Per capita rice consumption in South Korea hit a fresh record low last year amid rapid changes in eating habits, government data showed Tuesday. The average annual consumption of rice per person fell to 61.9 kilograms last year, down 1.6 percent from the previous year's 62.9 kg, according to the data by Statistics Korea. The figure has been on a steady decline since 1984 when it posted 130.1 kg...

The head of South Korea's state financial watchdog assured foreign investors Tuesday that the country's economy maintains strong fundamentals unscathed by a political setback at home. Zhin Woong-Seob, governor of the Financial Supervisory Service, stressed that the fiscal, monetary and financial authorities are in close cooperation for risk management. "The South Korean government and the finan...

South Korea will raise greenhouse gas emissions rights in the trading market for this year in a bid to meet its tightened reduction target, the finance ministry said Tuesday. Under the revised 2017 emissions allocation plan endorsed by the Cabinet, some 538.9 million tons of emissions rights will be involved in the trading market, up 17 million tons from the country's earlier goal of 521.9 milli...

South Korea's trade minister said Monday that he will visit the United States soon to seek better ways to expand understanding and bilateral cooperation with the new Donald Trump administration. In his inauguration speech on Friday, Trump stressed his "America First" doctrine again, saying that his every decision on trade, taxes and foreign affairs will be made to benefit Americans. Trade Minis...

Policymakers and potential presidential candidates have competitively put forward measures aimed at creating more jobs amid concerns the tightened job market will worsen this year. South Korea’s jobless rate reached a six-year high of 3.7 percent last year, with the figure for young people hitting an all-time high of 9.8 percent. The number of unemployed people in 2016 was officially tallied at...

Korea should accelerate corporate restructuring to avoid Japan’s prolonged economic woes, the International Monetary Fund warned in a report. The Korean government projects that the number of the working age population, those aged between 15 and 64, will start declining from the year 2017. The proportion of seniors aged over 65 is to hit 13.8 percent this year, right ahead of the aged society in...

South Korea is pushing to revise its national health insurance program to halve the fees for low income earners in an effort to make health care more affordable, officials said Monday. The Ministry of Health and Welfare released a revision to the national health insurance system, subject to parliamentary endorsement, that will be adopted in three stages for a total of nine years. The ministry s...

The returns on major private pension programs remained at what local analysts on Monday called a disappointing level due to record low interest rates and risk-avoiding behavior of fund managers, industry data showed. The yield rate of most pension funds over the past seven years stood at below 5 percent as of end-September, according to the data. The analysts said such a low return translated i...

South Korea's Big Mac index moved down two notches from six months earlier to the 25th spot, the global index showed Monday, indicating the South Korean won may be more undervalued than it was before. The average price of a Big Mac hamburger came to US$3.68 in South Korea in January 2017, according to the index posted on the Internet site of the British magazine The Economist. The price marked ...

South Korea's trade has turned upward after a two-year lull, but it is likely to miss the US$1 trillion target again this year and possibly next year as well, the central bank said in its estimate Monday. The Bank of Korea projected a trade volume of $955 billion this year, a 6 percent increase from last year on a customs clearance basis. Exports are expected to rise 4.3 percent to $517 billion ...

South Korea’s withering economy will be put to the test with US President Donald Trump officially taking office at the White House on Friday. Especially when most chiefs of Korean conglomerates are being probed by a team of special investigators on allegations that they colluded with the presidential office of Cheong Wa Dae for business favors, corporate Korea is losing its chance to build netwo...

US Senator John McCain (R-AZ) slammed China on Thursday for "bullying" South Korea for its decision to host the US THAAD missile defense system aimed at defending against North Korea, urging Beijing to use its "considerable influence" to rein in Pyongyang. McCain, chairman of the Senate Foreign Relations Committee, also said that Chinese bullying of the Asian ally is "unacceptable" and said he h...

Finance Minister Yoo Il-ho warned Thursday that the government will strictly deal with any price collusion ahead of the nation’s Lunar New Year holiday. His comments came as prices of some agricultural products have shot up more than 100 percent on-year in recent weeks, weighing on consumers who would have to spend more to prepare traditional food during the holiday set for Jan. 27-30. “There a...

Volatility in won-dollar exchange rates hit a six-year high last year as the currency markets went volatile due to uncertainties, such as Britain's decision to leave the European Union, the U.S. presidential election and expected U.S. rate hikes, central bank data showed Thursday. The daily foreign exchange variation of the won-dollar rate averaged 0.65 percent in 2016, marking the highest level...

South Korea's finance minister vowed Thursday to stabilize consumer prices and sternly deal with any possible price collusion in processed goods ahead of a major holiday. "There are growing concerns over an increase in consumer prices being felt in the markets," Finance Minister Yoo Il-ho said in a meeting with officials in Seoul. "We will concentrate our utmost efforts on stabilizing prices of ...