South Korea's wage increase rate has been halved after the 2008 global financial crisis that rocked the country, a market report showed Sunday.The findings released in the Bank of Korea's latest foreign economic focus report showed that average wage gains dropped to 3.4 percent in the 2014-2016 period from 7.3 percent tallied in 2001-2007.It cited a drop in overall labor productivity and general aging of the population as causing the decrease. Data showed that in the wake of the financial crisis

South Korea is not considering the redeployment of tactical nuclear weapons into the country, the presidential office said Sunday, in response to a US media report that hinted the Trump government is willing to take it as a viable option should Seoul ask for it. "There is no change in the government's policy principle of denuclearization of the Korean Peninsula and we have never reviewed a re-adoption of the tactical nukes," a Cheong Wa Dae official said.On Saturday (Seoul time), a White House o

Hyundai Motor Co. and its sister company Kia Motors Corp., South Korea's two biggest carmakers, said Sunday they will promote its subcompact crossovers in the 2017 Frankfurt Motor Show amid growing demand for SUVs in the global market.In the motor show, to be held in the German city from Sept. 14-24, Hyundai Motor and Kia Motors said they plan to lure European customers with the Kona and the Stonic subcompact SUVs, respectively. Hyundai unveiled the Kona to foreign media as well in a June event

Samsung Electronics Co., the world's largest producer of memory chips and smartphones, may beat market expectations and post earnings growth in the third quarter despite earlier predictions of adjustments, market watchers said Sunday.Forecasts for a leveling off are centered on expectations that prices of both liquid-crystal displays and organic light-emitting diodes will fall due to current market conditions. Observers had said Samsung could experience almost no growth because its second quarte

The number of workers covered by employment insurance declined sharply in the shipbuilding industry last month from a year earlier, government data showed Sunday, as yards undertake massive restructuring in the face of sluggish business conditions.South Korea's top three shipyards suffered a combined operating loss of 8.5 trillion won ($7.5 billion) in 2015 due largely to increased costs stemming from a delay in the construction of offshore facilities and an industrywide slump.South Korea, howev

INCHEON -- Trade ministers of 16 regional countries, including India and China, will meet in South Korea next month to discuss a regional mega free trade agreement, the Incheon Metropolitan City said Sunday. The Regional Comprehensive Economic Partnership is a proposed open trade pact between 10 member states of the Association of Southeast Asian Nations and six other countries with which ASEAN has free trade deals with.If the 16 countries agree to launch the regional FTA, it will form a huge ec

Former German Chancellor Gerhard Schroeder will come to South Korea early this week to meet people forced to endure World War II sexual slavery, an organization representing the victims said Sunday.Schroeder is due to visit the House of Sharing, a shelter for the surviving victims of the sexual enslavement in Gwangju, Gyeonggi Province, located on the outskirts of Seoul, on Monday, the organization said.During the war that ended in 1945, as many as 200,000 South Korean women were estimated to ha

President Moon Jae-in opted to take a brief respite after returning from Russia as he is tasked with resolving the escalating tension on the Korean Peninsula following North Korea's latest nuclear test, his office said Sunday.The chief executive was seen going on a hike on Mount Bugak on Saturday, as some netizens posted pictures of him online, wearing a short-sleeved shirt and shorts. The liberal-leaning president, who took office in May, shoulders mounting tasks to diffuse the regional tension

The second passenger terminal at Incheon International Airport will open in January next year, as it has been systematically integrated with the existing terminal, the country's largest air terminal operator said Sunday. The integrated information system that connects the two terminals was completed Thursday, according to the Incheon International Airport Corp.  This file photo, taken Aug. 21, 2017, shows the new second passenger terminal at Incheon International Airport in Yeongjongdo, west of

Samsung Electronics Co. said Sunday it has introduced a five-door refrigerator that provides easy access to on-the-go items.The H9000 fridge, updated from the more conventional two-door refrigerator, allows users instant access to drinks and condiments while letting them store large and fresh food items in an inner space, Samsung said on its website.  (Yonhap)"Perfect for frequently used items, this refrigerator lets you easily organize your food by type or family member," it said.The new fridge

The size of South Korea's restaurant industry stood at 192 trillion won ($16.9 billion) as of 2015, official data showed Sunday.According to the latest findings by the Ministry of Agriculture, Food and Rural Affairs, the local market was comprised of a 82 trillion-won food processing sector and a 108 trillion-won eatery business, with some 660,000 restaurants and eateries in the country. The numbers are a gain of 0.9 percent from the year before.The figures translate into one eatery for every 78

South Korea has set up a task force to improve the country's livestock farming environment and strengthen the food safety management system, the agriculture ministry said Sunday.The move comes after the country has been hit hard by a series of bird flu outbreaks and circulation of eggs contaminated with harmful insecticides. (Yonhap)In efforts to expand "eco-friendly" farms, the Ministry of Agriculture, Food and Rural Affairs said it will strengthen sanitary regulations and revise rules governin

Samsung Electronics Co. said Sunday that preorders for its Galaxy Note 8 are setting new records in the United States.The world's largest manufacturer of smartphones said orders received since Aug. 24 are the highest tallied to date for its premium phablet Note line.The company did not disclose exact numbers citing policy but said it was buoyed by the consumer response after the debacle of the previous year's Note 7 that was taken off the shelves completely after some caught fire while being rec

South Korea's financial regulator said Sunday it has asked private money lenders to voluntarily cut their combined volume of television ads by 30 percent during the second-half of this year. The tightened regulation is part of the Financial Services Commission's plan to curb speed loans at a time when the government is trying to tackle the rise in heavy debtors. In a statement, the regulator said it asked money lenders to show clearer warnings on potential defaults in their TV commercials. The F

South Korea's foreign ministry has seen a sharp rise in attempted hackings from China in 2017 from a year earlier, parliamentary sources said Sunday. A total of 8,263 cases of cyberattacks or attempted hackings were detected in the foreign ministry servers from January through July, according to data provided to Rep. Park Joo-sun of the minor opposition People's Party by the foreign office. The figure is almost on par with the corresponding number of 8,482 tallied for all of 2016, the lawmaker s