Few Korean companies have brought home overseas production in recent years in contrast to a sharp rise in the number of the country’s firms operating abroad.In 2012, the government began strengthening measures to facilitate the reshoring of manufacturing companies. Since then, just 41 Korean manufacturers have transferred overseas factories back to the country, according to data from the Ministry of Trade, Industry and Energy.During the same period, more than 17,000 Korean businesses have

Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. 　Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e

South Korea's top economic chief said Monday that he will lower borrowing costs for people with low credit ratings to reduce their financial burden ahead of the scheduled announcement of tighter rules on household loans.Finance Minister Kim Dong-yeon made the comment during a visit to a government-run financial support center in Seoul along with Financial Services Commission Chairman Choi Jong-ku and Financial Supervisory Service Gov. Choe Heung-sik. "It is necessary for the government to m

South Korean stocks turned lower Monday morning after a brief rise, as institutions dumped stocks on profit taking. The benchmark Korea Composite Stock Price Index fell 2.00 points, or 0.08 percent, to 2,487.54 as of 11:15 a.m.Institutions offloaded 258 billion won ($228 million) worth of stocks, exceeding a combined 225 billion won by foreigners and individuals.  Market bellwether Samsung Electronics Co. rose 0.74 percent and No. 2 chipmaker SK hynix Inc. advanced 2.59 percent.Among declin

President Moon Jae-in is scheduled to hold a meeting with officials and leaders from top labor organizations this week, an official from the presidential office Cheong Wa Dae said Monday.The meeting will be held Tuesday and will involve dozens of labor leaders, including those from the two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions.The talks will nearly complete the president's series of discussions with all major economic players

Trade ministers of 16 countries in the Asia-Pacific region will gather in South Korea this week to discuss the Regional Comprehensive Economic Partnership, the trade ministry said Monday. RCEP is in essence a massive regional free-trade agreement between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has existing free trade agreements, including South Korea, China, Japan, India, Australia and New Zealand.Some 800 negotiators from the member na

South Korea's manufacturing firms have improved their ability to repay short-term debt with the cash inflow from their operations in recent years, data showed Monday, despite Asia's fourth largest economy struggling with sluggish growth.The cash flow coverage ratio for 674 manufacturers listed on the benchmark Korea Composite Stock Price Index rose to 124 percent last year, up from 107 percent in 2013, according to the statistics by the Korea Stock Exchange. The comparable figure for the 65 larg

South Korean stocks opened higher Monday as foreigners scooped up technology stocks. The won fell against the dollar.  The benchmark Korea Composite Stock Price Index climbed 2.25 points, or 0.09 percent, to 2,491.79 in the first 15 minutes of trading. Market bellwether Samsung Electronics Co. gained 0.71 percent, and SK hynix, a major chipmaker, advanced 2.0 percent. Top carmaker Hyundai Motor Co. moved up 0.33 percent, and leading chemical firm LG Chem Ltd. rose 0.52 percent.In contrast,

Default rates for peer-to-peer loans have risen at an alarming rate, nearly tripling in September from a month earlier, market sources said Monday.According to Korea P2P Finance Association, aggregated lending by its 60 member companies totaled 1.47 trillion won ($1.29 billion) as of end-September. The current loans come to 730 billion won.The average default rate, which counts loans unrepaid for over 30 days but under 90 days, came to 2.99 percent last month, almost triple from 1.04 percent a m

South Korea's economy is expected to grow 2.8 percent this year due to a weakening in business investment, a non-governmental think tank said Sunday.The Korea Economic Research Institute said it is lowering growth numbers for 2017 from the previous 2.9 percent, with its growth forecast for next year standing at 2.7 percent.The institute under the Federation of Korean Industries, the lobbying group for large businesses, said that while facility investment surged 15.9 percent in the first half, th

Nearly 15 percent of professionals working as individual businesses made less than 2 million won ($1,765), or one-tenth of an average of income in these traditionally highly paid professions, suggesting growing competition in the professional market.While those in these professions, a total of 35,108, earned an average of 230.8 million won a year, 14.3 percent of the group made a monthly income of 2 million won or 24 million won a year, according to data provided by the National Tax Service requ

Trade representatives of China denied the existence of trade-restrictive measures in tourism and distribution services against South Korean companies, despite the United States and Japan voicing support for Korea, a report by the World Trade Organization showed Sunday.　According to the meeting minutes for a council meeting held in June by the Council for Trade in Services, the Korean government raised again the issue of China’s trade-restrictive measures seen as retaliatory actions against

The number of stock-rich persons with their stock holdings valued at 1 trillion won ($883 million) or more rose to the highest ever as the local stock market continued to renew its all-time highs on the back of sound corporate earnings and ample liquidity, industry data showed Sunday.According to industry tracker Chaebul.com, the number of persons with 1 trillion won or more worth of stocks stood at 27, up five from 22 at the end of last year.The country's benchmark index, the KOSPI, closed at a

South Korea is set to unveil another set of measures this week, the third of its kind, aimed at curbing rising household debts amid expectations that the central bank would raise its key rate in the coming months, industry sources said Sunday.The measures, due Tuesday, come as a rise in housing prices still does not show signs of abating despite a series of measures, including heightened financial regulations.Over the past few years, housing prices in South Korea have continued to rise on the ba

The government has started to buy up 370,000 tons of rice harvested this year to stabilize domestic prices of the staple grain, the agriculture ministry said Sunday.It said regional governments have been notified of Seoul's plans to "isolate" rice this year and details related to the purchase.Besides the rice to be bought from growers for the purpose of keeping market prices at certain levels, the Ministry of Agriculture, Food and Rural Affairs said it will set aside another 350,000 to