Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Corporate sales, employee salary show gains while hiring stalls
The country's leading firms have increased their sales and employee salaries over recent years but hiring has stalled, an analysis showed Wednesday.Corporate appraiser CEO Score studied 307 of the top 500 companies in terms of sales and found that their annual employee salaries rose 12.5 percent on average between 2014 and 2017, from 63 million won ($55,668) to 70.9 million won. Staff sizes, by comparison, increased 1.8 percent, from 1.19 million to 1.21 million.The companies were selected on th
Oct. 10, 2018
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Household debts rise in both total, individual average from year ago
Nearly four out of 10 South Koreans have an average household debt of 80 million won ($70,690), an increase of 3.3 percent from a year ago, according to figures from a credit information provider.The data, provided by National Information & Credit Evaluation Inc. to ruling party lawmaker Kim Byung-wook for parliamentary inspection, showed that 19 million people, or 37 percent of the country's population, had household debts as of the end of June this year. Their lending totaled 1,531 trillio
Oct. 10, 2018
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IMF cuts growth outlook for S. Korea to 2.8 % this year
The International Monetary Fund on Tuesday lowered its growth outlook for South Korea to 2.8 percent from 3 percent amid sluggish corporate investment and domestic consumption. It also slashed the country's growth projection for next year to 2.6 percent from 2.9 percent, becoming the latest global institution to be less optimistic about Asia's fourth largest economy.Last month, the Organization for Economic Cooperation and Development also trimmed its growth estimate for South Korea to 2.7 perce
Oct. 9, 2018
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Facility investment down as manufacturers move abroad
Domestic facility investment has continued to decline in recent months, while overseas investment by the nation’s manufacturers is on a steep rise.Facility investment in South Korea contracted 1.4 percent on-month in August, marking the sixth consecutive month of downward movement, according to data released last week by Statistics Korea. It was the longest streak of decline in facility investment in Asia’s fourth-largest economy in nearly two decades. The figure fell for 10 months i
Oct. 8, 2018
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Unpaid household chores valued at W361tr in 2014: data
The value of unpaid household work, such as meal preparation and child care, was estimated at 361 trillion won (US$319 billion) in 2014, state data showed Monday.The 2014 figure was up 90.1 trillion won, or 33 percent, from five years earlier, according to the data released by Statistics Korea.All household chores, including caring for family members, and volunteering, were included in the so-called household satellite account, and the calculation shows the value of unpaid services and activitie
Oct. 8, 2018
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BOK chief affirms independent rate-setting decision
South Korea's central bank chief stressed its right to make monetary policy decisions without political interference a week before the rate-setting meeting."I will not freeze the interest rate even though a rate hike is necessary, or vice versa, in an apparent response to outside voices," Bank of Korea Gov. Lee Ju-yeol said in a media meeting held on Friday.His comment follows calls by some high-ranking government officials, including Prime Minister Lee Nak-yeon, for a rate increase as
Oct. 7, 2018
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S. Korea, UK sign MOU for expanded trade partnership
South Korea's trade promotion agency said Sunday it has reached an initial agreement with Britain to expand the two countries' already-strong partnership. The Korea Trade-Investment Promotion Agency said its CEO, Kwon Pyung-oh, signed the memorandum of understanding with Britain's International Trade Secretary, Liam Fox, for a strategic partnership in bilateral investments, trade information exchanges, and joint overseas projects. "Britain is the world's fifth-biggest economy in terms of gr
Oct. 7, 2018
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[Photo News] Post-Brexit partnership
Oct. 5, 2018
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Korea's consumer price growth hits 1-year high in September
South Korea's consumer price growth continued to stay above 1 percent in September, hitting the highest level in a year, on a sharp rise in prices for agricultural goods and the service sector, government data showed Friday.The country's consumer price index climbed 1.9 percent last month from a year earlier, accelerating from the previous month's 1.4 percent on-year gain, according to the data compiled by Statistics Korea.The on-year rise marks the highest since September last year, when the co
Oct. 5, 2018
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Real estate takes up largest proportion of Koreans' assets: report
Real estate accounted for more than half of South Korean households' total assets, with the rate of homes owned for investments far higher compared to major economies, a report showed Thursday.It is based upon an analysis of features of household assets in five nations -- South Korea, the United States, Britain, Australia and the Netherlands -- by the Mirae Asset Retirement Institute. According to the report, real estate property accounted on average for 51.3 percent of the total assets of South
Oct. 4, 2018
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S. Korea ranks world 3rd in debt-to-GDP ratio growth: data
South Korea has seen one of the fastest expansion paces for its household debt against its gross domestic product this year, despite a series of policy actions focused on lending restrictions, data showed Wednesday.According to data compiled by the Bank for International Settlements, Seoul’s household debt was equal to 95.2 percent of its GDP as of end-March this year, up 2.3 percentage points from a year prior.This growth rate marked the third fastest among 43 key economies across the wor
Oct. 3, 2018
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Household consumption set to take downturn
Despite a recent rebound in consumer sentiment, the country’s household consumption is set to weaken in the longer term amid deteriorating employment conditions and rising debt-service costs, experts say.Bank of Korea data showed last week consumer confidence rebounded in September after falling for eight straight months, partly on the back of robust exports and low inflationary pressure. The composite consumer sentiment index, which is based on the central bank’s survey of about 1,9
Oct. 3, 2018
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Growth of Korea's household debt-to-GDP ratio 3rd fastest among major economies
The ratio of household debt to gross domestic product in South Korea increased at the fastest clip after China and Hong Kong despite a series of tightened lending rules, data showed on Wednesday.According to the data compiled by the Bank for International Settlements, South Korea's household debt accounted for 95.2 percent of the GDP at the end of March this year, up 2.3 percentage points from a year before.The growth rate marks the third fastest among 43 major economies, after China's 3.7 perce
Oct. 3, 2018
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Finance minister says September job data may be disappointing
South Korea's employment conditions in September may remain disappointing, the country's top economic policymaker said Tuesday, adding that he does not rule out the possibility of a contraction.In a parliamentary interpellation session, Finance Minister Kim Dong-yeon expressed concerns that job creation remains in the doldrums and said last month's data took a hit due to ongoing corporate restructuring moves and various policy uncertainties."(Job conditions) are not good, and we are not rul
Oct. 2, 2018
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Govt., ruling party to meet next week on inter-Korean summit, economy
Officials from the presidential office, ministries and the ruling Democratic Party will meet next week to discuss follow-up measures regarding the latest inter-Korean summit in Pyongyang, party officials said Tuesday.The three-way meeting will be held Monday to discuss how to implement the agreement reached during the September summit between President Moon Jae-in and North Korean leader Kim Jong-un, according to DP officials. Moon visited Pyongyang from Sept. 18-20 for his third summit with the
Oct. 2, 2018
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Korea's industrial output rises 1.4% in August
South Korea's industrial output advanced in August from a month earlier, helped by a rise in auto production, government data showed Tuesday. Production in the mining, manufacturing, gas and electricity industries rose 1.4 percent on-month in August, following a revised 0.5 percent on-month gain in the previous month.From a year earlier, industrial output also climbed 2.5 percent, following a revised 1.0 percent on-year rise tallied for July.Production in the service sector rose 0.1 percent on-m
Oct. 2, 2018
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Concerns rising over weakening manufacturing sector
Concerns are rising over the weakening of the country’s manufacturing industries, which are suffering the effects of deteriorating conditions at home and abroad.Data released last week by Statistics Korea showed that the manufacturing capacity index -- which measures the maximum possible level of production through the full use of manpower, facilities and other input factors -- had declined for five consecutive months as of July, from 102.9 to 102.6. The annual average figure for 2015 is s
Oct. 1, 2018
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Korea spends 76% of state budget through August
South Korea spent some 76 percent of its state budget earmarked for 2018 in the first eight months as it moves to maintain its recovery pace and create more jobs, the finance ministry said Monday.Some 212.8 trillion won ($191 billion) was spent through August, 12.6 trillion won, or 4.5 percentage points, more than the expected outlay of 200.3 trillion won, according to the Ministry of Strategy and Finance.It earlier said efforts were under way to front-load its budget spending to minimize any fa
Oct. 1, 2018
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Dairy exports to China making recovery
Dairy exports to China are recovering quickly this year after a steep dive in 2017 due to a diplomatic spat, industry officials said Monday.Maeil Dairies Co. is estimated to have increased its exports to China by 20 to 30 percent in the first six months of this year compared to the same period last year."The exports would be similar to the total in the first half of 2016," a company official said. "Our China exports last year dropped 30 to 40 percent from 2016 due to the diplomati
Oct. 1, 2018
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Korea's exports down 8.2% in Sept.
South Korea's exports slipped in September compared with a year ago due to fewer working days and a high base effect, despite the high daily volume of products shipped abroad, government data showed Monday.Outbound shipments reached $50.58 billion last month, down 8.2 percent from a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. Average daily exports reached $2.69 billion in September, constituting a record high.Imports fell 2.1 percent on-year to $40.83
Oct. 1, 2018