Most Popular
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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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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Exports to US reach all-time high, widen gap with China
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Around 50% of people with disabilities aged 65 or above: report
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Corporate hiring hits 7-year low
The number of employees at some of the country’s largest firms hit a seven-year low in the second quarter of the year, according to data compiled by Statistics Korea on Monday. Government data showed that the number of employees at companies with workforces of more than 300 reached 2.46 million workers in the second quarter of this year, a decrease of 25,000 compared to a year ago. The fall is the largest since the third quarter of 2010, when the number of employees at large companies pl
July 31, 2017
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Number of new corporations in H1 hits record high
The number of new corporations set up in the first half of this year reached nearly 50,000, setting a new record amid steady overseas demands for local products, the government said Monday.The number of new corporations set up came to 49,424 in the January-June period, up 2.4 percent from the same period last year, according to the Ministry of SMEs and Startups.Among the total, 10,107 companies were in the manufacturing industry, followed by 10,057 firms in the wholesale and retail sector, the m
July 31, 2017
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Rates for household loans inch down in June
Bank lending rates on new household loans inched down in June and interest rates paid by banks on new deposits slightly rose, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in June, down 0.06 percentage point from the previous month, according to the Bank of Korea.The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt stood at 1,359.7 trillion won ($1.2 tril
July 31, 2017
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BOK to keep monetary easing policy to support growth
South Korea's central bank on Monday renewed its stance to maintain the current monetary easing policy to support growth for Asia's fourth-largest economy.The Bank of Korea said in a report submitted to the National Assembly that it will maintain its stance of monetary policy accommodation, noting the inflationary pressures on the demand side are not expected to be high, though the solid trend of domestic economic growth could affect prices.The latest assessment came more than two weeks after th
July 31, 2017
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Korea's exports to FTA partners jump 17.9% in H1
South Korea's exports to trade partners with which it has free trade agreements jumped nearly 18 percent in the first six months of the year on solid overseas demand, customs data showed Monday.Exports to 52 countries that have open trade pacts with South Korea reached $202.5 billion in the January-June period, up 17.9 percent from $171.6 billion tallied a year ago, according to the data released by the Korea Customs Service. Imports also rose 17.1 percent on-year to $147.9 billion over the cite
July 31, 2017
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NK missile launch has little impact on S. Korean financial market
South Korea said Monday that the latest North Korean missile launch had little impact on its financial market, but it will take swift and firm action against any unexpected developments.Pyongyang fired the Hwasong-14 shortly before midnight last Friday, following its first successful intercontinental ballistic missile launch on July 4. Defense experts said the latest provocation that drew swift condemnation from the international community demonstrated some technical progress compared to previou
July 31, 2017
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New ministry aims to expand exports of products made by SMEs
The country's new ministry dedicated to small and medium-sized enterprises said Monday it will vitalize the local economy by expanding exports of products made by smaller companies.The Ministry of SMEs and Startups said it aims to expand the proportion of exports made by SMEs to over 40 percent of all outbound shipments by 2022. Small and medium-sized companies accounted for 37.6 percent of exports in 2016, up 5.5 percentage points from 32.1 percent in 2012, according to the ministry. The amount
July 31, 2017
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Medical community in conflict over minimum wage
The medical community is reeling from the planned minimum wage hike next year, with small neighborhood clinics and hospitals appealing for at least a matching hike in billing rates, industry officials said Monday.The government and labor unions earlier this month agreed on a 16.4 percent hike in the minimum pay for next year, from 6,470 won ($5.76) to 7,530 won. The scale of the hike has drawn protests from many businesses, which say they cannot afford the extra cost, triggering concerns by jobs
July 31, 2017
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Semiconductor Q2 exports jump fourfold in seven years
South Korea’s semiconductor exports surged to record highs in the second quarter of this year, according to the Bank of Korea’s trade statistics Sunday.The country’s semiconductor export volume index hit 393.97, nearly four times the 100 benchmark in 2010. The export volume also marked a 20.2 percent increase compared to the second quarter of last year, when it stood at 327.86, and a 2.7 percent jump compared to the first quarter of this year. Industry experts say the con
July 30, 2017
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Record number expected to depart from Incheon airport for vacations
Yeongjong Island -- As South Koreans start taking summer vacation this weekend, Incheon International Airport on Sunday is packed with vacationers traveling overseas.The airport said a record number of some 109,000 is expected to use the airport Sunday to go overseas. The airport was packed with people early in the morning, carrying backpacks and carriers of casual clothes. Excited, some put on straw hats, while others already had their travel pillows wrapped around their necks in preparation fo
July 30, 2017
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Korean exports forecast to keep posting double-digit growth: Moody's
South Korea's exports are expected to continue to log double-digit growth for a while on the back of steady overseas demand for semiconductors, global market research firm Moody's said Sunday."We expect annual export growth to keep rising at a double-digit pace thanks to the sustained uptick in the tech cycle lifting shipments of semiconductors and machinery," Moody's said in its weekly report. "South Korea's monthly trade surplus likely narrowed to $9.8 billion in July, from $11.
July 30, 2017
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[Monitor] Pricey property
Land prices nationwide skyrocketed in the first half of this year, pushing the increasing rate of land prices to a nine-year high and the amount of transactions to an 11-year high, data by the Ministry of Land, Infrastructure and Transport showed.Land price surges were particularly led by Sejong, Busan and Jeju Island, with ample development plans.
July 28, 2017
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BOK chief warns of drop in potential growth rate due to aging population
South Korea's potential growth rate for the foreseeable future could significantly decline because of a shrinking workforce caused by a rapidly aging population, the Bank of Korea chief warned Friday.At a forum with business executives on the southern resort island of Jeju, BOK Gov. Lee Ju-yeol called for deregulations and a search for new growth engines to mitigate the impact of the aging population. The BOK expects South Korea's potential growth rate to stay at 2.8 or 2.9 percent between
July 28, 2017
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Moon to hold second round of 'beer talks' with business leaders
President Moon Jae-in is set to hold the second round of "candid beer" talks with top business leaders Friday, his office Cheong Wa Dae said, as he seeks to elicit their support for his economic agenda and listen to their difficulties.The meeting will come a day after Moon met with top executives from seven business groups -- Hyundai Motor, LG, POSCO, Hanwha, Shinsegae, Doosan and CJ, along with the head of Ottogi, a leading but comparatively small food company. Friday's dinner gatheri
July 28, 2017
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Lobby for smaller businesses opposes minimum wage hike
A business lobby representing small-sized businesses on Friday filed a complaint against the government's decision on next year's minimum wage hike. Earlier this month, a tripartite commission of the government, labor and management reached an agreement to increase the minimum hourly wage to 7,530 won ($6.68) in 2018, up 16.4 percent from the current 6,470 won. While the decision was hailed by the labor circle and part-time workers, small business owners immediately expressed concerns, saying it
July 28, 2017
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Korea's business confidence steady at low levels in July
Business sentiments among South Korean manufacturers remained flat at low levels in July, a survey by the Bank of Korea showed Friday, with the auto industry's confidence plunging over sluggish exports. The monthly business survey index, an indicator of the manufacturers' outlook for the coming month, was 78 in July, flat from a month earlier, according to the BOK survey. The index fell for a second straight month in June after rising to 83 in April. A reading above 100 means that more com
July 28, 2017
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Korea to sell W6.7tr won in state bond in Aug.
South Korean plans to sell a combined 6.7 trillion won ($6 billion) in state bonds next month, the finance ministry said Thursday. The government will issue 1.45 trillion won in bonds with a maturity of three years, and 1.65 trillion won in five-year bonds in August.It also plans to sell 1.5 trillion won in 10-year Treasurys and a combined 2.1 trillion won of bonds with a maturity of between 20 and 30 years. (Yonhap)
July 27, 2017
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[Monitor] Korea’s growth slows on weak exports
South Korea’s economic growth slackened in the second quarter of this year from a year ago due to slower exports, mainly in shipments of transportation equipment, petrochemicals and chemical products, data from the Bank of Korea showed Thursday.Exports declined 3 percent from the previous quarter and 0.1 percent from the previous year.But demand for semiconductors remained strong.Meanwhile, consumer sentiment improved under the Moon Jae-in government, with more spending on durable goods, s
July 27, 2017
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Ministry, ruling party agree to focus tax revision on jobs
The Moon Jae-in government and the ruling liberal Democratic Party of Korea on Thursday agreed that the incoming tax law revision should focus on creating jobs and supporting small businesses.But the two sides failed to settle on how to raise extra tax from the rich. While the party viewed the hike as a crucial step to reform the nation’s economic inequality, the government remained reluctant to impose a direct burden on local businesses. The Democratic Party and the Finance Ministry
July 27, 2017
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Govt. set to receive W16tr in extra tax revenues for 5 yrs: report
The government will be able to collect about 16 trillion won ($14.3 billion) in additional tax revenues for the coming five years if the tax rate hike for the superrich and top conglomerates advocated by the ruling party are implemented, a parliamentary report said Thursday.Rep. Choo Mi-ae, leader of the ruling Democratic party, has proposed raising tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimate
July 27, 2017