Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Medical reform committee kicks off despite boycott from doctors
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Moon urges efforts to root out job irregularities at public firms
President Moon Jae-in called for swift measures Monday to reduce working hours and eradicate job-related corruption at public firms."Revising the Labor Standards Act to cut working hours is a task we can no longer afford to delay," the president said while meeting with his top presidential aides in a weekly meeting at his office Cheong Wa Dae."As both ruling and opposition parties share the common objective of (improving) the economy and people's livelihoods, I ask them to make re
Dec. 11, 2017
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Confusion deepens over reducing work hours
Confusion over plans to reduce work hours is deepening, adding to the aggravating conditions faced by local businesses.Ranking members from ruling and opposition parties at a parliamentary committee last month agreed on a draft revision to the labor law to reduce the maximum workweek from 68 hours to 52 hours in three stages depending on company size. But the revised law would leave additional pay for holiday work unchanged at 50 percent of the wages for weekday work.The parliamentary passage of
Dec. 11, 2017
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Regulator to call for banks to focus on risks of household debt
The top financial regulator said Monday it will order banks and other financial institutions to improve their risk management for household debt by restricting high-risk debt and improving emergency backstops. Choi Jong-ku, chairman of the Financial Services Commission, told a meeting of journalists that the FSC could amend the calculation system of a loan-to-deposit ratio to help financial institutions better manage risks of household debt. Among the possible measures is to draw a line between
Dec. 11, 2017
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3 Gangnam districts take up 20% of national inheritance
Seoul residents inherited over 23 trillion won ($20.9 billion) over the last five years, which is 45 percent of the total inheritance that occurred across South Korea in the cited period, data released by the National Tax Service showed Sunday.In particular, the inheritance scale was big in Gangnam, Seocho and Songpa -- the three major affluent districts located in southern Seoul -- where a combined 10 trillion won was marked in inheritance. This accounted for 43 percent of the capital city&rsqu
Dec. 11, 2017
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Korea, Britain to hold talks over post-Brexit trade deal
Trade officials of South Korea and Britain will meet this week to discuss ways to forge a new trade deal after London exits from the European Union, Seoul's trade ministry said Monday.South Korea signed a free trade agreement with the EU in 2011, but it will have to strike a fresh deal with Britain once it formally leaves the 28-nation bloc in March 2019.South Korea's Ministry of Trade, Industry and Energy and Britain's Department of International Trade formed a trade working group in December a
Dec. 11, 2017
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Korea to strengthen oversight of financial groups
South Korea will strengthen oversight of local financial groups as part of its effort to better check the sector, the state regulator said Sunday.The Financial Services Commission said it will set a so-called financial group innovation body that will begin work on Monday. The special body will be made up of two teams that will be tasked with monitoring such matters as ownership structure risks, capital adequacy, internal trading bans and emergency contingency plans.The newly formed entity, which
Dec. 10, 2017
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S. Korea to grow 3.1% this year on solid global economic expansion: HRI
South Korea's economy is expected to expand 3.1 percent this year on the back of solid worldwide growth, a local think tank said Sunday.The forecast marks a 0.4 percentage-point increase from estimates made two months earlier, Hyundai Research Institute said.The leading private think tank said it has marked up growth forecasts for 2018 by 0.3 percentage point to 2.8 percent."Growth is being fueled by a general economic recovery taking place all over the world," HRI said. It said expect
Dec. 10, 2017
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Korea maintains second-largest coal subsidies in world: report
South Korea maintains the second-largest coal subsidies in the world, as other countries move to cut state support for such energy programs, a report by an autonomous intergovernmental organization said Sunday.The latest findings released in the 2017 World Energy Outlook by the Paris-based International Energy Agency showed Seoul spent $150 million to subsidize the coal sector in 2016.Energy-related subsidies are paid by the state to producers and consumers to bolster industries and make energy
Dec. 10, 2017
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US lobby group opens FTA support site
Ahead of trade revision talks between Seoul and Washington over the Korea-US Free Trade Agreement, the US Chamber of Commerce has launched a website highlighting the benefits of the KORUS deal. Since the Donald Trump administration announced its intent to amend the five-year-old bilateral trade deal earlier this year, representatives of the US Chamber of Commerce have publicly voiced opposition against altering terms of the FTA, saying, “The KORUS agreement is working.” &ldquo
Dec. 8, 2017
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Seoul to seek pre-emptive, market-centered corporate restructuring: finance minister
South Korea will engage in constant, pre-emptive, market-centered corporate restructuring going forward, breaking away from government-spearheaded responses to developments that have been the norm in the past, the country's chief economic policymaker sad Friday."The government will reshape its corporate restructuring paradigm in a way that can prod existing companies to seek innovation and strengthen their competitiveness," Finance Minister Kim Dong-yeon said at an economy-related mini
Dec. 8, 2017
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Korean economy on recovery track thanks to exports: govt. report
The South Korean economy is maintaining its current recovery pace on the back of strong overseas sales, although there are some downside risks, such as North Korea's provocations and ongoing trade issues, a government report said Friday."The South Korean economy is keeping its recovery pace, aided by robust exports in line with the improving global economy," the finance ministry said in its monthly economy assessment report. "For the time being, its recovery pace is expected to co
Dec. 8, 2017
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Korea to spend more on public homes, city renovation next year
South Korea plans to spend 23.3 trillion won ($21.3 billion) next year to provide more public residential houses and renovate existing homes and infrastructure facilities, the transport ministry said Wednesday.The figure represents 58 percent of the 40.4 trillion won allocated to the Ministry of Land, Infrastructure and Transport.The 2018 expenditure for public homes and renovation projects jumped 10 percent from 21.2 trillion won a year earlier, the ministry said.The government said it will spe
Dec. 6, 2017
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Korea collects W1.14tr in taxes from offshore tax evaders
South Korea's tax office said Wednesday that it has collected 1.14 trillion won ($1.04 billion) in taxes from suspected offshore tax evaders so far this year.The National Tax Service collected the amount in the first 10 months of the year from 187 offshore tax dodgers. The take is slightly more than the 1.1 trillion won dues collected from evaders in the same period a year earlier, it said.In 2016, the NTS collected a total of 1.3 trillion won from 228 overseas tax dodgers. Offshore tax evasion
Dec. 6, 2017
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Finance minister vows to create more jobs
South Korea's chief economic policymaker vowed Wednesday to create more jobs even though the employment situation is not favorable at present.In a meeting with a group of employees of a local firm in southern Seoul, Finance Minister Kim Dong-yeon said the government's top priority is to generate good jobs. "This year's economic growth is expected to top 3 percent and exports remain bullish," Kim said. "But employment conditions are still facing difficulties." Some 20 trillion
Dec. 6, 2017
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Economic growth to slow to 2.9% in 2018: KDI
The South Korean economy is expected to grow 2.9 percent next year, slowing down from this year's estimate of a 3.1 percent expansion, as export growth and domestic consumption recovers, while facility investment declines."Our economy's export growth will be maintained and domestic consumption should recover, but a growth of facility investment and construction will slow down," the KDI said in its latest outlook report. The KDI's latest growth estimate for next year is higher than its
Dec. 6, 2017
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Economic recovery pace slows down: KDI
South Korea's export-led economic recovery is showing signs of slowing down as the growth of outbound shipments decelerates, although consumer sentiment is continuing its upward trend, a state-run think tank said Wednesday."October posted a sharp contraction in production indicators, but the improvement trend was maintained at a modest pace, given the reduced workdays caused by the long Chuseok holiday. Most production indicators posted negative growth but there was a small increase in aver
Dec. 6, 2017
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Govt. to focus on boosting nat'l interest in KORUS FTA renegotiation: finance minister
South Korea's chief economic policymaker said Wednesday that the government will put its focus on expanding national interest at the upcoming free trade deal renegotiations with the United States."National interest will be the top priority in the talks (for the trade pact)," Finance Minister Kim Dong-yeon said in an economy-related meeting. "Our government should make utmost efforts to reflect the views of the industrial sector and fully take into consideration the whole economy.&
Dec. 6, 2017
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Govt. holds meeting on luring China investment
South Korea's commerce ministry hosted a meeting of Chinese entrepreneurs and private experts in Seoul on Wednesday to help address tumbling investment from the neighboring country.The meeting, the second of its kind this year, focused on ways on how to stem plunging investment in South Korea from Chinese companies and seek investment cooperation models, the ministry said.The gathering brought together officials from Chinese companies that have built production facilities in South Korea, and pri
Dec. 6, 2017
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Seoul expresses 'deep' regret over inclusion on EU tax haven blacklist
South Korea slammed the European Union's decision on Wednesday to put Asia's fourth-largest economy on a new EU blacklist of tax havens, saying that its inclusion is "not in accordance with international standards" and poses the risk of "violating taxation sovereignty."On Tuesday, the EU disclosed a blacklist of 17 countries, including Macau, the Marshall Islands and the United Arab Emirates in what it claims is a substantive step to deter worldwide tax avoidance.The EU said
Dec. 6, 2017
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Long holiday, Chinese travel ban cause largest travel deficit in October: data
South Korea’s current account balance in the service sector hit a record low in October, due to the soaring number of overseas trips during the long Chuseok holiday and a drop in the number of Chinese tourists here, central bank data showed Tuesday.The services account deficit widened in October to a record $3.53 billion from the $1.79 billion deficit a year earlier, according to preliminary data released by the Bank of Korea. The previous record was $3.34 billion observed in January this
Dec. 5, 2017