Land prices nationwide skyrocketed in the first half of this year, pushing the increasing rate of land prices to a nine-year high and the amount of transactions to an 11-year high, data by the Ministry of Land, Infrastructure and Transport showed.Land price surges were particularly led by Sejong, Busan and Jeju Island, with ample development plans.

South Korea's potential growth rate for the foreseeable future could significantly decline because of a shrinking workforce caused by a rapidly aging population, the Bank of Korea chief warned Friday.At a forum with business executives on the southern resort island of Jeju, BOK Gov. Lee Ju-yeol called for deregulations and a search for new growth engines to mitigate the impact of the aging population.  The BOK expects South Korea's potential growth rate to stay at 2.8 or 2.9 percent between

President Moon Jae-in is set to hold the second round of "candid beer" talks with top business leaders Friday, his office Cheong Wa Dae said, as he seeks to elicit their support for his economic agenda and listen to their difficulties.The meeting will come a day after Moon met with top executives from seven business groups -- Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doosan and CJ, along with the head of Ottogi, a leading but comparatively small food company. Friday's dinner gatheri

A business lobby representing small-sized businesses on Friday filed a complaint against the government's decision on next year's minimum wage hike. Earlier this month, a tripartite commission of the government, labor and management reached an agreement to increase the minimum hourly wage to 7,530 won ($6.68) in 2018, up 16.4 percent from the current 6,470 won. While the decision was hailed by the labor circle and part-time workers, small business owners immediately expressed concerns, saying it

Business sentiments among South Korean manufacturers remained flat at low levels in July, a survey by the Bank of Korea showed Friday, with the auto industry's confidence plunging over sluggish exports.  The monthly business survey index, an indicator of the manufacturers' outlook for the coming month, was 78 in July, flat from a month earlier, according to the BOK survey. The index fell for a second straight month in June after rising to 83 in April. A reading above 100 means that more com

South Korean plans to sell a combined 6.7 trillion won ($6 billion) in state bonds next month, the finance ministry said Thursday. The government will issue 1.45 trillion won in bonds with a maturity of three years, and 1.65 trillion won in five-year bonds in August.It also plans to sell 1.5 trillion won in 10-year Treasurys and a combined 2.1 trillion won of bonds with a maturity of between 20 and 30 years. (Yonhap)

South Korea’s economic growth slackened in the second quarter of this year from a year ago due to slower exports, mainly in shipments of transportation equipment, petrochemicals and chemical products, data from the Bank of Korea showed Thursday.Exports declined 3 percent from the previous quarter and 0.1 percent from the previous year.But demand for semiconductors remained strong.Meanwhile, consumer sentiment improved under the Moon Jae-in government, with more spending on durable goods, s

Democratic Party pushes for tax hike, government cautious of industry backlash

The government will be able to collect about 16 trillion won ($14.3 billion) in additional tax revenues for the coming five years if the tax rate hike for the superrich and top conglomerates advocated by the ruling party are implemented, a parliamentary report said Thursday.Rep. Choo Mi-ae, leader of the ruling Democratic party, has proposed raising tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimate

President Moon Jae-in was set to meet with the country's top business leaders Thursday for beer and frank discussions that may help fine-tune his economic policies, officials at the presidential office Cheong Wa Dae said.The meeting will begin at 6 p.m. with what the officials called a 20-minute beer time.The rare meeting involving beer comes at a suggestion from the president himself, according to the officials. "It will mark the first meeting with business leaders since the president's in

South Korea's economic growth slowed in the April-June period from a quarter earlier due to decreased exports, central bank data showed Thursday.In the second quarter, the country's gross domestic product increased 0.6 percent, down from the previous quarter's 1.1 percent gain, the Bank of Korea said in a statement.Exports -- one of the major pillars for the Korean economy -- fell 3 percent in the June quarter compared with three months earlier and declined 0.1 percent from the previous year, wh

The issuance of asset-backed securities in South Korea rose 15 percent on year in the first half of this year on the back of robust growth in sales of government-led mortgage funds, the financial regulator said Thursday. A combined 31.1 trillion won ($27.7 billion) worth of ABS were issued for the January-June period, compared with 27 trillion won for the same period last year, the Financial Supervisory Service said. ABSs are derived from underlying assets such as auto loans, home loans, credit

The new ministry in charge of small and medium-sized businesses officially started work Wednesday amid expectations it will support smaller companies and create new jobs.Earlier this month, the parliament passed a bill to elevate the Small and Medium Business Administration to a ministry for SMEs, venture startups and micro-businesses, as pledged by President Moon Jae-in during the election campaign.The Ministry of SMEs and Startups is headquartered in Daejeon, central South Korea, with 431 empl

President Moon Jae-in plans to hold talks with all major economic players here, including laborers and small or medium-sized firms, an official from the presidential office Cheong Wa Dae said Wednesday.The president is set to meet with 15 business conglomerates on Thursday and Friday.Hong Jang-pyo, the chief presidential secretary for economic affairs, said the first day of the meeting will involve top executives from eight business groups -- Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doosan,

Concerns are rising that the new government’s policy to phase out nuclear power generation will result in rising electricity prices in the long run, posing an impediment to foreign investment in the country.Low electricity costs have been cited as a key factor leading foreign manufacturing firms to build factories in Korea despite other unfavorable conditions.In particular, many Japanese companies have moved production to Korea in search of stable electricity supply at lower rates since Ja