Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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S. Korea to slow down pace of wage hikes amid slow growth forecast
The South Korean government on Monday set the country’s growth rate for next year at 2.6-2.7 percent, lowering its earlier forecast amid a slowing global economy. It also indicated that it may slow down the pace of legal minimum wage hikes and the reduction of working hours in light of backlash from business circles and sluggish employment indexes.“It is important that new economic policies such as the minimum wage hike and workhour cut are implemented under a public consensus based
Dec. 17, 2018
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Consumer prices on rise, weighing down consumption
South Korea's consumer prices have been on the rise in recent months, which has weighed down domestic consumption, government agencies said Monday.The development has been cited one of the causes holding back growth in Asia's fourth-largest economy. Among others, the prices of rice, the staple food in South Korea, and fried chicken, one of the most popular delivery foods, have jumped to record levels, according to the Ministry of Agriculture, Food and Rural Affairs. Rice prices soared 28 percent
Dec. 17, 2018
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Govt. policy for self-employed criticized for errors, missteps
The South Korean economy has one of the highest portions of individuals running their own stores and shops, and they are getting pushed to the brink by a slumping economy and policy missteps, market watchers said Monday.Data from Statistics Korea put the number of self-employed people at some 5.63 million as of November this year, a number equal to 20.7 percent of all job holders. The figure is about double the 10 percent average in advanced nations.According to a 2017 report from the Organizati
Dec. 17, 2018
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Moon hints at possible slowdown of minimum wage hikes
President Moon Jae-in on Monday indicated that his government may slow down the pace of legal minimum wage hikes given the strong backlash from businesses amid a sluggish economy."It is important that new economic policies such as the minimum wage hike and workweek cut are pursued under a general consensus based on the tolerance and harmony of interested parties," Moon said during an extended meeting of economy-related ministers. "If necessary, we need to devise ways to make adjus
Dec. 17, 2018
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Govt. to create 55,000 healthcare services jobs by 2022
South Korea's government aims to create 55,000 new jobs in the healthcare services sector by 2022 and the plan includes the hiring of 9,300 nurses to help upgrade quality of medical services, officials said Friday.The Presidential Committee on Job Creation finalized the new policy goal, saying demand for healthcare workers will steadily rise due to population aging and greater public attention to health. The committee said the healthcare industry has a great deal of job creation potential, as it
Dec. 14, 2018
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Woori Bank to set up fund for innovative firms
Woori Bank said Thursday it will set up a fund of 300 billion won ($266.5 million) to help channel more money to innovative firms. The bank will launch the fund next year and it will be expanded to 3 trillion won over the next three years, Woori Bank said. Woori Bank said it will invest 150 billion won into the fund and the bank's affiliates will invest the remaining 150 billion won into the fund. So far this year, Woori Bank, South Korea's third-largest commercial lender, has invested 10
Dec. 13, 2018
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Korea to build 30,000 smart factories by 2022
The South Korean government said Thursday it will greatly expand the number of smart factories and industrial complexes that adopt advanced technologies by 2022 to upgrade the nation's manufacturing industry. The Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups jointly announced support measures for the local manufacturing industry, which has lost growth momentum amid toughening global competition with emerging rivals. The government said it will create 30,000 s
Dec. 13, 2018
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[Monitor] Fewer South Korean companies make it into ‘1 trillion won club’
While the number of South Korean companies with at least 1 trillion won in annual revenue has increased 2.5-fold in the 20 years since the financial crisis, the number has decreased in recent years, a report by local market research firm Korea CXO Institute showed.Based on annual performance figures, 187 firms were part of the so-called “1 trillion won club” in 2017, down from 192 in 2012.With the combined revenue of the nation’s top conglomerates also declining, the report sai
Dec. 13, 2018
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Corporate sales slow, profit margin grows in Q3
South Korean companies saw their profitability continue its solid growth in the third quarter of this year, but their sales gains slowed slightly, central bank data showed Thursday.The ratio of operating profit to sales of non-financial firms in the country reached 7.6 percent in the July-September period, up from 7.4 percent tallied a year ago, according to the data by the Bank of Korea.At the same time, the pretax net profit margin of South Korean companies rose on-year to 7.2 percent from 6.4
Dec. 13, 2018
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Listed firm sales, operational profits fall in 2018: think tank
Nearly half of the country's listed firms reported declines in their sales in the three quarters this year ending September, an analysis by a think tank indicated Thursday.The Korea Economic Research Institute looked into the performances of 578 listed companies during the nine months and found sales at 268 of them, or 46.4 percent, fell compared with the same period last year. The figure is higher than the 32.5 percent in 2017. More firms fared worse in operational profits, with 344 companies,
Dec. 13, 2018
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[Monitor] More and more married couples having no children
Nearly 38 percent of couples who have been married for five years or less had no children as of November last year, according to government data.Among 11.03 million married couples, 37.5 percent were childless, up 1.2 percentage points from the previous year, Statistics Korea said.Among dual-income couples, 43.3 percent had no children, while the figure was 32 percent for single-income couples.Of couples where the wives were economically active, 43.7 percent had no children, while the figure was
Dec. 12, 2018
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[New Focus] Korea’s 3rd phase of new towns: Remedy or repetition?
SEJONG -- The average unit price of an old apartment complex built 31 years ago in Seocho-gu, Seoul, jumped to 1.64 billion won ($1.46 million) in November 2018 from 1.13 billion won in November 2016.The price increased 45 percent in only two years. Other apartment complexes in the district in southern Seoul and neighboring wards also saw their prices surge in the period.Although there have been signs of prices declining after reportedly peaking last summer, many households still appear skeptica
Dec. 12, 2018
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Mortgage loans increase at fastest pace in 2 yrs in Nov.
Home-backed loans from South Korean banks increased at the fastest pace in two years in November despite the government's anti-speculation measures, central bank data showed Wednesday.The total value of outstanding mortgages extended by banks came to 603 trillion won ($535 billion) as of the end of last month, up 4.8 trillion won from a month earlier, according to the data from the Bank of Korea. The gain marked the largest on-month growth since November 2016, when mortgage lending rose 6.1 tril
Dec. 12, 2018
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Average daily no. of births in Seoul falls below 200 for 1st time
The number of infants born in Seoul came to an average of 179 per day last year, dipping below the threshold of 200 for the first time as more people are delaying or shunning marriage, data released Wednesday by the Seoul metropolitan government showed.According to the Seoul Statistics Annuals, the number of babies born per day in the South Korean capital reached the lowest level since the government began compiling data in 1961, compared with 257 in 2012, 230 in 2013 and 206 in 2016. A governme
Dec. 12, 2018
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Fee cut to cost credit card firms about W700b per year in lost revenue
The government's plans to cut credit card commission fees will cost credit card firms about 700 billion won ($619.8 million) per year in lost revenue, a government report showed Wednesday. Financial authorities unveiled two plans this year to reduce credit card commission fees for small merchants in a move to support self-employed business owners at a time when the nation's economy is showing signs of sluggish growth amid weaker consumption.Under the plans, credit card processing fees for small
Dec. 12, 2018
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Nonbank loans rise for SMEs, shrink for conglomerates: dataconglomerates
Nonbank loans for conglomerates have declined this year, while those for small and medium-sized enterprises have increased, reflecting shrinking investing sentiment among large companies and financial difficulties for small businesses, central bank data showed Wednesday.The outstanding loans to large companies as of end-September stood at 16.72 trillion won ($14.82 billion), down 787.5 billion won from the end of last year, according to data released by the Bank of Korea. This was the first time
Dec. 12, 2018
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[Monitor] Real estate boom lifts No. of active businesses
The number of active enterprises expanded by the largest figure in 10 years last year, mainly bolstered by the real estate boom, data from Statistics Korea showed.Meanwhile, the enterprise death rate -- the number of enterprises that close their doors permanently in proportion to the population of active enterprises -- was highest among restaurants and lodging businesses.A total of 913,000 new businesses were created last year, an increase of 4.2 percent from 2016. The enterprise birth rate drop
Dec. 11, 2018
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Kuwait’s new airport terminal operated by IIAC opens
Incheon International Airport Corp. said Tuesday that the new terminal at Kuwait International Airport managed by the South Korean operator has officially opened. Kuwait International Airport is wholly owned by the Kuwaiti government, handling some 12 million travelers last year. IIAC was chosen as the operator for the new Terminal 4 through a bidding process in April. It is the first time for a foreign company to operate the Kuwaiti airport. IIAC said it has dispatched 30 officials with relevan
Dec. 11, 2018
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Finance minister calls for investment and job creation
South Korea's new finance minister on Tuesday urged companies to make investments and take the lead in creating jobs as the country makes every effort to bolster economic growth.In October, the Bank of Korea trimmed its economic growth outlook to 2.7 percent for 2018 from its earlier projection of 2.9 percent. It is lower than the finance ministry's 2.9 percent outlook and the International Monetary Fund's 2.8 percent prediction. The South Korean economy grew 3.1 percent in 2017 and 2.9 percent
Dec. 11, 2018
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Data shows more online shoppers using Chinese malls
A growing number of South Koreans shopping at overseas online malls are picking Chinese sites, a tally from a credit card firm indicated Tuesday.Purchase records from Nov. 1-26, compiled by the big data center at Shinhan Card, showed a 9.8 percent increase from last year in the monetary total of goods bought from overseas Internet sites. In terms of the number of purchases, this year's total was up 16.6 percent. The figures were derived from comparisons of the same period in 2016, 2017 and 2018.
Dec. 11, 2018