The cosmetic sector turned out to be the most consumer-oriented in the goods and services market, while the automobile repairs sector was the most detached from customer feedback, data showed Friday.According to a survey conducted by the Korea Consumer Agency, the cosmetic sector scored 80.3 in the consumer market evaluation index, while the car repairs sector stood at 75.9. The market average for 47 individual sectors was 78.1, up 1.3 points from 2015.Also, the average for products sectors was

Stepping up measures to reform corporate governance and alleviate market monopoly, the Fair Trade Commission is moving to tighten its grip over the brand commission which conglomerates collect from their affiliates.Such a gesture was largely seen as an initiative of the FTC Chairman Kim Sang-jo, dubbed the “chaebol sniper” for his longtime activist stance against the country’s conglomerate-centered economy. Fair Trade Commission Chairman Kim Sang-jo speaks during a parliamentary audit at the Nat

Having risen to one of the global technology innovators within a relatively short period of time, South Korea holds a unique position in the intellectual property sector, acting as a bridge between developing nations and advanced ones.Recognizing its strength and challenges, the country should now focus on increasing its leverage in the international intellectual property realm, according to the chief of the Korea Intellectual Property Office.“In step with key technological development suc

A startup entrepreneur may heave a sigh of relief when finally signing an investment contract, taking it as a tangible solution to the numerous uncertainties lying ahead of the budding business.But it is especially at this stage that one should take the upmost guard, looking out for possible “toxic clauses” which may deliver irrevocable consequences upon the business in moments of crisis, according to lawyer Roh Jong-eon.“People, most of all startup founders who are new in the business realm, te

Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon underlined that South Korea does not intervene in foreign exchange markets, seeking to ensure that the country continues to stay out of the US-designated currency manipulator list, according to ministry officials.Minister Kim met with his US counterpart Treasury Secretary Steven Mnuchin on Saturday, on the sidelines of the Group of 20 Finance Ministers Summit in Washington DC, to discuss pending issues including North

Korea has a number of seasonal festivals for visitors to enjoy, but for shoppers and Hallyu fans, one golden opportunity may be the Korea Sale Festa, a monthlong shopping festival taking place through October.In recent months, a sharp drop in the number of Chinese group tourists here was considered a serious threat to this annual event, but popular shopping districts are seeing business pick up again.Taking the place of Chinese tourists are visitors from Southeast Asia and North America. Many ar

 With parliamentary audit sessions entering full-swing, the financial circle is bracing for tough weeks ahead, especially those involved in alleged irregularities in granting an internet-only bank’s license.During the three-week audit period, a total of 19 high-profile financial officials from supervisory organizations and state-run and commercial banks will be present at the parliament as either witnesses or testifiers, according to the parliamentary National Policy Committee.Among t

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday left for Washington to attend a series of economic meetings including the Group of 20 summit of financial ministers and central bank governors.During his six-day visit, the top financial policymaker is expected to seek progress in key US-related issues, such as the renegotiation of the Korea-US Free Trade Agreement, and reiterate bilateral partnership in responding to North Korea’s military threats. Accompanied by Bank o

The 64 trillion won ($56 billion) currency swap deal between South Korea and China ended on Tuesday as the two countries failed to agree on terms of deal extension within due time.While tension remained up to the last minute, neither country came up with an official announcement after midnight, which was the expiration point.But possibilities remain that the two countries will carry on with their negotiations and resume the swap at a later stage.South Korea's currency swap with the United A

The gesture of paying for others’ meal has always been a common practice in Korean culture, most often placing the burden upon the eldest in the group or anyone who has reason to celebrate.The development of fintech may be bringing a change to such customs, allowing easier ways to go Dutch, but this may not necessarily be an improvement for the eateries that have to accept the split payment.Boosting the disputes was the Financial Services Commission’s latest plan to launch the credit card Dutch

The nation’s two most celebrated national holidays -- the Lunar New Year in the winter and Chuseok in the fall -- have always been the peak season for the retail and distribution industry.Traditional markets, however, largely seem to have missed such vigor this year, with a visible decrease in the number of visitors compared to previous years.  Labor Minister Kim Young-joo visit a traditional market in her constituency Yeongdeungpo-gu on Friday. (Yonhap)Some blame the Improper Solicitation and G

South Korea’s hope upon this year’s 10-day Chuseok holiday was that the long break would boost consumption and revive the domestic market momentum, but external risks mean that the nation’s economic prospects for the last quarter of the year remain murky.The foreseeable challenges include the ongoing dissent between Korea and the US over their bilateral trade deal, the imminent expiration of the Korea-China currency swap agreement, and impact on the markets from escalating mili

South Korea’s central bank suggested that a key interest rate hike is plausible in the near future in step with economic recovery, even if the inflation rate continues to remain slow.“We may consider some adjustment (in the interest rate) without being restrained by (slow) inflation, as long as economic recovery holds out in the midterm flow,” Bank of Korea Gov. Lee Ju-yeol said Friday during a workshop with the press.The central bank’s stance has remained unchanged from

The Fair Trade Commission said Thursday that it decided to charge the Irish office of global lodging giant Airbnb for ignoring the corrective orders on its contractual terms on cancellation penalty.This is the first time that the watchdog is to file a charge against a foreign business operator over noncompliance with the domestic act on the regulation of terms and conditions.In November last year, the FTC ordered Airbnb to correct the damage compensation clause which imposes a 50 percent penalty

Insurance providers that are affiliated with financial holding companies will have to keep a two-track record of their financial statements starting next year, due to upcoming changes in accounting ordinances, according to industry officials.The dual system, which will be effective until 2020, is likely to weigh upon insurance subsidiaries, especially those with low levels of capital reserves.Following a decision by the International Accounting Standards Board earlier this year, the financial in

The Improper Solicitation and Graft Act has continuously been questioned over the crippling effect it allegedly holds over domestic consumption, but after a year in implementation, its impact on most sectors of the economy turned out to have been limited, according to the latest data.The anti-graft law, often dubbed the Kim Young-ran law after its initiator, did weigh down on upmarket restaurants, floricultural industries and liquor shops but key economic indexes displayed little fluctuation, th

Citibank Korea, the local branch of New York-based Citigroup, on Friday recommended current CEO Park Jin-hei as the sole candidate for the next term, officials said.Park is to assume his second term in office once his candidacy is confirmed at meetings of the board of directors and stockholders, both slated for next Wednesday. The top official joined Citibank Korea in 1984, after graduating from Seoul National University and working at the Korea Development Institute.Since taking office as CEO i

South Korea’s stocks closed low Friday, extending its losing streak amid mounting tensions over North Korea’s nuclear and missile programs.The benchmark Kospi closed at 2,388.71, down 17.79 points or 0.74 percent from a day earlier, and the secondary Kosdaq also fell by 12.16 points or 1.84 percent to close at 648.95.Domestic individuals and foreign investors net purchased 41.8 billion won ($36.8 million) and 27.9 billion won respectively on the main bourse, while institutions net so

The central bank said Thursday that the US Federal Reserve’s belt-tightening gesture should have a limited impact on Korea’s economy.“I do not think that the Fed’s decision will have a big impact on domestic financial markets,” Bank of Korea Gov. Lee Ju-yeol told reporters on the way to his office.The US central bank on Wednesday announced it will shrink its portfolio of bonds by $10 billion a month starting in October and gradually increase the amount over the next

Seeking to expand the investment opportunities of South Korean companies in the profitable Southeast Asian infrastructure market, the Export-Import Bank of Korea has hosted a forum to encourage business in Indonesia, according to officials Thursday.The Indonesia Infrastructure Investment Forum was held Wednesday at Millennium Seoul Hilton jointly by Eximbank and Indonesia’s Ministry of National Development Planning, upon the sponsorship of Korea’s Ministry of Strategy and Finance. At