Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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[Weekender] How DDP emerged as an icon of Seoul
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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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[KH Explains] No more 'Michael' at Kakao Games
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Korea needs a boost to domestic demand
With the prospects for Korea’s exports in the coming years dimming, there is increased pressure to expand domestic demand, particularly by promoting service industries through drastic deregulation.A downturn in exports, which have shored up Asia’s fourth-largest economy in recent years amid sluggish domestic demand, could rattle it unless offset by an increase in local consumption and investment, experts say.According to recent data from the Bank of Korea, exports made a 1.8 percenta
June 13, 2018
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[US-NK Summit] Major research institutes, ministries join peace mood of US-NK summit
South Korea’s state-owned energy corporations and think tanks have recently been observed empowering their inter-Korean economic cooperation functions, in anticipation that the latest US-North Korea talks for denuclearization may open the door to the long-secluded northern part of the peninsula.While research institutes made gestures to expand their related research, ministries and state-owned entities largely remained cautious and settled for subtle personnel readjustments, keeping an eye
June 12, 2018
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Weak manufacturing increases employment woes
Korea is lagging behind in global competition to enhance the productivity and employment of manufacturing industries, experts here say.Asia’s fourth-largest economy saw its manufacturing sector’s proportion of gross domestic product shrink from 31.36 percent in 2011 to 29.33 percent in 2016, according to data from the World Bank. The corresponding figure for member states of the Organization for Economic Cooperation and Development rose by 1.1 percentage points on average over the ci
June 11, 2018
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Seoul’s stock market buzzes ahead of Trump-Kim summit
Seoul’s stock market is expected to be highly active this week, with investors optimistic about the widely tipped momentum following the Washington-Pyongyang summit on Tuesday. All the while, monetary policymakers are tense over expected rate hikes by the United States and European Union later in the week.While guarding against excessive optimism, market observers suggested that the eased peninsular tension would encourage foreign investment by leading to a stronger won. “Should the
June 11, 2018
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Self-employed biz earnings growth falls to 6-year low in 2017: report
The earnings growth rate for South Korea's self-employed businesses fell to a six-year low in 2017 amid social and economic changes under way in Asia's fourth-largest market, official data showed Sunday.Profit growth by relatively small, self-employed businesses reached 1 percent last year compared with 2016, information provided by Statistics Korea showed. This is the worst showing after a 0.7 percent increase tallied in 2011.Industry watchers said the falling off of workplace-related eating an
June 10, 2018
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10 out of top 30 conglomerates cut number of workers in 2017: report
South Korea's leading business groups scaled back the number of employees on their payrolls in 2017 amid challenging market conditions and restructuring efforts undertaken by some industries, a report by a corporate information provider said Sunday.According to the data compiled by Chaebol.com., 10 out of the 30 largest conglomerates in terms of assets, had fewer workers last year than in 2016, with four cutting their workforces by more than 1,000.Of the groups that cut workers, Kumho Asiana, wh
June 10, 2018
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Finance minister calls for corporate support in job creation, innovative growth
HANAM -- South Korea's top economic policymaker on Friday asked companies to do more to create jobs and spearhead innovative growth in the latest appeal to the business community to join the government's efforts to push for a more balanced and sustainable economy.In a meeting with Shinsegae Vice Chairman Chung Yong-jin and top executives of affiliates of the business group in Hanam, just southeast of Seoul, Finance Minister Kim Dong-yeon stressed the importance of cooperation between the private
June 8, 2018
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Finance minister vows actions for income inequality, tones down on wage
Deputy Prime Minister and Finance Minister Kim Dong-yeon on Thursday vowed assertive fiscal measures regarding the nation‘s widening income disparity, extending his concerns for the Moon Jae-in administration’s income-led growth initiative. The top economic policymaker, however, toned down on his disapproval of the nation‘s fast-paced legal minimum wage hike plan, which he regarded as a hindrance to employment and income distribution.“The decline in earnings in low-income
June 7, 2018
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NK thaw signals end to export-driven economy: Herald forum
A tectonic shift is unraveling in and around the Korean Peninsula, especially in the wake of rapprochement mood and signs of denuclearization in North Korea, as well as trade war threats in East Asia. But to businessmen here, the looming transformation in the world‘s most secluded state could translate into a change in environment to which they would be forced to adapt. Experts and veterans in economic fields in South Korea discussed ways to address the transformation, to some 200-strong a
June 7, 2018
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Key economic, political events could rock local stock market
Investors are keeping close tabs on various scenarios that could potentially lead to a "June crisis" amid key global market-moving and political events, observers here said Thursday.Increased volatility caused by rate hikes in the United States and eurozone risks, among other things, and the subsequent market adjustment are all likely, but it seems far-fetched to translate this as something that could lead to a financial meltdown, they pointed out.In May alone, the benchmark Korean Sto
June 7, 2018
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[Monitor] Disparity in private education spending widens
The amount of private tuition spent by the highest income group in South Korea is 27 times larger than those spent by the lowest income households, latest data by Statistics Korea showed.Private tuition spending by the fifth income quintile was 242,600 won on monthly average, compared to 8,925 won spent by the first quintile.An income quintile divides the population into five equal income groups. The first quintile refers to those with the lowest income, and the fifth, the highest.The agency poi
June 5, 2018
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Korea's current account surplus amounts to $1.77b for April
South Korea's current account surplus contracted to a six-year low in April due to a decrease in the goods account and a sharp rise in dividend payouts, but a turnaround in Chinese visitors helped narrow the deficit in the service sector, central bank data showed Tuesday.The country's current account surplus came to $1.77 billion in April, down from a surplus of $3.67 billion a year ago, according to the preliminary data from the Bank of Korea.From a month earlier, the April figure also lost gro
June 5, 2018
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Moon's wage hike plan could dampen employment: think tank
A major state-run think tank on Monday warned that the government’s minimum wage hike plan could hinder employment in the upcoming years, underpinning the uneasiness over drastic changes and the consequent impact on the market. The study also laid bare the recently suspected feud between the nation’s top two economic officials -- presidential chief of staff for policy Jang Ha-sung and Deputy Prime Minister and Finance Minister Kim Dong-yeon.The Korea Development Institute, affil
June 4, 2018
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Korea, Russia to hold economic cooperation meeting this week
SEJONG -- South Korea and Russia will hold a joint committee meeting to discuss ways to further expand cooperation in such areas as the economy and sciences, Seoul's finance ministry said Monday.During the 17th South Korea-Russia Joint Committee on Economic, Scientific and Technological Cooperation meeting slated for Thursday in Seoul, the two countries will discuss a variety of issues, such as developing infrastructure in the Russian Far Eastern region, as well as a potential trilateral project
June 4, 2018
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Korea, Philippines agree on further economic cooperation
SEJONG -- South Korea and the Philippines agreed on Monday to further expand their economic cooperation and work together for an early conclusion of a regional economic trade deal, Seoul's finance ministry said.In a meeting with the Philippines' Finance Secretary Carlos Dominguez, South Korea's chief economic policymaker Kim Dong-yeon gave high marks to the Asian country's massive infrastructure development project and said Seoul will actively support such projects through extended financial hel
June 4, 2018
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Income growth rates for 90 pct of S. Koreans up this year: presidential aide
Income growth rates for 90 percent of South Koreans improved this year, a presidential aide said Sunday, in a move to rebut criticism over recent comments by President Moon Jae-in.Last week, Moon said 90 percent of the effects of the minimum wage hike have been positive, sparking some criticism that the drastic hike in the minimum wage is to blame for a decline in income of low-income bracket. The government raised the minimum wage by 16.4 percent to 7,530 won ($7) on Jan. 1 this year, the
June 3, 2018
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[Newsmaker] BOK, ministry dismiss economic skepticism
Amid ongoing claims that the country’s headline growth indicators fail to fully reflect the economic situation in Korea, officials are countering skeptical media reports, in apparent support of President Moon Jae-in’s economic growth initiative.Despite the economic upturn in the first quarter, as well as strong exports, the Moon administration has recently been criticized for failing to realize its vision of a “people-centered, innovative economy.”In a press briefing Frid
June 1, 2018
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[Monitor] Growth in Seoul property prices slows
Driven by a slowdown in the growth of apartment prices in Gangnam-gu, the weekly increase rate in apartment prices in 11 districts in southern Seoul declined from the previous week for the first time in eight months in the last week of May, data from the Korea Appraisal Board showed.The rise in apartment prices in metropolitan areas also weakened for the first time in 70 weeks.As of the survey conducted on May 28, apartment prices in Seoul rose 0.03 percent, smaller than 0.04 percent recorded th
June 1, 2018
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S. Korea's consumer prices up 1.5% in May
South Korea's consumer price growth continued to hover above 1 percent in May on a rise in prices of agricultural goods and services, government data showed Friday.The country's consumer price index climbed 1.5 percent last month from a year earlier, slightly decelerating from the previous month's 1.6 percent on-year gain, according to the data compiled by Statistics Korea.From a month earlier, the index rose 0.1 percent.Core inflation, which excludes volatile oil and food prices, grew 1.3 perce
June 1, 2018
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S. Korea's exports jump 13.5% on-year in May
South Korea's exports spiked 13.5 percent in May from a year earlier, rebounding from a brief dip in the previous month, due to a rise in prices of key products and a global boom in the IT sector, government data showed Friday.Outbound shipments reached $50.98 billion last month, compared with $44.92 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports surged 12.6 percent on-year to $44.25 billion.South Korea's trade surplus came to $6.73 billi
June 1, 2018