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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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Korea's consumer sentiment hits 22-year high: survey
South Korea's consumer confidence has hit a 22-year high for the second half of the year on expectations for the country's newly inaugurated government, a survey showed Tuesday.South Korea's overall consumer confidence for the July-December period stands at an average 78 on a full scale of 100, up 46.7 points from the first half, according to the Mastercard Index of Consumer Confidence.The latest Mastercard index is based on a survey of 9,153 people (407 South Koreans) in 18 markets in the Asia-
Aug. 22, 2017
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Number of heavy debtors jumps 48% over 3 years
The number of heavy debtors in South Korea has surged nearly 48 percent over the past three and a half years, a report said Tuesday, amid low interest rates and eased government property rules.As of the end of June, 1.18 million people in the country had a debt service ratio of 100 percent or higher, up 47.5 percent from the end of 2014, according to the report from the office of National Assembly Speaker Chung Sey-kyun. The number had been on a steady rise since 2013, reaching 800,000 at the en
Aug. 22, 2017
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Welfare hike cuts into infrastructure spending
The need to finance President Moon Jae-in’s programs to expand welfare benefits and create more jobs is set to cut deeper into government infrastructure spending.The draft budget for next year, which Finance Minister Kim Dong-yeon unveiled in a meeting with ruling party officials last week, calls for a 6.7 percent increase from this year to 427 trillion won ($375 billion). The increase rate would be the highest since 2009, when the national budget expanded 10.7 percent to fund stimulus mea
Aug. 21, 2017
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[Monitor] Producer prices rebound in July
Korea’s producer prices rose slightly, by 0.1 percent in July from the previous month, data by the Bank of Korea showed Monday. The first rebound in five months was driven by an increase in the prices of services and agricultural products and slower decline in prices of manufactured goods.The producer price index indicates future consumer inflation. It marked 101.84 in July.Compared to the same month last year, the index surged 3 percent, notching nine consecutive months of gains.
Aug. 21, 2017
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Recovering Korean economy faces some downside risks
The South Korean economy will face some downside risks going forward due to possible labor strikes at local carmakers and a cooldown in the local property market, a vice finance minister said Monday."The economy is on an upside cycle for the most part. But the upturn is largely driven by robust overseas sales of semiconductors and brisk facility investment," Vice Finance Minister Ko Hyoung-kwon said in a press briefing in Sejong, an administrative city some 130 kilometers south of Seou
Aug. 21, 2017
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‘Seoul expected to limit amendment talks in FTA showdown’
Seoul is expected to play defense against the United States’ push to utilize the two nations’ upcoming special joint committee meeting to discuss possible amendments to the bilateral free trade agreements, by limiting talks regarding trade modifications, local experts said Monday. The capital is gearing up to play host to a Korea-US Free Trade Agreement joint session at the request of the US Trade Representative Robert Lighthizer, at the Lotte Hotel on Tuesday. Although the US Trade
Aug. 21, 2017
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Monthly basic pension to rise starting in 2018
South Korea will raise the monthly basic pension to 250,000 won ($219) in 2018 and to 300,000 won in 2021 in a bid to help buttress elderly people's income, the health ministry said Monday.Under the basic pension system introduced in July 2014, the government pays 200,000 won a month to every senior citizen belonging to the bottom 70 percent of the country's income bracket. The inflation-adjusted amount of basic pension was set at 206,050 won for a single elderly household this year. The Ministr
Aug. 21, 2017
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BOK says producer prices up 0.1% in July
South Korea's producer prices rose slightly in July from a month earlier due to an increase in the prices of services and agricultural products, central bank data showed Monday.The producer price index -- a barometer of future consumer inflation -- reached 101.84 in July, up 0.1 percent from a month earlier, according to the preliminary data from the Bank of Korea.The BOK attributed the slight hike to a rise in the prices of services and agricultural products as well as a slowed decline in the p
Aug. 21, 2017
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FTC fines W43b on nine global car carriers
South Korea's antitrust watchdog said Monday that it has imposed a combined 43 billion won ($37.8 million) in fines on nine global auto shipping companies for bid rigging and price fixing.The Fair Trade Commission said the nine car carriers allegedly colluded to participate in auctions arranged by carmakers, including General Motors Co., Renault Samsung Motors Co. and Toyota Motor Corp., between 2002 and 2012.The nine companies are Japan's Nippon Yusen Kabushiki Kaisha, Mitsui O.S.K. Lines, Kawa
Aug. 21, 2017
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Credit loan growth jumps in August as mortgage rules tightened
Credit loans extended by the nation's five major banks jumped in the first 15 days of August, official data showed Monday, due apparently to government measures that tightened mortgage lending rules. South Korea tightened rules for home mortgages from Aug. 2 to rein in rapidly growing household debt and curb property speculation. As of last Wednesday, the outstanding balance of credit loans by the five retail banks, including KB Kookmin Bank and Shinhan Bank, stood at 93.1 trillion won ($81.8 bi
Aug. 21, 2017
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Korea's exports up 11.6% in first 20 days of Aug.
South Korea's exports jumped more than 11 percent in the first 20 days of this month from a year earlier on brisk overseas sales of semiconductors and petroleum products, customs data showed Monday.Total outbound shipments reached $25.1 billion from Aug. 1-20, up 11.6 percent from the same period last year, according to the data compiled by the Korea Customs Service.Exports of computer chips surged 42.4 percent on-year and those of petroleum products and passenger cars soared 41.8 percent and 21
Aug. 21, 2017
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Moon says quality jobs, reduced working hours keys to addressing low birthrate
President Moon Jae-in on Sunday reaffirmed his efforts to create new quality jobs, especially for the youth, calling it a part of efforts to fight the country's low birthrate."Creating good jobs is not only a way to give hope to young people, but also increase the number of taxpayers and consumers," the president said in a rare event attended by his ministers and top presidential aides to explain the new government's policy measures. Sunday's event also involved some 250 citizens who v
Aug. 20, 2017
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Govt. pushes for further discounts of mobile fees
The government will begin expanding the mandatory discount of mobile phone fees starting next month, the ICT ministry said Friday, amid fierce opposition from local mobile operators.The discount rate of monthly mobile phone rates provided by the country's leading telecoms firms -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- will be raised from the current 20 percent to 25 percent starting Sept. 15, according to the Ministry of Science and ICT.The decision to increase the discount rate -- whic
Aug. 18, 2017
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Government vows to expand welfare budget
The government and ruling party on Friday vowed to draw up an expansive budget for next year in order to pursue President Moon Jae-in’s welfare programs, while cutting down costs in conventional land development projects.Representatives from the ruling liberal Democratic Party of Korea and the Ministry of Strategy and Finance sat together at the National Assembly to share their views on how the state operation budget should be allocated.“We have been drawing up the budget upon the be
Aug. 18, 2017
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Finance minister promises easier environment for startups to promote innovative growth
Finance Minister Kim Dong-yeon pledged Friday to remove barriers and regulatory blocks so that entrepreneurs can easily start their own business and lead the country's innovative growth.Visiting the Tech Incubator Program for Startup Town in southern Seoul, Kim said he intends to double the TIPS-related budget for next year and establish more than 70 "Creative Labs."Innovative growth is one of the four pillar policies of the Moon Jae-in administration that took office in mid-May. TIPS
Aug. 18, 2017
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USTR agrees to hold FTA special session in Seoul next week
United States Trade Representative Robert Lighthizer announced on Friday that the special session meeting of the Joint Committee under the Korea-US Free Trade Agreement will be held in Seoul on Aug. 22. According to a USTR press release, the upcoming special session will, “consider matters affecting the operation of the KORUS Agreement, including possible amendments and modifications to resolve several problems regarding market access in Korea for US exports and, most importantly, to addre
Aug. 18, 2017
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Diplomatic normalization spurs Beijing-Seoul economic ties
China has emerged as South Korea's No. 1 trading partner after their diplomatic relations were normalized in 1992 with their bilateral trade volume skyrocketing over 33 times in the past 25 years, industry data showed Friday.The trade volume between the two soared to $211.4 billion in 2016 from $6.4 billion in 1992. It far exceeded $109.7 billion in trade with the United States and $7.18 billion with Japan, according to data from the Federation of Korean Industries.South Korea posted trade surpl
Aug. 18, 2017
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Korea's economic dependence on China stirs worries about risks
South Korea's growing economic dependence on China has made it increasingly vulnerable to risks, including Beijing's retaliation for Seoul's decision to deploy a US anti-missile system and an economic downturn in the Chinese economy. The dilemma over how to manage both economic and political relations with China is deepening 25 years after Seoul and Beijing established diplomatic relations. According to data by the Korea International Trade Association, South Korea's exports to China, excluding
Aug. 18, 2017
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Household credit growth accelerates in July despite tighter
South Korea's household credit growth accelerated on month in July, the financial regulator said Friday, despite tighter lending rules aimed at reining in household debt. Household debt grew by 9.5 trillion won ($8.3 billion) in July, when the tighter lending rules came into force, compared to growth of 7.6 trillion won in June, according to the Financial Services Commission. Compared to a year ago, however, household credit edged down 0.04 percent. Household loans by banks rose by 6.7 trillion
Aug. 18, 2017
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Seoul's home auction market cools after anti-speculation steps
A package of government anti-speculation measures targeting mainly Seoul has poured cold water on the apartment auction market in the South Korean capital, a market tracker said Friday.Early this month, the government designated all 25 wards in Seoul and two cities -- Sejong and Gwacheon, south of Seoul -- as "speculative or overheated speculative districts" in a desperate bid to cool the overheating housing market. In particular, 11 districts in Seoul and Sejong were designated "
Aug. 18, 2017