The Korean economy may be decoupled from robust global economic recovery next year, held back by a slump in domestic demand and uncertainties in external conditions, economists here say.The International Monetary Fund recently revised up its global economic growth outlook for next year from 3.6 percent to 3.7 percent, while forecasting the world economy would expand 3.6 percent this year.Emerging market economies were projected to grow 4.9 percent on average in 2018, up from the 4.6 percent esti

South Korean stocks extended a fifth-day losing streak Wednesday as upward momentum faded after enjoying a sharp rally and investors grew cautious over economic uncertainties at home and abroad. The Korean won rose against the greenback.The benchmark Korea Composite Stock Price Index dropped 8.38 points, or 0.33 percent, to close at 2,518.26. Trade volume was moderate as 394.23 million shares worth 7.19 trillion won ($6.46 billion) changed hands with losers far outnumbering gainers 563 to 270.&q

The Ministry of SMEs and Startups launched its three-day Growth Ecosystem ScaleUp Workshop in Changwon, South Gyeongsang Province, on Wednesday, highlighting a new vision to revitalize the local economy and create more jobs through customized solutions. 　The workshop, which is being held at the Pullman Ambassador Changwon hotel through Friday, is led by professor Daniel Isenberg. It includes participants and key leaders from various fields including public institutions, banks, universities and r

South Korea's finance minister said Wednesday that the government will make efforts to reduce increasing labor costs that small businesses would suffer due to the government-led hike in minimum wage.President Moon Jae-in has pledged to increase the minimum wage to 10,000 won ($8.98) by 2020, as part of his efforts to narrow the income gap and boost private consumption, which may then stimulate the economy.As a first step, the government earlier decided to raise the minimum wage by 16.4 percent t

The World Trade Organization has ruled in favor of South Korea’s complaint that the United States’ anti-dumping duties against Korean steelmakers is in violation of international trade law, according to a statement by the Ministry of Trade, Industry and Energy on Wednesday. 　The ruling comes nearly three years after the Korean government filed a complaint against the US arguing that its profit data calculations for dumping rate margins, which led to the US levying tariffs on oil coun

Four Samsung Electronics executives who sit on the company's board of directors received nearly 6.8 billion won ($6.08 million) in pay per person in the first three quarters of this year, the tech firm's report showed Wednesday.The CEOs, all registered members of the board, took away 27.15 billion won during the nine months, averaging 6.78 billion won each. The sum is 2.66 times more than what previous members received during the same months last year, according to the company's third-quarter re

South Korean credit card companies saw their third-quarter earnings plunge due mainly to a cut in their fee rates on member stores, data showed Wednesday.The combined net income of eight stand-alone card firms stood at 419.6 billion won ($375 million) in the July-September period, down 20 percent from a year earlier, according to the data by the Financial Supervisory Service and industry sources. The nosedive was attributed to the fee-rate cut conducted in August. The card issuers lowered their

South Korea's jobless rate dropped to the lowest level in 10 months in October, but the rate of the fall slowed down, government data showed Wednesday.The unemployment rate stood at 3.2 percent last, down 0.2 percentage point from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it also fell 0.2 percentage point.It marked the lowest rate since December last year, when it hit 3.2 percent.The number of employed people reached 26.85 million in Oc

The International Monetary Fund said Tuesday that it has revised up its growth outlook for South Korea's economy this year to 3.2 percent.The upward revision came a month after the IMF adjusted South Korea's gross domestic product growth to 3 percent."The cyclical recovery is expected to continue. GDP growth is projected at 3.2 percent in 2017 as the momentum in the first three quarters continues," the IMF said in a statement after wrapping up a visit to Seoul by its officials. The IMF

South Korean stocks finished lower Tuesday as investors took to the sidelines over weak Chinese economic data and uncertainties over US tax policy. The Korean won strengthened against the greenback.The benchmark Korea Composite Stock Price Index lost 3.71 points, or 0.15 percent, to close at 2,526.64. Trade volume was relatively light, as 283.65 million shares worth 5.67 trillion won ($5.07 billion) changing hands, with losers outnumbering gainers 432 to 372.Market heavyweights had a bearish day

South Korea and Japan have discussed ways to provide Koreans with more job opportunities in Japan where employment rates rose speedily, the foreign ministry said Tuesday. During his three-day trip to Japan till Tuesday, Vice Foreign Minister Cho Hyun met with Japanese Vice Foreign Minister Shinsuke Sugiyama, other senior government officials and heads of main business associations to discuss the issue, the Ministry of Foreign Affairs said. In the meetings, both the South Korean and Japanese side

More than half of South Korean people think the 1997 Asian financial crisis had an adverse impact on the economy, society and their daily lives, a survey showed Tuesday.Twenty years ago, Asia's fourth-largest economy experienced a slump in its currency and a sharp devaluation in its stock markets and asset prices along with other countries in the region. The country was forced to turn to a bailout package from the International Monetary Fund, which demanded that the Seoul government tighten its

South Korea's main stock market is expected to gain further ground next year on a stronger economy with the key index breaching the 2,900-point level, local brokerages said Tuesday.Driven by brisk foreign buying stemming from resilient corporate earnings, the benchmark Korea Composite Stock Price Index had been renewing all-time highs before going south in recent sessions. The KOSPI hit an all-time high of 2,557.97 on Nov. 3 before closing at 2,530.35 Monday.In a research note, KB Securities Co.

Parliament is to reinstate the reduced budget for anti-smoking programs, sources said Tuesday, following public criticism that the country is neglecting its responsibility despite a rise in revenue brought on by higher cigarette prices.The assembly's budgeting subcommittee on Monday set next year's anti-smoking assistance budget at 146.7 billion won ($131 million), up 13.5 billion won from the prior proposal so as to meet this year's level. The budget needs to pass the health and welfare committ

The nation’s financial regulator on Monday gave approval to five brokerage companies on starting investment banking businesses, as part of the government’s economic blueprint to boost the global competitiveness of local financial players.The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, according to the Financial Services Commission. Among them, Korea Investment & S