According to a report on the new government’s new energy supply plan submitted to Rep. Choi Yeon-hye of the Liberty Korea Party, Korea’s target is similar to those of major countries and regions. But careful consideration of the effectiveness of the plan is needed considering the limited land space, a key factor in expanding sunlight and wind power generation, and the nation’s high reliance on en...

Korea’s export price index of semiconductors hit 48.79 last month, reaching the highest in more than two years, according to the Bank of Korea on Monday. Last month’s price index of semiconductors was a 14.2 percent increase compared to December last year and marked the highest since December 2014 when it stood at 49.05. According to the BOK, the price hike is attributed to global rising demand...

It takes the average Korean worker more than 100 minutes to commute to and from work every day, according to data from Job Korea, an internet employment site, on Monday. For Seoul residents, the average daily commute was 2 hours and 15 minutes. Job Korea surveyed 820 men and women and found that the average worker spent 101.1 minutes commuting to and from work. Those surveyed said their commut...

South Korea's car exports to the United States have declined, rather than increased, after the two countries abolished import taxes last year as part of their free trade agreement, data showed Sunday. The Korea Automobile Manufacturers Association published the analysis that rebuts a widespread belief in the US that lower tariffs increased Korean car sales in the country. It underlies the recent...

Growth of South Korea's corporate capital expenditures is expected to lose steam sharply in 2018 due to this year's big investments by major companies, the central bank said Sunday. Corporate investment in new plants and equipment is projected to expand 3 percent next year, compared to an estimated 9.5 percent surge for this year, according to the Bank of Korea. In its latest economic outlook r...

A majority of South Korean retailers remain downbeat on their business conditions in the third quarter amid concerns over weak domestic demand and high household debt, a poll showed Sunday. The Korean Chamber of Commerce and Industry said its retail business survey index stood at 91 for the July-September period of the year, up from 90 from three months earlier. The figure is based on a poll of...

South Korea's top economic policy chief said Sunday the government will promptly come up with measures to relieve smaller businesses of the burden from a decision to hike the minimum wage for next year. A panel representing the government, labor and management decided Saturday to raise the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-yea...

South Korea's central bank is expected to maintain its key interest rate at a record low until mid-2018, according to an economist at Goldman Sachs on Saturday, after the Bank of Korea hinted that it may keep a dovish tone. Goldman Sachs economist Kwon Goo-hoon also expected the nation's inflation rate to slow down as prices of raw materials are predicted to fall off. This week, the central ban...

South Korea's corporate lobbies on Sunday expressed concerns over a decision to hike the minimum wage for next year, saying it could worsen business conditions and hamper job creation. A panel representing the government, labor and management decided Saturday to increase the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-year increase afte...

The number of unemployed college graduates in South Korea hit a record in the second quarter amid tightened job markets for young adults, government data showed Saturday. The number of jobless people with a bachelor's degree and above reached 546,000 in the April-June period, up 11.8 percent from a year earlier, according to Statistics Korea. It marked the largest quarterly figure since 1999 wh...

South Korea is preparing for upcoming talks to amend a free trade agreement with the United States, officials said Friday. On Wednesday (US time), the US Trade Representative requested that its South Korean counterpart hold a special joint committee to discuss the amendment and modification of the Korea-US FTA, which took effect in 2012. Moreover, US President Donald Trump said on the same day ...

More seniors found employment youths in the second quarter of this year, representing the shifting demographics in the country, data showed Friday. Statistics Korea said that of those who were in employment between April and June, 4.25 million were aged 60 and over, compared to 4.03 million aged 15-29. The number for over-60s is the highest on record, and takes up 15.9 percent of all employed p...

US President Donald Trump has called the free trade agreement with South Korea a "horrible deal," saying that the two have already started renegotiations on it, a transcript of his recent meeting with reporters showed Friday. Trump made the remarks off the record in a conversation on Wednesday (US time) with reporters on an airplane bound for France where he was to hold a summit with French Pres...

The South Korean government on Thursday reacted cautiously to the US’ formal request to hold a joint meeting to revise the Korea-US free trade agreement within the next month, saying the timeline may not be realistically possible and that searching for the real cause of the US’ trade deficit was a priority. The Ministry of Trade, Industry and Energy also said that it would call on its US counte...

An official demand by US trade representatives to amend a bilateral free trade agreement with South Korea unnerved major exporters here Thursday over the potential impact on their businesses. Cars and steel products made in Korea are expected to be up for discussion first, as US President Donald Trump views the FTA as having benefitted such local companies the most, not those in the US. The US ...