SEJONG -- The number of small companies in South Korea expanded nearly 5 percent in 2020 from a year earlier despite the pandemic, but their profit fell sharply, government data showed Tuesday. The country had 2,902,000 companies with fewer than five workers as of the end of 2020, up 4.7 percent from a year earlier, according to the data from Statistics Korea and the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups. The largest number of such companies were retailers and who

Economy Dec. 28, 2021

SEJONG -- The number of businesses in South Korea rose nearly 18 percent over the past five years as almost all industrial sectors posted gains, data showed Tuesday. Asia's fourth-largest economy had a total of 6,013,000 businesses as of the end of 2020, up 17.8 percent from five years earlier, according to the data from Statistics Korea. One-man operations accounted for the biggest proportion of the total with 79 percent, followed by corporations with 15.4 percent and other establishments wit

Economy Dec. 28, 2021

A Seoul court has rejected a Hong Kong-based private equity firm's request for Kyobo Life Insurance Co. to carry out its obligation with regard to a put option that it has been trying to exercise, the South Korean insurer said Tuesday. The ruling appears to have removed a major hurdle for Kyobo Life's push to list shares on the local stock bourse in the first half of next year, according to company officials. In October 2018, Affinity Equity Partners exercised a put option on 6 million shares

Economy Dec. 28, 2021

South Korea's oldest coal-powered plant will be shut down for good this week, the energy ministry said Tuesday, in line with the government's plan to shift toward renewable energy and to reduce fine dust. Honam Coal Power Plant, located in Yeosu, 450 kilometers south of Seoul, will stop operations Friday, according to the Ministry of Trade, Industry and Energy. The plant has been in operation since 1973. The closure is part of the Moon Jae-in administration's plan to phase out 10 aging coal po

Industry Dec. 28, 2021

UN special rapporteurs on human rights expressed concerns over the October arrest of the leader of a major South Korean umbrella labor union, and the government has countered that his arrest was warranted because he organized illegal rallies in disregard of antivirus rules. The special rapporteurs sent a letter to the South Korean government on Oct. 22, saying Yang Kyeung-soo, the leader of the Korean Confederation of Trade Unions (KCTU), legitimately exercised his rights to freedom of expressi

Social Affairs Dec. 28, 2021

The annual salary of President Moon Jae-in for 2022 was set at 240.6 million won ($202,815) as the Cabinet approved the personnel and management ministry's pay raise plan for public servants Tuesday. According to the plan, public servants will get a 1.4 percent raise for their salary for 2022. Prime Minister Kim Boo-kyum will get an annual salary of 186.5 million won, while deputy prime ministers and chief state auditor will receive 141.1 million won next year. The annual salary of ministers

Politics Dec. 28, 2021

The government will lift restrictions on sales of urea solution as the supply of the essential fluid used in diesel vehicles to cut emissions has been stabilized, the finance ministry said Tuesday. South Korea had struggled to cope with a shortage of urea solution after China imposed export curbs on urea to ease domestic supply bottlenecks. The government has imposed curbs on where and how much of the solution can be sold in a way to ease its shortage. Those restrictions will be lifted starti

Economy Dec. 28, 2021

South Korea's military on Tuesday reported 28 additional COVID-19 cases, including 27 breakthrough infections, raising the total caseload among its personnel to 3,181. Of the new cases, 15 are from the Army, seven from the Navy, four from the Air Force and two from the Marine Corps, according to the defense ministry. Currently, 268 military personnel are under treatment. Of the total military caseload, 1,385 are breakthrough cases. (Yonhap)

Defense Dec. 28, 2021

Police launched an investigation Tuesday into allegations that the wife of Yoon Suk-yeol, the presidential candidate of the main opposition People Power Party, falsified credentials on her resume for teaching jobs. The Seoul Metropolitan Police Agency has taken over the complaints filed against Yoon's wife, Kim Keon-hee, and planned to hold an interview Wednesday afternoon with civic group officials who filed the complaints, officials said. Two civic groups filed the complaints, claiming Kim f

Social Affairs Dec. 28, 2021

The Navy will receive an upgraded destroyer Tuesday, after nearly a year of refurbishment aimed at strengthening anti-submarine and other capabilities, the state arms procurement agency said. The 3,200-ton KDX-I destroyer, Eulji Mundeok, was sent for the upgrade in January. It is now equipped with the latest towed array sonar system designed to reinforce anti-submarine capabilities, the Defense Acquisition Program Administration (DAPA) said. The destroyer is the third and last vessel to be ret

Defense Dec. 28, 2021

SEJONG -- South Korea will lower tariff rates on a total of 90 products next year to strengthen competitiveness of small businesses and stabilize prices of key materials, the finance ministry said Tuesday. The number is higher than the 83 items subject to temporary tariff cuts under a tariff quota system this year, according to the ministry. Those products include crude oil, liquefied natural gas, liquefied petroleum gas, sugar, corn, chicken eggs and materials needed to produce batteries, the

Economy Dec. 28, 2021

South Korea's new coronavirus cases fell below 4,000 for the first time in 28 days Tuesday due partly to antivirus restrictions and fewer tests over the weekend, but the number of critical cases remained high. The country added 3,865 new COVID-19 infections, raising the total caseload to 615,532, according to the Korea Disease Control and Prevention Agency (KDCA). The figure marked the first time daily cases fell below 4,000 since Nov. 30, and represented a sharp decline from a daily record hi

Social Affairs Dec. 28, 2021

South Korean shares opened lower Tuesday, bucking the overnight advance on Wall Street amid concerns over the spread of the omicron variant. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.20 points, or 0.17 percent, to 2,994.35 points in the first 15 minutes of trading. US shares advanced on optimism that the global economy can ride out the COVID-19 pandemic and tightening monetary policy. Overnight, the Dow Jones Industrial Average rose 0.98 percent to 36,302.38 and the tech

Market Dec. 28, 2021

The government will buy 200,000 tons of locally produced rice this year to help stabilize the market price of the staple grain, the ruling party said Tuesday following a meeting with agriculture authorities. "Of the surplus amount of 270,000 tons of rice, the government will isolate 200,000 tons from the market in the near future," said Rep. Park Wan-joo, the chief policy maker of the ruling Democratic Party (DP). "The government will announce a detailed plan for the purchase of

Politics Dec. 28, 2021

South Korea's consumer sentiment index dropped for the first time in four months in December due to concerns over the resurgence of the coronavirus, central bank data showed Tuesday. The composite consumer sentiment index (CCSI) came to 103.9 in December, down 3.7 points from the previous month, according to the data from the Bank of Korea. This marked the first decline since August when the index fell to 102.5 from the previous month's 103.2. A reading above 100 means optimists outnumber pe

Economy Dec. 28, 2021