Employment figures recently released were certainly disappointing for the Moon Jae-in administration, which has vowed to put top priority on creating more jobs as part of its income-led growth strategy.Its labor-friendly policies have done little to ease the polarization of Korea’s labor market, only exacerbating youth unemployment and reducing jobs for low-wage workers.According to data released by Statistics Korea last week, the unemployment rate for young people aged between 15 and 29 s

South Korean stocks ended lower Monday as institutional investors dumped major tech stocks to lock in recent gains, analysts said. The Korean won lost against the US dollar.The benchmark Korea Composite Stock Price Index shed 6.32 points, or 0.25 percent, to close at 2,527.67. Trade volume was moderate at 400 million shares worth 5.8 trillion won ($5.3 billion), with gainers outnumbering losers 443 to 365.Institutional investors offloaded a net 339.6 billion won worth of local stocks, while indi

Biotech momentum in the second-tier Kosdaq market has led 33 Kosdaq stocks to enter the list of top 200 listed firms in market cap both on the Kosdaq and top-tier Kospi, as of Friday, up from 23 at the end of 2016, data showed Monday. 　The 10 new Kosdaq-listed firms include biosimilar drug marketer Celltrion Healthcare and antirheumatic drugmaker TissueGene, which made their market debuts in July and earlier this month, respectively, according to data from the Korea Exchange. The firms’ ma

For the first time in 14 years, imports of US beef accounts for more than half of South Korea’s imported beef market on the back of the two countries’ free trade agreement, according to data from the Korea International Trade Association on Monday. 　From January to October this year, US beef imports hit $989 million, making up 50.7 percent of the country’s beef import market, marking the first time it has exceeded 50 percent after hitting a record-high 75.9 percent in 2003.&nbs

South Korea's growing household debt and geopolitical risks are two major systemic risks facing the country's financial system, a survey showed Monday.Household debt topped the list of key systemic risks cited by market watchers at 87 percent, up from 85 percent in May, according to the semiannual survey conducted by the Bank of Korea.South Korea's overall debt incurred by households came to 1,388.3 trillion won ($1.22 trillion) as of the end of June, up 10.4 percent from a year earlier, accordi

US beef has gained a bigger presence in South Korea's imported beef market this year helped by a bilateral free trade pact, achieving a share of over 50 percent, a trade agency said Monday.In the January-October period, US beef imports reached $989 million, accounting for 50.7 percent of the local imported beef market. It regained a share exceeding 50 percent 14 years after the ratio hit a record 75.9 percent, according to data from the Korea International Trade Association. In 2003, the country

The land ministry said Monday it put out an urgent bid to carry out research to establish new seismic design guidelines for airports and seaport facilities, one of the government's followup measures to an earthquake that rocked country's southeast last week.The Ministry of Land, Infrastructure and Transport will accept applications until Nov. 27 for studies on facility construction and retrofits that would minimize damage from earthquakes while maximizing preventive safety, ministry officials sa

South Korea’s benchmark Kospi closed at 2,533.99 on Friday, making a dramatic growth from 280 on June 16, 1998.For nearly two decades, the Korean stock market fluctuated with major political and economic events. The 1997-98 Asian Financial Crisis hit the nation‘s economy hard, dragging the Kospi to 280 points. The stock market again took subsequent hits when the dot com bubble bust in the early 2000s and with the beginning of the global financial crisis in 2008. Despite the nega

The cost to purchase a home in South Korea’s capital of Seoul surpasses that of Tokyo and is quickly catching up to New York, according to a report by the National Assembly Research Service on Sunday. 　The report showed that the price of a Seoul home cost an average of 100 million won ($91,500) more than that of a house in Japan’s capital. The median price for a Seoul home stood at 434.85 million won as of late last year, compared to Tokyo’s 311.36 million won.  　Purchasin

In 1997, South Korea was hit by a regional financial crisis, which the majority of people here still remember as one of the worst experiences in the country's recent history.Twenty years later, South Korea's economic fundamentals have greatly improved, with its exports and foreign exchange reserves reaching record high levels, but job insecurity and widening income disparity have become chronic problems, experts said Sunday.South Korea managed to revive its economy with the help of a $58 billion

South Korea's secondary bourse has posted sharp growth on hope for government policies rather than listed firms' financial health, raising concerns about a possible bubble, analysts said Saturday.   On Friday, the KOSDAQ market closed 0.56 percent higher at 775.85, mainly led by pharmaceutical companies. The figure marks a whopping 22.7 percent growth from the 632.04 posted in the first session of 2017.   Analysts said the growth was mainly attributable to the government's pl

Seoul shares are expected to move in a tight range next week as investors remain guarded amid the rising odds of Federal Reserve's interest rate hike and uncertainties over the U.S. tax reform plan, analysts said Saturday.   The benchmark Korea composite Stock Price Index (KOSPI) closed at 2,533.99 points on Friday, down 0.35 percent from a week ago.    The index retreated four sessions on uncertainties over U.S. corporate tax cuts and fluctuating oil prices, which was driven

Donning white coats in a lab-like atmosphere, officials at the counterfeit countermeasures center at Seoul‘s KEB Hana Bank headquarters are armed with state-of-the-art digital forensics technology that are able to detect even the most precise, fine-grained currency replications. The number of foreign currency counterfeiters is rapidly increasing as more foreign tourists travel to Korea.  The number of counterfeit bills, which averaged around 500 bills per year, exceeded 1,500 last yea

US Department of Commerce said Friday it issued preliminary anti-dumping duties on cold-drawn mechanical tubing from South Korea and five other nations, claiming cheap imports were hurting local companies.In a statement, the US government said its investigation determined that companies from South Korea, Germany, China, Switzerland, India and Italy were selling their products below "fair value." South Korean products are subject to 5.1-48 percent of preliminary duties, the department s

The latest Global Wealth Report by investment bank Credit Suisse showed that assets held by the richest 1 percent account for half of the entire world‘s wealth, which surged at the fastest annual rate of 6.4 percent to $280 trillion as of mid-2017.Of millionaires worldwide, 2 percent, or 686,000 were South Koreans, with the number predicted to reach 972,000 by 2022.The report said those with low wealth tend to be disproportionately found among younger age groups, who have had little chance