South Korea's cosmetics makers expect a rise in sales this year as China moves to lift economic measures implemented in retaliation over the deployment of a US anti-missile defense system here, industry sources said Thursday.South Korea's makeup industry have enjoyed robust growth in recent years helped by "hallyu," or the Korean Wave, referring to the growing popularity of Korean pop culture abroad.Shipments of Korean makeup products to China reached $1.56 billion in 2016 compared to

The government will advance its plan to raise contract prices for smaller companies to reflect the suppliers' increased costs from the latest minimum wage hike, officials said Thursday.The government and the ruling Democratic Party reached the agreement during a policy meeting to help small and medium-sized enterprises suffering from the effect of the increased labor costs."We have decided to address the time gap between labor cost increases and their calculation in contract prices in the p

Korea will decide the fate of protracted negotiations for a bilateral fisheries agreement with Japan if the two nations fail to reach a deal within this month, Seoul's oceans minister said this week.Working-level negotiations have been underway to renew their fisheries agreement to decide the fishing quota for each other's exclusive waters, but they have failed to narrow the gap for nearly two years."We have a set a deadline for working-level negotiations for the fisheries agreement by Apri

South Korea's current account surplus halved in February from a year earlier due mainly to an increase in the deficit in the service account, central bank data showed Thursday.The country's current account surplus reached $4.03 billion in February, down sharply from a surplus of $8.18 billion a year ago, according to the preliminary data from the Bank of Korea.It marked the 72nd consecutive month of a current account surplus, which started in March 2012.The services account deficit widened to $2

Korea will shift its reliance on trade with China and the United States to emerging economies to foster new growth drivers in the face of rising protectionism, the trade ministry said Thursday.Trade Minister Kim Hyun-chong announced the "New Trade Policy," which focuses on expanding trading territories and joining mega-trading blocs to boost exports of Asia's fourth-largest economy."We need to actively deal with the changing trading environment in the wake of protectionist practic

Korea recently joined forces with the United States, the European Union and several other countries in expressing concerns over China's ban on the import of plastic waste, the government said Thursday.Korea's garbage pickup services stopped collecting plastic bags and Styrofoam containers starting Monday, citing a spike in processing costs. The value of waste resources has crashed in the wake of China's ban on the importation of plastic waste from January. The development is making it hard for l

Concerns over Korea’s mounting state liabilities and debt are being deepened by the Moon Jae-in administration’s push to hire a massive number of public sector workers and expand government spending beyond limits set by an existing fiscal management plan.Korea saw its state liabilities for pensions paid to retired public employees and debt owed by central and regional governments more than double over the past six years to exceed 1,500 trillion won ($1.42 trillion) combined last year

country's chronic youth unemployment as well as to help those who have lost their jobs in the wake of corporate restructuring, a senior government official said Tuesday."The government will create some 4 trillion won ($3.75 billion) in funds that will be spent to help young people find jobs and set up their own businesses," Kim Yong-jin, deputy finance minister, said in a meeting with scholars and other government officials.The supplementary budget plan is to be submitted to parliament

The growth of household debt appears to have accelerated last month as households took out more loans ahead of tougher mortgage rules, industry data showed Tuesday.Household loans provided by the five major banks, including Kookmin Bank and Shinhan Bank, rose by 3.06 trillion won ($2.89 billion) in March on a monthly basis, according to the data.It was the sharpest monthly growth since November last year, when it grew by 4.6 trillion won. The government has implemented a series of measures to co

South Korea's private spending fell to record low levels last year, according to the central bank Tuesday.Data from the Bank of Korea showed the ratio of private spending to the country's gross domestic product came to 48.1 percent, the lowest since record keeping began in 1970.The ratio used to run in the 70 percentile in the 1970s, but it slid to 53.8 percent in 2000 and further to 49.3 percent in 2015, the data showed. It further dipped to 48.7 percent in 2016.Comparisons with other countries

South Korea's consumer prices increased more than 1 percent in March on a rise in the costs of agricultural goods and services, but growth slowed from a month earlier, government data showed Tuesday.The country's consumer price index climbed 1.3 percent last month from March of the previous year, decelerating from the 1.4 percent on-year gain in February, according to the data compiled by Statistics Korea.The March figure is well below the Bank of Korea's target of 2 percent for the year, stokin

The central bank chief on Monday pledged to focus on change and innovation, signaling a more active and practical policy approach in the next four years compared to his initial first term in office. “For the past four years, we have placed focus on aligning the organization but from now on (we) will seek change and innovation,” Bank of Korea Gov. Lee Ju-yeol told reporters after his inauguration ceremony, starting his second term in office.Lee, who is the first BOK chief in 44 years

Recent economic data show a modest recovery in the country’s economy that has fallen short of boosting employment and improving people’s livelihoods.Underlying the trend is a widening polarization between large and small companies and between exporting and domestically focused firms, experts say.What is further concerning is the economy is set to face severe downside risks in the latter half of this year when the impact from deteriorating external and internal conditions will begin b

South Korean President Moon Jae-in welcomed the recently concluded negotiations between his country and the United States to revise their bilateral free trade agreement Monday, saying it will benefit both countries.The president also insisted the conclusion of negotiations will aid the local economy by removing uncertainties."Removing external uncertainties by concluding negotiations to revise the FTA with the US is a great achievement, especially when trade protectionism is spreading,"

Last year, the increase rate of loans taken out by the the self-employed surpassed by tenfold the rise of the number of self-owned businesses, data by Statistics Korea and the Bank of Korea showed.With the anticipated rise of interest rates, the debt repayment burden is expected to augment for those running their own businesses.A total of 5,682,000 are registered as self-employed as of the end of last year, up 1.2 percent from the previous year.According to data from the Bank of Korea, some 535.