Most Popular
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Korea enters full election mode
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Immigrant woman stabbed to death by Korean husband
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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S. Korea, US discuss steel tariff exemption, autos in FTA talks
South Korea and the United States made some progress in the third round of negotiations to amend their free trade agreement (FTA) on key issues, and will continue to talk about Washington's proposed steel tariff, Seoul's trade ministry said Saturday. Yoo Myung-hee, a South Korean deputy minister for FTA negotiations at the Ministry of Trade, Industry and Energy, ended two-days of talks with her US counterpart, Assistant Trade Representative Michael Beeman, in Washington, D.C. amid heightened tra
March 17, 2018
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State-run firms to hire 28,000 this year
SEJONG -- Korea's state-run companies are planning to hire over 28,000 employees this year, up 5,000 from their earlier planned figure, as part of efforts to address the country's chronic youth unemployment, the finance ministry said Friday.Early this week, the government said it would extend financial and tax incentives to young jobseekers and plan to put together 4 trillion won ($3.75 billion) in extra budget to finance a variety of projects to jack up the employment of young people.President
March 16, 2018
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PM discusses economic cooperation with Dominican Republic's president
SANTO DOMINGO -- South Korean Prime Minister Lee Nak-yon has met with Dominican Republic President Danilo Medina on Thursday and discussed ways to increase trade and investment, as well as cooperation in energy, infrastructure and other areas, between the two countries.Lee arrived in Santo Domingo, the capital of the Dominican Republic, on Wednesday for a three-day visit, becoming the first South Korean prime minister to visit Dominican Republic since the two countries established diplomatic rel
March 16, 2018
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Korea, US hold 3rd round of FTA talks
WASHINGTON/SEOUL -- South Korea and the United States were holding a third round of talks Thursday to amend their free trade agreement as Washington took a series of protectionist actions.The two sides, led by senior trade officials, met at the US Trade Representative's office in Washington to continue negotiating terms for a new trade pact that will address US complaints about a widening deficit and alleged unfair trade in the auto sector.US President Donald Trump has slammed the 2012 agreement
March 16, 2018
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Seoul apartment lease prices fall by largest margin in 5 years
Apartment lease prices in Seoul dipped by the largest margin in five years and eight months this week, according to statistics released Thursday. Apartment lease prices in Seoul have been on a steady decline for the past four weeks, and prices fell 0.08 percent this week compared to the previous week, according to a weekly report released by the Korea Appraisal Board. The figure is the largest since a 0.09 percent dip in the third week of July in 2012. The drop in lease prices stems from the sur
March 15, 2018
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Govt. to extend financial, tax incentives to address chronic unemployment of young people
SEJONG -- The government on Thursday unveiled a set of measures, including bolder financial and tax incentives, to tackle the chronic unemployment of young people with the aim of stabilizing the country's youth jobless rate at the 8 percent range by 2021.The measures center around extending direct financial and tax incentives to young jobseekers. The measures also include broader support to startups launched by young people, according to the finance ministry.Under the measures, 9 million won ($8
March 15, 2018
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Govt. says GM's 'sustainable' plan for Korean unit essential for financial support
The chief of Korea's financial regulator said Wednesday the government's financial support will be possible if General Motors Co. outlines a "long-term and sustainable" plan to turn its loss-making Korean unit around.In a press conference held in Seoul, Financial Services Commission Chairman Choi Jong-ku said the government and the state-run Korea Development Bank understood that GM strongly wants to maintain its production facilities in Korea."The government's financial support d
March 14, 2018
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Strategic approach needed to cope with US protectionism
Calls are rising for President Moon Jae-in’s administration to be more strategic and flexible in coping with mounting US trade protectionism, which is casting a broadening shadow on Korea’s exports.Moon instructed his aides last month to confidently and resolutely deal with what he called “unreasonable” US protectionist measures. The instruction came days after the US Department of Commerce released a report recommending President Donald Trump impose stiff tariffs on stee
March 14, 2018
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Finance minister calls for corporate support in job creation
Korea's top economic policymaker on Wednesday asked companies to do more to create jobs and boost investment in the latest appeal to the business community to combat the chronic unemployment of young people."I hope that SK and other companies will pay more attention to investment and hiring," Finance Minister Kim Dong-yeon told reporters ahead of his meeting with SK Group Chairman Chey Tae-won at the SK headquarters in central Seoul.The minister also said job creation for young people
March 14, 2018
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Korea's jobless rate falls to 4.6% in Feb.
SEJONG -- South Korea's jobless rate fell slightly in February due to a rise in employment in the construction and public service sectors, but the number of newly added jobs fell to the lowest level in eight years, government data showed Wednesday.The unemployment rate stood at 4.6 percent last month, down 0.3 percentage point from a year earlier, according to the report compiled by Statistics Korea.From a month earlier, it remained unchanged.The number of employed people reached 26.08 million i
March 14, 2018
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S. Korea to maintain 3% growth for 2018-2019: OECD
Amid a global economic recovery boosted by extended investment and trade, South Korea is expected to maintain its 3 percent growth momentum throughout year 2018 and 2019, according to the Organization for Economic Cooperation and Development.In its interim economic outlook report issued Tuesday, the organization forecast global economic growth for this year at 3.9 percent, up from its previous suggestion of 3.7 percent. The figure for next year was also increased from 3.6 percent to 3.9 percent.
March 13, 2018
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Moon urges swift govt. measures to support SMEs, Gunsan disaster zone
President Moon Jae-in urged the government Tuesday to quickly come up with measures to help small and medium-sized enterprises, as well as people and businesses in Gunsan, the region hit by the planned shutdown of the GM Korea plant there."Recently, our economy has been showing continued signs of improvement in indicators regarding exports, industrial output, investment and consumption, but the conditions actually felt by SMEs and small business people are still very difficult," the pr
March 13, 2018
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Wine sales up sharply amid growing demand from single households: Emart
Sales of wine rose sharply during the first two months of 2018 from a year earlier with the product becoming the best-selling alcoholic beverage in Korea's largest hypermarket chain, industry data showed Tuesday.Wine sales jumped 16.5 percent on-year during the January-February period this year, pushing up the share of wine to 24.3 percent of the total liquor sales at Emart Mall, figures provided by the company showed. The market share of wine was 18.2 percent last year.Industry watchers said th
March 13, 2018
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Korea considers joining revived TPP
Korea needs to move faster to join a Pacific trade deal signed by Japan and 10 other regional nations last week without the presence of the US, experts here say.Seoul officials have withdrawn their attention from the Japan-led process of reviving the Trans-Pacific Partnership since President Donald Trump pulled the US out of it to pursue his “America First” agenda shortly after taking office early last year. An interministerial task force formed to consider Korea’s entry to the
March 12, 2018
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Seoul vows to deter steel tariffs at all costs
South Korea’s top policymakers are taking all efforts this week to lift the US President Donald Trump administration’s incoming tariff on steel imports, which is slated to take effect on March 23 and consequently deliver a heavy blow to local steelmakers and the nation’s export-reliant economy.Also, in relation to the increasing level of trade protectionism and tariff retaliation around the globe, they have gestured at soon joining a comprehensive free trade partnership in the
March 12, 2018
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Korea to decide on joining CPTPP before June
South Korea will decide whether to join the fledgling Pacific trade pact within the first half of the year after looking into its impact on the national economy and consulting with member states, Seoul's chief economic policymaker said Monday.A year after US President Donald Trump abandoned the Trans-Pacific Partnership, the 11 remaining member states last week signed a revamped deal, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in Chile.The agreement that a
March 12, 2018
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Steel stocks down following Trump's decision to slap tariffs on imports
Korean steel stocks ended lower last week after the United States decided to impose a 25 percent tariff on imported steel products, as growing downside exerted pressure on steelmakers, analysts said Sunday.On Friday, the country's leading steelmaker, POSCO, fell 3.63 percent to end at 345,000 won ($322), with Hyundai Steel Co. was down 2.48 percent at 51,100 won and Dongkuk Steel Mill Co. backtracked 1.94 percent at 10,100 won. They all underperformed the broader Kospi, which rose 1.08 percent.
March 11, 2018
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Employees at shipbuilders down 22.1% in Feb. on industry-wide crisis
The number of employees at local shipbuilders plunged 22.1 percent in February from a year earlier due to an industry-wide crisis, data showed Sunday.According to data compiled by the Ministry of Employment and Labor, in February the number of employees at local shipbuilders was 37,800 lower than the same month a year earlier, marking the 11th consecutive month with a drop of 20 percent or more.The number of employees in the sector fell by 24.5 percent in Gyeongsang Province, the hub of the nati
March 11, 2018
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Govt. aims to attract more than $20 billion in FDI this year
Korea aims to attract more than $20 billion in annual foreign direct investment for the fourth year in a row in 2018, the government said Sunday.If the target is reached, some 10,000 high quality jobs will be created, the Ministry of Trade, Industry and Energy said. The goal was set at the inaugural meeting of the foreign investment committee held late last month, where policymakers approved a plan to stimulate FDI for the year, it said."The government wants to maintain last year's momentum
March 11, 2018
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Breakdown of talks on US safeguards will force Korea to seek WTO litigation
Breakdown in talks to resolve US safeguard measures against washers and solar panels will force Korea to take the case to the World Trade Organization, the government said Sunday.The Ministry of Trade, Industry and Energy said bilateral negotiations failed to reach a satisfactory conclusion thus necessitating Seoul's pursuit of litigation at the world trade body. It said the government had made clear in advance that such an action would be taken if the United States did not withdraw the plan or
March 11, 2018