Most Popular
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[Weekender] Geeks have never been so chic in Korea
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[KH Explains] Why Korea's so tough on short selling
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Actors involved in past controversies return first via streaming service originals
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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Korea set to finalize medical school expansion plans
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Seoul City to open 'hotel' on river bridge
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Yoon, first lady celebrate return of Buddhist relics after century
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Record number of people give up on job seeking: data
A record-high number of job-seekers have given up on finding a job, amid a feeble employment market and slowing economic growth, government data showed Sunday.The monthly average number of “discouraged job-seekers” -- referring to those with no signs of job seeking for at least four weeks over the past year -- stood at 510,000 as of end-August, up 5.4 percent from the same period last year, according to Statistics Korea. This was also the highest figure since the government started c
Sept. 23, 2018
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S. Korea’s economic uncertainty hits highest in 15 months: data
The uncertainty concerning South Korea’s economic growth and economic policies reached the highest level in 15 months, global data showed Sunday.According to the Economic Policy Uncertainty Index, Asia’s fourth-largest economy recorded 155.15 in July, the highest since 165.4 in April last year.The global index, conducted on 20 key economies across the world, also reached the highest since March last year, standing at 227.77, data showed. The index, developed by three US-based ec
Sept. 23, 2018
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Opposition, energy minister nominee battle over nuclear phaseout plan
The confirmation hearing held Wednesday for Sung Yun-mo, the nominee for minister of trade, industry and energy, pivoted mostly on the government’s plan to phase out nuclear energy and the potential impact of that plan on the nation’s electricity rates.While Sung and the ruling Democratic Party advocated major changes to the current energy-supply paradigm, the largely conservative opposition camp accused the nominee of flip-flopping from his earlier support for nuclear power.“T
Sept. 19, 2018
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Economists warn of increasing downside risks facing Korea’s exports
A protracted slump in South Korea’s exports might set in next year and jolt the country’s economy, which has relied on outbound shipments for growth amid sluggish domestic demand, economists say.Reports released last week by the Ministry of Economy and Finance and the state-run Korea Development Institute cited robust exports as a key factor in keeping the economy on the path to recovery and preventing it from taking a sharp downturn.In the first eight months of this year, Korea&rsqu
Sept. 19, 2018
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Expressway rest stops to provide drive-through, mobile preorder services
Starting next year, expressway rest stops will have drive-through stores, as well as mobile preorder and pickup services, as part of the government’s plan to support small businesses and revitalize regional economies.The Ministry of Land, Infrastructure and Transport and Korea Expressway Corp. on Tuesday unveiled a mid- and long-term innovation plan for expressway service facilities, in a bid to foster the rest areas into business hubs for young entrepreneurs by 2022.Under a road map to cr
Sept. 18, 2018
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Government, central bank lock horns over rate hike timing
The tension concerning the country’s key interest rate hike is expected to peak this week, in the wake of the government‘s latest set of additional measures to curb real estate speculation.While the government seeks to tighten the money market through a possible policy rate hike within the year, the central bank continued to dither over the decision, citing sluggish economic indexes.Further unnerving the hawkish observers here is the largely anticipated rate hike of the US Federal Re
Sept. 16, 2018
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Households piling up heavy debts: data
South Korean households saw their debts increase sharply with per-person debt expected to top 30 million won ($26,700) this year, data showed Sunday.Household credit reached 1,493 trillion won as of end-June this year, which marks a 362 trillion-won rise from the second quarter of 2015.Simply calculated, it means a South Korean household owed 75.6 million won to local lenders and card firms, and 28.9 million won of debt per person, data from the Bank of Korea showed. The per-person debt topped t
Sept. 16, 2018
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Finance minister vows to take additional steps unless housing prices stabilize
South Korea's chief economic policymaker said Friday that the government would take stronger measures if home prices do not stabilize.On Thursday, South Korea's government said it will levy tougher taxes than originally planned as it strives to rein in soaring housing prices.Over the past year, the Moon Jae-in government has unveiled a series of measures to curb housing prices that have had little impact on the market. Alarmed by the fastest housing price gains in a decade, Seoul said it would f
Sept. 14, 2018
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Government further hikes tax rate for multiple homes, expensive properties
The South Korean government on Thursday announced it would again raise the comprehensive real estate tax rate for owners of high-priced residences and of multiple properties, as part of a further attempt to rein in skyrocketing housing prices.According to the latest action plan, those who own multiple properties in bubble-prone zones will face real estate taxes as high as 3.2 percent, officials said. This additional tax hike comes on the heels of a government decision in July to increase real es
Sept. 13, 2018
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S. Korea’s job situation at its worst since post-financial crisis period: data
Amid an ever-worsening job market and lower-than-expected growth, South Korea’s youth unemployment rate reached its highest level since the country’s financial crisis situation in the late 1990s, government data showed Wednesday.According to a Statistics Korea report on employment trends, the number of newly employed people stood at 26.9 million in August, up 3,000 from a year earlier. This on-year rise was the lowest since the 10,000 decrease recorded in January 2010, when the
Sept. 12, 2018
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Calls rising for pro-corporate policy across board
A widening gap between South Korea’s large, export-oriented companies and its domestically focused smaller enterprises, in terms of both earnings and employment, highlights the need for a pro-corporate policy across the board, economists say.Small and midsized enterprises have been hit harder by the increased costs stemming from a set of labor-friendly measures taken by President Moon Jae-in’s administration in its pursuit of “income-led growth.”Under these circumstances,
Sept. 12, 2018
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Korea's jobless rate rises in Aug., sluggish job creation continues
South Korea's unemployment rate rose slightly in August due to a fall in employment in the retail and manufacturing sectors, with poorer-than-expected job creation showing no signs of a letup, government data showed Wednesday.The unemployment rate stood at 4 percent last month, up 0.4 percentage point from a year earlier, according to the report compiled by Statistics Korea.The number of employed people reached 26.9 million in August, up 3,000 from the same month in 2017, according to the data.
Sept. 12, 2018
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Declining investment holding back growth
A steep decline in domestic investments is becoming a main drawback on the country’s economic growth, with projections suggesting it is likely to fall short of the government’s target of 2.9 percent this year.Investments in facility, construction and intellectual property production dropped on-quarter in the April-June period, according to data released by the Bank of Korea last week. It marked the first time investments had fallen simultaneously in the three segments since the secon
Sept. 10, 2018
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PM leaves for visit Russia's Vladivostok for economic forum
Prime Minister Lee Nak-yon left for Vladivostok on Monday to attend an annual international economic forum and hold meetings with Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe.About 6,000 people are expected to attend the Eastern Economic Forum that Putin has hosted in Vladivostok every year since 2015, including Chinese President Xi Jinping, Abe and Mongolian President Khaltmaa Battulga. The three-day trip will be Lee's first to Russia as prime minister.During the visi
Sept. 10, 2018
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Current account surplus hits yearly high on growth in semiconductors
South Korea’s current account surplus reached a yearly high in July on the back of strong global trade and sturdy growth of the local semiconductors business, central bank data showed Thursday.Also, the travel account deficit contracted from a year earlier amid a rise of inbound travelers from China and Japan, as well as a slowdown in the number of outbound travelers.Seoul’s current account surplus stood at $8.76 billion as of end-July, up from $7.25 billion in the previous year, acc
Sept. 6, 2018
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Korea, India hold talks on trade remedies
South Korea and India have discussed ways to reduce the use of trade remedy measures and promote investment opportunities between the two nations, Seoul's trade ministry said Thursday.Senior officials of the Korea Trade Commission under the Ministry of Trade, Industry and Energy and India's Ministry of Commerce and Industry held a meeting in New Delhi to explore ways to facilitate bilateral trade and investment.Seoul officials asked the Indian government to fairly conduct trade-related investiga
Sept. 6, 2018
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Job market expected to improve in earnest next year: official
South Korea's job market is expected to improve in earnest next year, with more than 200,000 new jobs likely to be created in the second half of 2019, the vice chief of the presidential job commission said Thursday.Rhee Mok-hee made the remark at a meeting of officials from the government and the ruling Democratic Party to discuss ways to create jobs by fostering new growth industries. "I expect that the job market will improve to some degree in the second half," Rhee said at the start
Sept. 6, 2018
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US imposes anti-dumping duty on Korean power transformers
The United States Department of Commerce has decided to impose an anti-dumping duty on power transformers made by South Korea's Hyundai Electric & Energy Systems Co., industry sources said Wednesday.In its latest, fifth review, the US government upheld its earlier ruling that levies an anti-dumping duty of 60.81 percent on large power transformers manufactured by Hyundai Electric shipped to the US, according to the sources. The final decision will be made in March next year.As it did in earl
Sept. 6, 2018
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Trump says revised Korea trade deal may be signed in 'couple of weeks'
WASHINGTON -- US President Donald Trump said Wednesday that a revised trade deal between the US and South Korea may be signed "in a couple of weeks."Speaking at the White House, Trump indicated the signing could take place when he meets with South Korean President Moon Jae-in on the sidelines of the UN General Assembly later this month."It may be signed during the United Nations conference in a couple of weeks," he said. "The deal is done. It's been done with South Korea
Sept. 6, 2018
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Soaring debt among self-employed puts economy at risk
A steep rise in debt owed by self-employed people with faltering businesses is a ticking time bomb for the South Korean economy, experts warn.Outstanding loans to the self-employed increased 77 trillion won ($68.9 billion) on-year to 598 trillion won at the end of last year, according to data from the Financial Supervisory Service.The figure is now estimated to be close to 615 trillion won, given that banks extended 15.8 trillion won more in loans in the first seven months of this year, with fig
Sept. 5, 2018