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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

Korea mulls building new southern airport

Passenger traffic at a major international airport near South Korea’s second-largest city Busan will hit its maximum capacity in 2023, a government report showed Monday, a finding that is certain to heat up competition among city and provincial governments that want to host a new air hub....

Updated : 2014.08.25 21:24

Online drug smuggling from overseas soars

Seizures of unauthorized drugs bought online soared in the first half of this year, data showed Monday, raising concerns that recently eased customs clearance for goods purchased in overseas online shopping malls may spur such illegal trade. The value of illegal drugs seized by the governm...

Updated : 2014.08.25 21:18

Conditions for FDI incentives eased

South Korea will lower the requirements for foreign-invested firms to receive financial incentives as it seeks to attract over $20 billion in fresh foreign direct investment for the first time, the government said Sunday.Currently, FDI in any given company or joint venture must be at least...

Updated : 2014.08.24 20:35

Korea’s inflation stays below 2% for 21st month

South Korea’s consumer price growth remained below 2 percent for the 21st consecutive month in July, data showed Sunday, sparking fears that it could plunge the country into a Japanese-style economic stagnation. Consumer price growth in Asia’s fourth-largest economy has hovered in the 1-...

Updated : 2014.08.24 20:19

S. Korea's int'l air passenger traffic rises 10.6 pct in July

South Korea's international air passenger traffic grew more than 10 percent in July from a year earlier thanks to increased flights and routes, the government said Sunday.The number of international air passengers to and from South Korea stood at 5.13 million last month, up 10.6 percent fr...

Updated : 2014.08.24 14:21

Big firms keep up in-group deals

More than 12 percent of business deals among large conglomerates in South Korea were so-called intragroup transactions taking place among affiliates, government data showed Thursday.According to data from the Fair Trade Commission, intragroup transactions accounted for 12.46 percent of bus...

Updated : 2014.08.21 20:43