Bank loans extended to self-employed people in South Korea have grown sharply amid an economic slump and weak demand for workers in the corporate sector, data showed Sunday.Outstanding loans for self-employed people by the country's five major banks -- Shinhan, KB Kookim, Woori, KEB Hana and NH -- nearly doubled to 180.4 trillion won ($153 billion) from 96.6 trillion won in 2010, according to the banking data. Clothing is on sale at a Seoul store in this undated file photo. (Yonhap)The total gre

Jan. 15, 2017

South Korea's Samsung Electronics Co. has developed a virtual reality (VR) program on road safety in partnership with Austria's automobile association, company officials said Sunday.The Samsung Drive is designed to provide applicants for driving tests and inexperienced drivers with more skills to deal with various traffic conditions, they added. The Samsung Drive virtual reality device in a photo provided by Samsung Electronics Co. (Yonhap)It will be used at driving training sites across Austria

Technology Jan. 15, 2017

South Korea‘s job market is under strain from not only a rising unemployment rate but also an increasing number of people who have been jobless for a long time, data showed Sunday.The number of jobseekers surpassed 1 million in 2016 for the first time since 2000, according to Statistics Korea.Of the total, 133,000 were unemployed for more than half a year, accounting for 13.1 percent of the unemployed.It marks the highest number since 13.8 percent was posted in 2002.The rate reached double digit

Jan. 15, 2017

South Korea's Hyundai Motor's has emerged as the best-selling car brand in Chile, outpacing Chevrolet, local data showed Sunday.Hyundai sold a total of 31,398 automobiles last year, more than the 28,886 recorded by the US carmaker, according to the data from Chile's auto association ANAC. An image of cars made by Hyundai Motor and Kia Motors (Yonhap)Hyundai's sales marked a 22.2 percent surge from the 25,700 posted in 2015.The performance was spurred by the local debut of new models, such as the

Mobility Jan. 15, 2017

South Korean shares are likely to remain in a tight range this week as the US dollar is showing signs of continued strength against the Korean won, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2.049.12 points on Friday, up 1.2 percent from a week ago. Foreign investors remained net buyers of local stocks for an eighth consecutive session.The country‘s foreign exchange market saw increase in volatility this week, after the minutes of the Federal Reserve’s Decem

Jan. 8, 2017

Samsung Electronics Co. showcased a Bluetooth speaker and mobile printer at an annual technology fair in Las Vegas, saying they would provide an easier way to stay connected with smartphones. The "Level Box Slim" Bluetooth speaker and the "Image Stamp" mobile printer "add new levels of convenience and fun to users' smartphone interactions, making it easier to enjoy a favorite song, moment or memory with those they care about," Samsung said in a statement.  Level Box Slim (Samsung)The two mobile

Jan. 8, 2017

South Korea‘s major discount store chains have again raised the prices of eggs as the nation is struggling to contain its worst outbreak of bird flu, according to company officials on Saturday. Eggs have been in short supply after the country culled a record 30 million poultry following the first confirmation on Nov. 18 last year. Starting Saturday, Homeplus raised the retail price of 30 eggs by 9.6 percent to 7,990 won ($6.67) at its 142 stores. Homeplus has increased the egg prices five times

Jan. 8, 2017

Brokerages have cut their price targets on shares of Korean Air after the airline announced its plan to sell new shares worth 450 billion won ($376.1 million). Korean Air said this week that the new stocks will be sold at 20,450 won each. After the stock offering, the amount of stocks traded on the local stock market will rise to 95.95 million from the current 73.95 million, it said. Analysts said the debt-to-equity ratio of Korean Air would jump on losses related to foreign exchange rates, desp

Jan. 8, 2017

The youngest son of Hanwha Group Chairman Kim Seung-youn was arrested on Saturday for assaulting bar employees while under the influence of alcohol.A Seoul court earlier issued a warrant for the police to arrest Kim Dong-seon, 27, the youngest of Chairman Kim’s three sons.  Kim Dong-seon, the third son of Hanwha Group Chairman Kim Seung-youn, is interrogated at Gangnam Police Station in Seoul on Jan. 5, 2017, after allegedly assaulting two bar employees and destroying a patrol car while being es

Jan. 8, 2017

Foreign companies operating in South Korea accounted for nearly 14 percent of the country‘s overall corporate tax income in 2015, the national tax agency said Sunday.Multinational firms, reaching only 1.5 percent of the country’s 673,374 companies at the end of 2015, earned a combined 664 trillion won ($555 billion) and paid a total of 5.3 trillion won in corporate tax that year, data from the National Tax Service showed.  In this photo taken on Oct. 17, 2016, jobseekers are in consultations wit

Jan. 8, 2017

South Korea's single-earner families suffered declines in their income for the first three quarters of last year as companies cut wages and jobs amid a prolonged economic slowdown, government data showed Sunday. Single-income families earned an average of 3.71 million won ($3,100) in the third quarter ended Sept. 30, down 1.6 percent from 3.77 million won a year earlier. In the first and second quarter, their on-year income fell 2.6 percent and 0.1 percent, respectively, according to data from S

Jan. 8, 2017

In an all-out effort to overcome the ongoing political ramifications affecting the entire business arena and survive economic uncertainty, heads of South Korean conglomerates set a new vision Monday, calling for change and innovation.In the face of unprecedented political turmoil that raised questions to businesses’ alleged clandestine dealings with President Park Geun-hye and her aides, the business leaders emphasized the need to restore customer trust by improving corporate social responsibili

Business Jan. 2, 2017

A 40-year-old man enters a hall full of graffiti and loud music. People in vibrant tracksuits throw curious glances at him. He strolls past and opens a door to his left -- where his crew awaits. When he greets them, they immediately stop and bow -- he is their boss.This is not a scene from a gangster flick. They belong to a financial company in Seoul, and they gather every weekend for a month each year to learn to dance, all in the name of team spirit. More Koreans have begun to learn entertainm

Social Affairs Feb. 5, 2016