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Fri, June 23, 2017 | 14:06

Economy >

Overhype of 4th Revolution, shared value

Korea has a tendency to overuse economic terms developed by scholars overseas without applying their true meanings and insights into local industries, analysts say. Terms such as the Fourth Industrial Revolution and creating shared value (CSV) have been overhyped here since their emergence at forums and on business publications. This is because of Korea’s economic nature of b...

Finance | 2017-06-22 10:47

Households' default risks increase

The number of households with a high risk of default on their debt topped 300,000 as of the end of March 2016, the Bank of Korea (BOK) said Thursday. The bank expressed concerns that the number of such households would surge in the event of a rise in interest rates. It said the number of households with high default risks stood at 315,000 at the end of March 2016, up 18,000 f...

Finance | 2017-06-22 16:48

Borrowers get more vulnerable to income shock

The Korean government should come up with macroprudential measures to curb household debt to prevent the excessively rising debt from becoming a source of financial instability, a number of global economists warn. They said more and more households with lower income are becoming susceptible to higher interest rates. “It should be mindful that a group of borrowers with poor credit ratings and low income as well as self-employed borrowers are vulnerable to unfavorable interest rates and income shocks,” said Sumio Ishikawa, lead economist for Korea at the ASEAN+3 Macroeconomic Research Office (...

Policies | 2017-06-22 18:21

KB Kookmin Bank hosts job fair

KB Kookmin Bank held its 12th job fair, Thursday, in line with the new government’s efforts to create jobs for young adults. According to the bank, the two-day event named “KB Good Job Fair” will run until today at the Korea International Exhibition & Convention Center (KINTEX) in Goyang, Gyeonggi Province. More than 250 well-performing firms are participating in the fair.

Finance | 2017-06-22 17:50

Idle workforce hits record

The number of people who have been out of work for more than six months reached a record in 13 years, the state-run statistics agency said Thursday. It stood at 120,000, accounting for nearly 12 percent of over 1 million who are unemployed in total, according to Statistics Korea. In 2004, the rate stood at more than 13 percent, the highest, it noted.

Finance | 2017-06-22 15:38

'Demand for new apartments will dampen'

The government’s recent move to tighten mortgage rules and restrict transactions of apartments under construction will dampen the appetite for new housing, analysts said Wednesday. But a range of measures announced Monday to rein in soaring apartment prices will not cool the overall housing market, given the ample liquidity and lack of other investment choices. The analysts said if the trend continues, policymakers will likely introduce stronger steps in the coming months to curb demand. “I think the June 19 measures will adversely affect those seeking to purchase new apartments because it b...

Policies | 2017-06-22 18:35

Economic team stresses unified voice

The top economic policymakers of the President Moon Jae-in administration agreed that they should have a unified voice, setting consistent economic policies for the market and businesses. Deputy Prime Minister and Strategy and Finance Minister Kim Dong-yeon had a meeting with Jang Ha-sung, presidential chief of staff for policy, and the Fair Trade Commission Chairman Kim Sang...

Policies | 2017-06-21 16:42

Korea to expand weather insurance policies

The government is trying to get more insurance firms to release various weather insurance products, as the country’s weather is becoming more and more unpredictable. According to the Korea Meteorological Administration (KMA), it recently ordered the Korea Insurance Development Institute (KIDI) to study new policies regarding weather forecasting. “As more weather damage has been reported in recent days, insurance products can be a way to hedge risks regarding the weather,” a KMA official said. “So far, Korea’s weather-related insurance is mostly for crops. The policies are to suggest various ...

Finance | 2017-06-20 17:06

Chinese firms face trouble in domestic listing

Chinese firms are facing trouble in their bid to seek a spot on the Korean bourse in recent months, as a number of companies are withdrawing or delaying their listing plans. Market watchers say the market atmosphere for Chinese companies listing is aggravating as withdrawals are following some of their predecessors’ questionable accounting practices and poor performances. According to sources on Tuesday, Green Source International, a China-based feed company, recently withdrew from a preliminary review for listing on the KOSDAQ.

Finance | 2017-06-20 16:10

New skincare products