Reopening a now-shuttered inter-Korean industrial complex in North Korea can lead to improvement in the country‘s human rights conditions as the factory park would provide good working conditions that meet global standards, a US expert said Wednesday.Edward Reed, an adjunct professor at the Asian Institute of Management who formerly served as North Korea country director for the World Vision aid organization, made the remark during a symposium on North Korea’s human rights in Seoul.

Government seeks to revise military size amid demographic change

South Korea's total supply in manufacturing edged up 1.4 percent in the third quarter from a year earlier on increased imports, government data showed Wednesday.The manufacturing domestic supply index -- which measures both goods produced locally and brought into South Korea -- stood atn 102.8 during the July-September period, according to the data compiled by Statistics Korea. South Korea's total supply in manufacturing declined 3.9 percent and 0.8 percent in the first and second quarter, respe

Elderly South Koreans' medical spending covered by the state health insurance program exceeded the 30-trillion-won ($25.9 billion) mark to reach a record high in 2018, data showed Wednesday. Medical expenses for people aged 65 and older came to an all-time high of 31.8 trillion won last year, according to the data by the National Health Insurance Service. The figure was up 12.4 percent from the previous year and 2.1 times from 2011. It took up 40.8 percent of last year's total medical spending o

South Korea on Wednesday adopted a scheme to cap presale prices of privately built apartments in its extended efforts to stabilize real estate markets.Seoul revised related laws last month to execute the "presale price cap system" for apartments to be built by private builders amid signs of escalating home prices."Demand for new homes in (the capital city of) Seoul has risen sharply due to record-low rates and ample liquidity in the markets.Presale prices of newly built apartments

South Korea's current account surplus reached an 11-month high in September, although its amount narrowed from a year earlier due to slowing exports, central bank data showed Wednesday.The country's current account surplus reached $7.48 billion in September, compared with a surplus of $11.01 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for five months in a row. The current account is the biggest measure of cross-border trade.The

South Korea’s foreign exchange reserves reached a new high last month, mostly due to the impact of the weakening US dollar, central bank showed Tuesday.As of end-October, the country’s forex reserves stood at $406.32 billion, up $3 billion from a month earlier, according to the Bank of Korea.“The increase is largely due to the profits from forex assets and dollar-equivalent forex reserves held in other currencies as the US dollar has weakened,” the BOK said. Last month, t

Despite a weak economy, the South Korean currency has soared against the greenback over the past month due mainly to optimism about US-China trade talks, data showed Tuesday. The local currency closed at 1,159.20 won against the US dollar Monday, up 6.4 won from the previous session and as much as 37 won from the end of September. Market watchers said the won's recent strength stems largely from the growing prospect of a trade deal between the world's two largest economies, not from economic fun

A business-friendly think tank here suggested Monday that tax reduction is more effective for economic growth than fiscal spending, raising objections to the government’s expansionary policies.According to a recent report from the Korea Economic Research Institute, South Korea’s gross domestic product would on average climb 102 won ($0.09) for every 100 won in tax reduction.The institute, affiliated with the nation’s largest business lobby, Federation of the Korean Industries,

The total value of goods purchased via online shopping in South Korea rose 22.3 percent in September from a year earlier, government data showed Monday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods.The total value of online transactions reached 11.18 trillion won ($9.6 billion) in September, the highest level for any September since Statistics Korea started collecting data on online shopping in 2

The volume of South Korea's chip exports has climbed more than 5 percent this year despite a tumble in prices of key products, data showed Monday.The country's semiconductor exports totaled 29,834 tons for the year up to Oct. 25, up 5.2 percent from the same period a year earlier, according to the data from the industry ministry and the Korea International Trade Association. In particular, the volume has been rising at a double-digit rate since July. In the first 25 days of October alone, the am

My father fought in the Korean War. Six decades later, it was the last foreign country he visited before he died. His love for the country, something he passed on to me, was so strong that he planned the visit knowing it was his last. It is with this heavy heart that I write my points below -- not as a criticism but as a warning. Change is coming. After the Korean War, the concept of chaebol -- a family-run business conglomerate structure -- was born. They are so successful that today, five chae

South Korea logged one of the sharpest falls in its potential growth rate over the past two years among advanced economies, data showed Sunday.The country’s potential economic output was estimated at 2.7 percent for this year, according to the Organization for Economic Cooperation and Development.Potential output refers to the maximum growth that a given economy may achieve over the medium to long term without stroking inflation.The latest figure, though slightly higher than the 2.5-2.6 pe

South Korea's consumer inflation was unchanged in October compared with a year earlier as decreased prices of agricultural products offset increased utility prices, the statistics agency said Friday.The consumer price index was unchanged in October from a year earlier as consumer demand remains weak amid an economic slowdown, Statistics Korea said in a statement. The country's inflation has been extremely weak, staying far below the Bank of Korea's 2 percent target as companies and consumers tig

South Korea’s central bank chief on Friday called for domestic banks to enhance productivity amid the country’s slowing growth. “The International Monetary Fund has recently stressed the need to increase growth potential while revising down the growth outlook for the global economy,” Bank of Korea Gov. Lee Ju-yeol said at a policy meeting with the heads of 10 major banks here.“In the end, productivity improvement through innovation is key to achieving this goal.&rdq