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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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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Medical profs at top hospitals suspend surgeries, clinics
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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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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[Monitor] Younger generation taking out more loans
An increasing number of younger people are taking out loans from lenders, according to data released by Rep. Um Yong-soo of the Liberty Korea Party during the parliamentary audit session.Using the numbers given by the Bank of Korea, Rep. Um said that the household debt held by those aged 30 and younger increased by 28.6 trillion won ($25.3 billion) between January and June this year from the previous six-month period. Another set of data released by Rep. Je Youn-kyung of the Democratic Party of
Oct. 24, 2017
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About half of salaried workers paid less than W2m per month: data
Nearly half of South Korea's salaried workers were paid 2 million won ($1,772) or less in monthly wages during the first six months of this year, government data showed Tuesday.About 32.6 percent of the country's 19.7 million salaried workers were paid between 1-2 million won per month while 10.4 percent received less than 1 million won, according to the figures by Korea Statistics. About 27.3 percent were paid 2-3 million won, 14.9 percent 3-4 million won and 14.8 percent over 4 million won. Th
Oct. 24, 2017
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Legislator calls for measures to revive Gwangyang Port
GWANGYANG -- A ruling party legislator called Tuesday for urgent measures to revive Gwangyang Port, a major seaport in South Korea whose cargo processing volume is rapidly diminishing.Rep. Lee Gae-ho, elected from the constituency including the southern city of Gwangyang, said the volume of cargo handled at the port has fallen for five consecutive years. "There were less than 2.3 million TEUs processed at Gwangyang last year, and the goal for 2.33 million TEUs this year is also unlikely to
Oct. 24, 2017
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Korea, Vietnam hold economic committee meeting to discuss cooperation
South Korea and Vietnam held a joint economic committee meeting on Tuesday to discuss cooperation in various areas and tackle any stumbling blocks that could hamper further development.The meeting, the 16th of its kind, was held in Seoul between Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon and his Vietnamese counterpart Nguyen The Phuong. "South Korea-Vietnam relations have developed into something special," Yun said at the start of the meeting. "The South Kor
Oct. 24, 2017
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President Moon to meet labor leaders over his new policies
President Moon Jae-in was set to hold a special meeting Tuesday with leaders of the country's top labor organizations over his new economic and labor policies.The meeting will be held at the presidential office Cheong Wa Dae.It was initially expected to involve officials from the country's two largest umbrella labor organizations -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions -- as well as several sectored and independent labor unions, but the KCTU has said
Oct. 24, 2017
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Many tax evaders receive lenient punishment: data
Many people caught not paying taxes receive lenient punishment, parliamentary data showed Tuesday.Only 13,548 tax evaders have been indicted in the past five years, constituting 20.9 percent of total evaders in comparison to the average indictment ratio of 37.9 percent of other crime suspects, the findings by the National Assembly Research Service said.As many as 49.1 percent of those indicted were tried without physical detention, with 45.3 percent receiving summary trials. Only 5.7 percent wer
Oct. 24, 2017
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IFEZ development to be delayed to 2030
INCHEON -- The development of Incheon Free Economic Zone, initially scheduled for completion by 2022, will be delayed to 2030 due to slowed investment in the aftermath of the global financial crisis and real estate market slump, officials said Tuesday.Known as IFEZ, the project was designated in August 2003 as South Korea's first such zone where foreign investors would receive tax and administrative benefits and services to promote their business activities in the country.The Ministry of Trade,
Oct. 24, 2017
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Korea’s reshoring policy far from effective
Few Korean companies have brought home overseas production in recent years in contrast to a sharp rise in the number of the country’s firms operating abroad.In 2012, the government began strengthening measures to facilitate the reshoring of manufacturing companies. Since then, just 41 Korean manufacturers have transferred overseas factories back to the country, according to data from the Ministry of Trade, Industry and Energy.During the same period, more than 17,000 Korean businesses have
Oct. 23, 2017
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Exports up 6.9% this month despite long holiday
Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e
Oct. 23, 2017
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Govt. to lower borrowing costs for those most in need
South Korea's top economic chief said Monday that he will lower borrowing costs for people with low credit ratings to reduce their financial burden ahead of the scheduled announcement of tighter rules on household loans.Finance Minister Kim Dong-yeon made the comment during a visit to a government-run financial support center in Seoul along with Financial Services Commission Chairman Choi Jong-ku and Financial Supervisory Service Gov. Choe Heung-sik. "It is necessary for the government to m
Oct. 23, 2017
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Moon to hold meeting with labor leaders this week
President Moon Jae-in is scheduled to hold a meeting with officials and leaders from top labor organizations this week, an official from the presidential office Cheong Wa Dae said Monday.The meeting will be held Tuesday and will involve dozens of labor leaders, including those from the two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions.The talks will nearly complete the president's series of discussions with all major economic players
Oct. 23, 2017
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Trade ministers in Asia-Pacific to gather for RCEP talks
Trade ministers of 16 countries in the Asia-Pacific region will gather in South Korea this week to discuss the Regional Comprehensive Economic Partnership, the trade ministry said Monday. RCEP is in essence a massive regional free-trade agreement between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has existing free trade agreements, including South Korea, China, Japan, India, Australia and New Zealand.Some 800 negotiators from the member na
Oct. 23, 2017
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Manufacturers’ debt repayment ability improves in recent years: KSE
South Korea's manufacturing firms have improved their ability to repay short-term debt with the cash inflow from their operations in recent years, data showed Monday, despite Asia's fourth largest economy struggling with sluggish growth.The cash flow coverage ratio for 674 manufacturers listed on the benchmark Korea Composite Stock Price Index rose to 124 percent last year, up from 107 percent in 2013, according to the statistics by the Korea Stock Exchange. The comparable figure for the 65 larg
Oct. 23, 2017
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Korea's economy to grow 2.8% in 2017: think tank
South Korea's economy is expected to grow 2.8 percent this year due to a weakening in business investment, a non-governmental think tank said Sunday.The Korea Economic Research Institute said it is lowering growth numbers for 2017 from the previous 2.9 percent, with its growth forecast for next year standing at 2.7 percent.The institute under the Federation of Korean Industries, the lobbying group for large businesses, said that while facility investment surged 15.9 percent in the first half, th
Oct. 22, 2017
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[Monitor] Income gap widening among professional jobs
Nearly 15 percent of professionals working as individual businesses made less than 2 million won ($1,765), or one-tenth of an average of income in these traditionally highly paid professions, suggesting growing competition in the professional market.While those in these professions, a total of 35,108, earned an average of 230.8 million won a year, 14.3 percent of the group made a monthly income of 2 million won or 24 million won a year, according to data provided by the National Tax Service requ
Oct. 22, 2017
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China denies THAAD retaliation against Korea: WTO report
Trade representatives of China denied the existence of trade-restrictive measures in tourism and distribution services against South Korean companies, despite the United States and Japan voicing support for Korea, a report by the World Trade Organization showed Sunday. According to the meeting minutes for a council meeting held in June by the Council for Trade in Services, the Korean government raised again the issue of China’s trade-restrictive measures seen as retaliatory actions against
Oct. 22, 2017
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Seoul to take fresh measures to curb household debt
South Korea is set to unveil another set of measures this week, the third of its kind, aimed at curbing rising household debts amid expectations that the central bank would raise its key rate in the coming months, industry sources said Sunday.The measures, due Tuesday, come as a rise in housing prices still does not show signs of abating despite a series of measures, including heightened financial regulations.Over the past few years, housing prices in South Korea have continued to rise on the ba
Oct. 22, 2017
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Govt. buys 370,000 tons of rice to stabilize market price
The government has started to buy up 370,000 tons of rice harvested this year to stabilize domestic prices of the staple grain, the agriculture ministry said Sunday.It said regional governments have been notified of Seoul's plans to "isolate" rice this year and details related to the purchase.Besides the rice to be bought from growers for the purpose of keeping market prices at certain levels, the Ministry of Agriculture, Food and Rural Affairs said it will set aside another 350,000 to
Oct. 22, 2017
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Govt. sets up committee to review policy goals
The government said Sunday it will set up a committee comprised of experts to review President Moon Jae-in's industrial technology-related state affairs and policy goals.Earlier, the Moon administration announced that finding new growth engines through the so-called fourth industrial revolution for the South Korean economy is one of its key policy objectives. Moon said the revolution will help create more jobs, develop cutting-edge technologies and eventually serve as a catalyst for the economy.
Oct. 22, 2017
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Income gap growing among professional jobs
Professionals in jobs that traditionally enjoyed high pay like lawyers and accountants earned an average of 230.8 million won ($203,796) per individual last year but close to 15 percent of the people in these professions made less than one-tenth of the amount, data showed Sunday.Records provided by the National Tax Service for parliamentary audits said 35,108 people were registered to be in private practice as lawyers, accountants, customs agents, certified architects, appraisers, patent attorne
Oct. 22, 2017