Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Corporate loans rise slightly in Q2
Loans extended to local businesses rose slightly in the April-June period from a quarter earlier on increased operating expenses and facility investments, central bank data showed Thursday.Outstanding corporate loans came to 1,016 trillion won ($900 billion) in the second quarter, up 1.4 percent from the preceding three months, according to data from the Bank of Korea.Compared with a year earlier, the second quarter figure marked a 4.7 percent gain. In terms of where the money was spent, loans e
Aug. 24, 2017
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Q2 ratio of short-term debt to foreign reserves hits highest in more than a year
The ratio of South Korea's short-term foreign debt to its foreign reserves hit the highest level in more than a year in the second quarter, central bank data showed Thursday.The country's short-term external debt -- with a maturity of one year or less -- totaled $117.3 billion as of the end of June, up $1.9 billion from three months earlier, according to the data by the Bank of Korea. The end-June figure accounted for 28.8 percent of the country's total external debt, the highest percentage sinc
Aug. 24, 2017
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Korea to increase job-creating budget by 12% next year
South Korea's finance chief said Thursday that the government will increase spending on job creation by more than 10 percent in 2018 as part of its efforts to help raise income levels of ordinary people."The government will set aside some 12 percent more money to boost employment in next year's budget and increase the minimum wage to guarantee people proper income," Finance Minister Kim Dong-yeon said in a minister-level policy meeting in Seoul. "The move is aimed at cementing hou
Aug. 24, 2017
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Govt. to expand health insurance benefits for pregnant women
The South Korean government will expand health insurance benefits for pregnant women, the government said Thursday, in an effort to better tackle the country's chronic low birthrate.The Ministry of Health and Welfare said those who had given birth in the past 60 days will be able to benefit from changes to the national health insurance policy starting next month. So far, only pregnant women have been covered.Also, the ministry and the National Health Insurance Corporation will provide an additio
Aug. 24, 2017
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Koreans' overseas card spending hits record high in Q2
Overseas card spending by South Koreans hit a record high in the second quarter despite a decline in the number of people going overseas, the central bank said Thursday.In the April-June period, overseas card spending amounted to $4.18 billion, up 20.6 percent from a year earlier, according to the Bank of Korea. From a quarter earlier, the Q2 tally marked a 4-percent increase.Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards. The hike
Aug. 24, 2017
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Deregulations can offset side effects of corporate tax hike: finance minister
South Korea's finance chief said Wednesday that the government will examine steps to ease regulations to help offset the negative side effects of a looming corporate tax hike.Finance Minister Kim Dong-yeon made the comments during a session of the Special Committee on Budget and Accounts in parliament when asked about the possible fallout from more taxes on employment and growth.Still, Kim did not elaborate on deregulations. South Korea has been pushing to lift or ease unnecessary business restr
Aug. 24, 2017
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Rising costs drive companies offshore
Concerns are growing that local businesses may be compelled to move production abroad, as policies pursued by President Moon Jae-in’s government add significantly to their cost burdens.Measures taken or considered by the new administration since Moon took office in May are expected to make companies shoulder up to 40 trillion won ($35.4 billion) in additional costs next year alone, analysts say.Many businesses will find it hard to absorb increasing labor costs as minimum wages continue to
Aug. 23, 2017
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Trump committed to big changes to FTA: USTR
The Office of the United States Trade Representative announced Wednesday that the Trump administration remains committed to amending terms of the Korea-US Free Trade Agreement, following a joint committee session with Seoul and Washington on Tuesday where the two parties were unable to reach a consensus. “Ambassador Lighthizer remains focused on improving implementation of KORUS and amending or modifying the agreement to benefit American workers, farmers, ranchers and businesses,”
Aug. 23, 2017
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[Monitor] Number of households to decline from 2043
South Korea’s population will hit a peak in 2031, predictions by Statistics Korea showed.The number of households, meanwhile, will continue to rise until 2043 due to a rise in single-person households before starting to decline in 2043.
Aug. 23, 2017
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Korea's childbirths hit six-month low in June
The number of newborn babies in South Korea dropped to a six-month low in June, government data showed Wednesday.About 28,900 babies were born in the month, down 12.2 percent, or 4,000, from 32,900 tallied a year earlier, according to the data from Statistics Korea.It is the second-lowest monthly figure after just 27,200 kids were born in December last year.Childbirths have been on the decline since a 3.4 percent on-year gain in November 2015, logging a double-digit on-year drop for seven straig
Aug. 23, 2017
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Korea's household debt hit record high in Q2
South Korea's household debt hit a record high in the second quarter, central bank data showed Wednesday, despite tighter lending rules meant to curb rapidly growing household debt.The country's overall debt incurred by households came to 1,388.3 trillion won ($1.22 trillion) as of end-June, up 10.4 percent from a year earlier, according to data compiled by the Bank of Korea.Household debt rose 2.1 percent in the second quarter from the previous three month period, it said. South Korea's househo
Aug. 23, 2017
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Number of heavy debtors hits 3.9 million in June
The number of heavy debtors in South Korea stood at about 3.9 million people in June, a report showed Wednesday, reflecting growing potential for default risks among desperate borrowers. The number of debtors who have borrowed money from more than three financial institutions has been on a steady rise. It stood at 3.38 million in 2013, 3.47 million in 2014 and 3.65 million in 2015.According to the report from the office of National Assembly Speaker Chung Sye-kyun, the combined debt of the "
Aug. 23, 2017
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Korean exports to Vietnam surge nearly 50% in 2017: customs data
South Korea's exports to Vietnam surged nearly 50 percent in the first seven months of 2017, customs data showed Wednesday, an increase that is likely to put the Southeast Asian country among the top three shipment destinations for locally made goods.According to Korea Customs Service, exports to Vietnam for the January-July period totaled $26.95 billion, up a sharp 49.8 percent from the same period a year ago and roughly three-times higher than the 16.3 percent increase for South Korean exports
Aug. 23, 2017
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Banks' bad loans fall in Q2 on efforts to clear bad debt
Non-performing loans at South Korean banks fell 0.13 percentage point in June from three months earlier, as banks bolstered efforts to clear bad debt, official data showed Wednesday. Bad loans held by local banks reached 21.8 trillion won ($19.2 billion) at the end of June, or 1.25 percent of total lending, according to the quarterly data by the Financial Supervisory Service. Bad loans extended to businesses reached 20 trillion won at the end of June, accounting for 91.7 percent of total n
Aug. 23, 2017
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S. Korea says no agreement reached with U.S. on possible FTA amendment
South Korea and the United States reached no agreement on possible amendments to their free trade pact, Seoul's top negotiator said Tuesday. The U.S. demanded that Seoul and Washington quickly begin negotiations on amending the free trade agreement (FTA), citing a spike in its goods trade deficit with South Korea after the pact went into effect, Trade Minister Kim Hyun-chong said. Still, South Korea did not agree with the unilateral U.S. proposal, Kim said, noting any dec
Aug. 22, 2017
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Seoul rejects Washington’s request to revise FTA
Seoul and Washington were unable to reach a consensus regarding the United States’ request to amend certain terms of the two nations’ free trade agreement, the country’s newly elected chief trade negotiator Kim Hyun-chong said Tuesday. Trade representatives from Seoul and Washington began their first round of negotiation talks on Tuesday morning during the joint committee special session on the Korea-US FTA, held at the Lotte Hotel in Seoul. “We were unable to reach
Aug. 22, 2017
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Chinese visitors drop 70% amid THAAD row
The number of Chinese tourists in South Korea declined nearly 70 percent on-year last month, marking a drop for five straight months following China's ban on sales of Korea-bound trips amid a diplomatic row over the deployment of a US anti-missile system here, government data showed Tuesday.The tally of Chinese visitors came to 281,263 last month, down 69.3 percent from 917,519 recorded the previous year, according to the data by the Korea Tourism Organization. The number of Chinese visitor
Aug. 22, 2017
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Land ministry says home prices stabilizing
The government claimed credit Tuesday for its latest real estate policy bringing down housing prices in Seoul.The price of a home in Seoul was up 0.33 percent in the fifth week of July, just ahead of the government announcement of the new policy on Aug. 2, the Ministry of Land, Infrastructure and Transport said in its report to the parliament. Immediately after the announcement, prices fell 0.03 percent in the first week of August and 0.04 percent in the second week, it said. "The overheate
Aug. 22, 2017
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Single-member households to become most common dwelling arrangement in 2045
One-person families will likely become the most common household type in all South Korean cities and provinces in the next 30 years amid the country's low birthrate and rapidly aging population, government data showed Tuesday.Households consisting of a single member are forecast to account for 36.3 percent of all family units in 2045, far outnumbering families of married couples with children, according to the data by Statistics Korea.The percentage of those living alone stood at 27.2 percent in
Aug. 22, 2017
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Trade deficit in intellectual property rights narrows in H1
South Korea's deficit in the trade of intellectual property rights narrowed in the first six months of this year from a year earlier on reduced shortfalls from patent use contracts, the central bank said Tuesday.South Korea posted a trade deficit of $600 million in intellectual property rights for the January-June period, down from a deficit of $950 million a year earlier, data released by the Bank of Korea showed. South Korea exported $5.53 billion and imported $6.13 billion in intellectua
Aug. 22, 2017