Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Seoul to promote luxurious side of the city
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Declining construction investment worsens unemployment
Weakening construction investment is cited by economists as a key reason for the country’s deteriorating unemployment and decelerating growth.According to a recent report from the Construction and Economy Research Institute of Korea, the on-year increase in domestic construction investment, which averaged 7.6 percent in 2017, dropped to 1.8 percent in the first quarter of this year and minus 0.7 percent in the following three months.The number of jobs created by construction investment shr
Aug. 6, 2018
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Finance minister calls for corporate support in job creation, innovative growth
PYEONGTAEK -- South Korea's top economic policymaker on Monday urged Samsung Group, the country's leading conglomerate, to do more to create jobs and spearhead innovative growth in the latest appeal to the business community to join the government's job-first policy.In a meeting with Lee Jae-yong, the de facto chief of Samsung Group, and other top executives in Pyeongtaek, south of Seoul, Finance Minister Kim Dong-yeon stressed the importance of cooperation between the private sector and the gov
Aug. 6, 2018
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More companies report zero net profit in 2017
The number of companies that either made zero net profit or pure profit of more than 10 billion won ($8.87 million) both increased last year, records from the National Tax Service showed Monday, indicating a growing gap between firms at opposing ends.According to the records on corporate tax payments, a total of 264,564 companies reported zero net profit for last year, up 9.8 percent from the previous year. The latest total is the highest since the tax agency began keeping records in 2012. Such
Aug. 6, 2018
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S. Korea’s tax burden to exceed 20% in 2018
South Korea’s tax burden this year is likely to surpass 20 percent of gross domestic product for the first time, on the back of the government’s expansionist fiscal operations, officials said Sunday.The nation’s tax income this year is estimated at 365 trillion won ($323.6 billion), up 5.5 percent from the previous year, according to data compiled by the Ministry of Economy and Finance and Ministry of Interior and Safety.Of the estimated total, national taxes will account for 2
Aug. 5, 2018
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Household loans at 5 major banks reach W548t in July
Household loans at South Korea's five major banks reached an accumulated 548 trillion won at the end of July as people continue to borrow money to buy a house, the lenders said Saturday. The five banks -- KB Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank and NH Nonghyup Bank -- held a combined 547.7 trillion won in household loans at end-July, up 7.4 percent from 509.8 trillion won a year earlier, their data showed. The government has announced packages of measures to stabilize the
Aug. 4, 2018
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State firms to spend over W30tr to nurture innovative growth
State-led companies plan to spend over 30 trillion won ($27 billion) in key leading sectors, such as autonomous driving, by 2022, thus creating an environment for private companies to seek innovative growth, the country's chief economic policymaker said Thursday."To boost innovative growth, state-run companies will play a vital role, and they will spearhead investment," Finance Minister Kim Dong-yeon said in an economy-related ministers meeting. "The government will also expand su
Aug. 2, 2018
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S. Korean exports little affected by demand from advanced nations: report
South Korean triathletes said Thursday they'll try to bring home the first Asian Games gold medal from Indonesia this year.The triathlon team to compete at the Aug. 18-Sept. 2 Asian Games in Jakarta and Palembang, Indonesia, hosted a launching ceremony in Seoul. The triathlon events will be held on Aug. 31 and Sept. 1 in Palembang.Triathlon first became an Asian Games medal sport in 2006. South Korea has won two medals so far -- a women's bronze by Jang Yun-jung in 2010 and a mixed relay silver
Aug. 2, 2018
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Online shopping purchases continue to increase in June
Purchases made using the Internet and mobile devices in South Korea continued to show solid growth in June, government data showed Thursday, demonstrating the popularity of smartphones, fast delivery and convenient payment options offered to local shoppers.The total value of transactions made with computers, smartphones and tablets reached a record 8.72 trillion won ($7.79 billion) in June, up 19.6 percent from a year earlier, according to the data from Statistics Korea.The sharp rise was attrib
Aug. 2, 2018
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Weak inflation hampers BOK’s rate hike timeline
South Korea’s economy found itself in a prolonged deadlock in July, as its long-stalled domestic market failed to gain upward momentum, in contrast to the steady growth of the outbound sector, data showed Wednesday.The static trend of the market price index also weakened the recent speculations that the central bank may increase the policy rate within the year. The country’s exports in July stood at $51.88 billion, growing 6.2 percent on-year and rebounding from the slight fall in th
Aug. 1, 2018
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Finance Ministry changes English name
South Korea’s Finance Ministry has changed its formal English name, seeking to better convey its role as the nation’s headquarters for financial policies and economic affairs, officials said Wednesday.The former Ministry of Strategy and Finance was renamed as the Ministry of Economy and Finance, starting Wednesday, the ministry said in a press release. “The latest change in the English name was based on internal feedback, surveys conducted on key foreign organizations and forei
Aug. 1, 2018
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Korea's exports rebound in July
South Korea's exports rebounded in July from the previous month's slight fall, largely due to a continued rise in outbound shipments of chips and petrochemical goods, government data showed Wednesday.Outbound shipments rose 6.2 percent on-year to reach $51.88 billion last month, marking the second-largest monthly figure, according to the data compiled by the Ministry of Trade, Industry and Energy. The reading also marks the first time that the country's monthly exports topped the $50 billi
Aug. 1, 2018
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[Monitor] Heat wave leads to more traffic accidents
The number of traffic accidents increased by around 8 percent this summer compared to last year, a phenomenon largely attributable to a record-breaking heat wave, a report by Samsung Traffic Safety Research Institute showed.By analyzing over 1.86 million road accidents that occurred from June to August 2016-2018 (up until July 23, 2018) that involved their car insurance subscribers, the institute said the average number of accidents soared when temperatures escalated.For instance, while an avera
July 31, 2018
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Growth momentum likely to weaken further
A simultaneous downturn in economic indicators raises the possibility of the Korean economy weakening in the second half to the extent of making it hard to achieve the official 2018 growth target of 2.9 percent.Preliminary data released by the Bank of Korea last week showed Asia’s fourth-largest economy grew 0.7 percent on-quarter in the April-June period, decelerating from a 1 percent rise in the first quarter.Finance Minister Kim Dong-yeon, who doubles as deputy prime minister for econom
July 30, 2018
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Korea's antitrust chief to visit China this week
South Korea's antitrust chief is set to visit China this week to attend a competition forum and step up bilateral cooperation to crack down on abuses caused by market dominance, the Fair Trade Commission said Monday.Kim Sang-jo will give a keynote speech on South Korea's competition policy at the two-day forum in Beijing, which runs through Tuesday, the watchdog said in a statement.The FTC chairman will also hold talks with Zhang Mao, minister of China's State Administration of Market Regulation
July 30, 2018
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Future outlook for self-employed people falls sharply: BOK data
The future consumer sentiment index for South Korea's self-employed entrepreneurs declined at a fast clip, a clear sign of the worries faced by small-scale business owners, data by the central bank showed Sunday.The economic outlook CSI for self-employed people in the Bank of Korea's July report, stood at 79, compared to 91 for salaried workers in the country.The findings gauge how economic actors view prospects for the next six months and can be used to check such factors as consumption, invest
July 29, 2018
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Korean banks shed 7,400 jobs while making W18tr over 3 years
South Korean commercial banks let go some 7,400 employees over the past three years while earning some 18 trillion won mainly by collecting interest on loans they provided to households and companies, market data showed Sunday.The numbers come amid rising criticism that local lenders are not doing their part to create jobs and meet their social obligations, especially since they are making "easy" money from lending to people and firms with solid collateral. Official reports made by 19
July 29, 2018
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Korea's consumer prices likely to pick up in H2: BOK
South Korea's low consumer prices will likely pick up in the second half of the year and reach near the central bank's target rate mainly due to the recovering global economy and rising public utility rates, a report by the bank said Thursday.According to the Bank of Korea monetary policy report submitted to the National Assembly, inflationary pressure from the demand side is rising throughout the world led by an upturn in the world economy.The International Monetary Fund revised up its 2018 wor
July 26, 2018
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Govt., ruling party seek tax code revision for fairness, job growth
The government and the ruling Democratic Party said Thursday they will seek to revise the tax code this year in a way that will promote fair taxation and help boost job growth.Ruling party and government officials reached the agreement at their consultative meeting at a time when the Korean economy is slowing amid a sluggish job market."A revision of the tax code will center on improving income distribution and enhance taxation fairness in connection with the government's move to overhaul t
July 26, 2018
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Currency war complicates risks to Korean economy
A possible global currency war that might erupt amid escalating trade tensions between the world’s largest economies threatens to pose a complicated set of risks to the Korean economy.US President Donald Trump last week accused China and the European Union of “manipulating their currencies and interest rates lower.”Treasury Secretary Steven Mnuchin later put flesh on Trump’s accusation by saying Washington is closely monitoring whether China has manipulated its foreign ex
July 25, 2018
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S. Korea's July consumer sentiment slides at sharpest clip in 20 months
South Korea's consumer confidence plunged at the sharpest rate in 20 monthshowed Wednesday.s in July due largely to signs of an economic slowdown and intensifying trade disputes between the United States and China, central bank data The composite consumer sentiment index (CCSI) for this month stood at a 14-month low of 101, down 4.5 points from the previous month, according to the survey by the Bank of Korea (BOK).It is the steepest on-month decline since the index lost 6.4 points in November 20
July 25, 2018