Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Korea’s reshoring policy far from effective
Few Korean companies have brought home overseas production in recent years in contrast to a sharp rise in the number of the country’s firms operating abroad.In 2012, the government began strengthening measures to facilitate the reshoring of manufacturing companies. Since then, just 41 Korean manufacturers have transferred overseas factories back to the country, according to data from the Ministry of Trade, Industry and Energy.During the same period, more than 17,000 Korean businesses have
Oct. 23, 2017
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Exports up 6.9% this month despite long holiday
Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e
Oct. 23, 2017
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Govt. to lower borrowing costs for those most in need
South Korea's top economic chief said Monday that he will lower borrowing costs for people with low credit ratings to reduce their financial burden ahead of the scheduled announcement of tighter rules on household loans.Finance Minister Kim Dong-yeon made the comment during a visit to a government-run financial support center in Seoul along with Financial Services Commission Chairman Choi Jong-ku and Financial Supervisory Service Gov. Choe Heung-sik. "It is necessary for the government to m
Oct. 23, 2017
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Moon to hold meeting with labor leaders this week
President Moon Jae-in is scheduled to hold a meeting with officials and leaders from top labor organizations this week, an official from the presidential office Cheong Wa Dae said Monday.The meeting will be held Tuesday and will involve dozens of labor leaders, including those from the two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions.The talks will nearly complete the president's series of discussions with all major economic players
Oct. 23, 2017
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Trade ministers in Asia-Pacific to gather for RCEP talks
Trade ministers of 16 countries in the Asia-Pacific region will gather in South Korea this week to discuss the Regional Comprehensive Economic Partnership, the trade ministry said Monday. RCEP is in essence a massive regional free-trade agreement between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has existing free trade agreements, including South Korea, China, Japan, India, Australia and New Zealand.Some 800 negotiators from the member na
Oct. 23, 2017
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Manufacturers’ debt repayment ability improves in recent years: KSE
South Korea's manufacturing firms have improved their ability to repay short-term debt with the cash inflow from their operations in recent years, data showed Monday, despite Asia's fourth largest economy struggling with sluggish growth.The cash flow coverage ratio for 674 manufacturers listed on the benchmark Korea Composite Stock Price Index rose to 124 percent last year, up from 107 percent in 2013, according to the statistics by the Korea Stock Exchange. The comparable figure for the 65 larg
Oct. 23, 2017
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Korea's economy to grow 2.8% in 2017: think tank
South Korea's economy is expected to grow 2.8 percent this year due to a weakening in business investment, a non-governmental think tank said Sunday.The Korea Economic Research Institute said it is lowering growth numbers for 2017 from the previous 2.9 percent, with its growth forecast for next year standing at 2.7 percent.The institute under the Federation of Korean Industries, the lobbying group for large businesses, said that while facility investment surged 15.9 percent in the first half, th
Oct. 22, 2017
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[Monitor] Income gap widening among professional jobs
Nearly 15 percent of professionals working as individual businesses made less than 2 million won ($1,765), or one-tenth of an average of income in these traditionally highly paid professions, suggesting growing competition in the professional market.While those in these professions, a total of 35,108, earned an average of 230.8 million won a year, 14.3 percent of the group made a monthly income of 2 million won or 24 million won a year, according to data provided by the National Tax Service requ
Oct. 22, 2017
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China denies THAAD retaliation against Korea: WTO report
Trade representatives of China denied the existence of trade-restrictive measures in tourism and distribution services against South Korean companies, despite the United States and Japan voicing support for Korea, a report by the World Trade Organization showed Sunday. According to the meeting minutes for a council meeting held in June by the Council for Trade in Services, the Korean government raised again the issue of China’s trade-restrictive measures seen as retaliatory actions against
Oct. 22, 2017
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Seoul to take fresh measures to curb household debt
South Korea is set to unveil another set of measures this week, the third of its kind, aimed at curbing rising household debts amid expectations that the central bank would raise its key rate in the coming months, industry sources said Sunday.The measures, due Tuesday, come as a rise in housing prices still does not show signs of abating despite a series of measures, including heightened financial regulations.Over the past few years, housing prices in South Korea have continued to rise on the ba
Oct. 22, 2017
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Govt. buys 370,000 tons of rice to stabilize market price
The government has started to buy up 370,000 tons of rice harvested this year to stabilize domestic prices of the staple grain, the agriculture ministry said Sunday.It said regional governments have been notified of Seoul's plans to "isolate" rice this year and details related to the purchase.Besides the rice to be bought from growers for the purpose of keeping market prices at certain levels, the Ministry of Agriculture, Food and Rural Affairs said it will set aside another 350,000 to
Oct. 22, 2017
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Govt. sets up committee to review policy goals
The government said Sunday it will set up a committee comprised of experts to review President Moon Jae-in's industrial technology-related state affairs and policy goals.Earlier, the Moon administration announced that finding new growth engines through the so-called fourth industrial revolution for the South Korean economy is one of its key policy objectives. Moon said the revolution will help create more jobs, develop cutting-edge technologies and eventually serve as a catalyst for the economy.
Oct. 22, 2017
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Income gap growing among professional jobs
Professionals in jobs that traditionally enjoyed high pay like lawyers and accountants earned an average of 230.8 million won ($203,796) per individual last year but close to 15 percent of the people in these professions made less than one-tenth of the amount, data showed Sunday.Records provided by the National Tax Service for parliamentary audits said 35,108 people were registered to be in private practice as lawyers, accountants, customs agents, certified architects, appraisers, patent attorne
Oct. 22, 2017
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Issuance of gift certificates accounts for more than half of central bank's printed money in 2016
The total value of gift certificates issued in South Korea last year accounted for more than 50 percent of the country's money printed by the central bank, a report showed Sunday.Some 11.3 trillion won ($10 billion) worth of gift vouchers, mobile coupon and revenue stamps were issued in 2016, according to a report by Rep. Shim Ki-joon of the ruling Minjoo Party. This is equivalent to 56.2 percent of 20.2 trillion won worth of money printed by the Bank of Korea in the same one-year period. The re
Oct. 22, 2017
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Korea's tax rate will be 5th highest under gov't plan
South Korea's tax rate will rise to be the fifth highest among major economies if the incumbent Moon Jae-in administration follows through on its plans to collect more dues from very big companies, an opposition lawmaker said Friday.The government and the ruling Democratic Party have said they will increase the corporate tax rate for firms with annual net profits exceeding 200 billion won ($177 million) to 25 percent from 22 percent at present to help finance Moon's welfare and job creation agen
Oct. 20, 2017
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[Herald Interview] ‘Korea should take leadership in the world intellectual property sector’
Having risen to one of the global technology innovators within a relatively short period of time, South Korea holds a unique position in the intellectual property sector, acting as a bridge between developing nations and advanced ones.Recognizing its strength and challenges, the country should now focus on increasing its leverage in the international intellectual property realm, according to the chief of the Korea Intellectual Property Office.“In step with key technological development suc
Oct. 19, 2017
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KIPO urges pre-emptive IP measures for ‘4th industrial revolution’
South Korea‘s Korean Intellectual Property Office attended the World Intellectual Property Organization’s General Assembly meeting at its headquarters in Geneva, Switzerland this month, urging the member states to take pre-emptive measures for the anticipated changes in the intellectual property market with the advent of the “fourth industrial revolution” brought on by artificial intelligence and big data. The WIP is a self-funding agency of the United Nations for intell
Oct. 19, 2017
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Korea's financial debt-to-GDP ratio reaches nearly 100% in 2016
The ratio of South Korea's financial debt to gross domestic product reached nearly 100 percent last year amid rapidly rising household lending, a report showed Thursday.South Korea's combined household financial credit and nonprofit organizations accounted for 95.6 percent of the country's GDP in 2016, up 4.6 percentage points from a year earlier, according to the report by Rep. Kim Du-kwan submitted to parliament. The country GDP was tallied at $1.64 trillion last year. The debt-to-GDP ratio ha
Oct. 19, 2017
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BOK raises economic growth outlook to 3%, holds rate at 1.25%
South Korea's central bank on Thursday revised up its growth outlook for Asia's fourth-largest economy this year to 3 percent as it held its key rate steady for October.In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the key rate at 1.25 percent, extending its wait-and-see approach for the 16th consecutive month.In June last year, South Korea's central bank made a surprise rate cut, citing the need to stimulate the lackluster economy amid a prolonged econo
Oct. 19, 2017
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Inconsistent policy hobbles resources development abroad
Korea’s policy to develop energy and other mineral resources abroad has been inconsistent, biased toward short-term achievement and swayed by political winds.As a result, the country’s state-run energy and resources firms have shown a pattern of acquiring overseas oil rigs and mining fields at high prices and disposing of them at low prices. Over the past several years, Korea has swung from an aggressive push for overseas resources development to a hasty withdrawal from it.Under the
Oct. 18, 2017