Approximately half of South Korea’s self-employed businesses plan to lay off employees or cut back on hiring this year, according to a survey released Wednesday.Incruit, an online recruiting service, conducted the survey with 240 self-employed participants, asking whether their business decisions in 2019 will be effected by the Cabinet’s decision to pass the revised Minimum Wage Act.  The decree obliges employers to provide workers with paid leave depending on their weekly worki

South Korea’s finance industry is bracing itself for a year of stunted growth, as it foresees growing global economic uncertainties and concerns over profitability in the new year. With a fresh sense of alarm, the chiefs of the country’s biggest banks plan to tackle the oncoming challenges by further embracing digital innovation and overseas business expansion.Korea Federation of Banks Chairman Kim Tae-young said in his New Year’s message that “it will be difficult for th

SEJONG - South Korea’s small individuals have continued to express their discontent with a systematic practice on the local stock market in which foreign and domestic institutions take huge gains via the short-selling skill.Short selling is a legitimate trading skill. Generally, institutions can reap gains by dumping borrowed stocks and repurchasing them at far lower prices later, which is dubbed short covering. After making these gains, the institutions hand back the shares to the origina

GM Korea Co., the South Korean unit of General Motors Co., said Tuesday that it has cut the prices of mainstay models in an effort to revive lackluster sales.Starting Tuesday, GM Korea slashed the prices of its major models, such as the Impala sedan and the Trax and Equinox sport-utility vehicle, by up to 3 million won ($2,700), the company said in a statement. The company expects its “customer-focused pricing approach” to strengthen the position of those key Chevrolet vehicles in th

Lotte Card said Tuesday that it has become the first South Korean credit card operator to offer consumer financing services in Vietnam as part of its mid- and long-term plans to expand its business operations in the Southeast Asian region.South Korea’s fifth-largest credit card company in terms of net assets held a ceremony in Hanoi on Dec. 18 to celebrate the launch of Lotte Finance Vietnam, according to company representatives. Since establishing its local office in 2009, Lotte Card has

The thick glass ceiling in the finance industry of South Korea got a few more cracks in the last month, with the latest reshuffles in the country’s leading banking and securities brokerage companies having nominated women leaders to the top posts.The nomination of Park Jeong-rim as the co-CEO of KB Securities on Dec. 19 marked another leap forward, as she is set to become the first female CEO of a brokerage firm in Korea. Her nomination awaits approval in the upcoming general shareholders&

South Korea's exports hit an all-time high last year on brisk sales of memory chips and petrochemical goods, government data showed Tuesday.Outbound shipments came to $605.5 billion for 2018, up 5.5 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports jumped 11.8 percent on-year to $535 billion last year for a trade surplus of $70.5 billion, marking 10th consecutive year the country exported more goods than it bought, the ministry sai

The head of the financial watchdog said Monday that he will prioritize the management of potential risks in the financial sector in the new year to better support economic growth.Financial Supervisory Service Gov. Yoon Suk-heun made the pledge in his New Year's message, saying that a financial crisis "could break out at any time." "We have to guard against the possible spread of shocks in the financial system to the real economy," Yun stressed, vowing to establish "fair

SEJONG -- As the new year approaches, so does the middle phase of President Moon Jae-in’s 60-month tenure.The coming 20 months could be a time for Moon to respond to the concerns of citizens, the majority of whom are asking him to walk back his North Korea-oriented policy focus and prioritize the economy in the South.Statistics indicate that one of the biggest concerns of ordinary people is the increasing polarization of society -- a problem aggravated by the recent jump in apartment price

South Korea’s consumer prices in December grew at the slowest pace in five months due to government cuts of the fuel tax and gas fees, but prices of agricultural goods and dining out maintained a steady uptrend, data showed Monday.The consumer price index for December rose 1.3 percent from a year earlier, down 0.3 percent from the previous month and marking the lowest on-year rise since the 1.1 percent observed in July, according to the data released by Statistics Korea.The rate of increas

South Korea's finance minister vowed Monday that every effort will be made to help companies make investments in the new year as Seoul seeks to revitalize its economy.The comments by Hong Nam-ki came as Asia's fourth-largest economy is struggling to create jobs and boost the economy. The government has said it will speed up administrative procedures to ensure quick implementation of major corporate investments worth 6 trillion won ($5.3 billion), including a 3.7 trillion-won project by Hyundai M

South Korea's central bank chief said Monday that an accommodative monetary policy will be maintained in the new year in the face of low inflationary pressure and slowing economic growth."It is necessary to maintain the accommodative monetary policy as the economy will likely pull off upper 2 percent growth and the inflationary pressure will remain low," Bank of Korea Gov. Lee Ju-yeol said in his New Year's message. "The BOK will carefully watch the pace of economic growth, inflat

South Korea's consumer prices rose 1.3 percent in December from a year earlier on gains in agricultural and industrial goods and the service sector, government data showed Monday.The reading represents a decline from the previous month's 2 percent on-year gain, according to the data compiled by Statistics Korea. From a month earlier, the index fell 0.3 percent.South Korea's consumer prices rose 1.5 percent for all of 2018, down from 1.9 percent in 2017.South Korea's central bank has said that it

The writer is director general of the Patent Examination Policy Bureau at the Korean Intellectual Property Office. The views reflected in the article are his own. --Ed.

The number of South Korean children inheriting more than 100 million won ($89,526) from their parents shot up in 2017 from a year earlier, data showed Sunday, as the government vowed to reduce tax deductions down the road.According to the data compiled by the National Tax Service, the agency imposed taxes on 146,337 cases of inheritance in 2017, up 17.2 percent from a year earlier. The combined amount of gift tax collected came to 24.5 trillion won, up 6.5 trillion won over the cited period.Inhe