Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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Legoland Korea Resort to open until 9 p.m.
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[Weekender] How DDP emerged as an icon of Seoul
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Korea stays mum on China's service trade barriers at WTO
South Korea didn't raise issue with China's trade barriers against South Korean companies during a World Trade Organization meeting earlier this month, sources familiar with the matter said Wednesday, a decision that may reflect a rise in tension with North Korea and talks to extend the bilateral currency swap deal. During a meeting of the WTO Council for Trade in Services in Geneva on Friday, the South Korean officials did not point out Beijing retaliatory actions in the tourism and retail indu
Oct. 11, 2017
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Highest average salary equal to income of 3 million people in bottom tier: report
The monthly salary for the country's top 0.1 percent earners averages 54.58 million won ($48,088), a sum equal to the total earned income by 2.95 million people in the bottom 27 percent, statistics from the tax agency showed Wednesday. The annual salary for the top 0.1 percent, fewer than 20,000 people in number, totaled 11.35 trillion won last year, accounting for 2.02 percent of the 562.59 trillion won paid to all workers. These figures were provided by the National Tax Service to ruling party
Oct. 11, 2017
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Korea-China currency swap expires, negotiations continue
The 64 trillion won ($56 billion) currency swap deal between South Korea and China ended on Tuesday as the two countries failed to agree on terms of deal extension within due time.While tension remained up to the last minute, neither country came up with an official announcement after midnight, which was the expiration point.But possibilities remain that the two countries will carry on with their negotiations and resume the swap at a later stage.South Korea's currency swap with the United A
Oct. 10, 2017
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Korea to highlight its solid fundamentals in key meetings in US
South Korea's finance minister plans to stress the country's solid fundamentals and financial stability during the upcoming global economy conference in Washington, officials said Tuesday.Finance Minister Kim Dong-yeon is set to deliver the message later this week when he meets with his counterparts and central bankers from the Group of 20 leading economies.Geopolitical tensions have heightened on the Korean Peninsula in recent months as North Korea has fired intercontinental ballistic missiles
Oct. 10, 2017
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KORUS FTA amendment battle heading to National Assembly
Following the decision to begin talks of amending the Korea-US free trade agreement last week, South Korea’s political parties are bracing for a full-fledged debate during an audit beginning this week, with the opposition lambasting the government for “failing to dodge” the US’ calls. The National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee is set to open its audit and inspection session Friday, focusing on the overall effects of the now five-yea
Oct. 10, 2017
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Hike in penalties against financial firms approved
South Korea's Cabinet on Tuesday approved raising fines that can be slapped against financial firms over violations in public disclosures, state regulators said. Under the tougher rules, fines will be raised by about two to three times their current levels from Oct. 19 if financial firms violate relevant laws on public disclosures or obstruct probes by financial authorities, the Finance Services Commission said in a statement. Along with the tougher regulation, the Cabinet approved nine other re
Oct. 10, 2017
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Recalled goods producers required to inform public through SNS, TV ads: FTC
The government said Tuesday it has revised regulations to require manufacturers of recalled products to provide consumers with timely information of problems found through SNS messages and TV commercials.The new regulations also stipulate automobiles, livestock products, manufactured goods, bottled water, cosmetics and consumer chemical products should have health hazard classification, the Fair Trade Commission said.Only foods, medicine, medical equipment and health foods are currently subjecte
Oct. 10, 2017
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Korea's consumer goods losing ground in China
China's imports of consumer goods from South Korea all shrank except for a handful of products despite a rise in demand for similar goods made in other countries, a report from a trade group said Tuesday.The report from the Beijing office of the Korea International Trade Association said South Korea accounted for 3 percent of all consumer goods imported by China in the January-July period of this year. Detailed data for the top 20 consumer products showed that global shipments to China during th
Oct. 10, 2017
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Finance chief appeals for religious taxation
South Korea's finance chief expressed thanks to a Confucian leader Tuesday, following a positive response to the idea of levying taxes on local clergy.Finance Minister Kim Dong-yeon delivered his appreciation in Seoul to Kim Young-geun, head of Sung Kyun Kwan, a body that advocates for Confucianism. Sungkyunkwan was a Confucian academy in the Joseon Dynasty (1392-1910). Kim also said he will listen to any concerns about the religious taxation that is set to take effect in January. The polic
Oct. 10, 2017
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Data shows Korea's presence shrinking in Chinese import market
South Korea's share in the Chinese import market is weakening, likely to fall to under 10 percent this year despite strong exports to the neighbor country led by semiconductors and petrochemicals, trade data showed Tuesday.Statistics from the Korea Center for International Finance, data firm CEIC and the trade industry said South Korean products accounted for 9.4 percent of China's imports in monetary terms for the January-August period this year.South Korea's market share in Chinese imports had
Oct. 10, 2017
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Imports of e-cigarettes rose sharply since conventional tobacco tax hike in 2015: data
Imports of electronic cigarettes more than doubled after the government raised taxes on conventional tobacco in 2015 to discourage smoking, government data showed Tuesday.Industry sources attribute the sharp rise to smokers switching to e-cigarettes which are exempted from higher taxes.The government increased taxes on cigarettes by 2,000 won ($1.70) per pack from Jan. 1, 2015, raising the price to 4,500 won per pack, and compelled tobacco companies to place graphic images showing the harmful ef
Oct. 10, 2017
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BOK chief says talks under way with China over currency swap deal
South Korea and China were to hold another meeting Tuesday to discuss whether to extend the existing currency swap deal, the head of South Korea's central bank said.Bank of Korea Gov. Lee Ju-yeol said an expiration is not necessarily all that important as the two sides are holding negotiations on the deal."It would be good if everything is concluded before the existing deal expires, but it may not be the case (in the process of consultations)," Lee told reporters at the BOK headquarter
Oct. 10, 2017
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N. Korea risk emerged as economic recovery confidence gained speed: BOK chief
The North Korea risk triggered by the country's nuclear and missile provocations emerged as confidence in South Korea's economy started to gain some momentum, the head of the central bank said Monday.Bank of Korea Gov. Lee Ju-yeol, after chairing an economic-financial assessment meeting, said that there is a need to carefully keep tabs on uncertainties surrounding Pyongyang. Local media has been pressing the BOK in regards to the overall health of the economy, which could allow the central bank
Oct. 9, 2017
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Construction industry in deepening slump
Korean builders are struggling with deteriorating conditions at home and abroad, raising concerns over the impact of the slumping construction industry on the country’s economy.Local construction orders dropped 3.4 percent from a year earlier in August, following a 33.6 percent decrease in the previous month, according to data from Statistics Korea. The value of accomplished construction works across the country also declined 2 percent on-month in August.This downward trend is set to
Oct. 9, 2017
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Korea's growth to hover under 1% range for two quarters: data
Slowdown in South Korea's economic recovery is expected to cause the country's growth rate to hover under 1 percent for the second quarter in a row, forecast data by the government, central bank and local think tanks showed Monday.According to the estimates, economic growth for the third quarter will likely be in the mid zero percent level, and be similar to the 0.6 percent numbers tallied for the April-June period of this year. The latest predictions based on data provided by the Bank of Korea,
Oct. 9, 2017
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Korean economy in slow expansion stage: budget office
The South Korean economy is currently in an expansionary stage that is notable for being very long and sluggish, the parliamentary budget office said Monday.The report by National Assembly Budget Office based on various official coincident composite and cycle of coincident indices, showed Asia's fourth-largest economy hit bottom in early 2013 and has been making a comeback ever since."The economy has effectively expanded for 52 months as of July," NABO said. It added this is the longes
Oct. 9, 2017
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One in three Koreans in debt as they borrowed by to buy houses: report
One in three South Koreans have borrowed money to buy houses, and they took a greater amount of loans than other debtors, becoming one of the main reasons behind the ballooning household debt in Asia's fourth-largest economy, a report showed Monday. A total of 18.57 million South Koreans, 36 percent of the total population, borrowed 1,439 trillion won ($1.2 trillion) from local lenders as of June, with each holding 77.47 million won of debt on average, according to the office of Rep. Chung Sye-k
Oct. 9, 2017
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Export of ramyun, beer, dried laver to China surge despite THAAD row
Exports of South Korean ramyun instant noodles, beer and dried laver to China have surged despite the diplomatic row over the deployment of an advanced anti-missile system here, government data showed Monday.According to data provided by the Ministry of Agriculture, Food Rural Affairs exports of the three products from January through August of this year reached to around $150 million. This is equivalent to 18 percent of the country's processed food and farm exports in the same period that was v
Oct. 9, 2017
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Number of Korea’s self-employed fourth-highest in OECD
The number of self-employed South Koreans who run businesses without any employees is the fourth-largest among the world’s major nations, according to data from the Organization for Economic Cooperation and Development on Sunday. According to the OECD’s Entrepreneurship at a Glance 2017 report, the number of self-employed workers in Korea was 3.98 million, the fourth-highest among all 35 OECD member countries as well as Lithuania, Romania and South Africa. The country’s numbe
Oct. 8, 2017
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Korean chaebol's overseas subsidiaries increase gradually in recent years: report
The number of local subsidiaries established abroad by South Korea's 30 biggest business groups rose gradually in recent years, a report said Sunday, as they actively made inroads into overseas markets to survive the keen competition.The figure surged to 3,332 last year from 2,650 in 2013 and 3,053 in 2015, according to market researcher Chaebol.com. Chaebol refers to South Korea's major business groups.By country, China accounted for the biggest share with 753 or 22.1 percent of the total. 
Oct. 8, 2017