An economic slowdown and a rapidly aging population have resulted in more South Korean youths being jobless in recent years, a report said Wednesday.South Korea's unemployment rate of those in their late 20s was 9.5 percent as of 2017, up sharply from 6.9 percent in 2010, according to the report published by the Bank of Korea. The report noted that the steep gain in the youth jobless rate came as South Korea's gross domestic product growth number dropped to below 4 percent after 2011.Its GDP gre

Overseas spending by South Korean tourists ranks among the top of advanced economies, research data showed Wednesday.Figures provided by the Korea Economic Research Institute, affiliated with the Federation of Korean Industries, put the proportion for South Korea at minus 1.9 percent in 2016, ranking it the fifth highest among 32 member states of the Organization for Economic Cooperation and Development. The institute derived the proportion by subtracting overseas expenditures by South Koreans f

The unemployment rate among elderly and middle-aged workers between 55 and 64 years old in Korea reached 2.9 percent in the second quarter of this year, up 0.4 percentage points from a year ago. This was higher than the rate of 2.7 percent in the US in the same period, according to data released by Statistics Korea and the Organization for Economic Cooperation and Development.In the third quarter, the rate inched up further to 3 percent, while the US recorded 2.9 percent.Korea’s worsening

Confirmation hearing overshadowed by prolonged brawl over budget bill delay

A set of measures will take effect next week to prevent conglomerates from entering industries that small merchants need for their livelihood, the SMEs ministry said Tuesday.The ordinance passed by the Cabinet goes into force on Dec. 13, setting the details of who can apply for industry designation, the operation of a deliberation committee that will decide on applications and any exceptions to the rules.Organizations with more than 30 percent membership by small merchants can apply for a partic

S-Oil CEO Othman al-Ghamdi has been selected as the best CEO of the year by Korean Management Association Consulting, the company said Tuesday.Al-Gamdi became the first CEO of foreign nationality to receive the award at the annual Management Grand Awards 2018 hosted by KMAC.The firm said the CEO has been recognized for his leadership since taking office in 2016. He oversaw the completion of its residue upgrading complex and olefin downstream complex projects worth some 4.8 trillion won ($4.33 bi

South Korean distiller Hite Jinro said Tuesday it has started selling its low-alcohol drink Isul Tok Tok at a major convenience store chain in Thailand, expanding distribution of the product in the country. The carbonated drink is being sold at Thailand’s Lotus Express, which has 1,500 stores nationwide.  With the latest launch, Hite Jinro products are now being sold at a total of 4,200 stores across Thailand, the company said.Hite Jinro said sales of soju in the Southeast Asian count

South Korea's consumer prices rose two percent for the second straight month in November from a year earlier on increased utility and service prices, government data showed Tuesday.From a month earlier, the index fell 0.7 percent, according to Statistics Korea.The reading marks the highest since September 2017, when the comparable figure stood at 2.1 percent. Core inflation, which excludes volatile oil and food prices, rose 1.3 percent on-year.Utility prices rose 1.5 percent on-year last month,

The South Korean economy expanded 0.6 percent in the third quarter from three months earlier, central bank data showed Tuesday, amid rising concerns over an economic downturn.The July-September growth rate was the slowest since the fourth quarter of last year when the economy contracted 0.2 percent, according to the preliminary data by the Bank of Korea.Following a 0.6 percent rise in the second quarter, Asia's fourth-largest economy has been below the 1 percent expansion line for two quarters i

There are seven celebrities in South Korea with stocks worth at least 10 billion won ($9 million) as of November this year, data from corporate tracker Chaebul.com showed.Three are celebrities-turned-entrepreneurs running the nation’s biggest entertainment companies, it said.The combined value of the stocks held by these seven conglomerates was 709 billion won, an increase in value of 55.2 percent compared with January.The value of all stocks owned by Park Jin-young, owner and executive pr

The Ministry of Economy and Finance was off to a rocky start Monday, as it faced mounting pressure with the delayed passage of next year’s state budget while its new minister nominee is set to have his confirmation hearing Tuesday.A concern for the ministry is that Minister nominee Hong Nam-ki could take office without a fixed budget plan, which could weaken the momentum of the government’s economic policies.The budget bill remained pending on Monday afternoon, with opposition partie

The pause in the Sino-American trade dispute may help to lower tensions, but their relations will remain contentious and will likely affect key Asian nations including South Korea, a global ratings agency said Monday.On Saturday, US President Donald Trump and Chinese President Xi Jinping held bilateral talks and agreed upon several measures to de-escalate trade frictions, including the US cancellation of a planned tariff hike starting next year in return for China's pledge to purchase more Ameri

The Korea Investment Corp., a sovereign wealth fund, said Monday it is adopting a set of stewardship principles to actively engage in corporate management as major shareholders.The principles require that the KIC review issues related to investment performance, risk management and governance structure that can influence long-term corporate values. They also call for partnerships with global investors who share the same goals. Officials said KIC will introduce and implement the principles in phas

On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.The Improper Solicitation and Graft Act, often shortened to the Anti-Graft Act, was enacted March 27, 2015, and went into effect Sept. 28, 2016.The enactment of the Anti-Graft Act brought about numerous changes in South Korean society. In a survey conducted by the Anti-Corruption and Civil

South Korea has asked Turkey to provide compensation for the European nation's provisional safeguard measures on polyethylene terephthalate imports, Seoul's trade ministry said Saturday. The Ministry of Trade, Industry and Energy said that it met with its Turkish counterpart in Ankara, Turkey, on Thursday and discussed compensation plans regarding the bilateral safeguard measures on PET products. Bilateral safeguard measures linked to a free trade agreement between the two sides allow temporary