As soon as President Moon Jae-in picked South Jeolla Province Gov. Lee Nak-yon to be prime minister, attention moved to who would become the concurrent deputy prime minister and finance minister to lift the sagging economy to recovery.The new top economic policymaker will face daunting tasks, such as making sure the recent rebound of exports and consumer sentiment lead to a recovery of domestic demand and jobs. External risks include dealing with the US over a possible renegotiation of a bilater

Officials at Hyundai Asan, the operator of a halted inter-Korean tour program and developer of the closed Kaesong industrial park, announced its anticipation Wednesday for Korea’s new President Moon Jae-in to ease tension with North Korea so the company can resume its tour program and operations at the industrial park. “Hyundai Asan will by fully prepared for the moment that the two Koreas resume dialogue that could lead to a reopening of the Mount Kumgang tour. We hope that it won&r

The Korea Herald publishes a series of articles delving into the economic policies and tasks expected of the new Moon Jae-in administration. This is the first installment -- Ed.On the economic front, President Moon Jae-in faces the immediate task of putting the country’s economy on the path to full recovery by boosting domestic demand in tandem with a recent rebound in exports.At the same time, he should set a firm framework for structural reforms needed to bolster the sagging growth poten

South Korea's main stock index swung between gains and losses late Wednesday morning as investors try to digest the policies of new President Moon Jae-in. The benchmark Korea Composite Stock Price Index rose 2.98 points, or 0.13 percent, to 2,295.74 as of 11:20 a.m. It hit a new intra-day record of 2,323.32 points at one point, but backtracked to 2,290.08 at another point. Large caps traded mixed with market kingpin Samsung Electronics falling 1.15 percent, and global chipmaker SK hynix up

South Korean shares opened higher Wednesday as political uncertainties eased with liberal former human rights lawyer Moon Jae-in beginning his five-year term as president. The benchmark Korea Composite Stock Price Index gained 16.71 points, or 0.73 percent, to set a new intra-day high of 2,309.47 in the first 15 minutes of trading.Most large caps traded mixed with market kingpin Samsung Electronics falling 1.36 percent.Top automaker Hyundai Motor remained flat, and top steelmaker Posco rose 1.86

If history is any guide, South Korea's stock market is likely to extend its rally after voters cast their ballots to choose the country's next president. Based on market data on the bourse's performance during the first year of office of the last six presidents, market watchers expect solid gains for the benchmark Korea Composite Stock Price Index going forward.On average local stock prices gained 23.18 percent after a new chief executive was sworn into office, although in some instances the mar

More South Koreans feel that as parents, they should financially support their children until they get a job, a survey by the Korea Institute of Child Care and Education showed Tuesday.Eight years ago, more respondents believed they should support the children until they enter or graduate from college, while in the latest survey, more thought the support should be provided until the children become employed.The researchers said they compared the responses from the same surveys conducted in 2008

Most Ministry of Strategy and Finance officials view the economic fallout from the hosting of the controversial US missile defense system here as the most imminent economic challenge for the new president, a survey showed Tuesday.In a survey conducted by local news media eDaily on 41 high-ranking officials from the Ministry of Strategy and Finance, most picked the risk posed from the Terminal High Altitude Area Defense system as the No. 1 risk to the economy.  An official was quoted as sayi

A week ahead of Tuesday’s Election Day on May 2, conservative Hong Joon-pyo of the Liberty Korea Party climbed to the No. 2 spot in a poll for the first time ever.His spike in popularity did not go over well for the long-time first runner-up Ahn Cheol-soo of the People’s Party in terms of his winning chances, and the stocks were fast to react. The poll was conducted by news channel YTN and was one of the last polls to be released.The so-called “Ahn-themed” stocks, or stoc

South Korea’s major stock index is likely to continue setting record highs under the new president, due to strong anticipation toward the new government, robust local corporate earnings and the improving global economy, analysts said Tuesday.The benchmark Korea Composite Stock Price Index shot up to a historic high of 2,292.76 on Monday, a day before the Tuesday presidential election, mainly buttressed by the strong buying of foreign investors.Analysts expect a further rise, saying Kospi i

Transactions by South Korea's private equity firms slipped 30.4 percent on year in 2016 amid a lack of mega buyout deals, government data showed Tuesday. Local private equity groups invested a total of 8.9 trillion won ($7.8 billion) last year, compared with deals worth 12.8 trillion won in 2016, according to the data by the Financial Supervisory Service.  In a statement, the financial regulator attributed the sharp decline to a lack of big merger deals last year. In 2015, local private equ

The International Monetary Fund kept its forecast for South Korea's economic growth for this year on hold at 2.7 percent, despite signs of a recovery in the country's exports.The projection by the IMF is slightly higher than a 2.6 percent growth forecast by the Bank of Korea. South Korea's economy grew 2.8 percent last year.  In a report, the IMF cited "political uncertainty" stemming from the ouster of former President Park Geun-hye over a corruption and influence-peddling scanda

South Korea‘s main bourse-based index reached another all-time high Monday, following abated global uncertainties after French centrist Emmanuel Macron was elected president, as well as rising expectations of the presidential transition in South Korea. The benchmark Korea Composite Stock Price Index closed at 2,292.76, up 2.3 percent, or 51.52 points, Monday, breaking the record high set in the previous trading day of Thursday at 2,241.24. The Kospi hovered around 2,254 points from late mo

The number of South Korean recipients of "early state pension" decreased in 2016, data showed Monday, as more senior citizens opted for the regular benefit program to ensure they get a meaningful income later on in life.According to the data by the National Pension Service, the number of people receiving the early pension came to 36,614 in 2016, compared to 43,447 in 2015. The early state pension program was introduced to guarantee income for senior citizens up to five years earlier th

Revenue from direct taxes accounted for a record 55.3 percent of all dues collected last year, the Finance Ministry said Sunday.Upon the government’s reform of its tax credit rules on income and transfer taxes, the percentage of direct taxes to overall revenue earnings continued to rise for the past three years.The ministry said the tax earnings reached 230 trillion won ($202.3 billion), excluding taxes on education and rural development.