Hike likely to surpass 30 percent; Seoul taxis’ minimum charge may exceed 3,000 wonPolicymakers hinted that the nation’s cab and inter-city bus minimum fares will rise by up to 33.3 percent alongside the general increase in food and energy prices. Express train and subway charges will remain the same. Government sources said on Sunday that the nationwide minimum taxi charges, which currently range from 2,200 won ($1.94) to 2,400 won, could possibly pass the 3,000 won mark after the upcoming pric

The number of South Korean corporate bankruptcies declined to a four-month low in July due to falls in failures of manufacturers and builders, the central bank said Sunday.The number of companies that went belly-up totaled 95 in July, compared with 103 tallied in the previous month, according to the Bank of Korea.The July data marked the lowest level since the number of corporate failures hit a record low of 90 in March.Meanwhile, the number of newly established companies came in at record 7,127

Only 1.9% respond they belong to high-income bracketA survey by a local think tank showed that about half of Koreans classified themselves as members of the low-income class with little expectation for advancing to higher strata.In the poll of 1,011 adults across the nation, 50.1 percent said they belong to the low-income bracket, more than triple the actual share announced by the government, Hyundai Research Institute reported on Sunday. Statistics Korea said last year that low-income household

CINCINNATI (AP) ― Honda’s new Accord sedan to be unveiled Monday at a central Ohio plant has led to more than $220 million in investments and more jobs in two of its other Ohio plants, with companies that supply Honda with products and services also getting a boost. Economic development officials in central Ohio, U.S., are hopeful the new Accord to be produced at Honda’s Marysville plant in Union County will lead to even more Honda investment in Ohio and bring more economic benefits to their are

Hyundai Motor, Korea’s largest automaker, said that it will change the status of some 3,000 subcontractor laborers working for its Ulsan plant to regular employees.The company said in a statement that it will recruit 3,000 of its 8,000 in-house subcontractors as regular employees by 2016 as a means to “follow and honor” rulings by Seoul courts and government agencies.It will begin by hiring 1,000, and then increase its employment to 3,000 over the next four years.Labor-management relations have

Korean stocks slipped 0.58 percent on Friday, led by a sharp fall in tech shares, analysts said. The local currency edged down against the U.S. dollar.The benchmark Korea Composite Stock Price Index fell 11.37 points to 1,946.54. Trading volume was moderate at 368.3 million shares worth 4.7 trillion won ($4.1 billion), with decliners outnumbering gainers 406 to 390.“A slump in Samsung Electronics shares weighed down the KOSPI amid rumors asset firms are cutting back their stakes for profit-takin

Companies that own and operate Internet businesses will be forbidden from collecting customers’ resident identification numbers beginning Saturday.This comes after a law revision by the Korea Communications Commission intended to protect consumers from having their ID numbers, which are equivalent to U.S. Social Security numbers, stolen.The KCC, the country’s communications watchdog and policymaking body, said Friday in a statement that the law will be enforced against all Internet or informatio

(Yonhap) -- A possible end to the currency swap line with Japan would not have a significant impact on the financial market here as Seoul has made headway in strengthening its safety net designed to absorb shocks from unexpected global turmoil, analysts said Friday.   South Korea expanded its currency swap line with Japan from US$13 billion to $70 billion last year in a bid to secure foreign excha

Korean stocks slipped 0.58 percent on Friday, led by a sharp fall in tech shares, analysts said. The local currency edged down against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.37 points to 1,946.54. Trading volume was moderate at 368.3 million shares worth 4.7 trillion won ($4.1 billion), with decliners outnumbering gainers 406 to 390."A slump in Samsung Elec