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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US 'incredibly concerned' about suspected NK-Iran military ties
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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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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Contentious grain bill put directly to plenary meeting for vote
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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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Number of jobless college graduates hits record in Q2
The number of unemployed college graduates in South Korea hit a record in the second quarter amid tightened job markets for young adults, government data showed Saturday.The number of jobless people with a bachelor's degree and above reached 546,000 in the April-June period, up 11.8 percent from a year earlier, according to Statistics Korea.It marked the largest quarterly figure since 1999 when the agency changed its calculation standard for compiling jobless data.Unemployed people mean those wh
July 16, 2017
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Korea preparing for talks to amend FTA with US
South Korea is preparing for upcoming talks to amend a free trade agreement with the United States, officials said Friday.On Wednesday (US time), the US Trade Representative requested that its South Korean counterpart hold a special joint committee to discuss the amendment and modification of the Korea-US FTA, which took effect in 2012.Moreover, US President Donald Trump said on the same day that the two countries have already started renegotiating the FTA, which he called a "horrible deal.
July 14, 2017
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[Monitor] Elderly land more jobs than youths
More seniors found employment youths in the second quarter of this year, representing the shifting demographics in the country, data showed Friday.Statistics Korea said that of those who were in employment between April and June, 4.25 million were aged 60 and over, compared to 4.03 million aged 15-29.The number for over-60s is the highest on record, and takes up 15.9 percent of all employed people.Commenting that higher employment of the elderly cannot be perceived all positive, Statistics Korea
July 14, 2017
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Trump says negotiations already started on 'horrible' free trade
US President Donald Trump has called the free trade agreement with South Korea a "horrible deal," saying that the two have already started renegotiations on it, a transcript of his recent meeting with reporters showed Friday.Trump made the remarks off the record in a conversation on Wednesday (US time) with reporters on an airplane bound for France where he was to hold a summit with French President Emmanuel Macron, but they were later disclosed by the White House."Somebody said,
July 14, 2017
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Korea cautious on US’ request for FTA amendment
The South Korean government on Thursday reacted cautiously to the US’ formal request to hold a joint meeting to revise the Korea-US free trade agreement within the next month, saying the timeline may not be realistically possible and that searching for the real cause of the US’ trade deficit was a priority. The Ministry of Trade, Industry and Energy also said that it would call on its US counterpart to first review the root causes of the trade imbalance between the two countries. Th
July 13, 2017
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[News Focus] Korean auto, steelmakers uneasy over US’ demand for FTA revision
An official demand by US trade representatives to amend a bilateral free trade agreement with South Korea unnerved major exporters here Thursday over the potential impact on their businesses.Cars and steel products made in Korea are expected to be up for discussion first, as US President Donald Trump views the FTA as having benefitted such local companies the most, not those in the US. The US has also been slapping anti-dumping tariffs on Korean steel products, saying their entry into the US mar
July 13, 2017
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Petroleum exports soar 36% in H1
South Korea's exports of petroleum products and refined oils rose sharply in the first six months of the year on rising crude prices, customs data showed Thursday.A total of $16.69 billion worth of petroleum products were shipped overseas during the January-June period, up 36.1 percent from a year earlier, according to the data by the Korea Customs Service. The volume of such exported goods also rose 1.7 percent to 32.93 million tons over the cited period.Asia's fourth-largest economy saw its en
July 13, 2017
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BOK holds key rate steady at 1.25% in July
South Korea's central bank on Thursday held its key rate steady for July to support the country's growth. In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the key rate at 1.25 percent, extending its wait-and-see approach for the 13th consecutive month.In June last year, South Korea's central bank made a surprise rate cut, citing a need to stimulate the lackluster economy amid a prolonged economic slowdown. (Yonhap)
July 13, 2017
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Service sector key to boosting employment
A conspicuous change in the country’s employment structure over the past decade is that the proportion taken up by the service and distribution industries has continued to grow, just as the manufacturing and construction sectors’ share has fallen.A recent study by a local economic research institute, based on data from all listed Korean firms, showed the number of service and distribution jobs rose by 153,000 from 2007 to 2016, expanding their share of total employment by 2.5 percent
July 12, 2017
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Korea’s weak jobs data continues
The number of newly employed workers in June saw the smallest increase in five months, according to data released by Statistics Korea on Wednesday. Last month, the number of employed people hit 26.86 million. While the figure marks a 301,000 increase compared to a year earlier, it also represents the lowest monthly increase since January’s 243,000. The country’s unemployment rate for June was 3.8 percent, an increase of 0.2 percentage point from the same month last year. The s
July 12, 2017
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Household debt growth slows in June
South Korea's household debt growth slowed slightly in June, data showed Wednesday, as the government moved to control fresh loans.Household debt rose by 7.8 trillion won ($6.8 billion) last month, down from 11.6 trillion won tallied for the same month last year, according to the data by the Financial Services Commission. In the first half of the year, household debt grew by 40.3 trillion won, compared with an expansion of 50.4 trillion won for the same period in 2016. The country's household de
July 12, 2017
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Middle-aged Koreans want to work longer for stable livelihoods after retirement: poll
Middle-aged South Koreans want to work longer and believe they need about half of their present salaries to enjoy a stable life after retirement, a local business lobby said Wednesday. In a survey of 1,136 Koreans aged 40 or older, the Federation of Korean Industries' Center for Large and Small Business Cooperation said respondents said they need an average of2.79 million won ($2.43 million) per month and hope to work until the age of 69.4, which is over nine years more than the count
July 12, 2017
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Effective corporate tax rate remains at around 16% for past 7 years: govt. data
South Korea's effective corporate tax rate has remained at around 16 percent since 2010 due to various deductions and exemptions despite the nominal corporate tax rate marked at 22 percent, government data showed Wednesday.The effective corporate tax rate was 16.6 percent last year, up 0.5 percent from the previous year, according to the figures provided by the National Assembly Budget Office.The figures for last year reflect taxable corporate earnings in the previous year.The latest findings sh
July 12, 2017
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Korea's ICT exports rise for 8th month in June
South Korean exports of information and communication technology products increased for the eighth consecutive month in June on brisk overseas sales of semiconductors and displays, government data showed Wednesday.A total of $15.9 billion worth of Korean-made ICT products were shipped overseas last month, up 18 percent from a year earlier, according to the data compiled by the Ministry of Science, ICT and Future Planning.June's overseas shipments of ICT products marked a monthly record high for
July 12, 2017
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Korea to make all-out efforts to deal with external risks: finance minister
South Korea's top economic policy chief said Wednesday that he will make all-out efforts to stave off any fallout from heightening external pressures, such as a potential US rate hike and spreading trade protectionism."We are facing Washington's tightening monetary policy and a trend toward trade protectionism," Finance Minister Kim Dong-yeon said in a policy meeting in Seoul. "We need concerted efforts to deal with such risks."In line with changes, he said the government wil
July 12, 2017
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Korea's jobless rate rises to 3.8% in June
South Korea's jobless rate edged up in June as the number of newly employed people recorded a five-month low amid a feeble economic recovery, government data showed Wednesday.The unemployment rate stood at 3.8 percent last month, up 0.2 percentage point from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it also rose 0.2 percentage point.The number of employed people reached 26.86 million in June, up 301,000 from a year earlier, marking the
July 12, 2017
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New Korean govt. to pursue 'good growth': official
South Korea's new government will seek both growth and fairer wealth distribution under the main theme of "good growth," a presidential official said Tuesday, hinting it will also break from the country's longstanding preoccupation with numerical targets."The new government will pursue good growth," the official told reporters, declining to be named. "This means we will no longer follow the pattern of putting forward growth targets and pushing for growth-centric policies
July 12, 2017
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'Nuclear power plant suspension could bring legal charges’
With Korea Hydro & Nuclear Power’s pending decision to suspend the construction of Shin-Kori No. 5 and 6 nuclear power plants in Ulsan, the plant’s parent company Korea Electric Power Corp. is reviewing whether it could be held legally liable to its shareholders. After taking office in May, President Moon Jae-in decided to temporarily suspend the construction of the Shin-Kori plants as part of his administration’s nuclear-free energy policy to reduce the country&rsqu
July 11, 2017
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State audit agency asks for probe over duty-free licensing
South Korea's state audit agency on Tuesday requested that the prosecution probe the customs service over a suspected illicit selection of duty-free operators in 2015. The Board of Audit and Inspection raised suspicions that the Korea Customs Service arbitrarily applied rules to eliminate Hotel Lotte from receiving a license to run a duty-free store in Seoul in its July and November biddings. It also accused the KCS of later creating additional slots in breach of regulations to help the du
July 11, 2017
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Korea's exports shot up 38.5% in first 10 days of July
South Korea's exports shot up nearly 40 percent in the first 10 days of this month from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Tuesday.Total outbound shipments reached $14.3 billion from July 1-10, up 38.5 percent from $10.3 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service.The sharp increase was led by a 574.4 percent on-year surge in exports of vessels and a 50.4 percent gain in chips,
July 11, 2017