The number of self-employed South Koreans in their 30s has been on a steady rise since late last year as a prolonged economic slump forces more young people to set up one-man operations instead of finding jobs, a report showed Monday.According to the report by the Korea Labor Institute, thirtysomethings with one-man operations increased by 17,000 in March from a year earlier, compared with a rise of 14,000 in February.The number has been on the rise since October last year, hitting as high as 25

The government is seeking to increase its budget spending by 3 percent to total 398.1 trillion won ($338.3 billion) next year, the lowest increase in six years, according to Finance Ministry officials.They said requests for an increase in budget have been on a steady decline in recent years as the government continues to reform and innovate its spending.According to the preliminary requests, the culture sector’s budget increased the most, by 5.8 percent, which is consistent with the plans to exp

South Korea's tax revenue surged greatly from a year earlier in the first four months partly on an increase in corporate and income taxes that may reflect a rise in consumption, the government said Friday.In the January-April period, the government collected 96.9 trillion won ($83.2 billion) in taxes, up 23 percent, or 18.1 trillion won, from the same period last year, according to the Ministry of Strategy and Finance. Ministry of Strategy and Finance in Sejong City (Yonhap)The four-month tally

Cheil Worldwide, an advertising unit of Samsung Group, is rumored to be in talks to merge with a new global partner after its recent failed talks with French ad giant Publicis Groupe. According to news reports Friday, the group is also planning to spin off the sports business division from Cheil, which has operated the firm’s sports teams, to better appeal to a possible buyer. Samsung is reported to have tried to sell the sports business to Publicis but the French partner expressed its reluctanc

South Korea will cope actively with a recent wave of foreign trade pressure on Korean companies, the country's trade minister said Friday."The government will not turn a blind eye to South Korean companies, which suffer from unfair treatment in the overseas market," Minister of Trade, Industry and Energy Joo Hyung-hwan said in a meeting with reporters."South Korean businessmen often say they are treated unfairly in overseas markets. So I try to make every effort to broach such an issue when I me

Government ministries and other public entities are hoping to boost their annual spending by 3 percent next year, the slowest rate of growth in at least six years, the finance ministry said Friday.According to the Ministry of Strategy and Finance, government offices have submitted preliminary requests for their 2017 budget that totaled 398.1 trillion won ($343.19 billion), compared with 386.4 trillion won this year.The request, if finalized, will mark the slowest on-year expansion at least since

[THE INVESTOR] Hanmi Science, the holding company of South Korea’s Hanmi Pharmaceutical, said Thursday that it has acquired local medication management automation company JVM Co. under a stock swap agreement.　Hanmi Science acquired a 30 percent stake in JVM by purchasing 1.89 million JVM shares for 129 billion won ($112 million) -- 20 percent of which was paid in cash and the remaining 80 percent through Hanmi Science shares.Hanmi Science (Yonhap)“Through the merger, we expect great synergies be

Apartment prices in Gaepo-dong in Gangnam-gu, southern Seoul, are the highest in the nation, surpassing 40 million won ($34,600) per pyeong (3.3 square meters), industry data showed Thursday.According to real estate information provider Real Estate 114, the value of apartments in Gaepo-dong has reached 43.3 million won per 3.3 square meters, up 17 percent on-year. Gangnam (Yonhap)The average value of overall apartments in the country has also surpassed 10 million won per pyeong for the first tim

The South Korean finance minister said Thursday that Asia's fourth-largest economy will show far clearer signs of recovery in the second quarter helped by government-led stimulus policies."The South Korean economy has been in a modest recovery mode in recent months, rebounding from a slowdown in the beginning of the year," Finance Minister Yoo Il-ho said in a meeting of economy-related ministers in Seoul. Finance Minister Yoo Il-ho (Yonhap)"In the second quarter, we will see the effects of incre

South Korea's ruling Saenuri Party said Thursday the government should roll out more state military projects to help normalize financially troubled shipbuilders, which emerged as a potential threat to local industries and the job market."Although restructuring in the private sector is inevitable, there also must be government efforts to provide (troubled firms) with work," Saenuri said during the meeting with government policymakers. The party highlighted that the government should consider plac

The South Korean antitrust watchdog said Thursday that it will raise the asset ceiling for its conglomerate watch list for the first time in seven years as part of its efforts to pave the way for local mid-sized business groups to conduct more activities.In a report submitted to an economy-related ministers' meeting held in Seoul, the Fair Trade Commission will increase the minimum asset criteria from the current 5 trillion won (4.3 billion) to 10 trillion won in September, with state-run corpor

In a surprise move, South Korea's central bank slashed its policy rate by 25 basis points Thursday, apparently anticipating a further delay in what many believe an imminent U.S. rate hike.The Bank of Korea slashed the key rate to a new record low of 1.25 percent for June, marking the first rate cut in 12 months.The BOK had stood pat on the key rate after sending it to the previous record low in four rate cuts between August 2014 and June 2015.The decision came as a surprise to many as the South

The South Korean economy faces headwinds both at home and abroad due mainly to rapid aging and faltering exports, with its growth potential slowing down at the same time, the International Monetary Fund said Wednesday."With income levels still short of the OECD frontier, (South Korea's) potential growth has slowed," the IMF mission, which had an annual consultation with the South Korean government, said a press release."At the same time, Korea is facing major structural headwinds including: rapi

German automotive firm Continental AG’s interest in acquiring local tire company Kumho Tire has increased the pressure on Kumho Asiana Group chairman, as he has to solely prepare around 1 trillion won ($8.6 billion) to reacquire the firm. Local news reports said Tuesday Continental is in talks with financial investors to participate in the bidding for the Korean tire company, citing sources from the creditors of Kumho Tire. Other global firms, including French tire firm Michelin and Chinese stat

Despite tougher mortgage loans, lending by South Korean banks to households in May rose at the fastest clip this year on increased collective loans, central bank data showed Wednesday.Outstanding household loans extended by local lenders came to 660.9 trillion won ($573 billion) as of end-May, up 6.7 trillion won from a month earlier, according to the data from the Bank of Korea.It marked the sharpest on-month increase this year as well as an acceleration from the 5.3-trillion-won gain in the pr