Only 3 out of 10 South Koreans aged 65 and older think they are leading stable lives with economic independence, a report showed Tuesday. According to the report by the National Pension Research Institute, 32 percent of such elderly people said they are economically independent, while 65.7 percent said they are not. The report by a research team led by professor Lee Chong-ha of Induk University in Seoul also showed about 70 percent of the seniors were suffering from various chronic diseases.Abou

Jan. 12, 2016

The number of overseas restaurants, bakeries and cafeterias run by South Korean companies jumped 25 percent on-year in 2015 on their efforts to expand overseas business coupled with the so-called Korean Wave, government data showed Tuesday.A total of 138 firms operated 4,656 stores in 44 countries as of end-2015, up 3,726 tallied a year ago, according to data by the Ministry of Agriculture, Food and Rural Affairs.Delimanjoo Bakery, which sells custard-filled cakes, had the widest business networ

Jan. 12, 2016

South Korea's major manufacturers are more pessimistic about business conditions for the first quarter of this year due to China's slowing growth and a protracted slump in domestic demand, a poll showed Tuesday.The Korea Chamber of Commerce & Industry said its business survey index for January-March came to 81, sharply down from 87 tallied in the previous quarter and 88 in the third quarter of last year. The result is based on a survey of 2,400 manufacturing companies nationwide. A reading of un

Jan. 12, 2016

South Korea's tax revenue rose sharply on-year in the first 11 months of 2015 thanks to higher cigarette prices and increased real estate transactions, the finance ministry said Tuesday.In the January-November period, the government collected some 206.2 trillion won in taxes, up 16.8 trillion won from a year earlier, as more dues were collected from a rise in real estate transactions and higher tobacco prices, the ministry said in its monthly public finance report.Asia's fourth-largest economy e

Jan. 12, 2016

Weak exports stemming from falling oil prices and weak global demand are dragging down South Korea's industrial output and business investment despite improving domestic consumption, the finance ministry said Tuesday.Outbound shipments plunged 13.8 percent to $42.64 billion in December from a year earlier due a sharp drop in petrochemical products and shipbuilding orders, the Ministry of Strategy and Finance said in its latest economic assessment report called the Green Book.The monthly decline

Jan. 12, 2016

Lee Seo-yeon buys freshly brewed coffee at GS 25, a convenience store chain, twice a day -- on her way to work and during lunch time. There's neither a barista nor ice caramel macchiatos. The part-time cashier at a department store in downtown Seoul gets Americanos at 1,000 won with the touch of a button for the much-needed caffeine hit."I think convenience store's coffee is drinkable and for that price, it's actually good," the 22-year-old said. "Franchise stores' coffee may taste better, but i

Jan. 11, 2016

Foreign currency deposits at banks in South Korea dropped from a month earlier in December, hitting the lowest level in 20 months, central bank data showed Monday.Outstanding foreign currency deposits held by local residents came to $58.53 billion as of end-December, down $3.78 billion from the previous month, according to the data from the Bank of Korea.The December tally marks the lowest level since April 2014 when the total stood at $58.42 billion. From a year earlier, the December figure mar

Jan. 11, 2016

South Korea's exports of makgeolli, a traditional rice wine, to Japan have been in the doldrums since 2011 when they peaked at $48.4 million, government and industry data showed Monday.Exports of makgeolli to the neighboring country rose sharply since the late 2000s thanks to the rising popularity there of Korean pop culture, called "hallyu," and the strong value of the Japanese currency. Shipments rose over eightfold from $5.4 million in 2009 to $15.6 million in 2010 and $48.41 million in 2011,

Jan. 11, 2016

South Korea's home sales reached an all-time high in 2015, the government said Monday, apparently buoyed by a series of government measures to boost the local property market.The number of home transactions surged 18.8 percent on-year to 1,193,691 last year, marking the largest annual tally since 2006, when the government started to compile the data, according to the Ministry of Land, Infrastructure and Transport.It also rose for a third consecutive year to hit a fresh record high after plunging

Jan. 11, 2016

South Korea's exports of industrial parts and materials slipped last year from a year earlier due to weak global demand, with its trade surplus in the sector also edging down, the trade ministry said Monday.Outbound shipments of industrial parts and materials fell 4.1 percent on-year to $264.7 billion, accounting for 50.2 percent of the country's overall exports last year, according to the Ministry of Trade, Industry and Energy.Exports of industrial parts dropped 0.2 percent on-year to $187.5 bi

Jan. 11, 2016

South Korean shipyards, led by Hyundai Heavy Industries Co., slashed their workforces by some 3,000 in 2015 as they struggled with mounting losses stemming from a delay in the construction of offshore facilities and an industrywide slump, industry data showed Monday.According to the data, some 3,000 employees were let go by the country's top three shipyards -- Hyundai Heavy, Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- last year.Including workers at their subc

Jan. 11, 2016

The amount of money raised by newly listed firms on South Korea's secondary bourse reached a 15-year high last year despite an economic downturn at home and abroad, the bourse operator said Sunday.Local companies raised a combined 2.1 trillion won ($1.75 billion) through initial public offerings on the tech-savvy KOSDAQ throughout 2015, soaring 79.6 percent from a year earlier, according to the Korea Exchange.It marked the largest amount since 2000, when the figure reached 2.55 trillion won on t

Jan. 10, 2016

The fourth hearing of a multi-billion-dollar case the U.S. private equity firm Lone Star filed against South Korea over its asset sell-offs will be held in The Hague in June, the government said Saturday.The third hearing was held in The Hague earlier this week, it said.During the hearing, Lone Star and the South Korean government countered each other at the International Centre for Settlement of Investment Disputes in the Netherlands over the private equity fund's 2003 purchase of a controlling

Jan. 10, 2016