A recent set of surveys by Gallup Korea showed the public remains largely split on the Moon Jae-in government’s drive to suspend construction of nuclear reactors as part of its new energy plan. The government-led committee has also set out to conduct its own survey through a consortium of research firms to collect a wide range of public opinion before reaching a final decision on Shin-Kori react...

Purchases made through mobile devices in South Korea hit a fresh record high in July as smartphones are widening their presence in the world's most wired country, government data showed Monday. Mobile transactions through smartphones and tablets reached a record 4.01 trillion won ($3.6 billion) in July, up 35.1 percent from a year earlier, according to data from Statistics Korea. The total amou...

South Korea's top financial regulator said Monday it will cut the interest on overdue debt and the premiums of indemnity medical insurance in line with the government's policy of easing the financial burdens for low-income earners. Choi Jong-ku, chairman of the Financial Services Commission, also said the FSC will actively encourage insurance firms to return unclaimed insurance benefits worth 7....

Taxing religious groups will add 64.7 billion won ($57 million) to state coffers annually starting next year, a report said Monday. The Moon Jae-in government has pledged to levy taxes on the clergy from 2018 onwards as part of its drive for equitable taxation, although people working for churches and temples have been exempted from paying income tax until now, as their work has been regarded as...

Nearly a quarter of salaried workers in South Korea did not use their vacation time from August 2015 through July of last year, a report by a local culture and tourism organization said Monday. The findings, based on a survey of 4,357 people nationwide by the Korea Culture and Tourism Institute, showed 23.9 percent of those checked said they did not use their vacation time. The lack of free time...

South Korea's finance minister pledged Monday to take immediate measures to stabilize the market, if the need arises, amid escalating tensions after North Korea conducted its sixth nuclear test. "The North Korean issue is spreading across the world," Finance Minister Kim Dong-yeon said at a meeting with Bank of Korea Governor Lee Ju-yeol and Financial Services Commission Chairman Choi Jong-ku. "...

The number of nonregular workers at South Korea's public institutions rose in the second quarter from three months ago despite the government's push to cut them, with over half of them posting gains, government data showed Monday. According to the government portal All Public Information in One, temporary employees at 355 public organizations stood at 39,681 as of the end of June, up 1,765 from ...

South Korea's financial regulator said Monday it has begun monitoring markets around the clock and will swiftly act if necessary, after North Korea spiked tensions by conducting its sixth and most powerful nuclear test. Zhin Woong-seob, governor of the Financial Supervisory Service, held a meeting earlier in the day to review contingency measures. "It is difficult to predict the situation on th...

Korea's economy stumbles over Pyongyang's 6th nuke test, Washington’s FTA threat

Observers remain skeptical, citing North Korea and industry backlash

Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.

US President Donald Trump said Saturday he would meet with his advisers next week to weigh a possible withdrawal from the US free trade agreement with South Korea. Trump made the remark to journalists during a trip to hurricane-hit Houston, Reuters said, shortly after the move was reported by the Washington Post. Citing multiple sources close to the process, the paper said Trump has instructed ...

Trade Minister Kim Hyun-chong said Friday he will reinforce the manpower and conduct a reorganization of the Office of International Trade and Investment to effectively cope with possible revisions to the trade deal with the United States. Kim held a video conference with US Trade Representative Robert Lighthizer last month to exchange views on Washington's request for revisions to the South Kor...

South Korea's central bank said Friday that it has picked four more companies for its coinless society project in the latest move aimed at enhancing convenience for ordinary people. Under the project that began in April, consumers can deposit small change left from purchases of goods into prepaid mobile cards that can be used at convenience stores, discount stores and department stores, accordin...

South Korea has asked China to remove economic sanctions imposed on South Korea due to the diplomatic row over the deployment of a US missile defense system here, the Ministry of Trade, Industry and Energy said Friday. China has been retaliating economically against South Korea since early this year over the stationing of the Terminal High Altitude Area Defense system. South Korea says the miss...