Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Workers at SMEs earn 65% of wages for employees of large firms: report
Employees working for small and medium-sized companies in South Korea were paid, on average, 65.1 percent of the earnings of employees of a large firm in 2017, a report showed Thursday. The average monthly wage of SME workers stood at 3.35 million won ($3,154) in 2017, compared with 5.14 million won paid to those working for big enterprises, according to the report by the Korea Federation of SMEs. The wage discrepancy between large and smaller companies has shown no signs of narrowing over
Jan. 10, 2019
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Samsung's Q4 operating profit tumbles 28.7% on tepid memory demand
Samsung Electronics Co. said Tuesday its operating profit plunged 28.7 percent in the fourth quarter compared with a year ago due to weak memory demand, falling far short of market expectations. Operating profit came to 10.8 trillion won ($9.66 billion) in the October-December period, the South Korean tech behemoth said in a regulatory filing. This is down 38.5 percent from 15.1 trillion won posted a quarter earlier. The operating profit was the lowest since the first quarter of 2017. Sale
Jan. 8, 2019
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[News Focus] Korean harbors brace for 4th industrial revolution
SEJONG -- South Korea is mapping out mid- and long-term plans to become a global logistics hub by introducing “smart” harbors across the country, a project that is expected to last a decade from 2021 to 2030.The focus of these plans will be 31 harbors designated for trade and 29 for domestic logistics, according to the Ministry of Oceans and Fisheries.The harbors that will handle exports and imports include Gyeongin, Incheon, Daesan, Pyeongtaek-Dangjin, Boryeong, Janghang, Gunsan, Mo
Jan. 7, 2019
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Corporate retirement pension funds top 172tr won
Corporate retirement pension funds managed by South Korea's financial institutions topped 172 trillion won ($153 billion) as of September last year, but their annual rate of return was low, government data showed Monday. The retirement pension scheme, which was introduced in 2005, is meant to help fund retirees' severance payments. Companies and employees make contributions to the pension funds, and employees can receive the pension after retirement. The accumulated corporate retirement pension
Jan. 7, 2019
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S. Korea logs world‘s 2nd fastest household debt-to-GDP ratio growth
The ratio of household debt to gross domestic product in South Korea increased at the second fastest pace in the world last year, only outranked by China, despite the Seoul government’s tightened lending rules, data showed Wednesday. According to data compiled by the Bank for International Settlements, Seoul’s household debt accounted for 96 percent of the GDP at the end of the second quarter in 2018, up 2.4 percentage points from the previous year. The growth rate marked the se
Jan. 6, 2019
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EU to impose 25% duty on quota-exceeding steel imports from Feb.
The European Commission has informed the World Trade Organization of its decision to adopt a 25-percent duty on imports of steel into the European Union above a certain level from Feb. 2, the foreign ministry said Friday.In the notice to the WTO, the EC said steel imports below 105 percent of volumes recorded during the 2015-2017 period will be exempt from tariffs through 2021. But steel imports exceeding 105 percent will be slapped with a 25-percent duty, the Ministry of Foreign Affairs said in
Jan. 5, 2019
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Government to finalize minimum wage restructuring plan within January
Within this month the renewed calculation method for the legal minimum wage will be finalized, Deputy Prime Minister and Finance Minister Hong Nam-ki said Friday.“The government will announce its draft next week and confirm the final plan within January,” said the fiscal policymaker in a meeting of economic officials held at Seoul Government Complex. The government had recently gestured at partly adjusting the legal wage system, embracing the market’s backlash against the drast
Jan. 4, 2019
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Community Chest's new honor society member
Philip Morris Korea Director Kim Byung-chul (left) poses for a photo during an initiation ceremony on Thursday in Seoul for the Community Chest of Korea’s Honor Society, an exclusive club for individuals who have donated at least 100 million won. Kim became the 2,027th member with his latest donation, which will be used to help medically vulnerable social groups, prevent the spread of poverty and reinforce environmental protection projects, the company said. Credit:PMK
Jan. 4, 2019
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S. Korea’s foreign reserves hit record high in Dec.
South Korea’s foreign exchange reserves reached a record high level in December, amid a weakening US dollar trend, the central bank said Friday.The total amount of foreign currency holdings stood at $403.69 billion as of the end of December, up $710 million from the previous month, according to the Bank of Korea. This renewed an earlier record of $403 billion observed in September. The appreciation of nondollar currencies when converted into the greenback was largely attributable to the la
Jan. 4, 2019
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Cheong Wa Dae ramps up dialogue with conglomerate executives
President Moon Jae-in’s chief policy adviser held a closed-door meeting with South Korean conglomerate executives late last year, the presidential office confirmed Thursday, in what appeared to be the government’s attempt to address mounting concerns over the country’s economic outlook. According to Cheong Wa Dae, Kim Soo-hyun, presidential chief of staff for policy, met with senior officials at family-controlled conglomerates in late 2018. The meeting was reportedly held at a
Jan. 3, 2019
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[News Focus] Will 2019 job market see effect of W54 trillion spending?
SEJONG - During his 2017 presidential campaign, candidate Moon Jae-in promised to create 800,000 jobs if elected. His employment pledge is estimated to have appealed to many voters, including among the youth.The Moon administration has reportedly poured about 54 trillion won ($48.2 billion) in taxpayer money, involving a supplementary budget and stabilization fund, into the employment-related segment over the past 20 months. But the result at the present stage falls far short of the stated goal,
Jan. 3, 2019
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FDI pledges to S. Korea hit record high in 2018
New foreign direct investment pledged to South Korea rose to the highest level ever last year, led by rising interest in the nation's high-tech industries and startups in emerging sectors, government data showed Thursday.South Korea received $26.9 billion worth of FDI commitments in 2018, up 17.2 percent from a year earlier, according to the Ministry of Trade, Industry and Energy. It was the fourth consecutive year to surpass the $20 billion mark. The actual investment made by foreign comp
Jan. 3, 2019
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Ministry takes legal action against whistle-blowing official
The Ministry of Economy and Finance said Wednesday it will level criminal charges against a former official for making public remarks accusing the Moon Jae-in government of forcing bond issuance and interfering in corporate personnel affairs.But the high-profile figures who were directly mentioned in the accusation -- including former Finance Minister Kim Dong-yeon -- have continued their silence amid the snowballing controversy.“The ministry will submit a bill of indictment against former
Jan. 2, 2019
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47% of self-employed to lay off workers, cut back hiring
Approximately half of South Korea’s self-employed businesses plan to lay off employees or cut back on hiring this year, according to a survey released Wednesday.Incruit, an online recruiting service, conducted the survey with 240 self-employed participants, asking whether their business decisions in 2019 will be effected by the Cabinet’s decision to pass the revised Minimum Wage Act. The decree obliges employers to provide workers with paid leave depending on their weekly worki
Jan. 2, 2019
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GM Korea repositions vehicle prices to revive sales
GM Korea Co., the South Korean unit of General Motors Co., said Tuesday that it has cut the prices of mainstay models in an effort to revive lackluster sales.Starting Tuesday, GM Korea slashed the prices of its major models, such as the Impala sedan and the Trax and Equinox sport-utility vehicle, by up to 3 million won ($2,700), the company said in a statement. The company expects its “customer-focused pricing approach” to strengthen the position of those key Chevrolet vehicles in th
Jan. 1, 2019
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Korea's exports hit record high in 2018
South Korea's exports hit an all-time high last year on brisk sales of memory chips and petrochemical goods, government data showed Tuesday.Outbound shipments came to $605.5 billion for 2018, up 5.5 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports jumped 11.8 percent on-year to $535 billion last year for a trade surplus of $70.5 billion, marking 10th consecutive year the country exported more goods than it bought, the ministry sai
Jan. 1, 2019
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[News Focus] Widening economic gulf presents another headache for Moon in 2019
SEJONG -- As the new year approaches, so does the middle phase of President Moon Jae-in’s 60-month tenure.The coming 20 months could be a time for Moon to respond to the concerns of citizens, the majority of whom are asking him to walk back his North Korea-oriented policy focus and prioritize the economy in the South.Statistics indicate that one of the biggest concerns of ordinary people is the increasing polarization of society -- a problem aggravated by the recent jump in apartment price
Dec. 31, 2018
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Slower consumer price growth rate reflects fuel tax cut, lower gas fees
South Korea’s consumer prices in December grew at the slowest pace in five months due to government cuts of the fuel tax and gas fees, but prices of agricultural goods and dining out maintained a steady uptrend, data showed Monday.The consumer price index for December rose 1.3 percent from a year earlier, down 0.3 percent from the previous month and marking the lowest on-year rise since the 1.1 percent observed in July, according to the data released by Statistics Korea.The rate of increas
Dec. 31, 2018
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Korea's consumer prices rise 1.3% on-year in December
South Korea's consumer prices rose 1.3 percent in December from a year earlier on gains in agricultural and industrial goods and the service sector, government data showed Monday.The reading represents a decline from the previous month's 2 percent on-year gain, according to the data compiled by Statistics Korea. From a month earlier, the index fell 0.3 percent.South Korea's consumer prices rose 1.5 percent for all of 2018, down from 1.9 percent in 2017.South Korea's central bank has said that it
Dec. 31, 2018
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A new beginning of patent examination cooperation
Patents, which are the exclusive rights granted for creative ideas and innovative inventions, can be considered one of the driving forces behind technological innovation, industrial competitiveness, and economic growth. Paul Romer, an American economist at New York University and co-recipient of the 2018 Nobel Prize in economics, demonstrated through his life’s research that investment in technology encouraged by patents can bolster economies. This is all the more evident in business setti
Dec. 30, 2018