Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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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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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Korea demands long-term commitment, transparent management from GM
South Korea's commerce minister on Wednesday called on General Motors Co. to submit a feasible long-term investment plan and improve its opaque management style to restructure its operations here following its decision to shutter one of its car production plants.The Detroit-based automaker said last week that its Gunsan factory in the southwest will be closed by May, citing its low output. The decision unnerved policymakers because such a step could lead to massive layoffs that would not be in t
Feb. 21, 2018
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Korea signs FTA with five Central American nations
South Korea and five Central American nations signed a trade deal to lower tariffs and other barriers on a wide range of areas to expand business ties, Seoul's trade ministry said Wednesday. South Korea inked the free trade agreement with Costa Rica, El Salvador, Honduras, Nicaragua and Panama to ease duties on over 95 percent of goods and open up the service and investment market. Talks on the pact started in June 2015 and covered 24 chapters addressing goods, service and investment, non-tariff
Feb. 21, 2018
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Govt. to designate Gunsan as employment crisis area in wake of GM shutdown decision
The government will soon designate the southeastern city of Gunsan, which has been affected by GM Korea's recent decision to shut down a production facility, as a special employment crisis area, an official from the presidential office Cheong Wa Dae said Tuesday."The labor ministry decided today to take emergency steps to designate the Gunsan region as an employment crisis area," Cheong Wa Dae spokesman Kim Eui-kyeom told a press briefing. The designation enables emergency government s
Feb. 20, 2018
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Ruling party calls for retaliatory measures against US steel tariff proposal
Members of the ruling Democratic Party reacted strongly to a US proposal to impose a massive tariff on South Korean steel imports, saying the country should consider retaliatory measures, such as restrictions on American agricultural imports.The US Commerce Department suggested last Friday slapping a 53 percent tariff on steel imports from a dozen countries, including South Korea, as part of measures to protect the local industry. The proposal came after the US imposed steep tariffs on imports o
Feb. 20, 2018
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Korea seeks to shift export strategy as US raises trade barriers
SEJONG -- South Korea should change its export strategy to expand its foothold in emerging markets and develop new growth drivers against a series of import restrictions by the United States, Seoul's commerce minister said Tuesday.Paik Un-gyu, Minister of Trade, Industry and Energy, said South Korea should be strategic and nimble to manage potential risks from the rising protectionist trade policies under US President Donald Trump, including safeguard measures on washers and solar panels and pro
Feb. 20, 2018
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PM: Korea 'being driven into difficult situation'
Prime Minister Lee Nak-yon said Tuesday Korea is being "driven into a difficult situation," citing General Motors' decision to shut down one of its assembly plants in the country and the possibility of a hefty tariff on Korean steel exports to the US."GM Korea decided to shut down its Gunsan plant and the US Trump administration is putting together measures restricting steel imports," Lee said at the start of a Cabinet meeting. "It appears Korea is being driven into a di
Feb. 20, 2018
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Korea needs proper response to currency fluctuations
Calls are rising for timely measures to stabilize the increasing fluctuation in the value of the Korean won.Economists note a failure to properly respond to currency fluctuations could lead to sparking foreign capital flight or dampening exports that have shored up Asia’s fourth-largest economy.The won has depreciated against the US dollar in recent weeks as the global shock waves prompted by the prospect of steep US rate hikes hit local financial markets.Foreign investors net sold Korean
Feb. 19, 2018
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LKP: Korea's inclusion in US tariff list 'red light' in relations with Washington
South Korea's inclusion in the United States' list of countries that could have a 53 percent tariff levied on their steel exports is a "red light" in economic relations between the two countries, the main opposition party said Monday.Imposition of the hefty tariff on steel imports from 12 countries was one of three suggestions that the US Commerce Department made to President Donald Trump to protect the local industry. South Korea was the only US ally included in the list."At a ti
Feb. 19, 2018
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Exports created a record high 4.47m jobs in 2017: report
South Korean export growth helped create a record 4.47 million jobs in 2017, a report by a local think tank showed Sunday.Asia's fourth-largest economy shipped out $573.7 billion worth of goods last year, the highest amount tallied in a one-year period, with such gains contributing to a large number of new jobs in the country, the findings by the Institute for International Trade showed.The institute said the total exceeded the 4.08 million posts created by exports in 2016, with the job creation
Feb. 18, 2018
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IMF predicts S. Korea's potential growth rate could be in 2% range in 2020s
A report by the International Monetary Fund showed Sunday that South Korea's potential growth rate will hover at low 2 percent levels in the 2020s and dip to the 1 percent range in the 2030s due to various factors.The Washington-based global monetary organization said in its assessment of annual talks with South Korean policymakers, Asia's fourth-largest economy will face tough challenges in productivity and distortions in the country's labor market.It said Seoul needs to expand its social secur
Feb. 18, 2018
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S. Korea's coffee market tops W10tr in 2017
South Korea's domestic coffee market surpassed 10 trillion won in 2017 for the first time ever as demand for the brew continues to rise, market data showed Sunday.According to the Korea Customs Service, the country's coffee market stood at 11.7 trillion won ($10.8 billion), up more than threefold from around the middle 3 trillion-won level a decade earlier.This translates into 26.5 billion cups of coffee being served last year and an average of 512 cups being consumed per person. Asia's fourth-l
Feb. 18, 2018
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Trump gets recommendations on tariffs for steel imports
US President Donald Trump has received recommendations on tariffs for steel imports, including those from South Korea, the US Department of Commerce said Friday.The recommendations followed investigations into the impact on national security from imports of steel mill products and wrought and unwrought aluminum, the department said in a statement.The tariffs, if adopted, would be another trade remedy undertaken by the Trump administration following its imposition of tariffs on imports of washing
Feb. 17, 2018
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Moon's regulatory reform yet to gather traction
Despite its repeated pledges to push for drastic deregulation, President Moon Jae-in’s government has been facing criticism for dragging its feet on regulatory reform.Presiding over a debate last month, Moon emphasized the need to take a “revolutionary approach” to lifting regulations, calling for “bold ways that have never been tried until now.”Critics say, however, his administration’s efforts toward deregulation have been limited to selected new industries
Feb. 14, 2018
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Korea's jobless rate unchanged at 3.7% in Jan.
Korea's jobless rate remained unchanged at 3.7 percent in January, government data showed Wednesday.The number of employed people reached 26.21 million in January, up 334,000 from a year earlier and accelerating from the previous month's on-year rise of 257,000, according to the report compiled by Statistics Korea.The unemployment rate for young people -- those aged between 15 and 29 -- was 8.7 percent, compared with 8.6 percent a year earlier. The employment rate advanced 0.4 percentage point t
Feb. 14, 2018
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Korea expects slower export growth in Feb.
South Korea will take proactive measures to boost exports to keep the growth momentum going despite rising protectionist policies by major trading partners and fewer working days in February, the trade ministry said Tuesday.The Ministry of Trade, Industry and Energy expected the export growth will slow this month due to fewer working days from the Lunar New Year holiday, which falls later in the week, coupled with rising import restrictions by major economies."The internal and external envi
Feb. 13, 2018
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Korea exposed to fallout from US tax cuts, rate hikes
Concerns are growing among economists and businesses here over the fallout from a reversal of corporate tax rates and interest rates in Korea and the US.Last year, Korea raised the tax rate on companies with annual taxable profits of more than 200 billion won ($184.5 million) to 25 percent from 22 percent, whereas a tax overhaul passed by the US Congress last month lowered the maximum corporate tax rate to 21 percent from 35 percent.Next month is likely to see a US benchmark interest rate exceed
Feb. 12, 2018
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[Monitor] Korea's trade surplus with the US drops
The United States exported record-high $48.28 billion worth of goods to South Korea in 2017, while Korea exported $71.16 billion of products to the US, data by the US Department of Commerce showed.Korea’s trade surplus consequently dropped 17 percent on-year, contrary to Washington’s current claim that the free trade pact was disadvantaging the US.The US trade deficit stood at $22.88 billion, down $4.69 billion from the $27.57 billion tallied in 2016.The commerce department attribute
Feb. 12, 2018
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SK Chemical, two others fined for misleading info over humidifier sterilizer
SK Chemical Co. and two other firms were fined for providing insufficient and misleading information on its humidifier sterilizer products, the country's corporate watchdog said Monday.The Fair Trade Commission said it has decided to levy a total of 134 million won ($124,000) in fines on SK Chemical, Aekyung Industrial Co. and E-Mart Co. for manufacturing and selling humidifier sterilizer without informing consumers of possible health hazards.In December of last year, the FTC reopened its probe
Feb. 12, 2018
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Korea to seek investor protection measures in FTA talks with China
South Korea's trade ministry said Monday it will seek ways to better protect investor rights from arbitrary regulations when holding talks with China to expand the scope of the two countries' free trade agreement to the service and investment sector.The Ministry of Trade, Industry and Energy said it will push for the FTA talks in a way that creates new business opportunities for local companies in the tourism, culture, legal and medical industries. South Korea and China implemented the FTA focus
Feb. 12, 2018
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Korea national debt per capital hits W13m: data
South Korea's per capita national debt hit 13 million won ($11,900), more than double that of 2008 when the country was reeling from the aftermath of the global financial crisis, official data showed Sunday.The National Assembly Budget Office said that as of Saturday, the national debt stood at 671.5 trillion won, up 4.6 trillion won from late last year and 2.2 times greater than the 309 trillion won tallied a decade earlier when the per capita debt stood at 6.31 million won.It said that, based
Feb. 11, 2018