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The Korea Herald > Business > Economy

National debt to hit W570tr next year

The government plans to spend 376 trillion won ($361 billion) in 2015, up 5.7 percent from this year, as it seeks to revitalize the economy and increase welfare.The Ministry of Strategy and Finance sa...

Updated : 2014.09.18 21:45

Korea cut crude imports from conflict-ridden Iraq in July

South Korean refiners reduced imports of crude oil from Iraq on-year in July when the Middle East country became mired in internal conflict, while increasing crude imports from Saudi Arabia and Qatar, data showed Thursday.South Korea imported 5.36 million barrels of Iraq crude oil in July,...

Updated : 2014.09.18 21:25

Gov't proposes 5.7 percent hike in 2015 budget spending

The government seeks to expand its spending for next year by 5.7 percent from this year to give the country's economy a much-needed jumpstart out of the prolonged slow recovery, the finance ministry s...

Updated : 2014.09.18 09:36

S. Korea to hike N. Korea-related budget by 10.4 pct in 2015

South Korea announced a double-digit increase in next year's budget for its ministry handling North Korean affairs on Thursday, emboldened by President Park Geun-hye's reunification drive.The unification ministry's total budget will jump 10.4 percent on-year to 1.4 trillion won ($1.3 billi...

Updated : 2014.09.18 09:33

Key points in South Korea's 2015 budget proposal

The following are key points of the 2015 budget proposal endorsed by the government on Thursday.Along with its spending plan, the government also gave estimates on revenue collection and mid-term fiscal management plans.Spending:    - Expand 2015 spending by 5.7 percent to 376 trillion ...

Updated : 2014.09.18 09:32

Strong won fans export fears

The South Korean won has remained one of the best performing currencies against the stronger U.S. dollar in terms of value since early June, when the European Central Bank announced a quantitative easing program, data showed Wednesday, spurring calls for measures to ease its appreciation t...

Updated : 2014.09.17 21:15

World Ocean Forum urges energy traffic security

BUSAN ― The international society should raise awareness about the security of energy traffic in the East Asian seas, which have grown in importance with the increase in energy trade via vessels, mar...

Updated : 2014.09.17 20:56

Fresh round of Korea-China FTA negotiations to be held next week

South Korea and China will hold what they hope will be the last round of negotiations for a bilateral free trade agreement next week, the South Korean trade ministry said Wednesday.The talks, slated from Monday through Friday in Beijing, will be the fifth this year. The two countries had p...

Updated : 2014.09.17 20:55

Korea to enhance competitiveness of industrial complexes

The South Korean government announced plans Wednesday to transform the country’s aging industrial complexes into advanced, attractive workplaces, especially for the younger working generation.To this end, the government and private companies will together raise a total of 1.2 trillion won...

Updated : 2014.09.17 20:55

Korea to establish pilot vehicle energy-saving system

The South Korean government is planning to adopt a pilot system called Vehicle-to-Grid, allowing plug-in electric vehicle owners to sell electricity saved in their car batteries to Korea Electric Powe...

Updated : 2014.09.16 21:19

S. Korea's economic slowdown caused by complex, structural problems: minister

South Korea's current economic slowdown is not a "temporary" phenomenon affected by cyclical factors but by more complicated and structural problems, the finance minister said Tuesday, worrying that the economy might take the road of Japan's lost decades "if not responding in a timely mann...

Updated : 2014.09.16 13:30

Park to revitalize creative economy

President Park Geun-hye vowed Monday to revitalize the ecosystem of the creative economy in South Korea through innovation centers. The creative economy ― a key policy objective of Park ― calls for ...

Updated : 2014.09.15 20:34

Korea to hike residence, car taxes

The government said Friday it would the double the residence and automobile taxes in two to three years. The Ministry of Security and Public Administration said it would issue an advance notice of the...

Updated : 2014.09.12 21:51

[Weekender] Free Economic Zone picks up speed

The Incheon Free Economic Zone has gained momentum through attracting foreign investment and international firms to the area, stepping closer to its goal of becoming a major Northeast Asian economic h...

Updated : 2014.09.12 21:40

KNOC to sell Canadian refining subsidiary to U.S. bank

South Korea's state-run Korea National Oil Corp (KNOC) has agreed to sell its money-losing Canadian oil refining subsidiary to a New-York based commodities merchant bank later this year, its Canadian unit said Friday. Harvest Operations, KNOC's energy affiliate in Canada, said it will hand...

Updated : 2014.09.12 17:32