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

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

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

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

Accounting firms in South Korea saw their combined sales rise 8.5 percent annually in the 2016 fiscal year, helped by a modest gain in revenues from their audits and consulting businesses, data showed Tuesday. The combined sales of 165 accounting firms stood at 2.67 trillion won ($2.37 billion) in fiscal 2016 that ended March of this year, compared with 2.46 trillion won a year earlier, according to the data by the Financial Supervisory Service.The nation's top four accounting firms -- Samil PwC

Bank lending rates on new household loans inched up in July and interest rates paid by banks on new deposits slightly fell, central bank data showed Tuesday.The average interest rates on fresh household loans extended by local banks came to 3.46 percent in July, up 0.05 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt.  South Korea's overall household debt came to 1,388.3 trillion won

South Korea's financial regulator said Tuesday it will curb existing bonus policies for senior executives at financial firms from December. Starting Dec. 4, a financial executive will be given an annual bonus equal to 60 percent of the total with the rest to be paid over the next three years, the Financial Services Commission said in a statement.  If the financial executive incurs a loss during the three-year period, the rest of the executive's annual bonus will be cut. If the loss is huge,

South Korea said Tuesday it will take measures to stabilize the financial market, if needed following the latest North Korean missile launch that has further spiked tensions in the region.The Finance Ministry said it is monitoring financial markets at home and abroad and the South Korea's economy around-the-clock to effectively cope with risks posed by Pyongyang.The government "will take necessary steps in a timely manner" in case of financial volatility, the ministry said after a join

The South Korean government will hold an annual consultation with Moody's this week on the country's credit valuation, the finance ministry said Tuesday.Led by Steffen Dyck, senior credit officer at Moody's, the delegation will be in South Korea for three days through Thursday for meetings with officials from the Ministry of Strategy and Finance, the Bank of Korea and the state-run Korea Development Institute. They will look into South Korea's macroeconomic policies of the new Moon Jae-in govern

South Korea's government will inject some 19.6 trillion won ($17.8 billion) in research and development next year, with the majority of the budget earmarked for the science and technology sectors critical for fostering new growth engines, the ICT ministry said Tuesday. The Ministry of Science, ICT, and Future Planning said next year's science and technology budget, which is subject to parliamentary endorsement later this year, has been set to gain 1.9 percent on-year from 2017.Of the total, 6.5