New housing permits in South Korea spiked 16 percent from a year earlier in April, data showed Thursday, amid government efforts to prop up the local real estate market.The number of new home permits issued came to 59,675 last month, up 8,330 from the same month last year, according to the data compiled by the Ministry of Land, Infrastructure and Transport.April marked the 16th consecutive month of an on-year increase in new home permits.The sharp rise last month was driven by a robust gain in p

Samra Midas Group, or SM Group, has no intention to acquire part of midsized shipyard SPP Shipbuilding from its creditors, a local news report said Thursday.The business group, which owns listed shipper Korea Line and builder Woobang Construction, could not narrow differences in the price negotiation for SPP’s shipyard in Sacheon, Yonhap said. “We had estimated that additional 140 billion won ($118 million) would be needed for SPP Shipbuilding based on the result of due diligence. But creditors

Employees at South Korea's top 30 percent of companies in terms of sales are getting paid more than double the salaries of their counterparts in the bottom 30 percent, according to an analysis released on Thursday.Data provided by a research team of local daily Energy Economic News said the average annual salary last year at the country's top 2,000 companies, sorted by their annual sales, was 47.3 million won ($39,983), an increase of 4.9 percent.  Petrochemical firms had the highest average of

South Korea's consumer sentiment fell in May from a month earlier with more people expecting worsening conditions for their livelihoods down the road in the wake of revamps in the corporate sector, central bank data showed Thursday.The composite consumer sentiment index came to 99 for May, moving down from 101 the previous month, according to data from the Bank of Korea. The figure marks the lowest since February.A reading above 100 means optimists outnumber pessimists, while a reading below the

South Korea's central bank will develop a supplementary economic indicator to offset the limitations of gross domestic product figures, its chief said Wednesday, attributing their falling credibility to the changing landscape of global industries.In a bimonthly meeting with economists, Bank of Korea Governor Lee Ju-yeol said, "GDP has been a representative indicator that shows the size of an economy, the pace of its growth and its status of prosperity. But its credibility is on the decline as it

A team of officials from the International Monetary Fund will visit South Korea this week to assess its economic conditions and exchange opinions on economic, financial and fiscal policies, the finance ministry said Wednesday.During its stay, which will last until June 8, the IMF delegation will meet with the nation's key financial and economic policymakers from the finance ministry, the central bank and the Financial Services Commission, the ministry said. It will also visit major public and pr

The amount of cargo processed at Korea's seaports slipped 1.2 percent in April from a year earlier due to a drop in the transport of soft coal and vehicles, the government said Wednesday.The volume of cargo handled at six seaports came to 119.32 million tons last month, according to the Ministry of Oceans and Fisheries. Busan Port (Yonhap)The ministry attributed the decreased volume to the decreased shipping of soft coal and cars amid the global economic slowdown. Chemical shipments at the ports

Corporate executives now seem as jittery as government officials about a controversial bill that will allow lawmakers to hold hearings more frequently.The revision to the National Assembly Act, which was passed by the outgoing parliament last week, gives parliamentary committees the right to hold hearings on all “pending” issues. Existing law stipulates that the hearings can be held if necessary for the deliberation of important matters and parliamentary audit or investigation.Speculation has be

Korea's exports to China in April marked a 10th month of sliding downwards, the longest skidding streak since the 2008-2009 global financial crisis, trade figures showed Wednesday.The Korea International Trade Association (KITA) said exports to China last month came to $9.63 billion, an 18.4 percent fall on-year, continuing the downward path that began in July last year.The longest shrinking streak to date was 11 months, from October 2008 to August 2009. There was also a notable 10-month slide i

The ratio of Korea's short-term foreign debt to its foreign reserves fell to the lowest level in over 11 years in the first quarter on the back of a fall in borrowing by local banks and a fall in foreign investment in local bonds, data showed Wednesday.The country's short-term external debt, with a maturity of one year or less, totaled $103 billion as of the end of March, decreasing $4.3 billion from three months earlier, according to the data by the Bank of Korea (BOK). The end-March figure acc

ING Life Insurance will be extending its sales offer by the end of this week to fuel more potential bids for the insurer owned by Korean private equity MBK Partners following lower-than-expected buyout interests, according to news media citing investment banking sources.MBK and ING could not be reached for comments. Morgan Stanley is the sales manager of MBK’s ING Life Insurance.Only about three companies at home and abroad submitted their letters of intent for the insurer on Monday. MBK seeks t

Korea said Tuesday that it has come to an agreement with Israel to begin negotiations next month on a free trade deal that could further boost bilateral trade.The first round of negotiations is set for June 27 in Seoul.The decision was reached in a meeting between South Korea's vice trade minister Woo Tae-hee and a senior Israeli official in Jerusalem, according to South Korea.Korea and Israel began talks on a free trade deal in 2009, but progress has been slow amid Seoul's efforts to seal free

Korea's top state-run think tank revised down its growth outlook for the local economy Tuesday, citing a continued slump in exports and sluggish demand at home and abroad.The Korea Development Institute (KDI) said Asia's fourth-largest economy was expected to expand 2.6 percent this year, down from 3 percent forecast six months earlier.The latest projection is the most pessimistic outlook yet offered by a local institute. Bank of Korea (Yonhap)The Bank of Korea predicted 2.8 percent growth in it

Gasoline prices in the nation are steadily rising in line with global oil prices that are showing signs of increase, data showed Sunday. The average price of gasoline was 1,393.79 won per liter on May 20, an increase of 2.05 won from the previous day, according to the Korea National Oil Corp.’s oil price information system Opinet. The average diesel price also increased by 3.34 won to 1,165.76 won per liter.Oil prices are expected to increase to $60 per barrel next year after hitting a low of $2

Korea's central bank appears to be fast running out of options for its key rate with a looming U.S. rate hike and the country's sluggish economy crippling its move in either direction, experts noted Monday.The Bank of Korea (BOK) has stood pat on its key rate after sending it to a record low of 1.5 percent in June 2015. Bank of Korea (Yonhap)The experts said the bank might be forced to again extend its wait-and-see mode for another month in June, not by necessity but by its lack of options. The