Following the announcement of a proposed biannual tax revision bill earlier this week, a market report suggested Friday that the tax hike would have a minimal impact on the current state of the stock market. 　The government announced Wednesday that it is proposing a 5 percent increased capital gain tax on Kospi investors starting April 2021. Major shareholders will face a 25 percent tax for shares selling at a gain of more than 300 million won ($267,090) a year, compared to the current rate of

Market Aug. 4, 2017

The global semiconductor market, of which Korea’s Samsung Electronics and SK hynix currently account for roughly 70 percent, is continuing to expand amid strong international demand, with industry experts forecasting the market size to jump roughly 16 percent on-year in 2017, according to a report released by IC Insights on Thursday. 　Following higher-than-expected chip sales trends, IC Insights’ 16 percent rise projection has more than tripled from its previous estimate of 5 percent earlier thi

Industry Aug. 3, 2017

More than 90 percent of small business owners say they plan to lay off workers following the government’s minimum wage hike next year, according to a survey by the Korea Federation of Micro Enterprise on Wednesday.　The survey polled 532 business owners from July 21 to 28 and found that 92.4 percent said they would most likely have to cut staff once the new minimum wage increase is implemented, while 68.1 percent said they definitely planned to lay off employees.  　In addition to futur

Economy Aug. 2, 2017

The Fair Trade Commission has launched an investigation into alleged unfair trade practices by Daiso, a popular Japanese household goods store, industry insiders said Wednesday. 　According to local industry officials, the FTC is currently investigating Daiso A-Sung, which operates Daiso, for allegedly violating large-scale retail distribution laws. The commission reportedly sent a team of investigators to Daiso’s local headquarters to obtain the company’s distribution reports in order to check i

Industry Aug. 2, 2017

BNP Paribas Cardif Life Insurance in Korea announced Tuesday that its board members have appointed Benoit Meslet as the company’s new representative director and CEO, succeeding former head Jean-Christophe Darbes. 　Officially starting his post Tuesday, Meslet has more than 15 years of experience in the financial services and insurance industries, including an extensive background in product development across Asia. 　Prior to joining BNP Paribas Cardif, he worked as the chief transformation

Market Aug. 1, 2017

　Allianz Life has officially been renamed ABL Life Insurance Co., it announced Tuesday. 　According to the new ABL Life, the revised corporate name represents its strong ties and association with the company’s major shareholder Anbang Insurance Group, and reflects its vision, “With you for a better life.” 　ABL Life also announced it will revitalize its portfolio of advanced digital products and smart services. The company said it will focus on establishing a digital environment

Market Aug. 1, 2017

The number of employees at some of the country’s largest firms hit a seven-year low in the second quarter of the year, according to data compiled by Statistics Korea on Monday. 　Government data showed that the number of employees at companies with workforces of more than 300 reached 2.46 million workers in the second quarter of this year, a decrease of 25,000 compared to a year ago. 　The fall is the largest since the third quarter of 2010, when the number of employees at large companies pl

Economy July 31, 2017

South Korea's state-run Korea Gas Corp. has jointly submitted a preliminary bid with POSCO Daewoo Corp. construction for a terminal for importing liquefied natural gas in Bangladesh, according to Korea Gas officials on Sunday. A consortium formed by Korea Gas and POSCO Daewoo recently submitted its expression of interest to the Bangladesh government for the terminal with an annual capacity of 7.5 million tons of LNG.  (Yonhap)SK E&S Co., an energy affiliate of South Korea's SK Group, is also bel

Industry July 30, 2017

President Moon Jae-in received an intelligence briefing about North Korea's then-imminent second test of an intercontinental ballistic missile two days before the North conducted the test, the presidential office said Sunday. Presidential spokesman Yoon Young-chan, in a text message to reporters, said that top foreign policy adviser Chung Eui-yong briefed Moon about North Korea's imminent test of an ICBM last Wednesday. "President Moon Jae-in received a report on July 26 that a launch might have

North Korea July 30, 2017

She dances beneath 10-foot portraits of two smiling dictators, a modern young woman in a central Pyongyang plaza who twirls to music calling on North Koreans to die for their leader.  When she speaks, a torrent of reverence tumbles out for North Korea's ruling family, as if phrases had been plucked at random from a government newspaper: ``The revolution of the Great Leader'' ... ``Only by upholding President Kim Il Sung could the people win their struggle'' ... "Laborers trust and venerate Marsh

North Korea July 30, 2017

South Korea’s semiconductor exports surged to record highs in the second quarter of this year, according to the Bank of Korea’s trade statistics Sunday.The country’s semiconductor export volume index hit 393.97, nearly four times the 100 benchmark in 2010. The export volume also marked a 20.2 percent increase compared to the second quarter of last year, when it stood at 327.86, and a 2.7 percent jump compared to the first quarter of this year.  Industry experts say the con

Economy July 30, 2017

The number of apartments that cost more than 1 billion won ($892,000) nearly doubled over the past five years, as Seoul’s real estate prices continues to soar, according to data from property market research company Real Estate 114 on Wednesday. 　At the end of July 2012, the number of high-priced apartments exceeding 1 billion won stood at 105,773. As of this month, the figure increased to 204,791.  　In addition, the data revealed that approximately 78 percent of apartments in Se

Economy July 26, 2017

Hyundai Heavy Industries Group announced Wednesday it expects to acquire some 1 trillion won ($892 million) this year on the back of the company’s management improvement plan implemented last year to sell-off nonessential assets. 　HHI Group has sold 100 percent of its shares of Hotel Hyundai to private equity investment group Hahn & Company worth 200 billion won, according to the company’s press release.(Yonhap)　The company added that so far this year it has also secured another 400 billion won

Industry July 26, 2017