S. Korea's new president angers small firms he has vowed to help

Seoul

SMALL businesses in South Korea fear their profits could be cut to the bone and some could be forced to close if the country's new president pushes ahead with plans to raise minimum wages, restrict contract staff numbers and reduce working hours.

Since his election earlier this month, President Moon Jae-in has made boosting job prospects for young South Koreans a signature policy, while also protecting workers' rights.

With that in mind, he has also targeted reform of South Korea's giant family-run conglomerates, or chaebol, to make them less dominant and hel…