Most Popular
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Yoon vetoes bill for special probe into young Marine's death
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Dog days are over? Popular dog trainer embroiled in workplace bullying dispute
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[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
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[Exclusive] LACMA admits it needs further research on donated Korean paintings
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AI Seoul Summit adopts declaration on safe, innovative, inclusive AI
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Samsung replaces semiconductor chief amid heightened AI race
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Russia likely offering N. Korea technology aid to expand threats to US, others: Pentagon official
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[Up close in Yeouido] Trump hinting at US troop removal in South Korea ‘election-time talk’
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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[Herald Interview] Korean adoptees embark on journeys to find roots
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Newly employed rises by over 300,000 for 6 consecutive months
Amid the government’s continued struggle to tackle Korea’s high unemployment rate, the number of newly employed individuals reached 26.9 million last month, up 313,000 from the previous month, according to data released by Statistics Korea on Wednesday. It was the sixth consecutive month that the newly employed figure exceeded more than 300,000 on-month. July’s figure was also 15,000 more than the same month last year. The number of newly employed surged by 243,000 in January,
Aug. 9, 2017
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Currency market volatility rises in July
Volatility in South Korea's currency markets rose in July from a month earlier, though the stability of the global financial markets continued, the central bank said Wednesday.The session-over-session changes in the dollar-won exchange rates averaged 0.42 percent in July, compared with 0.28 percent a month earlier, the Bank of Korea said in a statement. "The won has fallen slightly against the dollar since July due to geopolitical risks" stemming from North Korea's missile and nuclear
Aug. 9, 2017
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Korea's money supply up 5.9% in June: BOK
The money supply in South Korea jumped 5.9 percent in June from a year earlier, the central bank said Wednesday.The nation's M2 totaled 2,470.8 trillion won ($2.17 trillion) in June, compared to 2,334.2 trillion won a year earlier, the Bank of Korea said in a statement.The money supply gained 0.4 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply counting th
Aug. 9, 2017
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Household loans up 9.4% in July
South Korea's household loans extended by banks rose 9.4 percent in July from a year earlier due to increased mortgages, central bank data showed Wednesday.Outstanding household loans from lenders came to 737.7 trillion won ($650 billion) as of the end of last month, compared with 673.7 trillion won from a year earlier, according to the data from the Bank of Korea.Compared with June, the amount rose by 6.7 trillion won. Mortgages climbed 4.8 trillion won on-month to 554.6 trillion won in July du
Aug. 9, 2017
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Korea to require insurers to raise capital reserves from December
South Korea's top financial regulator on Wednesday unveiled details of upcoming ordinances that will require insurers to gradually increase their capital reserves from December to help them better cope with changes in global accounting rules.The Financial Services Commission will also ease some requirements on risk-based capital ratios for insurers to help them comply with the rules under the new ordinances, which will take effect from Dec. 1. South Korea is one of more than 100 nations th
Aug. 9, 2017
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Tax office launches probe into 286 real estate-related tax dodgers
South Korea's tax office said Wednesday that it has launched a probe into 286 people suspected of evading taxes through illegal real estate transactions as part of the government's drive to curb property market speculation.Last week, the government announced stricter measures to stabilize the country's overheated housing market around the capital city of Seoul and its surrounding areas. It imposed an effective ban on bank loans given to multiple-home owners and forbid people from reselling an ap
Aug. 9, 2017
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N. Korea issues have limited impact on market: finance minister
South Korea's finance chief said Wednesday that the government is keeping close tabs on the local financial market following the latest North Korean provocations, but predicted only a limited impact."We are watching the market around-the-clock, but its impact seems to be limited," Finance Minister Kim Dong-yeon said in a meeting with economy-related ministers in central Seoul. "We are mapping out plans for various scenarios."Geopolitical risks over North Korea's missile and n
Aug. 9, 2017
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Korea-US meeting on possible change to FTA likely to be delayed: official
The US-proposed meeting of a joint committee on the South Korea-US free trade agreement to discuss possible changes to the trade pact will likely be delayed due to time needed for Seoul's new top FTA negotiator to prepare, a government official said Wednesday."No date or time has been set for the meeting," the official told Yonhap News Agency, speaking on condition of anonymity.In a letter, dated July 12, US Trade Representative Robert Lighthizer asked for the meeting to be held to con
Aug. 9, 2017
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No new trade restrictions on Korean products reported in July
No new trade restrictions against South Korean products were reported in July, but it is premature to say the global protectionist trend has weakened, a local trade body said Wednesday.According to the Korea International Trade Association, July was the second month this year that no new trade barriers were erected against South Korean goods by importing countries. The last time was in January.There was one new restriction in February, two in March, five in April and May, and eight in June. KITA
Aug. 9, 2017
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Korea's GDP ranks 11th worldwide in 2016
South Korea's gross domestic product ranked 11th worldwide in 2016, with its per capita income based on purchasing power remaining unchanged, data showed Wednesday.The country's GDP stood at $1.41 trillion last year, with its global standing remaining flat from the previous year, according to the data from the World Bank.GDP, the broadest measure of an economy's performance, refers to the total value of goods and services produced within the economy in a given period. South Korea's GDP placed 10
Aug. 9, 2017
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Korea's jobless rate stays at 3.5% in July
South Korea's jobless rate remained unchanged in July from a year earlier amid some signs of recovery in the manufacturing sector, government data showed Wednesday.The unemployment rate stood at 3.5 percent last month, staying flat from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it dropped 0.3 percentage point.The number of employed people reached 26.92 million in July, up 313,000 from a year earlier, compared with a five-month low of a
Aug. 9, 2017
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[Monitor] South Korea’s presence in China drops
South Korean goods are losing their presence in one of their largest overseas market, China, with the products taking up 9.4 percent of China’s import market in the first half of the year, the lowest since 2014, data from the Korea International Trade Association showed.The proportion was 10.4 percent and 10 percent in 2015 and 2016, respectively, until South Korean exporters were hit by Beijing’s alleged economic retaliation, such as boycotts and stronger regulatory inspections, upo
Aug. 8, 2017
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Govt. to assess impact of all major projects on jobs
The government will evaluate all public entities, including state-run firms, and most of their projects for their impact on new and existing jobs that may determine the size of their budget in the future, a presidential committee on jobs said Tuesday.Starting next year, the public entities and their projects will be scored on the number of new, quality jobs they create.The scores will be reflected in the size of their budget for the following year, while private firms that create many new jobs m
Aug. 8, 2017
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Punishment to be toughened for financial firms over false disclosure
South Korea's top financial regulator said Tuesday it will toughen punishment for financial holding firms over false disclosures of accounting books and other business reports.Under the toughened rule, which will take effect Oct. 19, fines against financial holding firms will be hiked by as much as 12 times if they violate relevant laws, the Financial Services Commission said in a statement. Currently, a financial holding firm is required to pay a fine of 5 million won ($4,447) when it violates
Aug. 8, 2017
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Korean exporters must participate more in global value chain: report
South Korea's exporters should increase their participation in the global value chain in order to improve their productivity, a report by the central bank said Tuesday.The report featured in the monthly periodical of the Bank of Korea said South Korean exports' participation in GVC fell from 62.7 percent in 2008 to 56 percent in 2009, following the global downward pattern after the international financial crisis of 2008. GVC measures international trade by counting all phases in production
Aug. 8, 2017
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US trade pressure on China to hit Korea hard: report
South Korea may be hit hardest if the United States turns up the heat on China over trade issues as Seoul vies fiercely with Beijing for a bigger slice of the US market, a report said Tuesday.The Korea International Trade Association claimed in the report that Washington has singled out China for tougher import restrictions, which is resulting in greater import regulation risks for South Korean products.KITA based its assessment on the US administration's "too many" antidumping investi
Aug. 8, 2017
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Korea's domestic supply gains in Q2
South Korea's total supply in manufacturing gained ground in the April-June period marking five straight quarters of growth on a sharp rise in imports, but the pace slowed down slightly, government data showed Tuesday.The manufacturing domestic supply index that measures both goods produced locally and brought into the country, advanced 5.3 percent on-year to stand at 116.9, according to the data compiled by Statistics Korea.The on-year growth slowed down from a record 7.2-percent gain tallied t
Aug. 8, 2017
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Audit opinions on China Ocean Resources again refused
An accounting firm again refused to provide its audit opinions on China Ocean Resources Co., a Hong Kong-based deep-sea fisheries company listed on the Korean stock market, saying the company's accounting books were riddled with problems. In a regulatory filing on Tuesday, Shinhan Accounting Corp. said it could not "rationally judge" the financial status of China Ocean Resources, which is on the verge of being delisted from the Korean stock market due to its false financial disclosures
Aug. 8, 2017
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Korean economic recovery remains feeble due to weak production
The recovery pace of the South Korean economy has remained feeble for months as an upturn in exports and private consumption was offset by weak industrial output, a government report said Tuesday."The South Korean economy saw its exports and investment continue to rise and private consumption make a slight rebound, but its recovery pace remained lackluster due to a slowdown in the production of mining and manufacturing," the finance ministry said in its monthly economy assessment repor
Aug. 8, 2017
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Korea's antitrust watchdog receives top grade
South Korea's antitrust watchdog has received the top rating among the world's competition authorities for two years in a row this year for its effective anti-competitive activities, the agency said Tuesday.The South Korean regulator earned five stars, or the "elite" grade, along with France, Germany and the United States, at the latest "Rating Enforcement" survey conducted by the Global Competition Review, the Fair Trade Commission said.The FTC advanced to the top spot in th
Aug. 8, 2017