About 63 percent of South Korean wage workers earned less than the average annual salary in 2014, indicating the country’s widening economic polarization. According to the joint report by Rep. Yoon Ho-joong of the main opposition New Politics Alliance for Democracy and the Korea Taxpayers Association released Tuesday, the average annual salary of South Korean earners in 2014 stood at 31,724,658 won ($26,386.58). The average monthly pay was slightly above 2.64 million won. Yet a total of 10,225,4

The rental fees in commercial facilities at Incheon International Airport have increased nearly 30 percent in the past four years, data showed Monday.According to a report by Incheon International Airport Corp., which was submitted to Rep. Lee No-keun of the ruling Saenuri Party, the airport gained 777 billion won ($645 million) from commercial facility rent fees last year, a 29.8 percent increase compared to that in 2010.The area with the highest-priced rent was a duty-free shop run by Hotel Sh

Around seven out of 10 high-wage earners with an annual salary of more than 100 million won ($83 200) live in the capital area, data showed Sunday.According to a report from Statistics Korea, which was submitted to Rep. Park Myung-jae of the ruling Saenuri Party, there were 473,217 people who were reported as high-wage earners in 2013.Among them, 46.7 percent lived in Seoul, followed by 22.6 percent living in Gyeonggi Province and 2.8 percent in Incheon, making up almost 70 percent of all high-w

An average of more than three cases of sexual crimes were reported daily at schools nationwide between 2013 and 2014, a report revealed this week.Based on numbers collected from 17 city and provincial education offices, it showed that a total of 2,357 sexual crime cases were reported at elementary, middle and high schools, the report released by New Politics Alliance for Democracy Rep. Bae Jae-jeung said. This translates to an average of 3.2 cases a day, it said.Sexual molestation cases accounte

Korea’s monthly travel deficit in July soared to a 7-year high, as the Middle East respiratory syndrome outbreak held back foreign travelers from visiting the country, central bank data showed on Wednesday. According to Bank of Korea’s report on the July balance of payments, the travel account logged a $1.45 billion deficit. This is the largest deficit since July 2008, when the global financial crisis pushed up the travel account deficit to $1.65 billion. An increase in the travel account defici

Luxembourg, which holds the EU presidency, said Sunday that countries including Germany, France and Britain were to meet to discuss immediate action on the migrant crisis. Amid growing tension throughout European nations regarding the issue of refugees, Europe as a whole is urging one another to share the burden of taking care of asylum seekers. German Chancellor Angela Merkel said efforts were needed to avoid any “prejudice, coldness, even hate in their hearts” targeting the newcomers. Her gove

South Korean soccer player Son Heung-min joined Tottenham Hotspur in the English Premier League on Friday, becoming the 13th South Korean to play in Premier League. The 23-year-old wing forward from Bayer Leverkusen, Germany, signed a contract with Tottenham Hotspur that is valid until 2020. The estimated transfer fee is known to be around $33.8 million, breaking the transfer fee record for an Asian player. Other South Korean soccer players to have played in the Premier League include Ki Sung-yu

The number of babies born in South Korea dipped in 2014, but rose for the fourth straight month in June this year, a government report showed on Wednesday.According to the report by Statistics Korea, some 435,400 babies were born last year, down around 1,000, or 0.2 percent, from a year earlier. But some 35,500 babies were born here in June, up 3.8 percent from the same month last year. The annual increase follows a 2.5 percent on-year rise in the previous month. The figure gained 2.4 percent on

Due to China’s economic shock, international oil prices have dipped to the lowest point in 6 1/2 years. In Monday’s trading on the New York Mercantile Exchange, crude oil for October delivery fell as low as $38.24 per barrel, down $2.21 (5.5 percent) from the previous day. Oil prices recovered some lost ground Tuesday after a sharp fall sparked by worries about the faltering economy in China, the world’s largest energy consumer.U.S. benchmark West Texas Intermediate (WTI) for October delivery ro

 China’s stock market panic is casting a deep shadow over the global economy.News reports said major economies including the U.S. and Europe, and Asian countries are feared to take a fresh hit from China’s continued stock plunge caused by concerns over its economic slowdown.Stung by escalating worries about the health of the world’s No. 2 economy, China’s main Shanghai stock index plunged 8.49 percent on Monday alone, with the country’s purchasing managers’ index falling to a over six year low o

The top 10 conglomerates in Korea acquired 98 companies through mergers and acquisitions over the past five years, data showed Monday.According to Chaebul.com, there were a total of 592 affiliate companies under the conglomerates as of July 2015.Of them, 98 were added through mergers and acquisitions since 2010, comprising 16.6 percent of all affiliates.Lotte Group acquired the most affiliates, having acquired 19 companies during the five years.GS Group acquired 15 companies in the same period w

Watch Condition is an alert system operated by the joint forces of South Korea and the U.S. to measure reconnaissance posture for strategic and tactical warning of attack. The allies late Friday raised the Watchcon by one notch to level 2, which will allow them to strengthen stealth and reconnaissance countermeasures over North Korea with its RC-135 snooper aircraft, Aegis destroyers with radar surveillance systems and spy satellites. Watchcon 1 has not been issued since the end of the 1950-53 K