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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[Kim Seong-kon] Democracy and the future of South Korea
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Yoon's office denies considering liberal figures for key posts
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Why is Apple Pay struggling to get purchase in Korea?
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Seoul says Fu Bao loan 'not going to happen'
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S. Korea's exports surge 24% in April
South Korea’s outbound shipments surged 24.2 percent in April from a year prior to $51 billion, mainly boosted by strong sales of ships and semiconductors, data by the Trade Ministry showed Monday. It marked the second most monthly exports, following $51.6 billion in October 2014. The figure saw the sharpest on-year rise in nearly six years, following 25.5 percent in August 2011.Meanwhile, inbound shipments also increased 16.6 percent, compared to the previous year, to $37.8 billion i
May 1, 2017
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BOK retrieves coins worth more than W16.5b in Q1
Coins worth more than 16.5 billion won ($14 million) were returned to South Korea's central bank in the first quarter, data showed Monday.The figure represents a 375 percent hike from 3.47 billion won tallied in the previous quarter, according to the Bank of Korea.It also marked the highest amount since the second quarter of 1998 when South Korea was hit by the Asian financial crisis. The central bank has been striving to retrieve coins in a campaign towards becoming a coinless society to help b
May 1, 2017
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Samsung denies re-entry to auto market despite autonomous car push
Samsung Electronics on Monday denied local reports that it aims to re-enter the car making industry, following government approval of a test run for a self-driving car.The Ministry of Transport and Land said it has approved a pilot run of Samsung Electronics’ autonomous car currently under development. The approval signals Samsung’s push into the self-driving car market, local reports said, quoting industry insiders. But the South Korean tech giant reiterated its earlier position tha
May 1, 2017
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SMEs hold key to settling joblessness
In a rare consensus, the five major candidates for next week’s presidential election have pledged to strengthen support for small and medium-sized enterprises as a way to increase employment.Whoever is elected president, they all say they will promote a governmental agency handling matters related to SMEs, now under the Ministry of Trade, Industry and Energy, to an independent ministerial-level office. Experts share the presidential candidates’ perception that the country’s det
May 1, 2017
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Korea's exports soar 24.2% in April
South Korea's exports continued to rise in April, extending their winning streak to six months, on the back of brisk overseas sales of ships and chips, the trade ministry said Monday.Outbound shipments came to $51 billion last month, up 24.2 from $41.1 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering world trade. Imports jumped 16.6 percent on-year
May 1, 2017
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Korea to raise parental leave subsidy for second child
Starting in July, the maximum parental leave subsidy for a second child will rise to 2 million won ($1,753) a month for the first three months, the Welfare Ministry said Sunday.In November 2014, the government started to provide a 1.5 million won monthly financial incentive when a second parent takes parental leave to care for their second child. The move was an effort to encourage more fathers to participate in child care and help couples to have a second child.The government will raise the amo
April 30, 2017
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Uncertainty over Trump's policies grows: BOK
The Bank of Korea said Sunday that despite US President Donald Trump celebrating his first 100 days in the White House, uncertainties over his policies have grown and are causing jitters. Citing concerns about Trump's protectionist moves, legal challenges over his anti-immigration policy and a revamped healthcare plan, the central bank urged Asia's fourth-largest economy to strengthen its monitoring on policies being pursued in the world's No. 1 economy. In an interview with Reuters last week, T
April 30, 2017
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Local think tank ups Korea's growth forecast on exports, investments
A local private think tank said Sunday it has raised its growth outlook for South Korea this year, helped by increased exports and facility investments.The Korea Institute of Finance projected the country's gross domestic product to increase by 2.8 percent for 2017, higher than its earlier estimate of 2.5 percent growth forecast in October.It said the economy should expand 2.6 percent in the first half followed by 2.9 percent gains in the July-December period.The upward revision came as the glob
April 30, 2017
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Korea's external earnings to fall 2.7% if China exports drop 10%: KIET
South Korea's external earnings will fall by 2.7 percent if exports to China contract by 10 percent, a report by a state-run think tank showed Sunday.The report analyzing global trade friction released by the Korea Institute for Industrial Economics and Trade showed Asia's fourth-largest economy being hurt if there is trade-related trouble between South Korea, the United States and China. KIET said that while Seoul will be affected if there are complications with the United States and trade prot
April 30, 2017
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Korea to suffer $17b loss in exports if FTA with US renegotiated
South Korea's exports to the United States are expected to suffer losses as much as $17 billion over five years if the two nations renegotiate a bilateral free trade deal, according to a report on Sunday. South Korea's businesses remain concerned after US President Donald Trump told Reuters in an interview last week that he will either renegotiate or scrap the free trade deal with South Korea, calling it "horrible." If tariff rates are revised under renegotiation, South Korea's a
April 30, 2017
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Korea's economy facing uncertainties despite signs of recovery
South Korea's economy is still facing uncertainties, although it has shown signs of recovery, the nation's financial regulator said Friday. The South Korean economy expanded 0.9 percent in the first-quarter of this year, growing at the fastest pace since the second-quarter of last year, the Bank of Korea said this week. "There are estimates that show signs of recovery in exports and facility investment," Zhin Woong-seob, governor of the Financial Supervisory Service, said at a me
April 28, 2017
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Govt. moving to check Trump's statement to scrap Seoul-Washington FTA
The South Korean government is trying to figure out the exact meaning of US President Donald Trump's statement that he will fix or scrap a bilateral free trade deal between the two countries, officials here said Friday.In an interview with Reuters, Trump called the South Korea-US free trade agreement "horrible," saying, "We are going to renegotiate that deal or terminate it." His comments came days after Vice President Mike Pence said earlier that Washington will review and r
April 28, 2017
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Trump's remarks on FTA with Korea could trigger protectionism: biz lobby
South Korean businesses on Friday expressed serious concerns that US President Donald Trump's remarks on the bilateral free trade deal could trigger protectionism worldwide. In an interview with Reuters, Trump said he will either renegotiate or terminate the five-year-old trade agreement with South Korea, calling it "horrible" and "unacceptable." He said his administration aims to renegotiate the trade pact with South Korea after it completes a revamp of the North Ameri
April 28, 2017
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BOK to keep monetary easing policy to support growth
South Korea's central bank pledged Friday to keep the current monetary easing policy to support growth in Asia's fourth-largest economy. For this month, the Bank of Korea kept its key rate at an all-time low of 1.25 percent for the 10th consecutive month after dropping the rate to its lowest level to bolster the lackluster South Korean economy.The BOK will "maintain its stance of monetary policy accommodation as the inflationary pressures on the demand side are not expected to be high given
April 28, 2017
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ASEM economic ministers to discuss measures against trade protectionism
Joint countermeasures against trade protectionism will be a central agenda item at an economic ministerial meeting of Asian and European countries in Seoul later this year, trade ministry officials said Friday.Senior officials from member states of the Asia-Europe Meeting (ASEM) met in Seoul on Friday to discuss topics for the ASEM Economic Ministers' Meeting, the Ministry of Trade, Industry and Energy said. The ministerial meeting is scheduled in Seoul on Sept. 21-22.Officials said participants
April 28, 2017
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Sharing economy expands presence in Korea
Lee Eun-hee, a 38-year-old lawyer, decided to visit Osaka in Japan with a friend in early November last year and set a new motto for this trip: spend less money on sleeping and focus more on eating and shopping.She downloaded the Airbnb application on her smartphone and searched for a suitable room close to a subway station and the large shopping districts of Dotonbori and Namba. On the app, it shows a list of apartments and guest houses uploaded by homeowners who have spare rooms or houses to s
April 28, 2017
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Korea's seaport cargo up 3.8% in Q1
Cargo processed at South Korean seaports rose slightly during the first three months of 2017 from a year earlier amid a steady increase in exports, government data showed Friday.Cargo handled at the country's seaports came to 389.92 million tons in the January-March period, up from 375.64 million tons tallied a year earlier, according to the data by the Ministry of Oceans and Fisheries. Non-container cargo rose 3.1 percent on-year to 278.54 million tons during the three-month period, while conta
April 28, 2017
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Korea's manufacturing sentiment up for May
South Korean manufacturers' business sentiment for next month improved slightly as local companies expect steady gains in domestic demand and exports, data by the central bank showed Friday.The business survey index of manufacturing firms came to 84 for May, up from 82 for April, according to the Bank of Korea.A reading over 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite. An index measuring local firms' sentiments toward exports came to 93 for ne
April 28, 2017
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Korea to sell W7.75tr state bonds in May
South Korea plans to sell a combined 7.75 trillion won ($6.84 billion) in state bonds next month, the finance ministry said Thursday.The government will issue 1.8 trillion won in bonds with a maturity of three years and 1.9 trillion won in five-year bonds.It also plans to sell 1.8 trillion won worth of 10-year Treasurys and a combined 2.25 trillion won of bonds with a maturity of between 20 and 30 years.For June, the ministry said it is planning to issue a total 8 trillion won worth of state bon
April 27, 2017
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FTA with Vietnam to boost exports on tariff removals
The three-year-old free trade agreement with Vietnam will allow South Korean companies to further increase their auto, steel and petrochemical exports on tax removal or cuts, customs experts said Thursday. In a seminar held at the Korea Chamber of Commerce and Industry in central Seoul, customs experts called on Korean companies to aggressively take advantage of tariff benefits in the third year of the bilateral free trade pact with Vietnam and afterwards."Exports to South Korea's major mar
April 27, 2017