Most Popular
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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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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Korea's agricultural exports drop amid THAAD row
Exports of South Korea's agricultural goods to China fell this year as diplomatic rows with its biggest trading partner deepen, a local agricultural agency said Sunday. The value of agricultural exports fell to $860 million in the January-August period from $920 million a year earlier. Exports to China accounted for 14.4 percent of all outbound shipments from 16.6 percent during the same period, according to the Korea Agro-Fisheries & Food Trade Corp.The slump came as Chinese consumers opted
Sept. 10, 2017
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Korea's top 1% rich own 6.5 homes on average: data
South Korea's super rich, who make up the top 1 percent of the population, own on average 6.5 homes, while half of the people don't own their own houses, government data showed Sunday.The findings submitted by the tax office and ministry of interior to ruling Democratic Party lawmaker Park Kwang-on showed the number of homes the rich owned jumped twofold in the past nine years."The richest 139,000 people owned 906,000 homes last year," the official numbers showed. The total value of th
Sept. 10, 2017
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S. Korea's central bank chief heads to Switzerland for BIS meeting
South Korea's central bank chief has left for Switzerland to attend a meeting of the Bank for International Settlements, the Bank of Korea (BOK) said Friday. BOK Gov. Lee Ju-yeol also plans to discuss with his counterparts from major and emerging economies, global economic and financial market conditions, according to the bank. Lee is set to return home Tuesday. The BIS is an international financial institution that serves as a bank for central banks, providi
Sept. 8, 2017
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Lagarde expects S. Korea's stable growth despite N. Korea risks
International Monetary Fund chief Christine Lagarde expected Friday South Korea's economy will continue to grow stably despite security risks stemming from North Korea, the foreign minister here said after their meeting in Seoul. Top diplomat Kang Kyung-wha met Lagarde to discuss the economy of South Korea and the world as well as the country's cooperation with the IMF. "Lagarde shared the point that South Korea's stable economic growth will be sustained in sp
Sept. 8, 2017
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German investors in Korea voice concerns over new labor policies
A number of German investors in Korea have voiced skepticism regarding the new Moon Jae-in administration’s income-led growth economic policies, and to what extent it will lead to increased labor productivity while adding fiscal burdens for businesses. More than 100 representatives of the Korean-German Chamber of Commerce and Industry member companies gathered together in Seoul last week for the KGCCI half-year economic outlook seminar, according to the chamber’s statement on Thursd
Sept. 8, 2017
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US lawmakers urge Trump to keep S. Korea trade agreement
A bipartisan group of American lawmakers Thursday urged President Donald Trump to keep the US free trade agreement with South Korea amid a deepening security crisis on the Korean Peninsula.In a letter addressed to the president, four co-chairs of the Congressional Caucus on Korea underscored the importance of a tight alliance in the wake of North Korean provocations, including its sixth nuclear test Sunday.Trump was earlier reported to be planning a withdrawal from the five-year-old trade pact.
Sept. 8, 2017
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Boosting female workforce is solution to aging society problems: IMF chief
Christine Lagarde, managing director of the International Monetary Fund, on Thursday asserted that the most effective solution to Asia’s aging population and consequent productivity decline is to boost the proportion of women in the workforce. “Korea and Japan, for example, could further increase their focus on reforming secondary earner taxation and boosting child care benefits and tax incentives for part-time work,” Lagarde said in a speech at a conference addressing the chal
Sept. 7, 2017
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White House denies Trump’s claim of KORUS FTA withdrawal
Washington appears to be retracting US President Donald Trump’s claims that the US is looking to terminate the Korea-US Free Trade Agreement, said a report by Inside US Trade on Thursday. According to the publication, White House officials have assured key lawmakers that the US government will not be pursuing talks of withdrawing from the 5-year-old trade deal amid opposition by lawmakers and government officials from both countries. “The plan to terminate the agreement had been di
Sept. 7, 2017
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People paying maximum healthcare premiums rise steadily in past years: data
The number of salaried people paying the maximum amount of national health insurance premiums has risen gradually over the past few years amid a steady increase in high income earners, government data showed Thursday.The figure for those paying 2.39 million won ($2,117) per month in premiums from a monthly income of at least 78.1 million won jumped to 3,471 as of the end of June from 2,508 in 2012, 2,522 in 2013, 2,893 in 2014, 3,017 in 2015 and 3,403 in 2016, statistics released by the National
Sept. 7, 2017
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Chuseok holiday to have mixed effect on S. Korean economy: experts
The 10-day holiday starting late September will likely have mixed effects on South Korea's economy struggling to cope with trade sanctions imposed by China over a missile row, growing protectionism from the United States and geopolitical risks caused by North Korea.The Moon Jae-in government earlier designated Oct. 2 as a one-off holiday to bridge the Sept. 30 weekend with the Chuseok holiday, National Foundation Day and Hangeul Day, which commemorates the invention of the Korean alphabet that f
Sept. 7, 2017
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US not planning to withdraw from S. Korea trade deal for now: report
The United States does not plan to withdraw from its free trade agreement with South Korea for now, a report quoted sources as saying Wednesday.According to Inside US Trade, the White House assured key lawmakers that it would not push forward on its earlier plan to weigh termination of the five-year-old pact known as KORUS.Last week, there were reports that President Donald Trump had instructed advisers to prepare for a withdrawal after the first South Korea-US meeting in August that discussed p
Sept. 7, 2017
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Korea’s fiscal soundness on shaky ground
Doubts are rising over the government’s assertion that the country’s fiscal soundness can be maintained even if public spending increases at a faster pace than economic growth during President Moon Jae-in’s five-year presidency, which began in May.Such an optimistic view is based on expectations that tax revenues will continue to rise as the Korean economy is put on a path toward recovery. A draft tax code revision, if passed during the ongoing parliamentary session, would incr
Sept. 6, 2017
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[Monitor] Income gap between single-, doouble-income households narrows
The income gap between single-income and double-income households for the second quarter this year decreased to the narrowest level since the fourth quarter of 2015, data from Statistics Korea showed Wednesday.The decline was attributed to lower quality jobs.Double-income households earned an average of 5.47 million won ($4,830) compared to single-income households’ 3.69 million won.While the overall number employed in the second quarter increased by over 300,000 from the previous year, th
Sept. 6, 2017
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Tax-to-GDP ratio needs to top 35% by 2060 to meet growing welfare programs: report
South Korea's tax-to-GDP ratio needs to surpass the 35 percent mark by 2060 to meet the government's social welfare-related spending plan, a local think tank said Wednesday.The report by the Korea Economic Research Institute comes as the ruling Democratic Party proposed hiking up tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimated to cost 178 trillion won ($156 billion) over the next five years.It s
Sept. 6, 2017
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ILO chief urges ‘quick’ resolution on outlawed teachers and civil servants unions
The chief of the International Labor Organization said Wednesday that there is a need to "quickly" address the legal status of South Korea's outlawed teachers and public servants unions, urging the government to work hard to resolve the issue.In a meeting with labor union leaders, Guy Ryder, director-general of the ILO, said South Korea should resolve the legal spat over the progressive unions regardless of the ratification of the ILO's key rights convention by the country.In 2013, the
Sept. 6, 2017
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Korea to give rice aid to developing nations
South Korea plans to give rice to developing nations after it joins an international food assistance convention as part of its ambition to stabilize the local rice supply and help the needy around the world, the farm ministry said Wednesday. The Ministry of Agriculture, Food and Rural Affairs said it is preparing steps to join the Food Assistance Convention, expecting parliamentary approval for the membership by the end of this year. If approved, the ministry plans to ship about 50,000 tons
Sept. 6, 2017
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Korea‘s economic recovery remains feeble: KDI
South Korea's economic recovery pace remains weak and feeble due mainly to the prolonged slump in private consumption, a state-run think tank said Wednesday."Signs of a slowdown have stabilized on the production side, but the overall economy is not showing hints of a steady recovery,"the Korea Development Institute said in its monthly evaluation of the country's economic conditions. "The improvement trend in domestic demand appears to be unsteady."Concerns have been rising as
Sept. 6, 2017
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Japanese tourists to S. Korea feared to dip on NK nuke test
The number of Japanese visitors to South Korea may decrease in the wake of North Korea's latest nuclear test, industry sources said Wednesday.Japanese tourists to Seoul have tended to slip whenever tensions on the Korean Peninsula escalate due to Pyongyang's atomic tests or other geopolitical risks. The isolated North carried out its sixth and most powerful nuclear test on Sunday, drawing strong condemnation from the international community.According to the Korea Tourism Organization, the number
Sept. 6, 2017
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US lawmakers voice opposition to withdrawal from Korea trade deal
WASHINGTON -- A group of bipartisan US lawmakers on Tuesday voiced opposition to President Donald Trump's plans to weigh a possible withdrawal from the US free trade agreement with South Korea.In a statement, House Ways and Means Committee Chairman Kevin Brady (R-TX), ranking member Richard Neal (D-MA), Senate Finance Committee Chairman Orrin Hatch (R-UT) and ranking member Ron Wyden (D-OR) highlighted the importance of the bilateral deal in the wake of North Korea's latest nuclear test. Py
Sept. 6, 2017
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Credit finance firms' combined profit falls 7.3% in H1
South Korea's credit finance firms saw their combined net profit fall 7.3 percent on-year for the first half of this year, hit by a rise in loan-loss provisions, data showed Wednesday. The combined net income of 78 credit finance companies was 890.1 billion won ($786.9 million) for the January-June period, compared with 959.7 billion won a year earlier, according to data compiled by the Financial Supervisory Service. The companies include capital financing firms and leasing companies, but e
Sept. 6, 2017