The size of South Korea’s underground economy in 2014 is estimated at 161 trillion won ($143 billion), or nearly 11 percent of the nation‘s gross domestic product, a report showed Monday.According to a research paper which analyzed the underground economy and tax evasion in 26 Organization for Economic and Cooperation Development countries, Korea’s shadow economy is, on average, bigger than 25 of its OECD peers. Between 1995 and 2014, Korea’s underground economy, on average, made up 10.89 percen

A record-breaking earthquake has raised safety concerns over nuclear reactors in South Korea, despite meteorological chief saying that larger earthquakes are unlikely.Ko Yun-hwa, the head of the Korea Meteorological Administration said on Tuesday morning that strong earthquakes exceeding a magnitude of 6.5 are unlikely to occur in South Korea although earthquakes of magnitudes higher than 6 could happen in the future.Following the 5.8 magnitude earthquake in the southeastern city Gyeongju on Mon

Since a project to determine the sequence of chemical units in human genetic material was launched under the name of the Human Genome Project in 2000, many scientists around the world have tried to decode the mysteries of the human genome. At the center of this endeavor is the mouse phenotypic analysis, a method that takes advantages of the fact that mice and humans share virtually the same set of genes.South Korean scientists are part of such efforts. The nation’s attempt to develop such a cent

Standard Chartered Bank Korea has launched a points swap service with online mobile payment platform Payco, the bank said Monday. The service allows customers to convert the bank’s 360Reward points to Payco points. Customers can use Payco points at major internet retailers such as Tmon Interpark, CJmall, Hmall, Ticketlink and Bugs and also at offline franchise chains such as Ediya Coffee and Artisee.  A model promotes SC Bank Korea‘s points swap service. (SC Bank Korea)Standard Chartered custome

Hyosung's president met with a Ho Chi Minh City leader to discuss strategic partnership, the company said Sunday. Cho Hyun-joon, president of the South Korean conglomerate focusing on textile and chemicals, had a meeting with Dinh La Thang, secretary of the Ho Chi Minh City Party Committee, in Seoul on Friday to discuss cooperation including plans to expand infrastructure in Ho Chi Minh City.Hyosung Group President Cho Hyo-joon (left) shakes hands with Dinh La Thang, secretary of the Ho Chi Minh

Participants of this year’s KB Hope Camp pose for photographs. (KB Financial Group)KB Financial Group continues to reach out to underprivileged youth through various annual programs. Some 120 young people with disabilities took part in a three-day camp earlier this month, a highlight of the group’s eight-month program that began in May to help participants plan for their future careers and build social skills.  The KB Hope Camp offered job counselling, mock interviews and other activities. The p