South Korea will raise the monthly basic pension to 250,000 won ($219) in 2018 and to 300,000 won in 2021 in a bid to help buttress elderly people's income, the health ministry said Monday.Under the basic pension system introduced in July 2014, the government pays 200,000 won a month to every senior citizen belonging to the bottom 70 percent of the country's income bracket. The inflation-adjusted amount of basic pension was set at 206,050 won for a single elderly household this year. The Ministr

South Korea's producer prices rose slightly in July from a month earlier due to an increase in the prices of services and agricultural products, central bank data showed Monday.The producer price index -- a barometer of future consumer inflation -- reached 101.84 in July, up 0.1 percent from a month earlier, according to the preliminary data from the Bank of Korea.The BOK attributed the slight hike to a rise in the prices of services and agricultural products as well as a slowed decline in the p

South Korea's antitrust watchdog said Monday that it has imposed a combined 43 billion won ($37.8 million) in fines on nine global auto shipping companies for bid rigging and price fixing.The Fair Trade Commission said the nine car carriers allegedly colluded to participate in auctions arranged by carmakers, including General Motors Co., Renault Samsung Motors Co. and Toyota Motor Corp., between 2002 and 2012.The nine companies are Japan's Nippon Yusen Kabushiki Kaisha, Mitsui O.S.K. Lines, Kawa

Credit loans extended by the nation's five major banks jumped in the first 15 days of August, official data showed Monday, due apparently to government measures that tightened mortgage lending rules. South Korea tightened rules for home mortgages from Aug. 2 to rein in rapidly growing household debt and curb property speculation. As of last Wednesday, the outstanding balance of credit loans by the five retail banks, including KB Kookmin Bank and Shinhan Bank, stood at 93.1 trillion won ($81.8 bi

South Korea's exports jumped more than 11 percent in the first 20 days of this month from a year earlier on brisk overseas sales of semiconductors and petroleum products, customs data showed Monday.Total outbound shipments reached $25.1 billion from Aug. 1-20, up 11.6 percent from the same period last year, according to the data compiled by the Korea Customs Service.Exports of computer chips surged 42.4 percent on-year and those of petroleum products and passenger cars soared 41.8 percent and 21

President Moon Jae-in on Sunday reaffirmed his efforts to create new quality jobs, especially for the youth, calling it a part of efforts to fight the country's low birthrate."Creating good jobs is not only a way to give hope to young people, but also increase the number of taxpayers and consumers," the president said in a rare event attended by his ministers and top presidential aides to explain the new government's policy measures. Sunday's event also involved some 250 citizens who v

The government will begin expanding the mandatory discount of mobile phone fees starting next month, the ICT ministry said Friday, amid fierce opposition from local mobile operators.The discount rate of monthly mobile phone rates provided by the country's leading telecoms firms -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- will be raised from the current 20 percent to 25 percent starting Sept. 15, according to the Ministry of Science and ICT.The decision to increase the discount rate -- whic

Finance Ministry, ruling party plan expansive budget for next year

Finance Minister Kim Dong-yeon pledged Friday to remove barriers and regulatory blocks so that entrepreneurs can easily start their own business and lead the country's innovative growth.Visiting the Tech Incubator Program for Startup Town in southern Seoul, Kim said he intends to double the TIPS-related budget for next year and establish more than 70 "Creative Labs."Innovative growth is one of the four pillar policies of the Moon Jae-in administration that took office in mid-May. TIPS

United States Trade Representative Robert Lighthizer announced on Friday that the special session meeting of the Joint Committee under the Korea-US Free Trade Agreement will be held in Seoul on Aug. 22.　According to a USTR press release, the upcoming special session will, “consider matters affecting the operation of the KORUS Agreement, including possible amendments and modifications to resolve several problems regarding market access in Korea for US exports and, most importantly, to addre

China has emerged as South Korea's No. 1 trading partner after their diplomatic relations were normalized in 1992 with their bilateral trade volume skyrocketing over 33 times in the past 25 years, industry data showed Friday.The trade volume between the two soared to $211.4 billion in 2016 from $6.4 billion in 1992. It far exceeded $109.7 billion in trade with the United States and $7.18 billion with Japan, according to data from the Federation of Korean Industries.South Korea posted trade surpl

South Korea's growing economic dependence on China has made it increasingly vulnerable to risks, including Beijing's retaliation for Seoul's decision to deploy a US anti-missile system and an economic downturn in the Chinese economy. The dilemma over how to manage both economic and political relations with China is deepening 25 years after Seoul and Beijing established diplomatic relations. According to data by the Korea International Trade Association, South Korea's exports to China, excluding

South Korea's household credit growth accelerated on month in July, the financial regulator said Friday, despite tighter lending rules aimed at reining in household debt. Household debt grew by 9.5 trillion won ($8.3 billion) in July, when the tighter lending rules came into force, compared to growth of 7.6 trillion won in June, according to the Financial Services Commission. Compared to a year ago, however, household credit edged down 0.04 percent. Household loans by banks rose by 6.7 trillion

A package of government anti-speculation measures targeting mainly Seoul has poured cold water on the apartment auction market in the South Korean capital, a market tracker said Friday.Early this month, the government designated all 25 wards in Seoul and two cities -- Sejong and Gwacheon, south of Seoul -- as "speculative or overheated speculative districts" in a desperate bid to cool the overheating housing market. In particular, 11 districts in Seoul and Sejong were designated "

WASHINGTON -- South Korea and the United States will begin talks next week to discuss possible revisions to their bilateral free trade agreement, the US trade representative said Thursday.The special session will be held in Seoul on Tuesday upon Washington's request and address US concerns about a trade deficit with the Asian ally. US Trade Representative Robert Lighthizer made the request last month."Ambassador Lighthizer and Korean Trade Minister Kim Hyun-chong will open the meeting via a