Most Popular
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Strengthening won weighs on Korea’s exports
Concerns are growing over the negative impact of the strengthening won on Korea’s exports, with expectations also being raised that a rise in the value of the currency will help boost investment and consumption.The value of the won gained 1.16 percent against the US dollar over the past two weeks to close at 1,069.6 won per dollar in the Seoul foreign exchange market Friday.It marked the second-steepest appreciation among the currencies of Group of 20 major economies following Mexico&rsquo
April 9, 2018
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Finance minister seeks cooperation from smaller firms to create jobs
South Korea's chief economic policy maker on Monday sought cooperation from smaller firms to create quality jobs to reduce the country's high youth unemployment rate.Finance Minister Kim Dong-yeon made the remark during a meeting with executives of small and medium-sized enterprises held in Seoul."We hope the planned support for SMEs will lead to job creation beyond the current level of employment," Kim said, referring to the government's proposed extra budget. Early this month, the go
April 9, 2018
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Rise in minimum wage fueling inflationary pressure
The sharp rise in the country's minimum wage this year is fueling inflationary pressure and concerns of public charge hikes going forward that can increase the burden on ordinary people, market watchers said Sunday.The government marked up the minimum wage for all workers by 16.4 percent in 2018 to 7,530 won ($7.04) from 6,470 in 2017 as part of a broader move by the incumbent Moon Jae-in administration to reduce the pay gap between workers and fuel private consumption that can act as a growth e
April 8, 2018
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Top 10 chaebol make up nearly 80% of KOSPI net profits
Korea's top 10 business groups accounted for 79.1 percent of all net profits generated by companies listed on the country's main stock exchange in 2017, the local bourse operator said Sunday.According to the Korea Exchange, of the 533 companies checked that settled their accounts in December, profits by the 62 affiliates belonging to the country's 10 largest chaebol, or family-run conglomerates, totaled 90.6 trillion won ($84.7 billion), up 57.1 percent from the 57.6 trillion won tallied in 2016
April 8, 2018
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Moody's forecasts rate freeze at upcoming BOK monetary policy meeting
Korea's central bank will likely hold its key rate steady at the upcoming monetary policy meeting due largely to low inflationary pressure, a leading provider of economic analysis said Sunday.The Bank of Korea is set to hold its rate review session Thursday to decide whether to keep or adjust the current 1.5 percent. The BOK has maintained the present rate since it raised it by a quarter percentage point from an all-time low of 1.25 percent in November."The Bank of Korea will likely keep th
April 8, 2018
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Rise in value of Korean won contributes to investment, consumption: report
The rise in the real value of the South Korean won compared to other major currencies in recent years has lowered import prices and fueled investments in facilities and private sector consumption, a report said Friday.According to real effective exchange rate (REER) indices compiled by the Bank for International Settlements (BIS), the exchange rate for the South Korean currency has steadily risen and stood at 123.2 points as of the end of January from 115.34 in April 2015.REER is the weighted av
April 6, 2018
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Consumer prices remain stable, measures in place curb potential rise
Consumer prices in South Korea remain stable, but the government is ready to take actions to curb spikes in some items, such as agricultural goods and services, a deputy finance minister said Friday."Consumer prices in March gained 1.3 percent from a year earlier, slowing from the previous month's growth and logging a 1 percent gain for the sixth consecutive month," Ko Hung-kwon said in a meeting to assess price trends here."But some food prices surged, and the government will con
April 6, 2018
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US, China likely to compromise to avoid trade war: KITA
The United States and China will likely strike a trade deal to stave off a possible trade war that could undermine the world's two biggest economies, a state-run trade agency said Thursday.The two global powers this week have moved to slap massive tariffs on each other's goods, sparking fears of a trade war."It is possible the two sides will engage in negotiations to produce a compromise deal as any implementation of retaliatory tariffs will cause catastrophic losses on the economies of the
April 5, 2018
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Korea designates Gunsan as an emergency industrial zone
Korea has designated Gunsan, the home to General Motors' money-losing assembly line, as an emergency response zone to provide job support and tax incentives as the southwestern city is expected to suffer high unemployment, the commerce ministry said Thursday.The designation came nearly two months after the American automaker in February announced a plan to shut down its underutilized Gunsan plant, 274 kilometers south of Seoul, by the end of May.The Ministry of Trade, Industry and Energy said it
April 5, 2018
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Korea to inject 3.9 trillion won in job creation, restructuring-hit areas
The government has submitted a supplementary budget worth 3.9 trillion won ($3.7 billion) in an emergency gesture to alleviate the nation’s unemployment crisis and revitalize regional economies in distress, according to the Ministry of Strategy and Finance on Thursday.Responding to opposition parties, which have criticized the extra spending plan as a tax-imposing populist move, the ministry says the costs may be covered without additional taxation, citing surplus tax revenue for this year
April 5, 2018
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S. Korean cosmetics makers hope for rebound amid Beijing's move to lift sanctions: sources
South Korea's cosmetics makers expect a rise in sales this year as China moves to lift economic measures implemented in retaliation over the deployment of a US anti-missile defense system here, industry sources said Thursday.South Korea's makeup industry have enjoyed robust growth in recent years helped by "hallyu," or the Korean Wave, referring to the growing popularity of Korean pop culture abroad.Shipments of Korean makeup products to China reached $1.56 billion in 2016 compared to
April 5, 2018
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Govt. to raise public contract prices for smaller firms to ease wage burden
The government will advance its plan to raise contract prices for smaller companies to reflect the suppliers' increased costs from the latest minimum wage hike, officials said Thursday.The government and the ruling Democratic Party reached the agreement during a policy meeting to help small and medium-sized enterprises suffering from the effect of the increased labor costs."We have decided to address the time gap between labor cost increases and their calculation in contract prices in the p
April 5, 2018
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Korea to decide fate of fisheries agreement with Japan by April
Korea will decide the fate of protracted negotiations for a bilateral fisheries agreement with Japan if the two nations fail to reach a deal within this month, Seoul's oceans minister said this week.Working-level negotiations have been underway to renew their fisheries agreement to decide the fishing quota for each other's exclusive waters, but they have failed to narrow the gap for nearly two years."We have a set a deadline for working-level negotiations for the fisheries agreement by Apri
April 5, 2018
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Korea's current account surplus reaches $4.03b for Feb.
South Korea's current account surplus halved in February from a year earlier due mainly to an increase in the deficit in the service account, central bank data showed Thursday.The country's current account surplus reached $4.03 billion in February, down sharply from a surplus of $8.18 billion a year ago, according to the preliminary data from the Bank of Korea.It marked the 72nd consecutive month of a current account surplus, which started in March 2012.The services account deficit widened to $2
April 5, 2018
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Korea maps out new export targets amid rising protectionism
Korea will shift its reliance on trade with China and the United States to emerging economies to foster new growth drivers in the face of rising protectionism, the trade ministry said Thursday.Trade Minister Kim Hyun-chong announced the "New Trade Policy," which focuses on expanding trading territories and joining mega-trading blocs to boost exports of Asia's fourth-largest economy."We need to actively deal with the changing trading environment in the wake of protectionist practic
April 5, 2018
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Korea expresses concern over China's ban on import of plastic waste: govt.
Korea recently joined forces with the United States, the European Union and several other countries in expressing concerns over China's ban on the import of plastic waste, the government said Thursday.Korea's garbage pickup services stopped collecting plastic bags and Styrofoam containers starting Monday, citing a spike in processing costs. The value of waste resources has crashed in the wake of China's ban on the importation of plastic waste from January. The development is making it hard for l
April 5, 2018
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Concerns deepen over rising state liabilities, debt
Concerns over Korea’s mounting state liabilities and debt are being deepened by the Moon Jae-in administration’s push to hire a massive number of public sector workers and expand government spending beyond limits set by an existing fiscal management plan.Korea saw its state liabilities for pensions paid to retired public employees and debt owed by central and regional governments more than double over the past six years to exceed 1,500 trillion won ($1.42 trillion) combined last year
April 4, 2018
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Extra budget to be spent to tackle youth unemployment
country's chronic youth unemployment as well as to help those who have lost their jobs in the wake of corporate restructuring, a senior government official said Tuesday."The government will create some 4 trillion won ($3.75 billion) in funds that will be spent to help young people find jobs and set up their own businesses," Kim Yong-jin, deputy finance minister, said in a meeting with scholars and other government officials.The supplementary budget plan is to be submitted to parliament
April 3, 2018
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Household debt growth seen accelerating in March ahead of tougher rules
The growth of household debt appears to have accelerated last month as households took out more loans ahead of tougher mortgage rules, industry data showed Tuesday.Household loans provided by the five major banks, including Kookmin Bank and Shinhan Bank, rose by 3.06 trillion won ($2.89 billion) in March on a monthly basis, according to the data.It was the sharpest monthly growth since November last year, when it grew by 4.6 trillion won. The government has implemented a series of measures to co
April 3, 2018
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Private spending falls to record low in 2017
South Korea's private spending fell to record low levels last year, according to the central bank Tuesday.Data from the Bank of Korea showed the ratio of private spending to the country's gross domestic product came to 48.1 percent, the lowest since record keeping began in 1970.The ratio used to run in the 70 percentile in the 1970s, but it slid to 53.8 percent in 2000 and further to 49.3 percent in 2015, the data showed. It further dipped to 48.7 percent in 2016.Comparisons with other countries
April 3, 2018