[Graphic News] Korea to build network of smart expressways by 2020

The Transport Ministry plans to build a network of smart expressways that will include new sections of road where electric vehicles can be charged on the go, officials said Tuesday.Under the plan, the government will build an additional 1,000 kilometers of expressway, extending the total length in the country to 5,131 kilometers by 2020. This will create a complete network in which nearly 96 percent of the country’s population will be able to access an expressway within 30 minutes from their hom

Aug. 30, 2016

[Graphic News] Average labor cost rose by 2.4% in 2015

It costs a company an average of 4.33 million won ($3,852) a month to hire an employee, including the wage, major insurance coverage and other allowances, the Employment and Labor Ministry’s research showed Sunday.In the fiscal year of 2015, the average monthly labor cost spent by 3,388 surveyed companies with at least 10 employees surged on-year by 2.4 percent.This included direct costs, which refers to wage and indirect expenses, as well as indirect costs which includes severance pay, expenses

Social AffairsAug. 29, 2016

[Graphic News] Soft alcohol consumption soars

Unlike the declining consumption of hard liquors, fruit-flavored soft alcohol is gaining popularity apparently due to increased social awareness of healthy drinking, a government report showed last week.Social gatherings over drinking beer and soju have long been considered part of Korean culture, but that is gradually fading as a growing number of Koreans tend to prefer soft alcohol in consideration of health, according to the report. This year, Koreans aged 15 or older drank 4.9 glasses of bee

IndustryAug. 28, 2016

[Graphic News] The deadliest earthquakes since 2000

A magnitude 6 earthquake shook central Italy early on Wednesday, followed hours later by a magnitude 6.8 temblor in Myanmar. The death toll from a powerful earthquake that shook central Italy rose to 247 on Thursday and an earthquake struck central Myanmar on Wednesday, killing at least four people and damaging buildings and ancient monuments, authorities said.Here is a list of some of the world‘s deadliest earthquakes since 2000

World NewsAug. 25, 2016

[Graphic News] KEPCO suffers deficit from investment business

Korea Electronic Power Corp. has suffered a deficit in its investment business while it has drawn massive business from the power rate hike and the increase in the demand for power, data showed Wednesday. According to the National Assembly and KEPCO, the state-run company’s sales rose by 11.4 percent to 483,655 gigawatt-hour last year over the past five years while the revenue soared by 44.3 percent to 54 trillion won ($48 billion).The power rate, in the meantime, increased by nearly 30 percent

IndustryAug. 24, 2016

[Graphic News] Direct overseas shopping gives 30 percent savings: survey

Consumers who buy products directly from overseas sellers found prices to be about 30 percent lower than when buying from Korean sellers, according to data from a survey by the Korea Consumer Agency.The KCA survey asked 1,000 consumers who had bought products directly from overseas sellers in the past year. Four-fifths of respondents said they used direct shopping because of lower prices. According to the survey, the highest discounts achieved through direct shopping reached 36.5 percent for chi

IndustryAug. 23, 2016

[Graphic News] SKT, S-Oil pay highest average salaries

Workers at Korea’s top 100 companies received on average 6.04 million won ($5,362) per month in the first half of the year, while their CEOs were paid over 12 times more, data showed Monday. CEOs registered as boardroom directors received on average a monthly paycheck of 73.6 million won between January and June, according to the Korea 20000 Corporate Research Institute, a local market tracker. Employees of SK Telecom, the nation’s largest mobile carrier, earned the most, at 11.02 million won pe

IndustryAug. 22, 2016

[Graphic News] Monthly household spending stays flat in Q2

South Korea’s monthly household real income and spending stayed flat in the second quarter compared to last year amid a protracted economic slowdown, a government report showed Friday.According to Statistics Korea, household disposable income showed a 1 percent increase year-on-year in the second quarter of the year, however its real income had no change during the same period.Consumer spending remained unchanged over the same period, pushing down the proportion of disposable income to consumpti

Aug. 21, 2016

[Graphic News] Circulation of 50,000 won notes surpasses W70tr: BOK

The volume of 50,000 won notes in circulation exceeded the 70 trillion won ($63.2 billion) mark in July for the first time, according to data from the Bank of Korea on Thursday.The circulation of the highest-denominated bill stood at 70.43 trillion won last month, 0.8 percent higher than the 69.84 trillion won in June, the data showed. The hike comes on the back of increased demand and supply of the bill, BOK officials said, highlighting the all-time low interest rate as a factor behind the rise

IndustryAug. 18, 2016