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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N. Korea issues have limited impact on market: finance minister
South Korea's finance chief said Wednesday that the government is keeping close tabs on the local financial market following the latest North Korean provocations, but predicted only a limited impact."We are watching the market around-the-clock, but its impact seems to be limited," Finance Minister Kim Dong-yeon said in a meeting with economy-related ministers in central Seoul. "We are mapping out plans for various scenarios."Geopolitical risks over North Korea's missile and n
Aug. 9, 2017
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Korea-US meeting on possible change to FTA likely to be delayed: official
The US-proposed meeting of a joint committee on the South Korea-US free trade agreement to discuss possible changes to the trade pact will likely be delayed due to time needed for Seoul's new top FTA negotiator to prepare, a government official said Wednesday."No date or time has been set for the meeting," the official told Yonhap News Agency, speaking on condition of anonymity.In a letter, dated July 12, US Trade Representative Robert Lighthizer asked for the meeting to be held to con
Aug. 9, 2017
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No new trade restrictions on Korean products reported in July
No new trade restrictions against South Korean products were reported in July, but it is premature to say the global protectionist trend has weakened, a local trade body said Wednesday.According to the Korea International Trade Association, July was the second month this year that no new trade barriers were erected against South Korean goods by importing countries. The last time was in January.There was one new restriction in February, two in March, five in April and May, and eight in June. KITA
Aug. 9, 2017
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Korea's GDP ranks 11th worldwide in 2016
South Korea's gross domestic product ranked 11th worldwide in 2016, with its per capita income based on purchasing power remaining unchanged, data showed Wednesday.The country's GDP stood at $1.41 trillion last year, with its global standing remaining flat from the previous year, according to the data from the World Bank.GDP, the broadest measure of an economy's performance, refers to the total value of goods and services produced within the economy in a given period. South Korea's GDP placed 10
Aug. 9, 2017
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Korea's jobless rate stays at 3.5% in July
South Korea's jobless rate remained unchanged in July from a year earlier amid some signs of recovery in the manufacturing sector, government data showed Wednesday.The unemployment rate stood at 3.5 percent last month, staying flat from the same month last year, according to the report compiled by Statistics Korea. From a month earlier, it dropped 0.3 percentage point.The number of employed people reached 26.92 million in July, up 313,000 from a year earlier, compared with a five-month low of a
Aug. 9, 2017
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[Monitor] South Korea’s presence in China drops
South Korean goods are losing their presence in one of their largest overseas market, China, with the products taking up 9.4 percent of China’s import market in the first half of the year, the lowest since 2014, data from the Korea International Trade Association showed.The proportion was 10.4 percent and 10 percent in 2015 and 2016, respectively, until South Korean exporters were hit by Beijing’s alleged economic retaliation, such as boycotts and stronger regulatory inspections, upo
Aug. 8, 2017
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Govt. to assess impact of all major projects on jobs
The government will evaluate all public entities, including state-run firms, and most of their projects for their impact on new and existing jobs that may determine the size of their budget in the future, a presidential committee on jobs said Tuesday.Starting next year, the public entities and their projects will be scored on the number of new, quality jobs they create.The scores will be reflected in the size of their budget for the following year, while private firms that create many new jobs m
Aug. 8, 2017
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Punishment to be toughened for financial firms over false disclosure
South Korea's top financial regulator said Tuesday it will toughen punishment for financial holding firms over false disclosures of accounting books and other business reports.Under the toughened rule, which will take effect Oct. 19, fines against financial holding firms will be hiked by as much as 12 times if they violate relevant laws, the Financial Services Commission said in a statement. Currently, a financial holding firm is required to pay a fine of 5 million won ($4,447) when it violates
Aug. 8, 2017
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Korean exporters must participate more in global value chain: report
South Korea's exporters should increase their participation in the global value chain in order to improve their productivity, a report by the central bank said Tuesday.The report featured in the monthly periodical of the Bank of Korea said South Korean exports' participation in GVC fell from 62.7 percent in 2008 to 56 percent in 2009, following the global downward pattern after the international financial crisis of 2008. GVC measures international trade by counting all phases in production
Aug. 8, 2017
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US trade pressure on China to hit Korea hard: report
South Korea may be hit hardest if the United States turns up the heat on China over trade issues as Seoul vies fiercely with Beijing for a bigger slice of the US market, a report said Tuesday.The Korea International Trade Association claimed in the report that Washington has singled out China for tougher import restrictions, which is resulting in greater import regulation risks for South Korean products.KITA based its assessment on the US administration's "too many" antidumping investi
Aug. 8, 2017
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Korea's domestic supply gains in Q2
South Korea's total supply in manufacturing gained ground in the April-June period marking five straight quarters of growth on a sharp rise in imports, but the pace slowed down slightly, government data showed Tuesday.The manufacturing domestic supply index that measures both goods produced locally and brought into the country, advanced 5.3 percent on-year to stand at 116.9, according to the data compiled by Statistics Korea.The on-year growth slowed down from a record 7.2-percent gain tallied t
Aug. 8, 2017
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Audit opinions on China Ocean Resources again refused
An accounting firm again refused to provide its audit opinions on China Ocean Resources Co., a Hong Kong-based deep-sea fisheries company listed on the Korean stock market, saying the company's accounting books were riddled with problems. In a regulatory filing on Tuesday, Shinhan Accounting Corp. said it could not "rationally judge" the financial status of China Ocean Resources, which is on the verge of being delisted from the Korean stock market due to its false financial disclosures
Aug. 8, 2017
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Korean economic recovery remains feeble due to weak production
The recovery pace of the South Korean economy has remained feeble for months as an upturn in exports and private consumption was offset by weak industrial output, a government report said Tuesday."The South Korean economy saw its exports and investment continue to rise and private consumption make a slight rebound, but its recovery pace remained lackluster due to a slowdown in the production of mining and manufacturing," the finance ministry said in its monthly economy assessment repor
Aug. 8, 2017
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Korea's antitrust watchdog receives top grade
South Korea's antitrust watchdog has received the top rating among the world's competition authorities for two years in a row this year for its effective anti-competitive activities, the agency said Tuesday.The South Korean regulator earned five stars, or the "elite" grade, along with France, Germany and the United States, at the latest "Rating Enforcement" survey conducted by the Global Competition Review, the Fair Trade Commission said.The FTC advanced to the top spot in th
Aug. 8, 2017
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Banks' net profit jumps to W8.1tr in H1: regulator
South Korean banks' combined net profit more than doubled on-year in the first six months of 2017, government data showed Tuesday, led by lower loan-loss provisions and higher interest income.Combined net profit at local banks soared 171.4 percent to 8.1 trillion won ($7.18 billion) in the first six months of 2017, compared to 3 trillion won a year earlier, the Financial Supervisory Service said in a statement."The growth was mostly because loan loss expenses were reduced by 5.7 trillion wo
Aug. 8, 2017
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[Monitor] Public institutions miss employment target
Public institutions hired about 9,730 people in the first half of this year, dropping below previous averages and missing the target, data by All Public Information in One (Alio), a government portal, showed.The newly recruited people accounted for 49 percent of the 19,862 new workers they planned to hire for the entire year. The initial goal was to meet 55.9 percent of the target by the end of June. The Moon Jae-in administration had prioritized job creation and added 2,500 more to the target f
Aug. 7, 2017
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WeWork to invest $500m in Korea, Southeast Asia
WeWork, a global shared office space provider, said Monday it will invest a combined $500 million in South Korea and Southeast Asia as it attempts to expand its presence in the Asian market. Under the expansion plan, the New York-based company has appointed Matt Shampine, currently head of Marketing and Revenue for Asia, as the General Manager of Korea. "Today's announcement reaffirms WeWork's commitment to scaling our business across Asia," Miguel McKelvey, co-founder of WeWork,
Aug. 7, 2017
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Real estate measures hit upon young home buyers in Seoul
Coming up with an unprecedented set of real estate speculation curbing measures last week, the government certainly sought to deter wealthy multiple home owners from monopolizing the market and to lower the entry barrier for first-time buyers.The extended impact of the policy, however, also seemed to reach out to the cash-strapped urban-dwelling bidders in their 30s and 40s who, under the renewed mortgage loan conditions, were left with few housing alternatives.“I would never have been abl
Aug. 7, 2017
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Calls rising for cutting income tax exemption
Calls are rising to reduce the proportion of workers exempted from paying taxes as a draft tax code revision announced by the government last week is seen to fall far short of funding President Moon Jae-in’s lavish welfare and employment programs.As of 2015, 46.8 percent of workers in the country paid no tax for their earned incomes, according to data from the National Tax Service. The figure was far higher than 15.8 percent in Japan, 19.8 percent in Germany, 23.1 percent in Australia and
Aug. 7, 2017
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Foreign IBs see slowdown in Korea's 2018 growth
Foreign investment banks predict the South Korean economy to lose momentum slightly in 2018 after posting solid growth this year, a report showed Monday.According to the report by the Korea Center for International Finance, Barclays, JP Morgan, Goldman Sachs, Nomura and five other foreign IBs forecast the economy to grow at an average rate of 2.8 percent in 2017 on robust exports and facility investment as of end-July.But Asia's fourth-largest economy will likely lose growth momentum slightly ne
Aug. 7, 2017