South Korea will conduct an integrated survey of its seven public funds' long-term fiscal estimation in 2018 in a bid to map out proper fund management plans based on an accurate assessment, the Ministry of Strategy and Finance said Tuesday.The survey by the National Pension Service and six others -- the Government Employees Pension Service, the Korea Teachers Pension, the Military Pension Service, the National Health Insurance Service, Workers' Compensation Insurance and Employment Insurance -

March 29, 2016

South Korea has decided to cut the discretionary spending of government agencies by 10 percent next year in a bid to focus its fiscal policy on job creation, the finance ministry said Tuesday.The 2017 budget guidelines, which passed the Cabinet on Tuesday, call for a thorough examination of spending earmarked for public works projects and welfare outlays.Out of the nearly 380 trillion won (US$326.2 billion) of the state budget last year, some 53 percent, or 200 trillion won, is discretionary spe

March 29, 2016

South Korea will actively remove administrative red tape and help companies invest in new energy industries that can generate long-term growth, the trade and industry minister said Monday.Large companies have announced plans to invest some 8.2 trillion won ($6.7 billion) into the so-called new energy sectors by 2017, calling for government assistance.The new energy sectors, which cover such areas as energy storage systems, electric vehicles, renewable energy, and technologies to improve energy e

Business Feb. 15, 2016

The recent shutdown of the inter-Korean industrial complex in North Korea's border town of Gaeseong could have adverse impacts on South Korea's credit ratings, Moody's Investors Service said Monday.Last week, Seoul suspended the Gaeseong Industrial Complex as punishment for Pyongyang's launch of a long-range rocket which came on the heels of its fourth nuclear test last month.Bashing the South for the move, the North expelled all workers and froze all assets belonging to South Korean firms. "The

Business Feb. 15, 2016

Hyundai Motor executive vice president Kwak Jin poses with an EQ900 sedan at a ceremony in Seoul on Friday after the first model of Hyundai Motor’s global luxury brand Genesis was awarded by the Korean Auto Journalists Association as the “Car of the year 2015.” (Hyundai Motor)

Mobility Jan. 31, 2016

Samsung Electronics Co. reported a sharp drop in fourth-quarter profit Thursday as its smartphone business stuttered on sluggish demand for premium models and chip prices remained weak.Net profit reached 3.22 trillion won ($2.68 billion) in the October-December period, down 39.7 percent from the 5.34 trillion won posted a year earlier, Samsung Electronics said in its regulatory filing.Sales advanced 1.11 percent on-year to 53.3 trillion won in the October-December period while operating profit m

Business Jan. 28, 2016

South Korea's tax authorities said Wednesday that it has launched probes into 30 offshore tax evasion cases as part of its efforts to clamp down on tax dodging.The National Tax Service (NTS) said the investigation is targeting companies and individuals who have allegedly concealed their wealth using offshore paper companies in various tax havens around the world.A total of 1.3 trillion won (US$1.08 billion) in taxes were slapped on evaders as a result of its offshore probes last year, up 5 perce

Jan. 27, 2016

(KOTRA)South Korea's spending on information technology products and services is expected to grow 2.4 percent in 2016 from the previous year, data showed Friday.Asia's fourth-largest economy is expected to spend 86.1 trillion won ($71.4 billion) on IT products and services this year, according to the data compiled by industry tracker Gartner Inc.Of the amount, expenditures on fixed-line and mobile network services are estimated to account for 40.8 trillion won, followed by spending on smartphone

Technology Jan. 22, 2016

A local court on Friday ordered three credit card-related companies, hit by a massive data leak in 2014, to give 100,000 won ($83) to each victim, a ruling that could set a precedent for other similar lawsuits.The Seoul Central District Court ruled in favor of a total of some 5,000 customers who filed four separate suits against KB Kookmin Card Co., NH Nonghyup Card Co., and a credit rating agency, the Korea Credit Bureau.In 2014, some 100 million clients' personal data, including bank account n

Business Jan. 22, 2016

Hyundai Rotem Co., a train-making affiliate of Hyundai Motor Group, said Friday that it has inked a deal to construct a subway line and other necessary systems in the Philippines for 530 billion won ($440.2 million).The deals signed with ULC, a local company, calls for Hyundai Rotem to build a subway line linking a station in Manila to another in Bulacan which is located in the northern part of the country.It will also provide the trains to be deployed for the line along with other necessary com

Industry Jan. 22, 2016

South Korea's ICT ministry said Friday it will determine whether to license the country's fourth mobile carrier next week after months of deliberation on candidates.The three candidates passed an initial government assessment in November in line with the ministry's plan to inject more competition into the market, which is currently dominated by only three -- SK Telecom Co., KT Corp., and LG Uplus Corp. The Ministry of Science, ICT, and Future Planning, which oversees the country's communications

Technology Jan. 22, 2016

South Korean shipbuilders, reeling from massive losses, are planning to pay bonuses to their employees for the Lunar New Year's holiday, as part of efforts to boost morale, industry sources said Friday.According to the sources, Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are set to pay one-off bonuses to employees, amounting to 100 percent of their basic monthly salaries.The Lunar New Year's falls on Feb. 8 this year, with a five-da

Industry Jan. 22, 2016

Kia Motors Corp., South Korea's second-largest carmaker, has set its sales target in Iran at around 20,000 units for this year as it is seeking to fully resume exports after years of suspension due to U.N.-led international sanctions, industry sources said Friday.Kia Motors' sales target in Iran was set "internally," the sources told the English division of Yonhap News Agency.Company officials did not confirm the figure, nor did they elaborate on when the company will resume exports to Iran in f

Mobility Jan. 22, 2016

South Korea tech giant Samsung Electronics Co. sold the largest number of so-called smart connected devices in the world in the first nine months of 2015, data showed Friday. Samsung Electronics sold 266 million smart connected devices -- a collective term for smartphones, tablets and personal computers -- worldwide in the January-September period, accounting for 19.3 percent of the total, the International Data Corporation said. U.S. tech behemoth Apple ranked second, selling 205 million iPhone

Technology Jan. 22, 2016