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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Medical profs at top hospitals suspend surgeries, clinics
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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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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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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Seoul to deploy more military doctors to fill med prof void
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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
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Korea's current account surplus widens to $12.21b in September
South Korea's current account surplus widened in September from a year earlier due to an increased surplus in the goods account, central bank data showed Friday.The country's current account surplus reached $12.21 billion in September, compared with a surplus of $8.07 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 67 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the goods accoun
Nov. 3, 2017
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[Monitor] Shorter work hours raise efficiency: KDI
The labor productivity has risen by 1.5 percent by introducing shorter 40-hour workweek system in the manufacturing sector, a report by the Korea Development Institute showed.The report noted that it was imperative to clarify murky rules on working hours and pay increment, suggesting raising the basic pay for regular work hours and lessening the extra pay for extended work hours to ultimately raise work efficiency.Under the current laws, maximum working hours per week is set at 52 hours, which i
Nov. 2, 2017
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Construction sector could experience contraction in 2019: report
South Korea's construction sector could suffer a contraction in 2019, a report said Thursday as the government's moves to stabilize property markets may weigh on new orders.The combined value of construction orders -- a leading indicator in the construction sector -- posted a 29.5 percent decline in July, swinging from 8.4 percent growth in 2016 and a 48.4 percent gain in 2015.In 2014, the combined value of construction orders jumped 16.3 percent, according to a report released by a research cen
Nov. 2, 2017
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Korea's top fair trade regulator calls for tougher biz reform
The head of South Korea's antitrust watchdog urged local business heavyweights Thursday to put more effort into achieving fair competition and coexistence with smaller companies and regaining public confidence."I know our businesses have tried to make changes and helped smaller companies share the fruit (of our success)," Fair Trade Commission Chairman Kim Sang-jo said before talks with leaders of the five top conglomerates. "But from ordinary people's point of view, there is
Nov. 2, 2017
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Hirings at public institutions remain short of target
New hirings by public institutions through end-September this year met 70 percent of the annual target, meaning 5,000 people will have to be employed in the final quarter to reach it, according to government statistics Thursday.Figures posted on the government portal All Public Information in One said 14,015 people were hired during the three quarters this year, down 5.3 percent on-year. The tally is about 70 percent of the 19,862 set as the goal for this year.The Moon Jae-in administration, whi
Nov. 2, 2017
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Korea losing appeal as FDI destination
Korea is becoming less attractive as a destination for foreign direct investments, just as the government looks to FDI to help ease unemployment.According to official data, foreign investment in manufacturing totaled $2.03 billion in the first nine months of this year on an arrival basis, slightly less than half the $4.4 billion invested in the same period of 2015.The figure marked a five-year low.Additional investments by foreign-invested firms in expanding or upgrading existing facilities amou
Nov. 1, 2017
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[Monitor] Korea ranks 4th in good business environment
South Korea moved up to fourth place in this year’s business environment survey by the World Bank, mainly due to high scores in legal settlements and electricity supply.The organization’s “Doing Business 2018” report comprising the annual survey showed that South Korea moved one notch up from the previous year.The business environments of 190 countries were surveyed in 10 broad categories in accordance with the business life cycle from start to closure.South Korea was pla
Nov. 1, 2017
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Think tank raises Korea's economic growth outlook to 3.1%
A South Korean think tank on Wednesday revised up its growth outlook for Asia's fourth-largest economy this year to 3.1 percent, up 0.1 percentage point from its previous estimate in July.The upward revision by the Korea Institute of Finance is higher than growth outlooks estimated by the Korean government, the Bank of Korea and the International Monetary Fund.Last month, the BOK raised its growth outlook for the country's GDP to 3 percent for 2017, up 0.2 percentage point from its earlier estim
Nov. 1, 2017
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Korean workers' salary ranks low among OECD nations
The average salary of South Korean workers ranked mid to low among major economies last year with its growth rate over the past six years also hovering below their median, a report said Wednesday.According to the report from Rep. Park Kwang-on of the ruling Democratic Party, South Korean wage workers earned an average $29,125 in 2016, the 23rd highest among the 34 member nations of the Organization for Economic Cooperation and Development, excluding Turkey.Switzerland topped the list with an ave
Nov. 1, 2017
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Korea's consumer prices up 1.8% in Oct.
South Korea's consumer prices rose at the slowest pace in 10 months in October as high-flying food prices slowed down, government data showed Wednesday.The consumer price index advanced 1.8 percent last month from a year earlier, down 0.3 percentage point from a month earlier, according to the data compiled by Statistics Korea.It is the lowest figure since December last year when it posted 1.3 percent. Also, the October number returned to below the 2 percent level for the first time since June.C
Nov. 1, 2017
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Korea's exports rise 7.1% in Oct. on strong demand for semiconductors
South Korea's exports jumped 7.1 percent in October from a year earlier on the back of strong demand for semiconductors, ships and petrochemical products, government data showed Wednesday.Outbound shipments came to $45 billion for October, up from $41.9 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy and the Korea Customs Service.It marked the 12th consecutive month that exports have grown, despite shorter working days in October. South Ko
Nov. 1, 2017
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[Monitor] South Korea‘s business outlook by firms remain weak
While business outlook by companies in such countries as the US and China continue to be robust this year, South Korea’s business outlook remains weak, hovering below the benchmark for 18th consecutive month, a report by the Korea Economic Research Institute said Tuesday.The business survey sentiment for November remained dim at 96.5 for November, mainly due to an unbalanced growth in exports and sluggish domestic demand.An index below 100 means pessimists outnumber optimists.
Oct. 31, 2017
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Trump may reiterate US trade deficit in his Korea visit: trade minister
US President Donald Trump may step up pressure to renegotiate the free trade deal with South Korea during his state visit here next week, Seoul's trade minister said Tuesday."There's a possibility that Trump will mention the need to cut the US trade deficit (with South Korea)," Trade Minister Kim Hyun-chong said during a parliamentary audit, ahead of Trump's visit scheduled on Nov. 7-8.When asked whether Trump may touch on specific sectors, such as auto and steel, Kim said: "We ar
Oct. 31, 2017
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Korean businesses await return of Chinese visitors to generate growth
The announcement Tuesday from Seoul and Beijing that they will try to put their relations back on track raised hopes among local businesses that have relied on Chinese consumers to generate growth.Chinese tourists had fueled the growth of local industries, from retailers to duty-free shops, airlines and the food sector.Last year, before the diplomatic crisis erupted in earnest between the two neighboring countries, 8.06 million, or 46.8 percent, of the 17.2 million foreign travelers who came to
Oct. 31, 2017
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Korea firms step up Pyeongchang promotions as Olympics nears
South Korean companies are stepping up campaigns to promote their products and brand awareness as the countdown begins in earnest for the Pyeongchang Olympics. Chip giant Samsung Electronics Co. and top carmaker Hyundai Motor Co. are leading others by offering customers an opportunity to try their advanced technologies. Samsung Electronics has recently given visitors the chance to experience the thrill of ski jumping and participate in the Olympic torch relay through virtual reality and augmente
Oct. 31, 2017
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[Monitor] Korea's growth rate gap with China narrows
South Korea has logged a better-than-expected economic growth rate of 3.6 percent in the third quarter this year on-year, marking the highest index in three years and six months, according to Bank of Korea.Particularly in comparison with the growth rate of China, the gap between the two indices has become the smallest in 15 years, statistics gathered by Bloomberg showed, as China’s economy enters the “new normal” state, shifting from high-speed growth.Experts, however, noted th
Oct. 30, 2017
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Korean firms face challenges beyond THAAD row
South Korean companies should brace for the sophistication of China’s economic structure that will be accelerated during Xi Jinping’s second five-year term as Chinese leader, economists here say.The possible easing of China’s economic retaliation against South Korea over the latter’s hosting of a US anti-missile system could not mask fundamental challenges facing them in the Chinese market.Guarded optimism has been raised here that Beijing will ease retaliatory measures f
Oct. 30, 2017
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Moon calls for social dialogue for sustainable growth
President Moon Jae-in on Monday urged business and labor circles to join efforts to forge a grand social consensus to ensure the country's sustainable and inclusive growth."Reaching a social consensus on economic and labor policies is not an easy task, but one we must achieve," Moon said while meeting with his top aides at the presidential office Cheong Wa Dae.The president noted that Asia's fourth-largest economy was expected to grow 3 percent this year, thanks partly to the 11 trilli
Oct. 30, 2017
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W594tr of corporate money sent to tax havens from 2008 to 2016
Corporate money from South Korea amounting to 594 trillion won ($527.53 billion) has gone to tax havens over the past nine years, official data showed Monday.Figures compiled from multiple sources, including the National Tax Service and the Bank of Korea, said slightly over 594.08 trillion won was sent to tax haven countries from 2008 to 2016. The Cayman Islands, the Virgin Islands, the Bahamas, Bermuda and Lichtenstein were some of the destinations, according to the data. Of the money transferr
Oct. 30, 2017