A majority of South Korean certified public accountants are gloomy about the country's current business conditions and their outlook for next year due to anemic domestic demand and other negatives, a poll showed Tuesday.According to the survey of 300 accountants conducted by the Korea Institute of Certified Public Accountants, the business survey index stood at 64 for the second half of the year. The figure for the first half of 2019 came to 69.A BSI reading below 100 means pessimists outnumber

South Korea's economy is expected to grow 2.6 percent in 2019 due to slowing exports and weak domestic demand, a state-run think tank said Monday. The Korea Institute for Industrial Economics & Trade also lowered this year's gross domestic product outlook to 2.7 percent, down from 3 percent growth released in June. The institute said it downgraded next year's GDP projection due to protracted global trade tensions, monetary tightening in major economies and uncertainties in emerging markets.&

South Korea's corporate watchdog chief said Monday that the revision to the fair trade law is very important for the impartial implementation of the country's antitrust rules."The revision is very important in that it would determine the implementation of the country's competition law," Kim Sang-jo, the chief of the Fair Trade Commission, said in a forum. The FTC chief, however, said it would be very tough for the revision to be ratified by the parliament as there are still huge differ

Official data showing a continuous widening of income inequality have strengthened calls on the Moon Jae-in administration to scrap its income-led growth policy.Economists urge President Moon and his economic aides to focus on accelerating regulatory reforms and other efforts to reinvigorate corporate activity rather than sticking to the policy that they say has increased the problems of poorer people.According to data released by Statistics Korea last week, the average monthly income of the poo

Global leaders, scholars and policymakers from all sectors of society are to gather in Incheon’s Songdo area this week to discuss well-being and inclusive growth, according to the Organization for Economic Cooperation and Development and Statistics Korea.The sixth OECD World Forum, titled “The Future of Well-being” and held jointly by the OECD and South Korea’s statistics office, will take place at Songdo Convensia in the western metropolitan city of Incheon from Tuesday

More than 7 in 10 small and medium-sized enterprises in South Korea are gloomy about their sales this year due to dwindling demand at home and abroad, a poll showed Monday.According to the survey of 362 smaller and large companies, 74 percent of the SMEs polled expected their 2018 sales to match those of last year or plunge sharply. Nearly 11 percent of them forecast their shipments to tumble more than 30 percent, while slightly over 34 percent projected declines of 10 to 30 percent. Some 29 per

South Koreans are aware of the benefits of forests and their role in improving quality of life, according to a survey conducted by the National Institute of Forest Science under the Korea Forest Service.The nationwide survey was carried out in May and involved 2,624 adults residing in 17 areas of the country (provinces or major cities). Respondents were asked to rate the connections between forests and quality of life in 11 categories.When respondents were asked how much forests had influenced t

South Korea's capital city of Seoul and the neighboring Gyeonggi Province continue to attract money from other parts of the country despite efforts to strive for balanced growth, a report by a state-run think tank said Sunday.According to the report by the Korea Institute for Industrial Economics and Trade, nine out of the 16 major cities and provinces in the country posted a net outflow of factor income as of 2016.Factor income refers to the total earnings generated by people and companies with

Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.As advisers on leadership and leadership issues, there is one story we’ve seen unfold time and again in Korea: An executive builds up a solid track record over 20 years of meeting deadlines, exceeding goals and assuming positions of greater and greater responsibility. Furthermore, he or she has a ste

South Korea's air passenger traffic reached a record high for October on increased overseas travel demand, the government said Sunday. The number of air passengers came to 10.06 million for the month, up a solid 6.8 percent from a year earlier, according to the tally released by the Ministry of Land, Infrastructure and Transport. Last month represents the third time in 2018 that the country's air passenger numbers surpassed the 10 million mark. The high figure was reached in both January and Aug

The number of people who claim they experienced "gabjil" at their jobs neared the 9,000 mark in October, amid growing public condemnation against high-handedness at workplaces, a local employment information site said Sunday.Gabjil refers to bullying and sometimes violence by a person of power against someone or an entity in a weaker position. The word derives from a contract term to describe a leading party in a deal.Jobplanet said the allegation of abuse and unfair treatment by super

South Korea’s small and medium-sized enterprises are finding it increasingly difficult to hire foreign workers amid rising minimum wages and a prolonged economic downturn, a survey by a local business federation showed Sunday.According to the Korea Federation of Small and Medium Business, or KBIZ, a majority of companies that opted not to hire foreign nationals this year cited a deteriorating business environment as their main concern.The latest survey was conducted from Monday to Wednesda

South Korean stocks are expected to show some toned-down movements next week as investors await the results of key events at home and abroad, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,057.48 points on Friday, down 1.67 percent from the previous week.The index pulled off a strong start on Monday to hit a four-week high on news that the United States and China would have talks to deal with ongoing trade tensions.However, KOSPI fell for remaining four sessio

As the peak shopping season approaches, with Black Friday falling in the US this week and the holiday season next month, consumers are at an increased risk of fraud when using cross-border shopping sites, the Seoul Electronic Commerce Center said Thursday. The center under the Seoul Metropolitan Government announced that it had handled eight consumer complaints against Rogervi2018, an online shopping site that purported to sell products from the French luxury shoe brand Roger Vivier, owned by To

[KH Explains]: Answers to some of the most frequently raised questions regarding Samsung BioLogics caseOn Nov. 14, the market was thrown into commotion, and heated debates arose, as the South Korean financial regulator Financial Services Commission ruled Samsung BioLogics had intentionally violated accounting rules in 2015. It ordered a halt in stock trading of the biopharmaceutical company, which will go through an examination that could lead to delisting, in theory, in the worst-case scenario.