Oil-related tax revenue in South Korea reached a record high last year as low oil prices fueled demand for petroleum goods, government data showed Monday.The country's oil tax revenue totaled a record 23.7 trillion won ($20.6 billion) in 2016, up 8.9 percent from a year earlier, according to the data. (Yonhap)The figure has been on the rise since 2014 when global oil prices started to fall. It rose to 20.8 trillion won in 2014 and 21.8 trillion won in 2015 from 20.4 trillion won in 2013.The upti

Bondholders of Hanjin Shipping Co., declared bankrupt last week, are feared to face up to 1.2 trillion won ($1.05 billion) in losses, industry sources said Monday.According to the sources, Hanjin Shipping's privately placed debt offerings were tallied at 939 billion won, while its publicly placed debt sale amounts to 250 billion won. (Yonhap)The state-run Korea Development Bank, other state-run debt guarantee agencies, and retail investors are feared to shoulder up to 1.2 trillion won worth of l

Less than one in five South Korean manufacturers of medical supplies and equipment said they plan to increase new research and development (R&D) jobs, a survey showed Monday, despite the government's push to become a global biotech and medical industry hub.According to the survey by the Korea Medical Devices Industrial Coop. Association of 267 medical device manufacturers, only 17 percent said they have decided to add R&D positions over the next two years. The survey showed that 52 percent of th

Some 800,000 small businesses open shop annually, but about half of them go bankrupt within two years, statistics showed Monday.A report released by Statistics Korea said that among businesses that started in 2013, 62.4 percent were still in operation a year later. The rate fell to 47.5 percent two years later, and further dipped to 38.8 percent after three years.  (Yonhap)The third-year tally placed South Korea 25th among the 26 member states of the Organization for Economic Cooperation and Dev

More than half of exporters in South Korea are against a proposed revision to the commercial law aimed at limiting the power of large shareholders in their respective firms that often comes at the expense of smaller shareholders, a survey showed Monday.In a recent survey conducted by the Korea International Trade Association, 50.5 percent of heads of 791 local export companies said they were against the revision currently sought by opposition parties. Rep. Jeong Kap-yoon (third from R, independe

South Korea‘s self-sufficiency rate of grain, beef and seafood sharply fell last year as imported food items appealed to consumer tastes with their lower prices and variety of flavors, according to government data on Sunday.The nation’s self-sufficiency rate of grain, excluding feed for animals, dropped to 48.4 percent in 2016, from 55.6 percent in 2010, showed the data by the Ministry of Agriculture, Food and Rural Affairs.  (Yonhap)South Korea imports most of its animal feed. Including animal

South Korea’s media content production grew at a pace faster than the growth rate recorded in the global market in 2015, securing the country a status as the world‘s seventh largest content creator, a state agency said Sunday.South Korea’s media content market stood at $52 billion as of 2015, up 6.1 percent from the previous year, according to a recent report by the Korea Creative Content Agency. A global webtoon show in Busan in 2016. (Yonhap file photo)During the same period, the global conten

SK Telecom Co., South Korea's top mobile carrier, said Sunday it will build a network for the so-called Internet of Things in Bangkok and Phuket. Under a contract with Thailand's state-owned CAT Telecom, signed last Friday, SK Telecom plans to build the network and start a trial service of IoT in April, the company said in a statement.  Cha In-hyeok (2nd from L), head of SK Telecom's IoT business shakes hands with CAT Telecom's chief executive, Sanpachai Huvanandana, after signing a contract in

The global market for automotive semiconductors is expected to grow 7.1 percent annually by 2020, fueled by strong investment by carmakers into electric and self-driving cars, according to a market estimate on Sunday. With semiconductor demand for cars growing, Samsung Electronics Co. and SK hynix Inc. have expanded their automotive semiconductor businesses.  (Yonhap)Research firm Gartner recently predicted that the global market for automotive chips would grow to $42.4 billion in 2020 from $32.

Kia Motors Corp., South Korea's second-largest carmaker, saw its sales in China last month plunge 38.9 percent on month, amid a dispute with some of its Chinese dealers over inventory, according to company and industry sources on Sunday. Kia's sales fell to 30,080 units in January in China, from 49,259 units in December last year.  This photo shows Kia Motors Corp.'s KX7 sport-utility vehicle. (Kia Motors)Industry sources suggested that Kia may seek to reduce its unsold cars before it begins sel