Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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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
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Govt. unveils W3tr subsidy plan to help firms with sharp minimum wage raise
The government said Thursday it will inject nearly 3 trillion won ($2.7 billion) into smaller companies to ease their cost burden resulting from a drastic increase of the wage floor starting next year. A company with less than 30 staff will be eligible for state support of up to 130,000 won per employee to cover payroll costs, according to the Ministry of Strategy and Finance and the Ministry of Employment and Labor. The government is expected to spend a total of 2.97 trillion won for the plan.A
Nov. 9, 2017
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NCsoft reports record-high performance in Q3
NCsoft Corp., South Korea's biggest online game publisher, reported record-breaking quarterly performance for the third quarter Thursday on the back of the global popularity of mobile game "Lineage M."Operating income jumped 403 percent on-year to 327.8 billion won ($294 million) in the July-September period, and sales soared 234 percent over the year to 727.3 billion won, the company said in a regulatory filing. The third-quarter sales and operating profit represent record-break
Nov. 9, 2017
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Regulator to tighten rules on public disclosure of corporate governance
Financial authorities plan to tighten rules on public disclosures of corporate governance in a bid to improve transparency for investors and shareholders, the head of the top financial regulator said Thursday. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks during a meeting with foreign institutional investors. Currently, listed firms are advised to voluntarily make public disclosures of their corporate governance structure, but Choi indicated that they will be grad
Nov. 9, 2017
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Putin calls for economic cooperation system for Asia Pacific, Eurasian regions
Russian President Vladimir Putin has called for efforts to establish a system of comprehensive economic cooperation encompassing the Asia Pacific and Eurasian regions, asking South Korea and other countries to actively join the vision.Putin made the appeal in his op-ed piece to Yonhap News Agency ahead of the Asia Pacific Economic Cooperation summit to be held in Vietnam on Nov. 10 and 11."As a major Eurasian power with vast Far Eastern territories that boast significant potential, Russia h
Nov. 9, 2017
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[News Focus] Trump exhibits ‘art of the deal’ during S. Korea trip
During his two days in South Korea as part of his tour of Asia, US President Donald Trump proved to be what he has been since even before politics came along -- a profit-driven businessman to the core.Though his official message mostly pivoted on North Korea and its nuclear-ambitious leader Kim Jong-un, the billionaire entrepreneur-turned-president took a utilitarian approach toward money issues by highlighting American jobs, sales of US weapons and the bilateral free trade deal.Using the second
Nov. 8, 2017
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BOK policy board member hints at rate rise
A board member of South Korea's central bank hinted Wednesday at a possible rate increase if the global economic recovery continues and central banks opt for tighter fiscal policies.Hahm Joon-ho, a member of the monetary policy board at the Bank of Korea, said economic growth and fiscal tightening overseas will affect the country's neutral interest rates."An upward pressure on the domestic neutral real interest rate could heighten the necessity to adjust the country's accommodative policy,&
Nov. 8, 2017
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[Herald Interview] Trump’s ‘my way or highway’ approach to FTA ineffective: expert
During his two-day state visit to Korea on Tuesday and Wednesday, US President Donald Trump spared no opportunity to stress his economic crusade to reduce US trade deficits. Trump revealed Seoul will be buying billions of dollars’ worth of American military equipment, while calling the Korea-US Free Trade Agreement “not very good for the United States.” Although Washington has continuously cited its growing trade deficit with Korea as the main reason behind its discontent with
Nov. 8, 2017
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[News Analysis] Trump’s pressure on trade softens, but remains clear
US President Donald Trump maximized his opportunity of making his first state visit amid ongoing security instability to add pressure on South Korea to address what he has called a massive trade deficit, highlighting during a joint press conference that Seoul has agreed to purchase billions of dollars’ worth of American military equipment.After his summit talks with President Moon Jae-in at Cheong Wa Dae on Tuesday, Trump again stressed the importance of his agenda to reduce US trade defic
Nov. 7, 2017
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Korea’s business tycoons, leaders join Moon, Trump dinner
On the first day of US President Donald Trump’s state visit to Seoul on Tuesday, he will be joining President Moon Jae-in and more than 100 government and business officials for a state dinner at Cheong Wa Dae.Joining the two world leaders will be a total of 122 guests -- 70 Koreans and 52 Americans. Among the top governmental guests in the business sector will be US Trade Representative Robert Lighthizer; Korea’s top trade Kim Hyun-chong; Paik Un-gyu, minister of trade, industry and
Nov. 7, 2017
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[Monitor] South Korean economy to remain in uncertain domain
South Korean economy will remain on the recovery trend but uncertainties will increase both internally and externally, the Economic Research Institute of the Industrial Bank of Korea said.
Nov. 7, 2017
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More people think their livelihood improved in 2017: survey
A growing number of South Koreans think their lives have improved in the last few years, a survey showed Tuesday.According to the survey of people aged 19 years old and over conducted by Statistics Korea, 41.1 percent said they became better off in 2017 compared to three years earlier, up from 38.8 percent in 2015.The positive response has been growing since 2011 when the number was 30.9 percent.Some 40.1 percent of people living in urban areas felt improvements in the quality of their lives dur
Nov. 7, 2017
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Cigarette price hike shows intended effect on low income earners, youths: study
The cigarette price hike in 2015 has been effective in discouraging smoking in low income earners and youths, but not for people with high earnings, a survey said Tuesday.A public health and nutrition study by the Ministry of Health and Welfare said the smoking rate among the low-income male population fell from 45.9 percent in 2014 to 40.6 percent the following year. It rose slightly to 41.1 percent in 2016. The government had hiked the price of cigarettes to 4,500 won ($4.03) per pack from 2,5
Nov. 7, 2017
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Korea’s per capita GNI poised to touch $30,000
Expectations are growing that Korea’s gross national income per capita will reach the level of $30,000, regarded as the threshold to enter the group of truly advanced economies, for the first time this year.Asia’s fourth-largest economy has failed to achieve the landmark figure for more than a decade since its per capita GNI first surpassed $20,000 in 2006.Local economic research institutes estimate the country’s per capita GNI to be somewhere between $29,500 and $29,800 in 201
Nov. 6, 2017
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Free trade system being challenged like never before: experts
One day ahead of US President Donald Trump’s visit to Korea, the Ministry of Trade, Industry and Energy and Korea International Trade Association on Monday held an annual trade conference, discussing ways to combat trade protectionism. The fourth 2017 International Conference of Trade and Industry at Coex in Seoul opened under the theme of “A new cooperation paradigm for realizing free and inclusive trade,” with both local and international trade experts tackling growing conce
Nov. 6, 2017
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Korea likely to achieve 3% economic growth this year
South Korea will be able to achieve this year's growth target of 3 percent, barring any sudden economic volatility in the fourth quarter, the country's finance minister said at a parliamentary session Monday.Kim Dong-yeon's view is in line with growth outlooks by the Bank of Korea and the International Monetary Fund.In October, the BOK raised its growth forecast for South Korea's gross domestic product to 3 percent for 2017, up 0.2 percentage point from its earlier estimate. The IMF has also adj
Nov. 6, 2017
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FTC slaps combined W37.1b fine on three auto parts suppliers for bid rigging
South Korea's antitrust watchdog said Monday that it has levied a combined 37.1 billion won ($33.2 million) in fines on three foreign auto parts firms for allegedly rigging bids.Denso Korea Automotive Corp., an auto parts supplying unit of Japan's Toyota Motor Corp., and Hyundam Industrial Co. owned by Japan's Aisan Industry Co. had been accused of colluding to participate in bids for engine fuel pumps arranged by South Korean carmakers from August 2007 to February 2009, according to the Fair Tr
Nov. 6, 2017
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IBK institute cites greater economic uncertainties for 2018
South Korea's economy will stay on a recovery track next year but will contend with greater uncertainties due to uncontrollable variables, a think tank under state-owned Industrial Bank of Korea said Monday.The IBK Economic Research Institute estimated next year's economic growth at 2.8 percent, lower than the 3 percent being forecast by the government and the central bank but close to projections by other private economic institutes.Steps taken by the government to increase household income, in
Nov. 6, 2017
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Households' overseas spending up 5.5 pct in Q3
South Korean households' overseas spending rose 5.5 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Saturday.South Korean households spent $6.95 billion overseas in the July-September period, compared with 6.59 billion won in the same period last year, the Bank of Korea said. The data included expenditures South Koreans spent on accommodations and food during their travels or business trips to foreign countries.The number
Nov. 4, 2017
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Number of temporary workers inches up in 2017
The number of temporary workers in South Korea rose slightly this year from 2016, with its percentage also gaining ground, government data showed Friday.A total of 6.54 million workers were non-regular workers, part-timers and outsourced laborers as of August 2017, up 1.5 percent, or 98,000, from a year ago, according to the data by Statistics Korea.They accounted for 32.9 percent of the country's salaried employees that totaled 19.88 million. The 2017 data also showed 55.2 percent of them were
Nov. 3, 2017