Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Medical profs at top hospitals suspend surgeries, clinics
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Seoul to deploy more military doctors to fill med prof void
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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
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Seoul to complete process for FTA talks by Dec. 18
The Ministry of Trade, Industry and Energy announced Tuesday that it plans to submit a report regarding its plans to renegotiate the Korea-US Free Trade Agreement to the National Assembly on Dec. 18. Submitting the plans to the parliament will mark the conclusion of the necessary procedures here in order to begin trade talks with Washington. Under current laws, the government is required to make a report to the legislature about the target, agenda and countermeasure plans in entering a negotia
Dec. 5, 2017
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Korea's per-capita GDP to top $30,000 in 2018: Goldman Sachs
South Korea's per-capita gross domestic product is expected to surpass $30,000 in 2018 on brisk exports of chips and other positives, Goldman Sachs said Tuesday."Unless there is any big change in South Korean and global export conditions, South Korea's per-capita GDP will likely break the $30,000 level next year for the first time," Goldman Sachs economist Kwon Goo-hoon said in a news conference on the country's 2018 economic outlook.South Korea would achieve the landmark for the third
Dec. 5, 2017
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Smoking rate to drop this year as tobacco sales fall due to price hikes: official
South Korea's smoking rate will likely drop this year, as sales of cigarettes have fallen due to a big increase in the price of tobacco in 2015, an official source said Tuesday.Citing the need to discourage smoking, the government increased taxes on cigarettes by 2,000 won ($1.70) per pack, effective Jan. 1, 2015, raising the price to 4,500 won per pack.The smoking rate for males over 19 years old fell to 39.4 percent in 2015 from 43.1 percent a year earlier, the first drop since 1998, when the
Dec. 5, 2017
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Moon vows support for smaller exporters, urges efforts to diversify
President Moon Jae-in on Tuesday pledged efforts to expand the country's exports, especially by small and medium-sized firms, in his address to mark the annual Trade Day."Trade is a mainstay of our economy. Trade is making the heart of our economy beat strongly this year," the president said.Moon commended local exporters for breaching the US$1 trillion mark in annual trade, the sixth largest in the world. He noted South Korean products' global market share is expected to reach a recor
Dec. 5, 2017
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Korea's current account surplus dips to $5.72b for Oct.
South Korea's current account surplus contracted in October from a year earlier due mainly to a decreased surplus in the goods account and an increased deficit in the service account, central bank data showed Tuesday.The country's current account surplus reached $5.72 billion in October, compared with a surplus of $7.69 billion a year earlier, according to the preliminary data from the Bank of Korea.The BOK said the goods account surplus narrowed to $8.6 billion in October from $9.16 billion a y
Dec. 5, 2017
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Govt. to submit KORUS FTA plan to parliament on Dec. 18
The South Korean government said Tuesday it will submit a plan on the renegotiation of the free trade agreement with the United States to the National Assembly on Dec. 18.The Ministry of Trade, Industry and Energy has completed two public hearings to collect opinions on the five-year-old deal called KORUS FTA and discussed related issues with 20 ministries and organizations Monday.Submitting a plan to the parliament would effectively wrap up the domestic procedures needed for opening talks with
Dec. 5, 2017
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Korea becomes world's sixth largest exporter
South Korea has become the world's sixth largest exporter, moving up two notches from 2016, on the back of brisk sales of memory chips and a rally in oil prices, the trade ministry said Tuesday.Exports by Asia's fourth-largest economy jumped 16.5 percent in the first 11 months of this year, surpassing the $500 billion mark on Nov. 17, the fastest pace on record, the Ministry of Trade, Industry and Energy said.The ministry expected total outbound shipments to reach a record high of $575 billion t
Dec. 5, 2017
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Damage from China's ban on Korean tours estimated at 7.5 tln won
China's economic retaliation against South Korea is estimated to have led to some 7.5 trillion won ($6.8 billion) in losses for the country's tourism industry, data showed Sunday.According to the data compiled by the National Assembly's Budget Office, South Korea's tourism and accommodation industries suffered a sharp decrease in their revenue over the January-September period on fewer Chinese visitors. Beijing earlier rolled out various economic retaliations against South Korea in protest of Se
Dec. 3, 2017
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Rising expectations for 3% growth, GNI per capita of $30,000 next year
Expectations are rising that South Korea may achieve 3 percent on-year growth in nominal gross domestic product and surpass $30,000 in gross national income per capita in 2018, on the back of the strong global economy, experts said Sunday, citing data from financial institutions and think tanks. The International Monetary Fund raised the economic outlook of Korea for 2018 to 3 percent in October, up 0.2 percentage point from that of April. On Tuesday, the Organization for Economic Cooperat
Dec. 3, 2017
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Rate hike expected to weigh down personal debtors
South Korea's central bank's latest move to increase key rates is expected to raise the burdens for those with personal credit loans, market watchers said Sunday.The combined personal loans extended by the country's five major banks came to 97.4 trillion won ($89.6 billion) as of end-November, up 1.7 trillion won on-month, market data showed, rising at the sharpest pace this year. The combined personal credit debts is presumed to be higher when including those extended by online banks. As the Ba
Dec. 3, 2017
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S. Koreans' overseas spending hits record high in Q3
South Koreans' overseas spending hit a record high in the third quarter as more people opted to go on overseas trips, data from the central bank showed Saturday.South Korean residents spent 8.58 trillion won ($7.88 billion) overseas in the July-September period, up 5.4 percent from a year earlier, according to the data compiled by the Bank of Korea (BOK), The third-quarter tally marks the highest since the BOK began to compile related data in 1970.The accumulated overseas spending also hit a rec
Dec. 2, 2017
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Strong exports boost optimism on economic growth for 2017
South Korea’s exports rose 9.6 percent in November, marking the 13th consecutive monthly gain and adding momentum to the optimistic growth rate for this year, government data showed Friday.Outbound shipments in November stood at $49.67 billion, up from $45.3 billion a year earlier, according to data jointly compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service. The total value of exports during the first 11 months of this year hit a record high of $528.4 bill
Dec. 1, 2017
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Agriculture remains hot button issue at 2nd FTA public hearing
Some representatives of the farming sectors urged the Seoul government to refuse Washington’s demands to further open up the market or discard the bilateral trade pact completely during the second public hearing on the Korea-US Trade Agreement on Friday. The latest round, held at Coex in southern Seoul, was held with only a brief moment of interruptions by protestors, unlike the first round last month that was suspended when a group of local farmers disrupted the forum in strong protest ag
Dec. 1, 2017