The Korea Forest Service signed a memorandum of understanding last week with Mongolia’s ministry of environment, green development and tourism to jointly combat desertification, according to KFS officials.The agreement, which was made during Asia-Europe Meeting in Ulaanbaatar, reads that both countries will be in cooperation to contribute to afforesting Mongolian regions where the locals suffer from air pollution caused by its rapid urbanization. Korea Forest Service Minister Shin Won-sop (left)

Flight passengers in Korea hit an all-time high in the first half of 2016, totaling nearly 50 million, according to Transport Ministry data on Wednesday.Korea saw 49.8 million people traveling by air in the first half of the year, up 14.5 percent from last year and marking a record high. About 35 million of those passengers flew internationally.The number was up 44.5 percent on-year for the month of June thanks to the travel industry’s recovery from the Middle East Respiratory Syndrome shock las

Since its installment in February 2013, President Park Geun-hye’s administration has put increasing youth employment on top of its policy agenda. It has poured more than 4 trillion won ($3.5 billion) in various programs designed to get more young people into the workforce.To its embarrassment, the country’s youth jobless rate has set a record monthly high in recent months, standing at 10.3 percent in June, according to figures from Statistics Korea. Some private researchers estimate the actual y

The head of South Korea's central bank on Wednesday stressed the importance of a fiscal and restructuring policy than a monetary one in tackling the country's low growth.Bank of Korea Governor Lee Ju-yeol said in a meeting with lawmakers that South Korea's relatively strong financial status will allow the government to inject some money to support slowing growth and generate jobs.He said an excessive monetary easing policy could lead to an increase of risky assets of financial companies and an e

South Korea's chief economic policymaker said Wednesday that the government will give full support to the industries that are undergoing tough restructuring and workers affected to minimize adverse impact.The South Korea government earlier unveiled a set of stimulus steps, including an 11 trillion won-extra budget, to boost Asia's fourth-largest economy which has been suffering from faltering exports and lukewarm domestic demand.Its economy-boosting measures focused on cushioning fallout from in

South Korea's land prices continued to grow in the first half of the year, government data showed Wednesday, amid a residential building construction boom partly created by a series of government measures aimed at boosting the property market.In the six months ended June 30, land prices gained 1.25 percent from six months earlier, accelerating from a 1.07 percent increase over the same period last year, according to the Ministry of Land, Infrastructure and Transport.The tally marks the steepest

The overall sentiment of South Korean consumers slightly improved from a month earlier in July as a growing number of people predicted better economic conditions down the road, central bank data showed Wednesday.The composite consumer sentiment index for July came to 101, compared with 99 the previous month, according to the data from the Bank of Korea.A reading above 100 means optimists outnumber pessimists.The rise in consumer sentiment came as people believe their living conditions could get

The Rio Olympics, long-awaited for four years, will kick off in August, and two years later, PyeongChang is set to host the Winter Olympics. Taking a look at how the Olympic Games are put together, the process begins with countries actively competing to be chosen as the host country. The real game begins after the final decision is made, with the elected country embarking on a long journey of preparation, building stadiums, infrastructure and so on. Once the game begins, stadiums are filled with

The Korea Forest Service submitted a bid last week to host the 15th World Forestry Congress in Seoul, officials said.The WFC, also known as the “Olympics of Forestry District,” is the largest international conference where delegates discuss countermeasures for forest maintenance, management and economic problems by sharing knowledge and experience every six years. Being nominated as a host city would imply that the hosting country’s forestry service is globally recognized.  KFS Minister Shin Won

Further rate cut on the table amid sluggish employment, investment

South Korea's economy posted improved growth in the second quarter on increased exports and consumption, central bank data showed Tuesday.In the three months that ended June 30, the country's gross domestic product grew 0.7 percent from a quarter earlier, according to preliminary data from the Bank of Korea.The second-quarter estimate marks an improvement from a 0.5 percent on-quarter expansion in the previous quarter. From a year earlier, it marks a 3.2 percent improvement.Domestic consumption