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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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Hopes rise for possible Gaza truce deal
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Seventeen shows who is the ‘Maestro’ of K-pop in greatest hits album
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Data shows tax write-offs for education costs not providing intended benefits
Tax write-offs for education costs intended to help low-income families are helping the rich more, data showed Tuesday.An analysis provided by the National Assembly's finance committee said tax exemptions in the education category this year are to reach 1.18 trillion won ($1.07 billion) and increase to 1.32 trillion won next year. The amount has been growing annually, from 1.08 trillion won in 2014 to 1.15 trillion won in 2015 and 1.16 trillion won last year.Households are given a number of tax
Nov. 21, 2017
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Tax agency's reform TF reveals 5 abuse of power cases
The state tax agency has been allegedly involved in a number of abuse of power cases for political purposes in the previous conservative governments, a panel said Monday.A task force assigned to carry out sweeping reform of the National Tax Service has looked into 60 cases which were suspected of being politically motivated by the tax office. The task force was launched three months after liberal President Moon Jae-in took office in May and has 19 members, including NTS officials, professors and
Nov. 20, 2017
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Korea sees labor market polarization deepen
Employment figures recently released were certainly disappointing for the Moon Jae-in administration, which has vowed to put top priority on creating more jobs as part of its income-led growth strategy.Its labor-friendly policies have done little to ease the polarization of Korea’s labor market, only exacerbating youth unemployment and reducing jobs for low-wage workers.According to data released by Statistics Korea last week, the unemployment rate for young people aged between 15 and 29 s
Nov. 20, 2017
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Backed by FTA, US beef claims half of import market
For the first time in 14 years, imports of US beef accounts for more than half of South Korea’s imported beef market on the back of the two countries’ free trade agreement, according to data from the Korea International Trade Association on Monday. From January to October this year, US beef imports hit $989 million, making up 50.7 percent of the country’s beef import market, marking the first time it has exceeded 50 percent after hitting a record-high 75.9 percent in 2003.&nbs
Nov. 20, 2017
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Household debt, geopolitical risks pose threats to Korean financial system: poll
South Korea's growing household debt and geopolitical risks are two major systemic risks facing the country's financial system, a survey showed Monday.Household debt topped the list of key systemic risks cited by market watchers at 87 percent, up from 85 percent in May, according to the semiannual survey conducted by the Bank of Korea.South Korea's overall debt incurred by households came to 1,388.3 trillion won ($1.22 trillion) as of the end of June, up 10.4 percent from a year earlier, accordi
Nov. 20, 2017
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US beef claims over 50% of Korea's imported beef market
US beef has gained a bigger presence in South Korea's imported beef market this year helped by a bilateral free trade pact, achieving a share of over 50 percent, a trade agency said Monday.In the January-October period, US beef imports reached $989 million, accounting for 50.7 percent of the local imported beef market. It regained a share exceeding 50 percent 14 years after the ratio hit a record 75.9 percent, according to data from the Korea International Trade Association. In 2003, the country
Nov. 20, 2017
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Govt. to reset guidelines on seismic design for nation's ports
The land ministry said Monday it put out an urgent bid to carry out research to establish new seismic design guidelines for airports and seaport facilities, one of the government's followup measures to an earthquake that rocked country's southeast last week.The Ministry of Land, Infrastructure and Transport will accept applications until Nov. 27 for studies on facility construction and retrofits that would minimize damage from earthquakes while maximizing preventive safety, ministry officials sa
Nov. 20, 2017
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Korea still facing challenges two decades after financial crisis
In 1997, South Korea was hit by a regional financial crisis, which the majority of people here still remember as one of the worst experiences in the country's recent history.Twenty years later, South Korea's economic fundamentals have greatly improved, with its exports and foreign exchange reserves reaching record high levels, but job insecurity and widening income disparity have become chronic problems, experts said Sunday.South Korea managed to revive its economy with the help of a $58 billion
Nov. 19, 2017
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US issues anti-dumping duties on Korean tubes
US Department of Commerce said Friday it issued preliminary anti-dumping duties on cold-drawn mechanical tubing from South Korea and five other nations, claiming cheap imports were hurting local companies.In a statement, the US government said its investigation determined that companies from South Korea, Germany, China, Switzerland, India and Italy were selling their products below "fair value." South Korean products are subject to 5.1-48 percent of preliminary duties, the department s
Nov. 17, 2017
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[Monitor] Richest 1% hoard half of world wealth
The latest Global Wealth Report by investment bank Credit Suisse showed that assets held by the richest 1 percent account for half of the entire world‘s wealth, which surged at the fastest annual rate of 6.4 percent to $280 trillion as of mid-2017.Of millionaires worldwide, 2 percent, or 686,000 were South Koreans, with the number predicted to reach 972,000 by 2022.The report said those with low wealth tend to be disproportionately found among younger age groups, who have had little chance
Nov. 17, 2017
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US protectionism poses increased threat, interrupts WTO's dispute settlement: ex-WTO chief
Former Director-General of the World Trade Organization Pascal Lamy expressed concerns over increased threats posed by the United States' protectionism. He said the US is also attempting to disturb the WTO's trade dispute settlement function."I think countries intending to export to the US may face some difficulties in the future. I have worries about that," Lamy said in a press conference here Friday.He was the WTO's director-general from 2005-2013 and is currently visiting Seoul to p
Nov. 17, 2017
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Finance chief renews calls for innovative growth
South Korea's finance minister renewed his calls for innovative growth across the country Friday in the latest appeal to bolster Asia's fourth-largest economy.Kim Dong-yeon also said the government should put in place infrastructure to support innovation and asked relevant officials in different ministries and government agencies to produce tangible outcomes of innovative growth.South Korea has taken a series of steps to boost innovation in recent years. Kim's comments came amid intensifying glo
Nov. 17, 2017
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Home ownership rate in Korea stands at 55.5% in 2016
The home ownership rate in South Korea came to 55.5 percent in 2016, data showed Friday.The annual data released by Statistics Korea said 10.7 million households out of 19.36 million across the country owned homes in 2016.Statistics Korea said 26.9 percent of 10.07 million households owned two or more homes last year, up 1.5 percentage points.The average price of houses came to 227 million won ($207,000) and the average area of a dwelling is 86.3 square meter. The data also showed that the total
Nov. 17, 2017
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[News Focus] Pohang quake to bolster talks on Moon’s nuke-free vision
The Pohang earthquake on Wednesday that has rekindled national anxiety over the safety of nuclear power plants -- mostly located in the southeastern part of the Korean Peninsula -- is likely to add momentum to the Moon Jae-in government’s nuclear-free energy road map.Anti-nuclear groups here anticipate the agenda may even rethink the recent decision to continue with the construction of new reactors.“Earthquakes in Korea are all the more dangerous as they may hit upon nuclear power pl
Nov. 16, 2017
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[Monitor] More foreign residents in South Korea
The number of residents with foreign nationalities and those who have naturalized living in South Korea has reached 1.76 million as of 2016, 3.4 percent of the entire population, data by Statistics Korea released by the Ministry of Public Administration and Security showed. This is a 3.1 percent increase from 2015, and a threefold surge from 2006 when the first set of statistics was gathered.Most, or 32.4 percent, were residing in Gyeonggi Province followed by 22.9 percent in Seoul and 6.5 perce
Nov. 16, 2017
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High-skilled expatriates needed for economic growth: BOK Busan
One third of foreign expatriates residing in Busan were found to be low-skilled laborers with insufficient capacity to spend, a report by the Bank of Korea’s Busan office showed Thursday. A spokesperson from the BOK Busan voiced the opinion that the influx of foreign residents should be selective to encourage contributions to local economic growth.According to report by the central bank office, in 2015, Busan -- as Korea’s second-largest city -- had 3.5 percent of the total foreign p
Nov. 16, 2017
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New KITA chairman to focus on fostering SMEs
Kim Young-joo, who was officially elected as the new chairman of the Korea International Trade Association on Thursday, said he would focus on helping Korea’s small and medium-sized enterprises thrive on a global level. “Korea’s SMEs account for a small share of exports compared to other advanced countries,” said Kim, during a press conference held at the InterContinental Seoul Coex on Thursday. “We will seek various support measures to enable SMEs and start-
Nov. 16, 2017
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Finance chief to reflect biz community's ideas in policy
South Korea's finance minister said Thursday that he will take into account the business community's ideas in crafting policy, calling entrepreneurs "partners for economic development."Kim Dong-yeon made the pledge to Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, during their meeting in central Seoul.The policymaker also praised businessmen as key people behind innovative growth. Park delivered the business community's proposals on the current economic situati
Nov. 16, 2017
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Finance minister, Chinese ambassador hold talks to bolster economic cooperation
South Korea's top economic policymaker on Thursday met with the Chinese ambassador to Seoul to discuss ways to bolster economic cooperation following the latest efforts to improve bilateral relations."I highly anticipate that the economic ties between South Korea and China will become stronger," Finance Minister Kim Dong-yeon said in a meeting with Beijing envoy Qui Guohong.Seoul-Beijing relations have been at its lowest ebb due to China's protest against the deployment of the THAAD mi
Nov. 16, 2017
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[Monitor] 1997 financial crisis dealt biggest blow: survey
More than half of South Korean people think the effect of 1997 Asian financial crisis still has an influence on society and their daily lives, a survey by the Korea Development Institute showed.South Korea suffered a slump in its currency and sharp devaluation in its stock markets and asset prices in 1997, eventually forced to turn to a bailout package from the International Monetary Fund. In the survey, 57.4 percent of the 1,000 respondents said the financial crisis was the most difficult perio
Nov. 15, 2017