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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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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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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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Private spending falls to record low in 2017
South Korea's private spending fell to record low levels last year, according to the central bank Tuesday.Data from the Bank of Korea showed the ratio of private spending to the country's gross domestic product came to 48.1 percent, the lowest since record keeping began in 1970.The ratio used to run in the 70 percentile in the 1970s, but it slid to 53.8 percent in 2000 and further to 49.3 percent in 2015, the data showed. It further dipped to 48.7 percent in 2016.Comparisons with other countries
April 3, 2018
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Korea's consumer prices rise 1.3% in March
South Korea's consumer prices increased more than 1 percent in March on a rise in the costs of agricultural goods and services, but growth slowed from a month earlier, government data showed Tuesday.The country's consumer price index climbed 1.3 percent last month from March of the previous year, decelerating from the 1.4 percent on-year gain in February, according to the data compiled by Statistics Korea.The March figure is well below the Bank of Korea's target of 2 percent for the year, stokin
April 3, 2018
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BOK chief stresses change, innovation in extended term
The central bank chief on Monday pledged to focus on change and innovation, signaling a more active and practical policy approach in the next four years compared to his initial first term in office. “For the past four years, we have placed focus on aligning the organization but from now on (we) will seek change and innovation,” Bank of Korea Gov. Lee Ju-yeol told reporters after his inauguration ceremony, starting his second term in office.Lee, who is the first BOK chief in 44 years
April 2, 2018
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Modest recovery faces severe downside risks
Recent economic data show a modest recovery in the country’s economy that has fallen short of boosting employment and improving people’s livelihoods.Underlying the trend is a widening polarization between large and small companies and between exporting and domestically focused firms, experts say.What is further concerning is the economy is set to face severe downside risks in the latter half of this year when the impact from deteriorating external and internal conditions will begin b
April 2, 2018
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Moon says revised KORUS FTA will benefit both countries
South Korean President Moon Jae-in welcomed the recently concluded negotiations between his country and the United States to revise their bilateral free trade agreement Monday, saying it will benefit both countries.The president also insisted the conclusion of negotiations will aid the local economy by removing uncertainties."Removing external uncertainties by concluding negotiations to revise the FTA with the US is a great achievement, especially when trade protectionism is spreading,"
April 2, 2018
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[Monitor] Loans taken by self-employed surge
Last year, the increase rate of loans taken out by the the self-employed surpassed by tenfold the rise of the number of self-owned businesses, data by Statistics Korea and the Bank of Korea showed.With the anticipated rise of interest rates, the debt repayment burden is expected to augment for those running their own businesses.A total of 5,682,000 are registered as self-employed as of the end of last year, up 1.2 percent from the previous year.According to data from the Bank of Korea, some 535.
April 1, 2018
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Korea's exports rise 6.1% on-year in March
South Korea's exports rose 6.1 percent last month from a year earlier to mark the largest monthly tally for March, government data showed Sunday.Outbound shipments reached $51.58 billion in the one-month period, up from $48.64 billion a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.They increased for the 17th consecutive month, with the total being the highest for all March figures.Imports gained 5 percent on-year to $44.72 billion. South Korea's tra
April 1, 2018
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Korea's industrial output rises 1.1% in Feb.
South Korea's industrial output increased in February from a month earlier on a rise in production in the automaking and retail sectors, government data showed Friday.Production in the mining, manufacturing, gas and electricity industries rose 1.1 percent on-month in February, following an adjusted 0.9 percent on-month gain in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output plunged 6.4 percent in February, following a 4.3 percent on-year gain
March 30, 2018
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Korea denies US' claim of currency talks within KORUS FTA revision
The South Korean government on Thursday demanded the US correct a recent statement concerning the Korea-US bilateral free trade deal amendment, saying that the trade negotiation did not involve a currency cap deal.The refutation came in the wake of reports from Washington late on the previous day that both states had agreed to prohibit deliberate currency devaluation on the sidelines of the Korea-US Free Trade Agreement renegotiation, in which case Seoul’s export-dependent economy would be
March 29, 2018
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Senior officials declare W1.35b of personal assets on average
A total of 1,711 senior government and public officials declared an average 1.35 billion won ($1.26 million) of personal assets, up about 83 million won from a year earlier, the government gazette showed Thursday.Under an anti-corruption law, senior officials at government agencies and national universities as well as other high-level public office holders are required to report the status of their assets to the Government Ethics Committee once a year.According to this year's declaration carried
March 29, 2018
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Trump hails revised Korea trade deal
WASHINGTON -- US President Donald Trump on Wednesday hailed the revised free trade agreement with South Korea as a "great deal" for workers in both countries.In a tweet sent shortly after the revision was formally announced, Trump said, "@USTradeRep just announced an agreement in principle with South Korea on KORUS!" KORUS is shorthand for the Korea-US free trade agreement that went into effect in 2012. Trump has slammed it as a bad deal that took away American jobs and widen
March 29, 2018
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Korea moving to be clear on currency intervention
Korea is moving to free itself of the possibility of being designated by the US as a currency manipulator, which remains an uncertain factor for its exporters after the two countries this week reached an agreement on amending their bilateral free trade deal and exempting Korea from US steel tariffs.The Ministry of Strategy and Finance and the Bank of Korea said in a joint statement earlier this month they had studied plans to advance the foreign exchange market in the country.No decision has bee
March 28, 2018
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Korea’s GNI per capita approaches $30,000: BOK
South Korea‘s nominal gross national income per capita came to $29.745 as of 2017 upon the sharpest on-year rise in six years, while the national economy grew by 3.1 percent, preliminary data by the Bank of Korea showed Wednesday. Such robust macroeconomic readings indicate Asia’s fourth largest economy is on track to be placed on par with developed nations, giving the country more room to carry out stronger measures for social welfare, according to the central bank. In 2017, Korea&l
March 28, 2018
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Govt. bans shellfish harvesting over paralytic toxins
High levels of paralytic toxins have spread along South Korea's southeastern coast and contaminated shellfish, the maritime ministry said Wednesday, vowing to tighten oversight over the harvesting of the seafood.Earlier this month, paralytic toxins were detected in waters near the southern port city of Busan and Geoje Island for the first time this year and have continued to spread to adjacent areas, according to the Ministry of Oceans and Fisheries.A total of 28 regions are now confirmed to be
March 28, 2018
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In Korea, W4b needed to join ‘rich’ class: survey
Working Koreans believe that the rich should have assets of at least 4 billion won ($3.73 million), while they estimate themselves able to accumulate an average of 800 million won in their own lifetimes.Job Korea, a job information provider, conducted a survey of 708 working Koreans and discovered that around 4.1 billion won is the standard qualification to be deemed “rich.” Respondents on average expected to save around 800 million won throughout their life. Those in their 20s expec
March 28, 2018
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Korean economy grows 3.1% in 2017
The South Korean economy expanded a three-year high of 3.1 percent in 2017 on growth in construction and facility investment, with the real gross national income per capita closing in on the US$30,000 level, the central bank said Wednesday.The revised 2017 reading by the Bank of Korea is on par with its earlier estimate of 3.1 percent released in January. It marked a slight improvement from 2016, when Asia's fourth-largest economy grew 2.9 percent from a year earlier, according to the revised da
March 28, 2018
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State pension eyes actively exercising shareholder rights
South Korea's state pension fund operator will push for actively exercising its rights as major shareholders of invested firms to promote the interests of subscribers in the mid and long term, a report showed Tuesday.In July last year, the welfare ministry and the National Pension Service commissioned a Seoul university to prepare a report on the introduction of the so-called stewardship code for the state pension fund. The ministry and the NPS are putting the final touches on the decision-makin
March 27, 2018
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Korea to walk a tightrope in US-China trade row
Negotiations with China and Japan on a trilateral free trade agreement could provide Korea with a framework instrumental in coping with rising global protectionism, experts say.Intensifying trade conflicts between the US and China might get Beijing to be more positive on reaching the three-way accord, which would create the world’s third-largest trade bloc after the North American Free Trade Agreement and the EU.The three Northeast Asian countries combined accounted for 23.3 percent of glo
March 26, 2018
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Govt. to focus on boosting job creation, low birth rate in mapping out 2019 budget
The government's fiscal policy for next year will be centered on boosting job creation and innovative growth, while at the same time tackling South Korea's low birthrate trend and aging society, the finance ministry said Monday.The 2019 budget guidelines, which were approved by the Cabinet, are also aimed at improving fiscal efficiency and allocating government funds to pressing issues, according to the Ministry of Strategy and Finance.The finance ministry said it will expand government spending
March 26, 2018
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S. Korea's economy contracted 0.2% in Q4: Moody's
The South Korean economy likely contracted in the final three months of last year due largely to a slowdown in exports and construction investment, a leading provider of economic analysis said Sunday.In an earlier prediction, the Bank of Korea said Asia's fourth-largest economy probably grew 3.1 percent in 2017 on the back of robust exports amid a global economic recovery, compared to a 2.8 percent growth in the previous year.For the final quarter of last year, however, the economy shrank 0.2 pe
March 25, 2018