Former convicts of violent crimes will be banned from taking jobs in parcel delivery jobs that typically entail door-to-door services, according to a new law revision.The National Assembly on Thursday afternoon passed the revision bill of the Trucking Transport Business Act, stating that those who have been imprisoned or handed down heavier penalties for designated felonies -- sex crimes, violence, drug-related offenses, violence against minors -- be banned from driving trucks and delivering goo

Industry July 27, 2018

South Korea’s most popular internet-only bank, Kakao Bank said Thursday that it is preparing to go public around 2020 as a way to expand capital at the pace of the fast-growing mobile banking business.“It may be a little premature at this point but we are always keeping a close watch on the need for capital expansion, considering the fast development pace of the mobile service sector,” said Yoon Ho-young, one of the co-chiefs, at a media briefing marking the first anniversary of the bank’s estab

Industry July 26, 2018

South Korea’s electricity supply, which has been put on red alert recently amid a record heat wave, is expected to improve from Friday as the nation enters the summer holiday season, according to the Ministry of Trade, Industry and Energy on Wednesday.Reflecting such forecast, as well as the current level of available power reserves, the government decided not to take demand control actions on companies in July, officials said.“Due to a disaster-level heat wave and companies’ full-capacity opera

Industry July 25, 2018

South Korea is expected to face growing inflationary pressure in the coming months due to rising oil prices, the fallout of a record heat wave and signals of public utility rate hikes, observers noted Tuesday.The key point at issue is whether inflation will rise as high as to near the 2 percent mark, in which case the central bank is likely to speed up its retrenchment timeline and possibly raise the policy rate within the year.The recent weather factors and the mounting signs of utility rate hi

Economy July 24, 2018

A protracted tax conflict is likely to run on between tax authorities here and Philip Morris Korea, the local unit of the global tobacco company, as the Tax Tribunal has dismissed an appeal filed by the company and the latter is set to file an administrative lawsuit.Some 210 billion won ($186 million) in tax -- national and local taxes combined -- is to be at stake, depending on the results of the upcoming litigations on whether the top tobacco maker dodged taxes by manipulating its inventory re

Industry July 23, 2018

Asiana Airlines, South Korea’s No. 2 air carrier, said that it will further compensate passengers who suffered from the recent in-flight meal service disruptions and the consequent flight schedule delays.The company earlier provided transportation credit vouchers but has additionally decided to offer flight mileage in a gesture of apology and social responsibility, the company said Sunday in a press release.(Asiana Airlines)The special measure is to involve passengers boarding the 100 internatio

Industry July 22, 2018

South Korea’s government and the ruling party on Tuesday agreed to increase the amount of tax refunds for low-income households this year, in a move to help them deal with the side effects of the legal minimum wage increase.Officials are also set to speed up the timeline to subsidize low-income senior citizens and young job seekers, as part of an expansive fiscal program responding to sluggish employment and slow growth.“Support measures for the low-income bracket will focus on creat

Economy July 17, 2018

With neither business owners nor workers’ unions satisfied with the latest settlement of the legal minimum wage for next year, South Korean President Moon Jae-in struggled to appease both sides, while admitting his election pledge to raise it to 10,000 won by 2020 was nigh impossible. His comments followed a string of oppositions lodeged by both the business and labor sides, while his chief financial policymaker criticized the double-digit growth as hurting the economy. Earlier i

Economy July 16, 2018

The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 20th installment. -- Ed.For creators in the age of digitalization, copyright may be the single most important form of intellectual property, allowing them to make profits and stop their work from being used without permission. An excessive obsession with that second protective function, however, may undermine the essence of copyright, according to an expert on the digital music dis

Industry July 15, 2018

Samsung BioLogics, the pharmaceutical affiliate of Samsung Group that came under fire for a past accounting breach, is unlikely to be delisted despite the financial regulator’s latest sanction, a securities report said Friday.“The Securities and Futures Commission (of the Financial Services Commission) has reserved its final judgement on the change of accounting standards, which is the core issue of controversy in the Samsung BioLogics accounting dispute,” said Jin Heung-kook, an analyst at Kore

Industry July 13, 2018

South Korea’s financial regulator on Thursday imposed a top-level sanction on Samsung BioLogics over a past accounting irregularity, concluding that its omission of key governance information notices was intentional, but reserved its final opinion on accounting fraud charges.The biopharmaceutical affiliate of Samsung Group is therefore to face a prosecutorial probe over the case and have its stock transactions suspended, but has so far avoided the worst scenario of being delisted.“Th

Market July 12, 2018

The government on Thursday voiced growing concerns about the South Korean economy for the rest of the year, calling for stimulus to respond to the prolonging job crisis here and the escalating US-China trade conflict.The growing level of anxiety came as the central bank nudged down its economic forecast, at last reflecting the pessimistic opinions held by public and private think tanks, while showing little sign of raising the policy rate in the near future.“The employment situation has re

Economy July 12, 2018

South Korea’s government on Tuesday reconfirmed its plan to improve the decision-making process of the National Pension Service but concerns continued to build up in the market on whether the fund operator may overcome its prolonged leadership vacuum and fund depletion.Boosting the market anxiety was an ongoing brawl over a top presidential aide’s alleged intervention in the personnel appointment of the NPS, an issue which clouded the pension operator’s purported independence a

Economy July 10, 2018

The Korea Herald is publishing a series of interviews with experts in the intellectual property sector. This is the 19th installment. -- Ed. Combining foundation makeup with skincare in an innovative easy-to-apply package, cushion compacts have been identified by some as the biggest game-changer in the cosmetic industry in recent years, as well as the top contributor to the rise of Korea’s cosmetics exports.The leader of the innovation was South Korea’s largest cosmetics manufacturer, Amorepacif

Industry July 8, 2018

The Moon Jae-in government said Friday that it will raise the real estate taxes for high-priced properties and multiple home owners, in a move to reduce the widening wealth gap, steady housing prices and promote fair taxation.Should the renewed tax plan take effect, some 350,000 real estate owners are estimated to pay 700 billion won ($625 million) in additional tax, starting next year, unless they register themselves as lease business operators. The Ministry of Strategy and Finance held a joint

Economy July 6, 2018