Most Popular
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Yoon sorry for shortcomings but insists policies were right
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1 in 3 Koreans live alone, family types becoming diverse
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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US 'incredibly concerned' about suspected NK-Iran military ties
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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Korean won weakens amid heightened uncertainty
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Seoul says will cut power to porn festival planned on Han River
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Sewol victims commemorated on tragedy's 10th anniversary
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Chanel, Louis Vuitton see muted growth in Korea
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S. Korea, UK sign MOU for expanded trade partnership
South Korea's trade promotion agency said Sunday it has reached an initial agreement with Britain to expand the two countries' already-strong partnership. The Korea Trade-Investment Promotion Agency said its CEO, Kwon Pyung-oh, signed the memorandum of understanding with Britain's International Trade Secretary, Liam Fox, for a strategic partnership in bilateral investments, trade information exchanges, and joint overseas projects. "Britain is the world's fifth-biggest economy in terms of gr
Oct. 7, 2018
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[Photo News] Post-Brexit partnership
Oct. 5, 2018
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Korea's consumer price growth hits 1-year high in September
South Korea's consumer price growth continued to stay above 1 percent in September, hitting the highest level in a year, on a sharp rise in prices for agricultural goods and the service sector, government data showed Friday.The country's consumer price index climbed 1.9 percent last month from a year earlier, accelerating from the previous month's 1.4 percent on-year gain, according to the data compiled by Statistics Korea.The on-year rise marks the highest since September last year, when the co
Oct. 5, 2018
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Real estate takes up largest proportion of Koreans' assets: report
Real estate accounted for more than half of South Korean households' total assets, with the rate of homes owned for investments far higher compared to major economies, a report showed Thursday.It is based upon an analysis of features of household assets in five nations -- South Korea, the United States, Britain, Australia and the Netherlands -- by the Mirae Asset Retirement Institute. According to the report, real estate property accounted on average for 51.3 percent of the total assets of South
Oct. 4, 2018
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S. Korea ranks world 3rd in debt-to-GDP ratio growth: data
South Korea has seen one of the fastest expansion paces for its household debt against its gross domestic product this year, despite a series of policy actions focused on lending restrictions, data showed Wednesday.According to data compiled by the Bank for International Settlements, Seoul’s household debt was equal to 95.2 percent of its GDP as of end-March this year, up 2.3 percentage points from a year prior.This growth rate marked the third fastest among 43 key economies across the wor
Oct. 3, 2018
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Household consumption set to take downturn
Despite a recent rebound in consumer sentiment, the country’s household consumption is set to weaken in the longer term amid deteriorating employment conditions and rising debt-service costs, experts say.Bank of Korea data showed last week consumer confidence rebounded in September after falling for eight straight months, partly on the back of robust exports and low inflationary pressure. The composite consumer sentiment index, which is based on the central bank’s survey of about 1,9
Oct. 3, 2018
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Growth of Korea's household debt-to-GDP ratio 3rd fastest among major economies
The ratio of household debt to gross domestic product in South Korea increased at the fastest clip after China and Hong Kong despite a series of tightened lending rules, data showed on Wednesday.According to the data compiled by the Bank for International Settlements, South Korea's household debt accounted for 95.2 percent of the GDP at the end of March this year, up 2.3 percentage points from a year before.The growth rate marks the third fastest among 43 major economies, after China's 3.7 perce
Oct. 3, 2018
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Finance minister says September job data may be disappointing
South Korea's employment conditions in September may remain disappointing, the country's top economic policymaker said Tuesday, adding that he does not rule out the possibility of a contraction.In a parliamentary interpellation session, Finance Minister Kim Dong-yeon expressed concerns that job creation remains in the doldrums and said last month's data took a hit due to ongoing corporate restructuring moves and various policy uncertainties."(Job conditions) are not good, and we are not rul
Oct. 2, 2018
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Govt., ruling party to meet next week on inter-Korean summit, economy
Officials from the presidential office, ministries and the ruling Democratic Party will meet next week to discuss follow-up measures regarding the latest inter-Korean summit in Pyongyang, party officials said Tuesday.The three-way meeting will be held Monday to discuss how to implement the agreement reached during the September summit between President Moon Jae-in and North Korean leader Kim Jong-un, according to DP officials. Moon visited Pyongyang from Sept. 18-20 for his third summit with the
Oct. 2, 2018
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Korea's industrial output rises 1.4% in August
South Korea's industrial output advanced in August from a month earlier, helped by a rise in auto production, government data showed Tuesday. Production in the mining, manufacturing, gas and electricity industries rose 1.4 percent on-month in August, following a revised 0.5 percent on-month gain in the previous month.From a year earlier, industrial output also climbed 2.5 percent, following a revised 1.0 percent on-year rise tallied for July.Production in the service sector rose 0.1 percent on-m
Oct. 2, 2018
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Concerns rising over weakening manufacturing sector
Concerns are rising over the weakening of the country’s manufacturing industries, which are suffering the effects of deteriorating conditions at home and abroad.Data released last week by Statistics Korea showed that the manufacturing capacity index -- which measures the maximum possible level of production through the full use of manpower, facilities and other input factors -- had declined for five consecutive months as of July, from 102.9 to 102.6. The annual average figure for 2015 is s
Oct. 1, 2018
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Korea spends 76% of state budget through August
South Korea spent some 76 percent of its state budget earmarked for 2018 in the first eight months as it moves to maintain its recovery pace and create more jobs, the finance ministry said Monday.Some 212.8 trillion won ($191 billion) was spent through August, 12.6 trillion won, or 4.5 percentage points, more than the expected outlay of 200.3 trillion won, according to the Ministry of Strategy and Finance.It earlier said efforts were under way to front-load its budget spending to minimize any fa
Oct. 1, 2018
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Dairy exports to China making recovery
Dairy exports to China are recovering quickly this year after a steep dive in 2017 due to a diplomatic spat, industry officials said Monday.Maeil Dairies Co. is estimated to have increased its exports to China by 20 to 30 percent in the first six months of this year compared to the same period last year."The exports would be similar to the total in the first half of 2016," a company official said. "Our China exports last year dropped 30 to 40 percent from 2016 due to the diplomati
Oct. 1, 2018
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Korea's exports down 8.2% in Sept.
South Korea's exports slipped in September compared with a year ago due to fewer working days and a high base effect, despite the high daily volume of products shipped abroad, government data showed Monday.Outbound shipments reached $50.58 billion last month, down 8.2 percent from a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. Average daily exports reached $2.69 billion in September, constituting a record high.Imports fell 2.1 percent on-year to $40.83
Oct. 1, 2018
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[Newsmaker] Number of jobless highest since 1999
The number of jobless people last month reached its highest level since 1999, while the government’s unemployment allowance payments also hit a record high, government data showed Sunday.According to data compiled by the Korea Employment Information Service, the monthly average number of South Koreans without a job -- referring to those who have been out of job for four weeks or longer -- stood at 1.13 million as of end-August this year, up 45,000 from a year earlier and marking the highes
Sept. 30, 2018
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Korea's consumer sentiment rebounds in Sept.
South Korea's consumer confidence rebounded after a three-month slide in September on the back of brisk exports and low inflationary pressure, central bank data showed Friday.The composite consumer sentiment index for this month stood at 101.7, up 2.5 points from the previous month, according to the survey by the Bank of Korea.The figure had skidded since May to come to below the breakeven point of 100 in August due mainly to unsatisfactory employment data and the soaring prices of everyday good
Sept. 28, 2018
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Korea's air passenger traffic hits new high in Aug.
South Korea's air passenger traffic reached a new record high in August on increased overseas travel demand, the government said Thursday. The number of air passengers came to 10.58 million in August, up 6.1 percent from a year earlier, making it a new monthly record, according to a tally from the Ministry of Land, Infrastructure and Transport.It is the second time that the country's monthly number of air passengers has surpassed the 10 million mark. In January this year, the figure was 10.06 mi
Sept. 27, 2018
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Korea's senior employment rate constantly rising: data
The employment rate of senior citizens has been rising steadily, with such individuals actively seeking jobs to avoid falling through the country's weak social safety net, official data showed Thursday.According to the data compiled by Statistics Korea, the number of people aged 65 years or older reached 7.38 million in 2018, accounting for 14.3 percent of the country's total population.The employment rate for those aged between 55 and 59 was 72.6 percent in 2017, compared to 70.6 percent in 201
Sept. 27, 2018
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Leaders of Korea, Chile agree to improve ties, boost trade
NEW YORK, -- South Korean President Moon Jae-in and Chilean President Sebastian Pinera agreed Wednesday to further develop their countries' bilateral relationship and also boost their trade by seeking to revise their free trade agreement.In a bilateral summit held here on the sidelines of the United Nations General Assembly, the leaders noted the South Korea-Chile FTA has greatly contributed to boosting the countries' bilateral trade since it went into effect in 2004. "The two leaders
Sept. 27, 2018
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US rate hike to have limited impact on Korea: finance minister
The latest rate hike by the US Federal Reserve will have a limited impact on South Korea, with authorities here ready to take actions if the need arises, the country's chief economic policymaker said Thursday.As widely expected, the US Federal Reserve raised interest rates by a quarter of a percentage point to a range of 2 percent to 2.25 percent Wednesday and signaled one more rate hike within this year. The US central bank said it foresees three more rate hikes in 2019. "Given our sound e
Sept. 27, 2018