Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Overreliance on semiconductor sector causes concern
The booming semiconductor sector has veiled the sagging vitality of other major manufacturing industries in Korea, analysts say.The high performance of two local chipmakers -- Samsung Electronics and SK hynix -- has helped boost the country’s exports and corporate profits as a whole. But the overreliance on them causes concerns over the potential damage the Korean economy will suffer when the boom cycle in global demand for semiconductors ends.The country’s semiconductor exports are
Sept. 27, 2017
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Seoul Action Plan strives for cleaner, cooler cities via urban forestry
The Asia-Pacific region is home to more than 4 billion people, or roughly 60 percent of the entire world population, and 17 megacities. Although these economic hubs have helped lift millions of people out of poverty, the current era of rapid urbanization is leading to the depletion of natural resources, diminishing water quality, increased air pollution and adverse climate change effects, according to a report by Asia-Pacific Urban Forestry Meeting. Representatives from 17 countries gathered in
Sept. 27, 2017
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Korea exports to remain solid in Q4: KOTRA
South Korean exports are expected to remain solid in the fourth quarter despite a slowdown in the pace of growth, the country's trade promotion agency said Wednesday. The leading export index for the October-December quarter stood at 59.7, slowing down from 63.9 in the previous quarter, the Korea Trade-Investment Promotion Agency said in a statement. "KOTRA's leading export index declined as Japanese steel and Chinese petrochemicals buyers plan to reduce their import volumes from South
Sept. 27, 2017
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Korean households' excess funds shrink in Q2
Excess funds held by South Korean households fell in the second quarter of this year from a quarter earlier on increased purchases of new houses, data showed Wednesday.Surplus funds held by households here, including nonprofit organizations, totaled 10.5 trillion won ($9.2 billion) during the April-June period, compared to 14.1 trillion won in the previous quarter, according to preliminary data from the Bank of Korea.The BOK said the decline is blamed on new home purchases. The number of ho
Sept. 27, 2017
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Tax office launches second probe to catch tax dodgers
South Korea's tax office said Wednesday that it has launched a second round of investigations on real estate speculators who are suspected of not paying their dues as part of the government's drive to curb price hikes in the local property market.The National Tax Service said it is looking into 302 people who bought and sold lucrative reconstructed apartments in the Gangnam district of Seoul, which has been in the center of the overheated property boom.The agency said it will check all financial
Sept. 27, 2017
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NTS collects record penalty taxes in 2016
South Korea's national tax office collected a record amount of penalty taxes in 2016 in close cooperation with the intelligence unit of the financial regulator, a lawmaker said Wednesday.Citing data from the National Tax Service, Rep. Park Myung-jae of the main opposition Liberty Korea Party said the tax service collected 2.5 trillion won ($2.2 billion) in back taxes on tips from the Financial Intelligence Unit.The amount was up slightly from the 2.4 trillion won collected the previous year and
Sept. 27, 2017
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Korea, Japan discuss ways to boost business ties
Business leaders of South Korea and Japan gathered in Seoul on Tuesday to discuss ways to step up collaboration in the technology and energy sectors, as well as in facilitating multilateral free trade with other Asian nations. About 300 businessmen from major companies attended the meeting hosted by the Korea-Japan Economic Association in downtown Seoul to share views on the next technological revolution and other industrial issues. The Korea-Japan Economic Association held its first meetin
Sept. 26, 2017
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Moon directs officials to develop 'innovation-led' growth strategy
President Moon Jae-in called Tuesday for efforts to craft a new growth strategy based on industrial innovation as one of his administration's key economic policy pillars along with income-led growth and fairness. The new innovation-led growth strategy was first introduced when the president met with US investors and business leaders on the sidelines of the United Nations General Assembly in New York last week."There, I explained that our people-oriented economic policy consisted of three pi
Sept. 26, 2017
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State insurance to cover more dementia, fertility treatments
South Korea's national health insurance will provide greater coverage for the treatment of infertility and serious dementia starting in October, the health ministry said Tuesday, which is in line with the government's effort to reduce financial burdens on patients.The Ministry of Health and Welfare said the revision to the relevant law was passed during a Cabinet meeting.Under the revision, patients suffering from serious dementia will only be required to pay 10 percent of medical expenses and t
Sept. 26, 2017
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Korea to ease regulations to make better use of state-owned property
South Korea will ease regulations on leasing state-owned properties to make better use of neglected public assets, the finance ministry said Tuesday.The Cabinet approved a revised law that allows the government to cut rents on its buildings and land that have not been fully utilized for a long time and to extend leasing contracts by up to 20 years, according to the Ministry of Strategy and Finance. Also, the government will be allowed to impose higher fines on those who occupy state-owned l
Sept. 26, 2017
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S. Korea's commerce minister allays fear over N. Korea
South Korea's commerce minister said Tuesday the nation's economic fundamentals remain sound despite North Korea's provocations, and called on foreign enterprises doing business here to increase their investments. Paik Un-gyu, the chief of the Ministry of Trade, Industry and Energy, said in a meeting with local directors of international companies, including Boeing, 3M, IKEA, BMW and Oracle, that there is no need to be overly worried about Pyongyang's latest provocations. The policymaker then ex
Sept. 26, 2017
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Consumer sentiment drops in Sept. on geopolitical risks
South Korea's consumer confidence fell for the second month in a row in September on the North Korea risk and Seoul's row with Beijing over a missile defense system, a central bank poll showed Tuesday.The composite consumer sentiment index for September stood at 107.7, down 2.2 points from the previous month, according to the survey by the Bank of Korea. In August, the index fell 1.3 points from July. A reading above 100 means optimists outnumber pessimists."The issue of North Korea's nucle
Sept. 26, 2017
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Anti-graft law has limited impact on domestic economy: data
The Improper Solicitation and Graft Act has continuously been questioned over the crippling effect it allegedly holds over domestic consumption, but after a year in implementation, its impact on most sectors of the economy turned out to have been limited, according to the latest data.The anti-graft law, often dubbed the Kim Young-ran law after its initiator, did weigh down on upmarket restaurants, floricultural industries and liquor shops but key economic indexes displayed little fluctuation, th
Sept. 25, 2017
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Additional stimulus mulled to bolster weakening economy
The growing signs of the Korean economy weakening amid deteriorating conditions at home and abroad are prompting the government to work on additional stimulus measures.Economic indicators have taken a steep downturn in recent months.The on-year increase in the number of employees remained at 212,000 in August, the lowest in four and a half years, according to Statistics Korea.Output in the sector of restaurants and accommodating facilities fell 4.3 percent from a year earlier in July, reflecting
Sept. 25, 2017
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[Monitor] Youth unemployment worse than during financial crisis
While the world economy is on a recovering trend, South Korea continues to suffer from aggravating unemployment, particularly among the youth, data showed Monday.The average unemployment rate among the member countries of the Organization for Economic Cooperation and Development has steadily declined over the past six months. However, that of South Korea has continued to surge for the past four years.South Korea’s youth unemployment rate is 0.9 percentage points higher than the 9.8 percent
Sept. 25, 2017
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BOK says half of manufacturing firms to hire recruits next year
About half of South Korea's manufacturing firms have hiring plans next year, the central bank said in a report Monday.The Bank of Korea said 52 percent of 279 firms across the country said they plan to hire new recruits next year and among them, 38.9 percent said they will increase the number of recruits in 2018 compared with this year.By sector, 52.6 percent of information technology firms said they could hire more people in the new year vis-a-vis 2017. On the other hand, 10.5 percent of IT com
Sept. 25, 2017
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Korea's exports healthcare products rise in H1
South Korea's exports of health care and cosmetics goods continued to grow in the first half of this year on the back of strong global demand, government data showed Monday.Outbound shipments of locally produced drugs, medical equipment and cosmetics were valued at $5.41 billion in the January-June period, up 13.4 percent from a year earlier, according to the latest data from the Ministry of Health and Welfare. Exports of cosmetics products surged 20 percent on-year, the data showed, follow
Sept. 25, 2017
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Income polarization deepened for decades due to unequal opportunity: report
Income polarization has deepened in South Korea during the past decades amid a growing number of high income earners coming from already rich and well-educated parents, a report said Monday.The report written by professor Ju Byeong-ki of Seoul National University said income has been set not only by the efforts of individuals but also the economic clout and education of their parents. The report, which analyzed the disposable income of selected households between 1998 and 2014, showed inequ
Sept. 25, 2017
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[Monitor] Household debt burden surges to highest
A quarterly report by the Bank for International Settlements showed that the debt-service ratio for the households in South Korea reached 12.5 percent, up 0.7 percentage points from a year ago in the first quarter this year.This is the highest level since the first quarter in 1999 when the relevant data started to be collected.
Sept. 24, 2017
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Korea slaps more than W1.3tr in taxes on offshore tax evaders
South Korea's tax authorities have imposed 1.307 trillion won ($1.15 billion) in taxes on offshore tax evaders last year, an opposition lawmaker said Sunday.The National Tax Service has collected only 1.067 trillion won in taxes as some people filed complaints with the country's Tax Tribunal against its decisions to slap taxes on offshore tax evaders, said Park Myung-jae, a lawmaker of the Liberty Korea Party, citing data provided by the tax agency. Offshore tax evasions have been on the ri
Sept. 24, 2017