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 ease cost burden of higher minimum wage
South Korea's finance minister said Wednesday that the government will make efforts to reduce increasing labor costs that small businesses would suffer due to the government-led hike in minimum wage.President Moon Jae-in has pledged to increase the minimum wage to 10,000 won ($8.98) by 2020, as part of his efforts to narrow the income gap and boost private consumption, which may then stimulate the economy.As a first step, the government earlier decided to raise the minimum wage by 16.4 percent t
Nov. 15, 2017
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WTO rules in favor of S. Korea over US anti-dumping duties on steel pipes
The World Trade Organization has ruled in favor of South Korea’s complaint that the United States’ anti-dumping duties against Korean steelmakers is in violation of international trade law, according to a statement by the Ministry of Trade, Industry and Energy on Wednesday. The ruling comes nearly three years after the Korean government filed a complaint against the US arguing that its profit data calculations for dumping rate margins, which led to the US levying tariffs on oil coun
Nov. 15, 2017
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Samsung Electronics board members receive W6.8b won average pay in Q1-Q3
Four Samsung Electronics executives who sit on the company's board of directors received nearly 6.8 billion won ($6.08 million) in pay per person in the first three quarters of this year, the tech firm's report showed Wednesday.The CEOs, all registered members of the board, took away 27.15 billion won during the nine months, averaging 6.78 billion won each. The sum is 2.66 times more than what previous members received during the same months last year, according to the company's third-quarter re
Nov. 15, 2017
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Korea's jobless rate drops to 10-month low in Oct.
South Korea's jobless rate dropped to the lowest level in 10 months in October, but the rate of the fall slowed down, government data showed Wednesday.The unemployment rate stood at 3.2 percent last, down 0.2 percentage point from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it also fell 0.2 percentage point.It marked the lowest rate since December last year, when it hit 3.2 percent.The number of employed people reached 26.85 million in Oc
Nov. 15, 2017
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IMF upgrades Korea's economic growth outlook to 3.2% this year
The International Monetary Fund said Tuesday that it has revised up its growth outlook for South Korea's economy this year to 3.2 percent.The upward revision came a month after the IMF adjusted South Korea's gross domestic product growth to 3 percent."The cyclical recovery is expected to continue. GDP growth is projected at 3.2 percent in 2017 as the momentum in the first three quarters continues," the IMF said in a statement after wrapping up a visit to Seoul by its officials. The IMF
Nov. 14, 2017
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Korea, Japan discuss more job opportunities for Koreans in Japan
South Korea and Japan have discussed ways to provide Koreans with more job opportunities in Japan where employment rates rose speedily, the foreign ministry said Tuesday. During his three-day trip to Japan till Tuesday, Vice Foreign Minister Cho Hyun met with Japanese Vice Foreign Minister Shinsuke Sugiyama, other senior government officials and heads of main business associations to discuss the issue, the Ministry of Foreign Affairs said. In the meetings, both the South Korean and Japanese side
Nov. 14, 2017
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Most of Koreans think the 1997 financial crisis caused fallout: survey
More than half of South Korean people think the 1997 Asian financial crisis had an adverse impact on the economy, society and their daily lives, a survey showed Tuesday.Twenty years ago, Asia's fourth-largest economy experienced a slump in its currency and a sharp devaluation in its stock markets and asset prices along with other countries in the region. The country was forced to turn to a bailout package from the International Monetary Fund, which demanded that the Seoul government tighten its
Nov. 14, 2017
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Govt. to retain budget for anti-smoking programs after heavy criticism
Parliament is to reinstate the reduced budget for anti-smoking programs, sources said Tuesday, following public criticism that the country is neglecting its responsibility despite a rise in revenue brought on by higher cigarette prices.The assembly's budgeting subcommittee on Monday set next year's anti-smoking assistance budget at 146.7 billion won ($131 million), up 13.5 billion won from the prior proposal so as to meet this year's level. The budget needs to pass the health and welfare committ
Nov. 14, 2017
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[Monitor] Korea's global market share in exports to break record
With South Korea‘s exports rallying, its global market share is to touch a record high at 3.33 percent this year, a report by the Institute for International Trade, Korea International Trade Association, showed Monday.This is beyond 3.19 percent, the most recent record high, marked in 2015.The buoyant export trend is also expected to significantly help the local economy, with the contribution rate of exports reaching 78.5 percent as of the first nine months this year, the highest mark in f
Nov. 13, 2017
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Korea's economy to grow in mid-2% range next year: experts
South Korea's economy is expected to grow in the mid-2 percent range in 2018, slowing down from the 3 percent estimated for this year due to market uncertainties, economists said Monday.In a seminar arranged by the Korea Economic Research Institute, economists from KERI and the LG Economic Research Institute forecast that South Korea's economic growth will dip slightly in the new year. The slower pace of growth is due mainly to external uncertainties such as possible US rate increases and the pl
Nov. 13, 2017
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Korea raises concerns over China's cyber security measures in WTO meeting
South Korea has raised issues with China's strict cyber security regulations at a recent meeting of the World Trade Organization, citing concerns of potential trade secret infringement, a trade agency said Monday. The Korean Agency for Technology and Standards said it has discussed 33 technical issues with representatives of 16 nations in the WTO's technical barriers to trade committee meeting held from Nov. 7-9 in Geneva. The state agency under the Ministry of Trade, Industry and Energy said it
Nov. 13, 2017
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Koreans give themselves low scores on travel etiquette
South Koreans give themselves low scores on overseas travel etiquette and are most ashamed of being noisy in public places, a survey said Monday.A poll conducted by Hankook Research on behalf of the Korea National Tourism Organization said South Koreans rated themselves 2.75 out of five on their trip manners, with 37.4 percent saying they lack appropriate etiquette. The survey covered 1,000 people aged 18 or over who had gone overseas between January and September this year. Only 17.6 percent an
Nov. 13, 2017
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October jobless rate expected to edge higher from September
South Korea's jobless rate is expected to have reached 3.7 percent in October, compared to 3.4 percent a month earlier, according to a forecast by credit appraiser Moody's Investors Services on Saturday. However, the unemployment rate is down from 4 percent tallied in April, Moody's said in a report. September's unemployment rate declined 0.2 percentage point from the same month last year. Falling unemployment may help lift consumer confidence with the economy showing signs of modest recov
Nov. 11, 2017
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S. Korean leader calls for APEC free trade, pledges support for regional FTA
South Korean President Moon Jae-in urged efforts to promote free trade in the Asia-Pacific region Friday, voicing support for the early conclusion of a regional trade deal known as the Regional Comprehensive Economic Partnership.He made the call during a meeting with a group of economic advisers to the Asia-Pacific Economic Cooperation."Over the past 30 years, APEC realized outstanding development. It has become the focal point of economic cooperation in the Asia-Pacific region while the re
Nov. 10, 2017
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Farmers’ protest disrupts public hearing on US FTA
A group of protesting local farmers took over Seoul’s public hearing on the Korea-US Free Trade Agreement on Friday morning, demanding the Seoul government terminate the agreement. Ahead of trade revision talks on the Korea-US FTA, the Ministry of Trade, Industry and Energy was to hold the public hearing at Coex in Seoul, in accordance with the FTA amendment negotiation procedures to collect public opinion on the trade deal. The hearing was intended to include a short government presentati
Nov. 10, 2017
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Korean economy on recovery track thanks to exports, consumption: govt. report
The South Korean economy will likely maintain its current recovery pace going forward on the back of strong overseas sales and rebounding private consumption, a government report said Friday."The South Korean economy has been maintaining an upturned pace on the back of brisk exports and recovering global demand, while private consumption made a turnaround from a long slump," the finance ministry said in its monthly economy assessment report. "Thanks to a rally in exports and incre
Nov. 10, 2017
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[Monitor] BOK forecasts slower growth in household loans
The Bank of Korea said Thursday that the government’s full-fledged anti-speculative measures on real estate to curb household debt is expected to successfully put a dent on the growth of household loans.In a report submitted to the National Assembly, the central bank said it expects the increase in the volume of debt to slow, as the housing market shows slower price hikes in heated regions and transaction volume has been falling since September.
Nov. 9, 2017
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KORUS revision talks may begin as early as next month
Negotiations between Seoul and Washington regarding the revision of the Korea-US Free Trade Agreement are expected to begin next month, according to the Ministry of Trade, Industry and Energy. The timeline for the FTA revision process still needs to be determined because the US has yet to officially announce whether it intends to push forward with a full or partial revision of the agreement, said a Trade Ministry official. However, if the two nation’s push for a speedy process, negotiatio
Nov. 9, 2017
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Financial regulator pledges reform in hiring practices after scandals
The Financial Supervisory Service said Thursday it will reform its hiring practices after a series of irregularities emerged of new employees having ties with influential figures. The FSS has been under fire after state auditors found in September that senior FSS officials gave special favors to some job candidates who are relatives of politicians and senior financial executives. To eliminate influence-peddling in hiring, the FSS will abolish the process of screening resumes and cover letters an
Nov. 9, 2017
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Finance minister vows greater effort to push forward higher minimum wage
South Korea's top economic policymaker said Thursday he will push forward President Moon Jae-in's key policy goal of raising the minimum wage, which is seen as vital for fueling economic growth."In order to achieve income-led economic growth, it is important for the government to help workers have enough earned income. A higher minimum wage is a starting point," Finance Minister Kim Dong-yeon said in a ministerial meeting in Seoul. "The government will strive to have the minimum w
Nov. 9, 2017