Korea to delay low-carbon car incentive plan

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Korea to ease rules on house reconstruction

The government on Monday announced a set of measures aimed at stimulating the country’s real estate market that include cutting the minimum age of housing units open to reconstruction by up to 10 yea...

Updated : 2014.09.01 21:06

Gov’t, ruling party mull 5% hike in 2015 budget

The government and the ruling party are considering a hike in the nation’s budget next year by about 5 percent, a move apparently aimed at boosting the economy, while keeping the country’s fiscal status sound. The expansion is lower than the 6 percent increase requested by government min...

Updated : 2014.08.31 21:24

Watchdog to probe parts prices of imported cars

South Korea’s antitrust watchdog said on Sunday it plans to launch an investigation into consumers’ complaints about the overpriced auto parts used in imported foreign vehicles.“As consumers’ complaints are growing over excessive repair costs of imported vehicles, we are going to look ...

Updated : 2014.08.31 20:54

Gov't, ruling party mull hiking 2015 budget by around 5 pct

The government and the ruling party are considering hiking the 2015 budget by about 5 percent, a move apparently aimed at boosting the economy while keeping the country's fiscal status sound. The expansion is lower than the 6 percent increase requested by government ministries and agencies...

Updated : 2014.08.31 10:58

South Korea's industrial output grows 1.1% on-month in July

South Korea's industrial output grew for the second straight month in July, raising expectations that the economic recovery might be gaining some momentum, a government report showed Friday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and elect...

Updated : 2014.08.29 10:40

Korea logs current surplus for 29th straight month

South Korea extended its current surplus streak to a 29th consecutive month in July, helped by solid exports and a narrowing service account deficit, central bank data showed Thursday.The current surplus came in at $7.91 billion last month, compared with $7.92 billion in June, according to...

Updated : 2014.08.28 10:14

All firms must subscribe to private pension plans by 2022

The government said Wednesday it will force companies to subscribe to private retirement pension programs in phases by 2022 in an effort to provide a stronger safety net for retirees. Companies with 300 employees or more will have to subscribe to retirement pension programs for their worke...

Updated : 2014.08.27 21:07

GM Korea restarts Damas, Labo production

GM Korea CEO Sergio Rocha. (GM Korea)CHANGWON, South Gyeongsang Province ― GM Korea, the Korean unit of Detroit-based General Motors, said Tuesday that it has resumed the production of the Damas mini...

Updated : 2014.08.27 20:43

Anti-trust watchdog probes banks on suspected interest-rate rigging

The South Korean anti-trust watchdog has launched an inspection on local banks suspected of colluding to fix interest rates, bank industry sources said Wednesday, a move insiders linked to the government’s push for lenders to expand credit loans to small and midsized firms.According to th...

Updated : 2014.08.27 20:41

Conglomerates expand R&D spending on recovery hopes

South Korea's major conglomerates increased spending on research and development in the first half of this year on expectations of a global economic recovery, data showed Wednesday.The combined amount of R&D investment made by 55 affiliates of South Korea's top 10 conglomerates increased 8...

Updated : 2014.08.27 09:49

(Photo News) Chuseok approaches

Delivery people sort out gift parcels for Chuseok at Korea Post’s distribution center in Seoul on Tuesday. This year the Chuseok holiday falls on Sept. 8. (Yonhap)

Updated : 2014.08.26 21:27

Samsung gets accreditation for virtual reality headset

South Korean tech giant Samsung Electronics Co. recently obtained government certification for its virtual reality headset, a state agency said Tuesday, creating a buzz that the new product may be showcased at the Internationale Funkausstellung Berlin next month.The National Radio Research...

Updated : 2014.08.26 21:17

Seoul shares up on shipbuilder, construction gains

South Korean stocks advanced Tuesday as investors returned to buying mode on hope of additional stimulus from the European Central Bank, analysts said. The local currency rose against the U.S. greenback.The benchmark Korea Composite Stock Price Index gained 7.16 points, or 0.35 percent, to...

Updated : 2014.08.26 20:54

Finance minister urges lawmakers to pass major economy bills

South Korea's finance minister on Tuesday called on lawmakers to break the prolonged parliamentary deadlock and "swiftly" pass major economy-related bills to help the government jump-start slowing economic growth."The pulse in our economy is weakening," Finance Minister Choi Kyung-hwan sai...

Updated : 2014.08.26 10:18

Ratio of deficit-ridden households increases in Q2

The proportion of households spending more than they take in inched up in the second quarter from a year earlier, government data showed Tuesday, suggesting that people are finding it harder to make ends meet amid slowing economic growth.According to the data provided by Statistics Korea, ...

Updated : 2014.08.26 10:14