[Graphic News] GS chairman becomes highest-paid executive in Korea

Chairman Huh Chang-soo of GS Group, South Korea’s refinery and retail conglomerate, ranked No. 1 in the list of the nation’s highest-paid executives for the first half of this year, according to a financial watchdog Tuesday.Huh, who also heads the Federation of Korean Industries, the nation’s largest business lobbying group, earned some 5.2 billion won ($4.2 million) between January and June this year, the Financial Supervisory Service said.Huh was followed by Hyundai Motor Group Chairman Chung

IndustryAug. 17, 2016

[Graphic News] Rising number of underpaid workers

More than 3 million workers in South Korea are expected to receive less than the legal minimum wage next year, the central bank said Tuesday. According to an analysis by the Bank of Korea, there were 2.5 million underpaid workers in 2015, accounting for 13.3 percent of the total workforce. This is likely to rise to 2.8 million this year, making up 14.6 percent of the workforce. In 2017, the proportion is expected to go up to 16.3 percent, BOK officials said. By industry, the agriculture, forestr

IndustryAug. 16, 2016

[Graphic News] Budget for 2017 set to exceed W400tr

South Korea’s national budget for next year is expected to exceed 400 trillion won ($362 billion) for the first time, as the government plans to spend more to generate jobs as well as tackle the low birthrate and rapidly aging population. As the government and the ruling Saenuri party have recently agreed to raise the 2017 budget by 3 to 4 percent, the annual budget is likely be around 398 trillion won to 402 trillion won next year, according to government officials.This year, the government’s o

Aug. 15, 2016

[Graphic News] Impact of aging population on Korean economy

Korea‘s gross domestic product is projected to shrink 8 percent in the next 10 years, as the population’s rapid aging takes the steam out of the economy, a local think tank said Tuesday. In its report, Korea Economic Research Institute estimated that a 1 percentage point growth in the proportion of people aged 65 in the total population leads to a 0.97 percent drop in gross domestic product. As Korea is projected to enter by 2026 the stage of a “super-aged society,” where over 20 percent of the

IndustryAug. 10, 2016

[Graphic News] Korea shows heavy industrial use of electricity

South Korea showed a much higher share of business electricity consumption in total power spending than other member countries of the Organization for Economic Cooperation and Development, according to the Ministry of Trade, Industry and Energy.In the ministry’s report Monday, power consumption for industrial use in Korea accounted for 56.6 percent of total electricity use in 2015, with just 13.6 percent for household use. But according to the International Energy Association, OECD member countr

Aug. 9, 2016

[Graphic News] 32 cash-strapped firms facing restructuring: FSS

Thirty-two South Korean businesses are in need of corporate rehabilitation, according to the Financial Supervisory Service on Sunday. The financially troubled companies were chosen among 602 companies scrutinized by the FSS on their credit risks out of 1,973 local firms with over 50 billion won ($45 million) debt. The FSS rated the 602 firms from A to D, with A and B considered financially healthy while C and D are ill. Among the selected 32 this year, 13 received a C, while the remaining 19 got

Aug. 8, 2016

[Graphic News] Public sector’s financial health improving: report

The financial health of South Korea’s public sector is improving for the second consecutive year, showed a report by the Bank of Korea last week. The total revenue of the general government sector and public corporations stood at 735.6 trillion won ($659.4 billion) in 2015, up 3.4 percent from the previous year. The public sector’s total expenditure recorded 701.8 trillion won, a 1.1 percent on-year increase. The outpacing revenue growth produced a 33.8 trillion won surplus last year, nearly dou

Aug. 7, 2016

[Graphic News] Korea’s automobile exports drop in H1

Exports of Korea’s automobiles in the first half of this year dropped 13.5 percent on-year on lower demand in global emerging markets, data showed Thursday.The nation exported 1.33 million cars in the first half of this year, down from 1.54 million units in the same period last year, according to data released by the Korea Automobile Manufacturer’s Association. The value of total exported cars was $19.01 billion, a 14.4 percent fall from last year’s $22.21 billion. “Sluggish economic growth in e

IndustryAug. 4, 2016

[Graphic News] H2 contraction forecast for major industries

Korea’s major industries are projected to contract in the second half of this year, a report showed Wednesday. According to the state-invested Korea Development Bank, the amount of orders that local shipbuilders receive will plummet by 88.2 percent in the second half of this year. In the first half, they fell by 94.6 percent on-year. The bank also forecast that construction firms’ orders will shrink by 7.4 percent this year, with a decline both locally and overseas.The display industry is also a

IndustryAug. 3, 2016