Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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[Hello India] Corporate Korea sees new growth drivers in India
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Seoul’s bus union prepares for strike
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Nominee for FTC chief aims strict regulation on big 4 biz groups
Kim Sang-jo, South Korea’s nominee for chief of the anti-trust watchdog, said on Thursday he would apply stricter fair trade laws to the four largest chaebol when he takes office.Often called “chaebol sniper” for his longtime shareholder activism, the economics professor at Hansung University was the key economic adviser to President Moon Jae-in during his election campaign, mapping out Moon‘s key pledges on chaebol reform. “The existing regulations were based on th
May 18, 2017
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17 companies report 'WannaCry' damage in Korea
South Korea's state-run cybersecurity agency said Thursday that 17 companies have been struck by "WannaCry" so far, but the spread of the ransomware has slowed.The Korea Internet & Security Agency KISA said it is keeping a watchful eye on the spread of the ransomware, although the situation is presumed to have past its peak.Ransomware refers to malware that locks up files on a computer with encryption until the victims pay a certain amount of money to hackers. The latest instance o
May 18, 2017
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Koreans' overseas card spending hits record high in Q1
Overseas card spending by South Koreans hit a record high in the first quarter due to a hike in the number of people going overseas, the central bank said Thursday.In the January-March period, overseas card spending amounted to $4.02 billion, up 21.9 percent from $3.3 billion a year earlier, according to the Bank of Korea BOK. From a month earlier, the Q1 tally marked a 7.4-percent increase.Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit
May 18, 2017
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Punishment softened against 3 life insurers over suicide claims
South Korea's financial regulator on Wednesday eased penalties against the nation's top three life insurers over unpaid suicide insurance benefits. Kyobo Life Insurance was ordered to halt operations for one month, while Samsung Life Insurance and Hanwha Life Insurance received a warning and were both banned from making inroads into new businesses for one year, the Financial Services Commission said.Financial authorities had originally planned to order all three insurers to halt operations for u
May 18, 2017
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Middle-aged group says parents' medical bills biggest financial burden
Middle-aged South Koreans who live with or support their parents financially feel the heaviest burden when bearing their medical bills, but some saw it as a duty that has to be fulfilled even if means getting loans or giving up on their own savings, a survey said Wednesday.In the poll of 1,000 people in their 40s and 50s who have experience supporting their parents, 48.1 percent answered doing so was a weight on their shoulders, according to the Life Insurance Social Contribution Committee who c
May 17, 2017
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[Monitor] Export, import prices surge in April
Buoyed by rising international oil prices, South Korea’s export and import prices each surged by 0.5 percent in April compared to the previous month, the Bank of Korea said Wednesday.The provisional import price for April was 81.79 (based on the standard of 100 in 2010, in local currency terms), showing the first increase in three months. The rise in import price, which is reflected in consumer prices, was attributed to the higher international oil prices. The price of Dubai crude -- South
May 17, 2017
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New industries to create 380,000 new jobs by 2025, ministry forecasts
New industries such as electric and autonomous vehicles, smart ships and robots will create some 380,000 new jobs, a report by the Minister of Commerce, Industry and Energy showed Wednesday.In the report released at a forum of experts, academics and businesses, the ministry said such jobs will be created by 2025 from 12 sectors it designated as new industries last year.The forum was held on the heels of President Moon Jae-in appointing himself the chief of the new presidential jobs creation comm
May 17, 2017
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[News Focus] Income-led growth faces hurdles
South Korea’s per capita gross national income has remained below $30,000 for more than a decade since it surpassed the $20,000 mark for the first time in 2006.A survey conducted by a local pollster days before the May 9 presidential election showed most people here are pessimistic about the possibility of their country passing what is regarded as the threshold for joining the club of wealthy advanced states anytime soon. Of about 1,000 Korean adults polled, a mere 0.1 percent said the $30
May 17, 2017
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Korea's export prices hit 8 year record high in April
South Korea's export prices hit a record eight year high in April due to strong demand for electric and electronic products as well as petrochemicals, central bank data showed Wednesday.In local currency terms, export prices rose 8.7 percent on year last month, according to preliminary data provided by the Bank of Korea. The dollar came to an average of 1,132.73 won in April, down 0.2 percent from a month earlier the latest findings showed.For exporters, the won's gain means decreased income as
May 17, 2017
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[Monitor] Slump-hit shipbuilding workforce shrinks by 14.8%
Hit by the prolonged slump, South Korean shipbuilders and related businesses cut 8,670 or 14.8 percent of their workforce last year, data by industry tracker Chaebul.com showed Tuesday.The data based on 2016 business reports from 1,831 listed firms showed that their combined workforce reached 1.51 million at the end of last year, down 5,915, or 0.4 percent, from a year ago.Samsung Group slashed part of its workers as its flagship Samsung Electronics and other major subsidiaries implemented large
May 16, 2017
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Koreans' overseas card spending up 65% during 'golden' holiday in May
Overseas card spending by South Koreans rose 65 percent during the "golden" holiday period in May from a year earlier, data showed Tuesday.The data compiled by KB Kookmin Card Co. showed that purchases made by its credit and debit card customers in foreign countries amounted to 25.4 billion won ($22.7 million) during the April 29-May 9 holiday period, compared with 15.4 billion won from the same period last year.South Koreans could have enjoyed up to an 11-day "golden" holida
May 16, 2017
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KITA to send special economic mission to US in June
The Korea International Trade Association announced Monday that it plans to send a special economic mission to the United States in June, the first such visit to be made since US President Donald Trump took office in January. The 10-strong envoy group, which KITA Chairman Kim In-ho represents, will visit Washington DC and New York City during the five-day trip that kicks off on June 6. The group is expected to attend seminars on the Korea-US trade relationship, talks with offshore branches
May 15, 2017
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[Monitor] One in five Koreans work 54 hours or more
One out of every five employees working in South Korea work 54 hours a week or longer, Statistics Korea‘s data showed Monday.While the average working hours continued to drop since the introduction of a five-day workweek in 2004, the weekly working hours have remained stagnantly long since 2010.The data comes in light of new President Moon Jae-in’s pledge to share jobs by reducing working hours.The number of employees working 54 hours or more a week reached 5.33 million last month, u
May 15, 2017
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Xi stresses ties with S. Korea in meeting with Seoul delegate
Chinese President Xi Jinping stressed the importance of improving South Korea-China relations during his meeting with a South Korean delegation visiting the country, the South Korean chief of the delegation said Monday.On the sidelines of the Belt and Road Forum for International Cooperation, the delegation led by Rep. Park Byeong-seug, a veteran politician with close ties to President Moon Jae-in, held a meeting with Xi on Sunday evening, Park told reporters. Moon dispatched the delegation on S
May 15, 2017
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Kotra hosts Cuba Week to promote economic ties with island nation
South Korea's trade promotion agency said Monday it is hosting an event in Seoul this week to promote economic ties with Cuba. In the five-day-long 2017 Cuba Week in Korea that runs through Friday, government officials and business leaders from the two countries will discuss possible ties in the financial, energy and medical fields, the Korea Trade-Investment Promotion Agency said in a statement. Cuba has sent a 16-member delegation made up of officials and businessmen to the second annual
May 15, 2017
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FTA renegotiation with US looms large for Moon administration
In his second week as Korea’s new president, Moon Jae-in faces an uphill battle in the global trade arena, as he has to mend fences with the nation’s major trading partner, the US. One of the biggest economic issues in the domestic trade industry is US President Donald Trump’s vow to renegotiate the terms of the five-year Korea-US FTA. He has referred to the deal as “horrible.” The KORUS FTA has reported an annual average of more than $65 million in exported g
May 15, 2017
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Household loans up 9.8% in April
South Korea's household loans extended by banks rose 9.8 percent in April from a year earlier due to increased mortgages, central bank data showed Monday.Outstanding household loans from lenders came to 718.6 trillion won ($637 billion) as of end-April, compared with 654.3 trillion won from a year earlier, according to the data from the Bank of Korea. Compared with March, the amount rose by 4.6 trillion won. Mortgages climbed 3.3 trillion won on-month to 541.8 trillion won in April. In March, mo
May 15, 2017
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Practical ties sought with China, Japan
President Moon Jae-in’s government is seen to be moving to decouple security and historical issues from South Korea’s economic ties with China and Japan.Moon expressed such intention during phone talks with his Chinese and Japanese counterparts a day after being sworn in last week. He asked Chinese President Xi Jinping to lift restrictions and sanctions imposed on South Korean people and businesses apparently in retaliation for Seoul’s hosting of a US anti-missile shield, calle
May 15, 2017
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New govt. set to increase taxes in 2nd half
The new Moon Jae-in administration will likely revise tax codes in the second half of the year to finance its election pledges to create jobs, government officials said Monday.On the campaign trail, President Moon promised to focus more on job creation and expanding welfare for young people. In particular, he said his government will create some 800,000 public jobs during his five-year term, grant an allowance to young jobseekers and offer public residence to newlyweds at lower rent. Many estima
May 15, 2017
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Korea logs 63rd consecutive trade surplus in April
South Korea posted a trade surplus for 63 straight months in April on a steady recovery in exports, customs data showed Monday.The country's trade surplus came to $13 billion last month, up from a surplus of $8.7 billion tallied a month earlier, according to the data from the Korea Customs Service.Asia's fourth-largest economy has enjoyed a trade surplus since February 2012. It posted $6.57 billion in trade surplus with Southeast Asian countries in April, followed by China with a surplus of $2.6
May 15, 2017