South Korea's fertility rate fell to a seven-year low in 2016 despite all efforts to tackle fewer babies being born in the country and the rapid population aging, government data showed Wednesday.The total fertility rate, or the average number of babies that a woman is projected to have during her lifetime, reached 1.17 in 2016, down from 1.24 tallied a year earlier, according to the data compiled by Statistics Korea.The 2016 figure marked the lowest ebb since 2009 when it stood at 1.15. The fer

South Korean stocks traded slightly higher Wednesday morning as concerns over North Korea's latest missile launch abated.The benchmark Korea Composite Stock Price Index rose 1.31 points, or 0.06 percent, to 2,366.05 as of 11:15 a.m.On Tuesday, North Korea lobbed a ballistic missile over Japan in a move that could pose serious security challenges for Northeast Asia.Market heavyweights traded mixed, with market kingpin Samsung Electronics down 0.17 percent. SK hynix, a major chipmaker, rose 1.18 p

The rising pile of household debt is the biggest risk facing South Korea's economy, and it is putting the nation's economic growth at risk, the head of the top financial regulator said Wednesday. Choi Jong-ku, chairman of the Financial Services Commission, told a forum that the government will unveil a fresh package of measures next month to rein in the growth of household debt.  Household debt stood at 1,388.3 trillion won ($1.25 trillion) at the end of June, up 10.4 percent from a year ea

The average salary of public corporations' CEOs climbed 8.2 percent in 2016 from a year earlier to recover the 200 million-won ($178,000) level in three years, a market tracker said Wednesday.The salary of CEOs of 35 public companies averaged 201.2 million won last year, up 15 million won from the previous year, according to CEO Score.The salary includes the base pay and various benefits. Their average base pay accounted for 61.7 percent of last year's salary. The average salary of public s

South Korean stocks opened higher Wednesday, taking a cue from overnight gains on Wall Street, although there is still lingering woes over North Korea's provocations.The benchmark Korea Composite Stock Price Index rose 0.86 point, or 0.04 percent, to 2,365.80 in the first 15 minutes of trading.On Tuesday, North Korea lobbed a ballistic missile over Japan in a move that can sharply raise tensions in Northeast Asia.Market kingpin Samsung Electronics was 0.39 percent up, while SK hynix, a major chi

Stock markets in South Korea recouped earlier losses Tuesday, after being rattled yet again by another North Korea missile test in the morning, while local currency and short-term bonds remained weak.Korea’s primary stock market index Kospi closed at 2,364.74, down 0.23 percent from Monday. The index had tumbled by 1.58 percent at the lowest in late morning trade, but the daily loss began to gradually narrow in the afternoon. The secondary Kosdaq market gained 0.16 percent, after seeing 0.

A state committee chaired by President Moon Jae-in and aimed at seeking ways to capitalize on changes brought on by the fourth industrial revolution will be launched by mid-September, South Korea's chief ICT policymaker said Tuesday.The so-called "Fourth Industrial Revolution committee," comprised of some 30 senior government policymakers and businesspeople, is part of the Moon administration's pledge to upgrade the country's overall competitiveness. The committee aims to form a collab

　Jeju Air’s operating profit grew by 2,448 percent in the second quarter of this year compared to the same quarter last year, reaching a record high for twelve consecutive quarters, the airline said in a statement Tuesday.　Jeju Air recorded a second-quarter operating profit of 16.2 billion won ($14.4 million) and sales of 228 billion won, which was a 40.7 percent jump compared to the same period last year. In the first half of the year, the company recorded sales of 468.2 billion won, up 3

South Korea's top economic policymaker met with the acting US ambassador to Seoul on Tuesday and emphasized "friendly" consultations on issues concerning possible amendments to the bilateral free trade agreement, the finance ministry said.In a meeting with Marc Knapper, who is acting as the ambassador after Mark Lippert stepped down earlier in the year, Finance Minister Kim Dong-yeon said the South Korean government is hoping to maintain good relations as the two partners engage in fur

Moon administration seeks income-led growth through expansionary fiscal actions

Samsung Securities took the lead in consumer protection among nine local equity brokerages, based on an annual assessment by the financial watchdog in South Korea.According to evaluations by the Financial Supervisory Service released Monday, Samsung Securities received the highest grade of “good” in all 10 indicators of customer service in 2016, out of three grading scales -- “good,” “satisfactory” and “insufficient.” Samsung Securities’ scor

South Korea's financial regulator Tuesday set up an independent panel with the aim of drawing up plans for financial regulatory reform.Asia's fourth-largest economy has sought to strengthen its financial industry by easing regulations, but the government has been reluctant to give up its grip in the sector. The 13-member panel, headed by Yoon Suk-heun, a business professor at Seoul National University, will map out the plans for regulatory reform by the end of October, the Financial Service

More than 58,000 new homes were completed throughout the country in July, an increase of 62.3 percent from the month's average over the past five years, data from the Ministry of Land, Infrastructure and Transport showed Tuesday.A total of 58,718 units of new homes were supplied in the one-month period, 26,704 of them in Seoul and surrounding metropolitan areas for an increase of 22.9 percent from the five-year average for July, according to the ministry. It said 32,014 homes were built in regio

South Korea will increase its national health insurance rate by 2.04 percent next year, in line with the new Moon Jae-in administration's policy to strengthen the state's welfare infrastructure, the health ministry said Tuesday.The increase will push up insurance rates set at 6.12 percent of the monthly salary or income in 2017 to 6.24 percent in 2018, the Ministry of Health and Welfare said. Accordingly, salaried workers will pay an average of 102,242 won ($90.83) a month next year, up 1,966 wo

South Korean health authorities said Tuesday that they have ordered an indepth inspection into four imported foods that may pose potential health risks starting later this week.The products --Taiwanese mango, processed blowfish, Indian whilteleg shrimp, and moringa from drumstick tree -- will undergo the mandatory inspection starting on Wednesday, the Ministry of Food and Drug Safety said. The measure is part of the authorities' effort to secure safety of the food that may pose health risks, the