The earnings growth rate for South Korea's self-employed businesses fell to a six-year low in 2017 amid social and economic changes under way in Asia's fourth-largest market, official data showed Sunday.Profit growth by relatively small, self-employed businesses reached 1 percent last year compared with 2016, information provided by Statistics Korea showed. This is the worst showing after a 0.7 percent increase tallied in 2011.Industry watchers said the falling off of workplace-related eating an

South Korea's leading business groups scaled back the number of employees on their payrolls in 2017 amid challenging market conditions and restructuring efforts undertaken by some industries, a report by a corporate information provider said Sunday.According to the data compiled by Chaebol.com., 10 out of the 30 largest conglomerates in terms of assets, had fewer workers last year than in 2016, with four cutting their workforces by more than 1,000.Of the groups that cut workers, Kumho Asiana, wh

Kakao Bank, South Korea’s largest internet-only bank, on Friday showcased a beta version of a customer service chatbot it expects to play a crucial role in enhancing its unmanned operation. The service will officially launch this month, the company said, without elaborating.The launch is expected to relieve the burden of existing customer services, for which 80 percent of customer inquiries were simple issues that could be addressed by the system, according to the bank. Veronica Lee, proje

South Korean stocks closed lower Friday to end a five-day winning streak as investors tried to lock in profits from recent gains, amid lingering trade concerns ahead of a Group of Seven meeting, analysts said. The Korean won weakened against the US dollar.The benchmark Korea Composite Stock Price Index sank 19 points, or 0.77 percent, to close at 2,451.58. Trade volume was relatively heavy at 510.91 million shares worth 7.19 trillion won ($6.69 billion), with losers outnumbering winners 553 to 2

HANAM -- South Korea's top economic policymaker on Friday asked companies to do more to create jobs and spearhead innovative growth in the latest appeal to the business community to join the government's efforts to push for a more balanced and sustainable economy.In a meeting with Shinsegae Vice Chairman Chung Yong-jin and top executives of affiliates of the business group in Hanam, just southeast of Seoul, Finance Minister Kim Dong-yeon stressed the importance of cooperation between the private

Kim tries to win back policy leadership amid recent ‘wage impact’ feud with Blue House

A tectonic shift is unraveling in and around the Korean Peninsula, especially in the wake of rapprochement mood and signs of denuclearization in North Korea, as well as trade war threats in East Asia. But to businessmen here, the looming transformation in the world‘s most secluded state could translate into a change in environment to which they would be forced to adapt. Experts and veterans in economic fields in South Korea discussed ways to address the transformation, to some 200-strong a

Investors are keeping close tabs on various scenarios that could potentially lead to a "June crisis" amid key global market-moving and political events, observers here said Thursday.Increased volatility caused by rate hikes in the United States and eurozone risks, among other things, and the subsequent market adjustment are all likely, but it seems far-fetched to translate this as something that could lead to a financial meltdown, they pointed out.In May alone, the benchmark Korean Sto

The amount of private tuition spent by the highest income group in South Korea is 27 times larger than those spent by the lowest income households, latest data by Statistics Korea showed.Private tuition spending by the fifth income quintile was 242,600 won on monthly average, compared to 8,925 won spent by the first quintile.An income quintile divides the population into five equal income groups. The first quintile refers to those with the lowest income, and the fifth, the highest.The agency poi

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 16th installment. - Ed.To retail shop owners occupied with day-to-day operations, managing card payments is an integral part of doing business, but at the same time, a time-consuming hassle.Vendors in South Korea, where there are a total of eight card companies in business, also face the same situation, particularly as cards have become the main means of payment.In 2017,

South Korea's current account surplus contracted to a six-year low in April due to a decrease in the goods account and a sharp rise in dividend payouts, but a turnaround in Chinese visitors helped narrow the deficit in the service sector, central bank data showed Tuesday.The country's current account surplus came to $1.77 billion in April, down from a surplus of $3.67 billion a year ago, according to the preliminary data from the Bank of Korea.From a month earlier, the April figure also lost gro

KDI report reflects ministry’s concerns on Cheong Wa Dae’s drastic minimum wage hike initiative

Samsung SDS on Monday launched a financial platform powered by blockchain and artificial intelligence, designed to help the local banking industry to cut cost, minimize security threats and streamline financial procedures, the firm said.Dubbed “Nexfinance,” the new platform features user applications that would automate a customer’s process of tracking and integrating financial records from different financial companies, getting product recommendations, claiming insurance and m

SEJONG -- South Korea and Russia will hold a joint committee meeting to discuss ways to further expand cooperation in such areas as the economy and sciences, Seoul's finance ministry said Monday.During the 17th South Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation meeting slated for Thursday in Seoul, the two countries will discuss a variety of issues, such as developing infrastructure in the Russian Far Eastern region, as well as a potential trilateral project

SEJONG -- South Korea and the Philippines agreed on Monday to further expand their economic cooperation and work together for an early conclusion of a regional economic trade deal, Seoul's finance ministry said.In a meeting with the Philippines' Finance Secretary Carlos Dominguez, South Korea's chief economic policymaker Kim Dong-yeon gave high marks to the Asian country's massive infrastructure development project and said Seoul will actively support such projects through extended financial hel