The conflict between the government and business owners has intensified in South Korea ahead of the scheduled implementation of a new wage system that obligates employers to give paid leave to workers, industry watchers said Sunday.Under South Korean law, an employer must provide employees with paid leave depending on their weekly work hours. For example, if an employee works 40 hours a week, he or she must be granted extra pay worth eight hours of labor every week.It not only applies to re

South Korea's economy is expected to grow in the mid-2 percent range in 2019 as exports, private consumption and construction-related investment are expected to take a hit, a poll carried out on the heads of local think tanks showed Sunday.The survey conducted by Yonhap News Agency on seven leading economists, such as Choi Jeong-pyo, president of the Korea Development Institute (KDI), and Chang Ji-sang, head of the Korea Institute for Industrial Economics and Trade (KIET), showed growth predicti

Share prices of most listed companies backtracked in 2018 compared with the end of last year, data by South Korea's bourse operator showed Sunday.According to the Korea Exchange, of the 879 companies traded on the main KOSPI exchange, only 252 posted gains throughout the year, while 626, or 71.2 percent, reported a drop in stock prices. There was one company whose share prices remained unchanged from late 2017.The KRX excluded newly listed companies and those that were removed from the stock mar

The average daily wage of production workers at small and medium-sized enterprises stood at 88,503 won ($79.2) in the second half this year, up 1.5 percent from the previous six-month period, data showed Sunday.The latest findings that checked 1,200 companies with annual sales exceeding 3 billion won and having more than 10 workers also showed wages rising 13.4 percent on-year.The Korea Federation of Small and Medium Business (KBIZ) that compiled the data said that of the 118 types of occupation

South Korea's stock market fared ill this year compared with major countries amid global economic uncertainties, data showed Saturday.Of the 20 major countries in the world, South Korea came in 17th in terms of the growth rate of its key stock index by tumbling 17.79 percent this year, according to the data from the Korea Exchange.Brazil topped the list as its key index spiked 11.86 percent this year, followed by Saudi Arabia with a 7.24 percent increase and India rising 5.14 percent in 2018.Exc

South Korean stocks are expected to move in a relatively tight range as 2019 trading kicks off next week in the face of various uncertainties, analysts here said Saturday.The benchmark Korea Composite Stock Price Index  closed at 2,041.04 points on Friday, down from 2,061.49 the previous week.The KOSPI was subject to some rocky trading early in the week as investors took a wait-and-see stance in the face of volatile political developments in the United States.The bourse dipped 1.31 percent

South Korea‘s major stock indices recorded the sharpest fall in a decade this year, data showed Friday, amid global uncertainties and slowing domestic demand. 　The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,041.04 in the final trading session of the year on Friday, down 17.28 percent, or 426.45 points, from the end of last year, according to the bourse operator, Korea Exchange. 　This is the biggest drop since 2008 when the index nosedived 40.7 percent due to the global

South Korea's terms of trade plunged at the sharpest pace in more than seven years last month due to higher crude oil prices, central bank data showed Friday.The terms of trade index for products dropped for 12 straight months to reach a four-year low of 90.49, down 10.9 percent from a year earlier, according to the preliminary data from the Bank of Korea. It is the fastest on-year decline since October 2011, when the index lost 11 percent.The index measures the amount of imports a country can p

South Korea's industrial output fell 0.7 percent in November from a month earlier due in part to decreased exports of semiconductors and a decline in production in the service sector, government data showed Friday.The data compiled by Statistics Korea showed production in the mining, manufacturing, gas and electricity industries dropping 1.7 percent on-month in November.It said semiconductors output fell 5.2 percent in November from a month earlier as chip exports declined 18.9 percent during th

House prices next year are anticipated to drop in most regions except for Gyeonggi Province, Daejeon and Sejong, according to a survey of real estate experts conducted by the Bank of Korea. In its regional economy report published earlier this week, the central bank said house prices would drop in most areas, including Seoul and Busan.Of 172 surveyed experts -- including 86 officials in the construction and real estate sectors, 40 in banks and financial institutions, and 46 researchers and profe

South Korea’s stock market indexes in 2018 are set to mark the largest yearly slump in a decade since the global financial crisis hit Asia’s fourth-largest economy in 2008.As of the Wednesday session’s close, the main bourse index Kospi fell 17.8 percent since Jan. 2 this year, while the second-tier market benchmark Kosdaq slid 16.6 percent, according to data from the Korea Exchange on Thursday. Both figures indicate the largest gap since 2008, when the Kospi plunged 40.7 perce

South Korea's public sector debt rose slightly in 2017 from a year earlier, but the ratio of debt to the country's gross domestic product fell, the government said Thursday.The country's public sector debt -- which includes the debt of the central government and nonfinancial public firms -- reached 1,044.6 trillion won ($931 billion) as of end-2017, up 8 trillion won from 2016, according to the data compiled by the Ministry of Economy and Finance. The public sector debt amounted to 60.4 percent

Small and medium-sized firms will be subject to tougher punishment if they are found to have engaged in accounting irregularities under revised regulations, the financial watchdog said Thursday. If accounting irregularities worth 5 billion won ($4.4million) or more are found at a small firm, financial authorities could punish the company regardless of the company's size, the Financial Supervisory Service said.  Currently, punishments for accounting irregularities can be reduced if a company

South Korean stocks started slightly lower Thursday as institutions offloaded large-cap shares despite overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index lost 2.12 points, or 0.1 percent, to 2,025.89 in the first 15 minutes of trading. US stocks soared Wednesday to snap a four-day losing streak, with the Dow Jones industrial average advancing 4.98 percent and the Nasdaq Composite jumping 5.84 percent. In Seoul, blue chips were mixed across the board.Market kingpin Sam

South Korea's consumer sentiment rebounded slightly in December on hopes for a pay hike next year, a central bank poll showed Thursday.The composite consumer sentiment index for this month stood at 97.2, up 1.2 from a 21-month low of 96 a month earlier, according to the Bank of Korea. A reading below 100 means pessimists outnumber optimists. It marked the first turnaround in three months, as the index had slid since October.The BOK said many people expected their earnings to rise next year."