Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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[News Focus] Reshoring needed to creat jobs for youth
Recent data from the state statistics office and a local business lobby highlighted the need for the next administration to be installed following Tuesday’s presidential election to enhance the business-friendly environment if it wants to reduce the country’s rising youth unemployment.Figures suggested by a report from the Korea Chamber of Commerce and Industry showed Korean enterprises are increasingly creating growth and new jobs abroad rather than at home. The number of jobs
May 8, 2017
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[Monitor] Number of prime-aged workers falls
The proportion of those in their prime working age out of the total economically active population dropped to its lowest point in the first quarter this year, Statistics Korea data showed Saturday.The number of those in the 25-49 year age group was 19.241 million in the period, dropping 0.4 percent from the same quarter last year. That accounted for 44.1 percent of total economically active people, which is 43.633 million. This is the lowest rate since data was first collected in the third quart
May 7, 2017
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Korean economy on modest recovery track
The South Korean economy has been showing some modest signs of recovery thanks to brisk exports and investment but the momentum remains weak due to flaccid private consumption, a state-run think tank said Sunday."Exports and investment maintained high growth, signaling that economic activity has continued to expand at a moderate pace," the Korea Development Institute said in its monthly evaluation of the country's economic conditions. "Exports exhibited relatively high growth as s
May 7, 2017
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Direct taxes account for record 55.3% of all dues collected by the govt. in 2016
Direct taxes collected by the state made up a record 55.3 percent of all dues collected in 2016, official data showed Sunday.The rise comes as the government reformed its tax credit rules on income and transfer taxes, the finance ministry said. It said the percentage of direct taxes to overall revenue earnings has been on the rise for the past three years. A rise in direct taxes generally reflects a more balanced form of taxation and better distribution of wealth.Last year, the ministry said tha
May 7, 2017
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Land owned by foreigners up 2.3% last year
The total amount of South Korean land owned by foreigners increased 2.3 percent in 2016 compared to a year earlier, the government said Sunday.At the end of 2016, foreign investors owned a total of 234 million square meters of land worth 32.31 trillion won ($28.5 billion), accounting for 0.2 percent of the country's overall territory, the Ministry of Land, Infrastructure and Transportation said in a statement. In the previous year, foreigners held 32.57 trillion won worth of land estimated
May 7, 2017
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Korean finance minister urges measures against unfair trade practices
South Korea's chief economic policymaker has called for bold measures against unfair trade practices, expressing worries over growing protectionism by advanced economies.At an annual gathering of the Asian Development Bank in Yokohama, Japan, on Saturday, South Korean Finance Minister Yoo Il-ho also said Asian countries should raise their guard against short-term downside risk in order to regain their recovery momentum. "We need to take stern measures against unfair trade practices, which w
May 7, 2017
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Jobless rate among inexperienced 20s, 30s hits record in Q1
SEJONG (Yonhap) -- The unemployment rate for the age group of 20s and 30s with no career experience hit a record high in the first quarter, due largely to a sluggish recruitment market and preference for hiring experienced workers, government data showed Saturday.The tally on the unemployed aged 20-39 who have never had a job came to 95,000 in the January-March period, recording the highest level since the government began to track related data in 1999, according to Statistics Korea. The number
May 6, 2017
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Korean economy to gain further momentum after election: BOK chief
YOKOHAMA, Japan (Yonhap) -- The South Korean economy will gain further momentum after the presidential election set to take place early next week, central bank governor said Saturday, citing strong exports and improved consumer sentiment amid signs of recovery in global economies.“In the past, domestic consumption tended to gather momentum on positive anticipation over the economy in the first year of the new administration, since the new government had pushed its drive for boost measures,
May 6, 2017
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Korea, Japan, China vow to resist protectionism
Chief financial policymakers of South Korea, Japan and China have vowed to fight against "all forms of protectionism" amid growing concerns of US President Donald Trump's protectionist policies. Finance ministers and central bank governors of the three nations made the pledge Thursday after their meeting on the sidelines of an annual gathering of the Asian Development Bank, according to their joint statement. The Northeast Asian powers agreed that "trade is one of the most importa
May 5, 2017
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Korea preparing for every possibility, including renegotiation of Korea-US FTA
South Korea's trade minister said Thursday that the government is preparing for every possible scenario, including the renegotiation of a free trade deal with the United States."Seoul is studying every aspect of the pact and getting ready to deal with each case, including the renegotiation of the South Korea-US free trade agreement," Trade Minister Joo Hyung-hwan said in a meeting with experts and researchers from state-run think tanks and private institutions. "We will keep close
May 4, 2017
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Korea, China, Japan finance ministers to hold talks in Yokohama
Finance ministers and central bank governors of South Korea, China and Japan will hold talks to coordinate policies and strengthen cooperation in the emergence of trade protectionism, Seoul's finance ministry said Thursday.The trilateral meeting will be held Friday in the Japanese city of Yokohama, with South Korea's Finance Minister Yoo Il-ho to be the chairperson, according to the Ministry of Strategy and Finance. Bank of Korea Gov. Lee Ju-yeol will also attend the gathering.The policymakers f
May 4, 2017
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Services deficit hits record high amid THAAD fallout
South Korea’s chronic deficit in its services account hit a new high in the first quarter, as Chinese tourists shunned the country in the wake of Beijing’s apparent retaliation against the deployment of a US anti-missile system, the central bank said Thursday.According to the Bank of Korea, Asia’s fourth-largest economy saw its current account surplus halve to $5.9 billion in March from $10.5 billion a year earlier, mainly due to a widened deficit in its services account and a
May 4, 2017
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Korea's current account surplus narrows to $5.93b in March
South Korea's current account surplus narrowed in March from a year earlier due to an increased deficit in the service balance, central bank data showed Thursday.The country's current account surplus reached $5.93 billion in March, compared with a surplus of $10.55 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 61 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the widened deficit
May 4, 2017
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Korea's FX reserves up in April
South Korea's foreign exchange reserves rose slightly in April from a month earlier due to a hike in the value of non-dollar currencies when converted into the US greenback, central bank data showed Thursday.As of the end of April, the country's foreign exchange reserves came to $376.57 billion, up $1.27 billion from the previous month, the Bank of Korea said in a statement.Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International M
May 4, 2017
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Trade policies missing from presidential pledges
Conspicuously missing from the five major presidential candidates’ campaign pledges is how they would address increasing external trade pressures on the country, particularly the protectionism pursued by US President Donald Trump, upon winning next week’s election.During their debate on economic issues last week, the audience was apparently let down by their unfocused approaches to a rising US demand for renegotiating the bilateral free trade agreement that took effect in 2012.A day
May 3, 2017
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Return of 50,000 won notes hits four-year high this year: BOK
The return of high denomination 50,000 won notes hit a four-year high early this year, the Bank of Korea (BOK) said Wednesday.The central bank said it retrieved 4.59 trillion won ($4.06 billion) worth of the notes in the first quarter of this year, while printing 6.96 trillion won in new bills.This represents a return rate of roughly 66 percent, up from 57.5 percent in the last three months of last year.The return rate of the notes first issued in June 2009 has been on the decline since 2013 fal
May 3, 2017
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Korea central bank chief to attend global meetings in Japan
The head of Korea's central bank will attend three major policy meetings set to take place in Japan later in the week, the Bank of Korea (BOK) said Wednesday.BOK Gov. Lee Ju-yeol plans to participate in the 20th ASEAN-plus-three finance ministers and central bank chiefs meeting Friday, the 50th ADB annual gathering Saturday and the BIS meeting from Sunday to Monday, the bank said. At the meetings, Lee is expected to discuss pending issues in the financial markets and touch on measures to expand
May 3, 2017
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S. Korea, China to be affected by THAAD fallout: think tank
South Korea and China will both be hurt economically by the fallout caused by the deployment of the advanced US missile defense system on the Korean Peninsula, a local think tank said Wednesday.According to the Hyundai Research Institute (HRI), Beijing's retaliation against Seoul's decision to station a Terminal High Altitude Area Defense (THAAD) battery here could cost Asia's fourth-largest economy 8.5 trillion won ($7.5 billion) in losses in 2017. This translates into the country's gross domes
May 3, 2017
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Stock prices to hit record levels under new president: market watchers
Korea's incoming president is expected to help push up the country's stock prices to record high levels, local market watchers, citing past trends, said Wednesday.Analysts said the prediction is based on the recent rise in share prices fueled by generally good earnings reports by big name companies in the first quarter and forecasts that the global economy is on the mend. They also said that the country's stock market has almost always moved up during the first two years of a new president's ter
May 3, 2017
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Foreign investors' holdings of Korean stocks hit new high
Offshore investors' holdings of Korean stocks hit an all-time high last week, as the nation's benchmark index has gained on better-than-expected corporate earnings, according to the Korea Exchange on Wednesday. Foreign investors' holdings of Korean stocks stood at 522.8 trillion won ($463.1 billion) as of last Friday, compared with 408.3 trillion won on May 2, 2011, when the index closed at an all-time high of 2,228.96.Foreign holdings accounted for 36.5 percent of the KOSPI's market capitalizat
May 3, 2017