Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Minister warns against trusting NK stated intentions, says Moon misguided
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South Korea bans viral North Korea propaganda video praising Kim
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Yoon vetoes bill for special probe into young Marine's death
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Hermes celebrates craftsmanship
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After 6-year hiatus, Kia to return to Paris Motor Show in Europe push
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Korea vows to rein in household debt
The South Korean government said Wednesday that it will deal with mounting household debt in a stable way through strengthening risk management capabilities, as the debt delivers a blow to Asia's fourth-largest economy amid higher interest rates."The issue of household debt is closely linked with the finance sector and the real economy," said Acting President Hwang Kyo-ahn in a meeting in Seoul with the heads of government agencies including the Ministry of Strategy and Finance and the
April 12, 2017
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Job growth hits 15-month high in March
The on-year job growth in South Korea hit a 15-month high in March on the back of more hiring in the construction and retail sectors, government data showed Wednesday.According to Statistics Korea, the number of employed people increased by 466,000 in March from a year ago to reach 25.27 million. The on-year growth was the fastest since December 2015.The unemployment rate in Asia’s fourth-largest economy fell to 4.2 percent in March from a seven-year high of 5 percent in the previous month
April 12, 2017
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Household loans up 10% in March
South Korea's household loans extended by local banks rose 10 percent in March from a year earlier due to increased mortgages, central bank data showed Wednesday.Outstanding household loans from local lenders came to 713.9 trillion won ($621 billion) as of end-March, compared with 649 trillion won from a year earlier, according to the data from the Bank of Korea. Compared with February, the amount rose by 2.9 trillion won. Mortgages climbed 2.6 trillion won on-month to 538.5 trillion won in Marc
April 12, 2017
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Dollar-won exchange volatility widens in March
The won's movement against the dollar widened slightly in March from a month earlier, central bank data showed Wednesday.The session-over-session changes in the dollar-won exchange rate averaged 0.47 percent last month, compared to 0.39 in February, the Bank of Korea said. "The won rose against the dollar in March due to increased exports and inflows of foreign capital into local stock markets," the BOK said in a monthly report on international finance.Meanwhile, the South Korean curre
April 12, 2017
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N. Korean risks have limited impact on S. Korean economy
The South Korean financial and foreign exchange markets have remained stable for days despite escalating tensions over North Korea's missile and nuclear threats, the finance ministry here said Wednesday."As the recent US attack against Syria sparked volatility in the local financial market, some raised concerns over the geopolitical risks stemming from North Korean issues," the finance ministry said in a release. "But the impact of such possible risks has been limited, given that
April 12, 2017
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Reducing exemptions holds key to tax reform
A recent report on tax policy designed to reduce income inequality, released by the parliamentary finance committee, has rekindled debate on how to reform the country’s taxation system.Authored by two professors at the University of Seoul at the request of the committee, the report proposed raising corporate tax rates and eliminating tax breaks for wage earners. The previous conservative governments led by President Park Geun-hye and her predecessor Lee Myung-bak did not consider a tax inc
April 12, 2017
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Businesses encouraging workers to use holidays for extended vacations
A number of big companies are encouraging their employees to use their vacation days in early May to connect with holidays, which would give them up to nine days off, corporate officials said Wednesday.Hanwha Group officials said the conglomerate has made May 2 and 4 collective vacation days at most of the affiliates. With two weekends and three holidays amid the two days, employees will be free from work for nine days. May 1 (Monday) is Labor Day, and May 3 is Buddha's Birthday. May 5 is celebr
April 12, 2017
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Korean shares open higher on tech, steel
South Korean stocks opened higher Wednesday on the back of robust gains by tech firms and steelmakers.The benchmark Korea Composite Stock Price Index climbed 0.23 percent to 2,128.81 in the first 15 minutes of trading.Market behemoth Samsung Electronics added 0.67 percent, and No. 2 chipmaker SK hynix moved up 0.61 percent. LG Electronics advanced 0.43 percent.Steelmakers also continued to gain ground, with POSCO rising 0.37 percent and Korea Zinc adding 2.2 percent. Hyundai Steel moved up 0.18
April 12, 2017
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US increase antidumping tariffs on OCTG imports from Korea
WASHINGTON -- The US Commerce Department decided Tuesday to impose antidumping tariffs up to nearly 25 percent on oil country tubular goods imported from South Korean steelmakers.The department announced that it will levy 24.92 percent tariffs on OCTG imports from Nexteel, 2.76 percent on SeAH Steel and 13.84 percent on Hyundai Steel and other South Korean steelmakers. The final rates to be be applied to product are higher than the preliminary tariffs determined in October and are roughly on par
April 12, 2017
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[Monitor] Korea faces increasing import controls
South Korean companies are increasingly being subject to import restrictions, the Korea International Trade Association said Tuesday.Import control measures include antidumping duties, countervailing duties, safeguards and double imposition of antidumping and countervailing duties.Compared to the end of last year, the number of restriction cases increased by three, meaning Korea faced an average of one new case each month this year.KITA advised firms to thoroughly monitor the situations and to a
April 11, 2017
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Exports rosy but domestic demand remains weak
Despite optimism growing over South Korea’s exports outlook, buoyed by strong outbound shipments of auto and chip products, domestic demand continued to remain low this month, further weakening business confidence among local manufacturers, data and reports showed Tuesday.According to data compiled by the Korea Customs Service, total outbound shipments reached $11.2 billion in the first 10 days of April, a 6.1 percent increase from a year ago.Led by strong overseas sales of semiconductors
April 11, 2017
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Korean manufacturers optimistic about Q2 biz
A majority of South Korean manufacturing companies expect their business conditions to improve in the second quarter of the year amid signs of a recovery in exports, a poll showed Tuesday.According to the survey of 645 manufacturers conducted by the Korea Institute for Industrial Economics and Trade, the manufacturing sector business survey index stood at 100 for the April-June period, coming in lockstep with the median figure of 100.A BSI reading below 100 means pessimists outnumber optimists.T
April 11, 2017
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Korea's money supply up 5.9% in February
The money supply in South Korea jumped 5.9 percent in February from a year earlier, the central bank said Tuesday.The nation's "M2" totaled 2,420.2 trillion won ($2.1 trillion) in February, compared with 2,285.3 trillion won a year earlier, the Bank of Korea said in a statement.Month-on-month, the money supply gained 0.3 percent, the statement said.M2 is a measure of the money supply counting the currency in circulation, including bank debentures and deposits with a maturity of less th
April 11, 2017
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Korea subject to 187 cases of import restrictions, probe in foreign countries
South Korea has been subjected to 187 cases of import restrictions or related investigations by foreign authorities as of end of last month, the heaviest penalty imposed by India, a local trade group said Tuesday.The restrictive measures come from 30 countries in the form of anti-dumping duties, countervailing duties, safeguards or a combination of them.Anti-dumping probes and regulations accounted for in 138 of 187 cases, with 41 safeguards and seven cases where the punitive measures were combi
April 11, 2017
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Korean economy shows some signs of recovery
South Korea's economy is showing some signs of a recovery led by a steady rise in exports, investment and an upturn in private consumption, a government report said Tuesday."As exports-led momentum boosted production and investment and private consumption bottomed out in recent months, the South Korean economy seems to present some signs of a turnaround," the finance ministry said in its monthly economy assessment report called the "Green Book."The report is based on the late
April 11, 2017
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Korea's exports gain 6.1% in first 10 days of April
South Korea's exports increased 6.1 percent in the first 10 days of April from a year earlier on the back of brisk overseas sales of semiconductors and vehicles, customs data showed Tuesday.Total outbound shipments reached $11.2 billion during the cited period, up from $10.5 billion tallied over the same period last year, according to the data compiled by the Korea Customs Service.The increase was led by a 51.8 percent on-year gain in exports of semiconductors and a 23.2 percent surge in passeng
April 11, 2017
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Tax revenue sharply up through Feb.
South Korea's national tax revenue continued to rise in the first two months of the year on increased value added taxes and income taxes, the finance ministry said Tuesday.The government collected a total of 46.2 trillion won ($40.4 billion) in taxes in the January-February period, up 3.6 trillion won from a year earlier, according to the Ministry of Strategy and Finance.It marked 19.1 percent of the tax revenue of 235.1 trillion won earmarked for 2017, up 0.8 percentage point higher than the sa
April 11, 2017
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[Monitor] Intermediate trade buoyed by overseas smartphone production
South Korean businesses’ profits made from intermediate trade surged significantly last year. The total net profit reached $9.46 billion, up 18.9 percent from the previous year.Net profits from intermediate trade have been increasing since several years ago, as businesses started investing heavily overseas, and had reached a record high of $14.6 billion in 2014.Popular goods for intermediate trade are smartphones, computers, television and other high value-added electronics. By 2012, overs
April 10, 2017
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Korea’s trade surplus with US falls before currency report release
South Korea’s imports of US goods have increased sharply this year in an apparent reflection of Seoul’s efforts to reduce the trade imbalance between the two countries ahead of the release of the US Treasury Department’s latest currency report this week. According to data from the Ministry of Trade, Industry and Energy, the country’s imports from the US rose 18.8 percent from a year earlier to $12.09 billion during the first quarter of the year. As a result, Korea saw its
April 10, 2017
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Gap in purchasing power among income groups sharply widens
The gap in real income and purchasing power by the higher income class and the lower income one in South Korea has further expanded due largely to a sharp growth gap in their nominal income, a report showed Monday.According to the report by the state-run Korea Development Institute, the real income of those in the lowest income bracket, or the first quintile, has grown an average 1.2 percent from 2003 to 2016, while the richest people saw their real income gain 1.9 percent on average over the sa
April 10, 2017