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Korea to build new Chinatown in capital region

Social affairsMay 4, 2016

South Korea will build a new Chinatown near Seoul that will serve as an international shopping and tourism hub, authorities said Wednesday. The Chinatown, expected to be over 2.3 million square meters in size, will be built in Pyeongtaek, some 70 kilometers southeast of Seoul, according to the Yellow Sea Free Economic Zone (YSFEZ) authority. The YSFEZ is one the country's several free economic ...
Korea's consumer sentiment improves in April

Apr 27, 2016

Korea's consumer sentiment slightly improved this month from a month earlier with more people also expecting better conditions for their livelihood down the road, central bank data showed Wednesday. The composite consumer sentiment index came to 101 for April, moving up from 100 the previous month and reaching the highest mark since the start of the year, according to data from the Bank of Korea...
BOK chief says low interest rate only offers limited impact

Apr 27, 2016

The head of Korea's central bank on Wednesday expressed his apparent opposition to lowering the key interest rate too much, saying a low or negative rate may have only a limited, if not adverse, economic impact. "We are beginning to see the adverse effects of low interest rates employed since the (2008) financial crisis, such as a drop in the profitability of financial institutes and a rise in p...
Korea seeks to boost employment of young people

Apr 27, 2016

The government on Wednesday unveiled a set of comprehensive measures to boost employment of young people and women, vowing to help about 40,000 jobseekers land jobs by matching them up with employers and doling out direct payments in exchange for new hirings. The measures came after the unemployment rate for people under 30 reached an all-time high of 9.2 percent last year, with the overall jobl...
Korean shipbuilders in trouble, but still in global top ranks

IndustryApr 27, 2016

Korean shipyards may be in big trouble, but they still lead the global market in terms of order backlog, industry data showed Wednesday, possibly suggesting their guaranteed survival at least for a few years to come. According to the data from global research firm Clarkson Research Services, the country's three largest shipbuilders - Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Indust...
Moral hazard issue flares up again amid corporate restructuring

IndustryApr 27, 2016

With Korea on the verge of a massive corporate restructuring, controversy has resurfaced over entrepreneurial moral hazards following the sale of shares in a financially troubled shipper by the family of its former chairwoman, watchers said Wednesday. According to a recent regulatory filing, Choi Eun-yeong, former chairwoman of Hanjin Shipping, and her two daughters sold their entire 0.39 percen...
Korea's seaport cargo edges up in Q1

IndustryApr 27, 2016

Cargo processed at Korean seaports edged up in the first quarter from a year earlier as a rise in domestic shipments made up for a drop in exports and imports, government data showed Wednesday. The country's seaports handled a combined 366.1 million tons of freight during the January-March period, up 1.5 percent from 360.7 million tons tallied a year earlier, according to the data compiled by th...
Number of farmers, fishermen continue to fall in Korea

Apr 25, 2016

The number of South Koreans in the agrofisheries sector continued to decrease due to a rapidly aging population and urbanization, government data showed Monday. Households engaging in the farming and fishing business totaled 1.24 million last year, down 7.9 percent from 1.34 million in 2010, according to the data compiled by Statistics Korea. The number of farmers and fishermen also dropped 16....
Top biz groups to reduce new employment this year: survey

IndustryApr 21, 2016

Korea's leading business groups are expected to reduce their new recruitment in 2016 from a year earlier, a survey showed Thursday, boding ill for job seekers already struggling with a high unemployment rate. According to the survey by the Federation of Korean Industries of the top 30 groups, they plan to employ a combined 126,394 new workers this year, down 4.2 percent from a year earlier. The...
Apple revises unfair service agreement with local repair businesses

TechnologyApr 21, 2016

Apple Korea Inc., the local unit of the U.S. tech giant, has revised its unfair business agreement with local maintenance service firms for the first time in the world, the South Korean antitrust watchdog said Thursday. Apple has designated six local repair firms including Ubase Inc. and Dongbu Daewoo Electronics Service Corp. as its authorized repair service providers that can do business under...
North Korea-China trade up 12.7% despite sanctions

North KoreaApr 13, 2016

Trade volume between North Korea and China posted double-digit growth in the first quarter of 2016 from a year earlier despite the United Nations' punitive economic sanctions imposed on the reclusive country, official data showed Wednesday. The size of bilateral trade stood at 7.79 billion yuan ($1.2 billion) in the January-March period, up 12.7 percent from the same period last year, Huang Song...
China's Anbang to buy Allianz Life Korea

Apr 6, 2016

China's Anbang Insurance Group agreed with Allianz Group on Wednesday to acquire the local unit of the German insurance giant, industry sources said, in what would be Anbang's second takeover of a life insurer here in about a year. The agreement calls for Anbang to purchase a 100 percent stake in Allianz Life Insurance Korea Co. from Allianz, according to the sources. Financial terms of the deal...
Korea to strengthen punishment against SME technology theft

Apr 6, 2016

The government said Wednesday that it will take tough action against the stealing of technology owned by small and mid-sized enterprises, as related damage has continued to increase in recent years. Under a set of punitive measures, the government will force people or companies that maliciously leak or steal technology and know-how from SMEs to give compensation of upwards to three times the siz...
Samsung's Kwon Oh-hyun the highest-paid professional manager in 2015

BusinessMar 31, 2016

Samsung Electronics Vice Chairman Kwon Oh-hyun was South Korea's highest paid chief executive in 2015, as the professional manager topped executive annual salary rankings with 14.95 billion won (US$13 million), company data filed with the Financial Supervisory Service showed Thursday. Shin Jong-kyun and Yoon Boo-keun, who are respectively in charge of Samsung's IT and mobile communication and co...
Cnooc tops Sinopec as China's second biggest oil producer

World BusinessMar 30, 2016

Oil’s plunge has reordered the pecking order among China’s biggest explorers. China Petroleum & Chemical Corp.’s move to close some high-cost fields has caused it to slip to number three in oil and gas production as rival Cnooc Ltd. got a boost from new domestic offshore projects. Sinopec, as China Petroleum is known, produced almost 472 million barrels of oil equivalent in 2015, down 1.7 perce...