ― of people aged 65 or older in Korea, measured after tax, was 0.409, behind Chile (0.474) and Mexico (0.524). The closer a Gini index is to 1 the greater the income inequality. The Gini coefficient among Koreans aged bet
BOK freezes key rate for 6th month for Dec.

Dec 8, 2011

SEOUL, Dec. 8 (Yonhap) -- South Korea's central bank froze the key interest rate on Thursday for the sixth straight month in a bid to shield the economy from the impact of growing downside risks from the eurozone debt crisis.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers unanimo
Income inequality among elderly citizens 3rd-highest in OECD countries

Dec 8, 2011

SEOUL, Dec. 8 (Yonhap) -- Income inequality among elderly citizens in South Korea is the third highest in major economies, data showed Thursday, indicating that the country's public pension system remains relatively insufficient to support retirees.The Gini coefficient for those aged 65 and older he
Korea to cut housing transfer taxes, ease regulations

Dec 7, 2011

The government plans to lower capital gains taxes on home transactions for multiple homeowners and ease regulations on apartment redevelopment in affluent southern Seoul as it strives to prevent a sluggish real estate market from dragging down the economy.Officials on Wednesday rolled out a package of measures to rejuvenate housing transactions which also include more support for cash-strapped construction firms and low-income earners.The government will submit related bills to the National Asse
Korea to closely monitor economic conditions amid uncertainties

Dec 6, 2011

South Korea will closely monitor economic conditions at home and abroad amid heightened uncertainties over the eurozone debt crisis and a possible global slowdown, the Finance Ministry said Tuesday.“Uncertainties remain high as the eurozone fiscal crisis deepens and there is a chance that the global economy could slip into a slowdown,” the ministry said in its monthly report on the latest economic conditions. “It is necessary (for us) to closely monitor changes in economic conditions at home and
Cable TV operators‘ agree to retransmit HD programs

Dec 6, 2011

Cable television operators have started to re-air high-definition terrestrial TV programs late Monday following the government’s mediation efforts.“We have decided to accept the recommendations made by the national broadcasting watchdog and started the retransmission... and agreed to engage in earnest dialogue to resolve outstanding differences in the coming week,” cable operators said in a joint statement.This view was echoed by the three local terrestrial channels -- KBS2, MBC and SBS -- which
Building globally competitive SMEs priority: KOTRA

Dec 6, 2011

Building globally competitive small and medium enterprises is key to pushing up South Korea’s trade volume to the next level, the new head of the country’s export promotion agency said Monday.Korea Trade-Investment Promotion Agency President Oh Young-ho said that in order for Seoul to double its annual export volume from $1 trillion reached this month, the capabilities of its SMEs must be enhanced.South Korea’s annual trade volume exceeded the landmark $1 trillion mark for the first time in its
S. Korean workers most vulnerable to unemployment risk in OECD bloc

Dec 6, 2011

South Korean workers turned out to be most vulnerable to an economic crisis compared with their counterparts in other OECD countries, due to the country's extraordinarily low levels of unemployment benefits, a report showed Tuesday.Local labor authorities provided unemployed workers with financial a
S. Korean economy grows revised 0.8 pct in Q3

Dec 6, 2011

The South Korean economy grew slightly faster than previously estimated in the third quarter on sustained exports, but the growth momentum slowed from three months earlier amid global economic uncertainty, the central bank said Tuesday.Korea's gross domestic product (GDP), the broadest measure of ec
Korea’s trade tops $1tr for first time

Dec 5, 2011

South Korea’s annual trade volume passed $1 trillion for the first time Monday, making it the ninth country in the world to break the mark. Only the United States, Germany, China, Japan, France, Britain, the Netherlands and Italy have logged an annual trade volume of over $1 trillion so far. Two of them ― Britain and Italy ― failed to maintain it last year.The eight countries account for half of the world’s total trade, and excluding China, they are all advanced economies with per capita income
8.39 million Koreans pay no income tax: report

Dec 5, 2011

Four out of every 10 Korean workers and self-employed residents did not pay taxes on their income last year as a result of increased tax credits and reductions, data showed on Monday.Of the 20.39 million people subject to taxation on their earnings in 2010, 8.39 million, or 41.1 percent, paid no income tax to the government, the National Tax Service said in a report.The figure marked an increase of 270,000 people who are exempt from income taxes from 2009, raising the issue of whether the Korean