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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USTR seeks advisers' opinions on amending trade pact with Korea
The US Trade Representative's office has asked a group of industry advisers to provide opinions on amending a bilateral trade pact with South Korea by Aug. 15, indicating that the two nations may not be able to hold a joint committee to revise the agreement this week, sources said Monday. According to the report by the Inside US Trade website, published last Saturday, the USTR "recently asked its industry trade advisory committees for ideas on the implementation of the agreement and issues
Aug. 7, 2017
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Korea's gasoline, diesel consumption hits record high in Q2
Consumption of gasoline and diesel fuel in South Korea hit a quarterly record high in the second quarter on falling oil prices, government data showed Monday.During the April-June period, 19.95 million barrels of gasoline were consumed, up 3.6 percent from a year earlier, according to the data released by the Ministry of Trade, Industry and Energy.Sales of diesel also rose 3.8 percent on-year to 43.17 million barrels over the same period. The latest numbers for both fuels marked the highest quar
Aug. 7, 2017
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South Korea's per capita GDP to exceed $30,000 in 2018: data
South Korea’s per capita gross domestic product is expected to exceed $30,000 in 2018, raising its global ranking by two steps, the government predicted based on data.According to data released Sunday by the International Monetary Fund on 190 countries, South Korea’s per capita GDP stood at $27,633 as of October 2016. The Ministry of Strategy and Finance claimed that the figure will reach $29,200 this year and rise up to $30,353 in the following year.Should the prediction be met, the
Aug. 6, 2017
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[Photo News] More influx to suburbs?
Aug. 6, 2017
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Fishery goods exports rise 15 months in a row in July: govt. data
Exports of fishery products rose for the 15th month in a row last month helped by a sharp rise in shipments of laver, the Ministry of Oceans and Fisheries said Sunday.Fishery product shipments reached $210 million in July, up 6.3 percent from a year earlier.Exports of fishery products have been on the rise since May last year. Outbound shipments of fishery goods surged 11.1 percent on-year to $1.33 billion for the first seven months this year from $1.2 billion in the same period in 2016.Laver re
Aug. 6, 2017
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Korea set to expand grape exports to Australia
South Korea reached an agreement with Australia that will allow its commercially grown grapes to be exported to the Oceania country, the government said Sunday.The Animal and Plant Quarantine Agency said Canberra has agreed to ease quarantine inspections of the Campbell Early type of grapes, which effectively translates into the easing of restrictions on all outbound shipments of the fruit. Under existing rules only nine cities and counties in South Korea were allow to export grapes to Australia
Aug. 6, 2017
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Lending rate cap to be lowered to 24% from next January
South Korea's maximum interest rate that private lenders can charge customers will be lowered to 24 percent per annum from January 2018, the nation's financial regulator said Sunday. In a statement, the Financial Services Commission said it will promulgate an ordinance in October to lower the maximum legal lending rate with the change to come into force after a three-month grade period. The move is aimed at helping ease interest rate burdens for desperate borrowers, according to the FSC. C
Aug. 6, 2017
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Koreans traveling to China plunge amid THAAD row: data
The number of South Koreans traveling to China plunged from April through June of this year amid the diplomatic row over Seoul's decision to deploy US anti-missile defense systems on its soil, tourism industry data showed Sunday. The total visitors going to China fell by 50 to 60 percent in the quarter compared with the year before, which roughly coincides with Beijing ordering its travel agencies to stop selling group tours to South Korea in mid-March, Hana Tour and Mode Tour said. China has al
Aug. 6, 2017
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KOSPI-listed firms' operating profit expected to reach nearly W200tr
Operating profits of companies listed on South Korea's benchmark KOSPI are expected to reach nearly 200 trillion won ($177.6 billion) for 2017 amid the recent stock rally, a survey showed Sunday.Local brokerages forecast that KOSPI-listed firms will post a combined 193 trillion won in operating profit for this year, up 29 percent from last year's 160 trillion won, according to the poll by FN Guide, a market research firm.It beat the earlier projection of 172 trillion won set in the beginning of
Aug. 6, 2017
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Korea's per capita GDP to edge by Italy in 2018
South Korea's per capita gross domestic is expected to edge past Italy's in 2018, the government predicted Sunday, based on growth forecast data. The prediction, if it is met, will place the country's per capita GDP at slightly more than $30,000 and just over that of the European country. South Korea was ranked 29th worldwide, with Italy standing at 27th as of October 2016, the government said.The data is based on reports released by the International Monetary Fund that ranked 190 countries, wit
Aug. 6, 2017
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Korea’s jobless rate likely at 3.8% in July
South Korea’s jobless rate is likely to remain unchanged at 3.8 percent in July, a leading provider of economic analysis said Saturday, citing government stimulus measures.“The labor market is on the mend at the hand of strengthening domestic demand as generous government stimulus measures begin to reduce the chronically high youth unemployment and improve welfare payments,” Moody’s Analytics said in an economic preview.It said consumer and business sentiments have alread
Aug. 5, 2017
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[Monitor] Agricultural shipments to China plummet amid THAAD row
South Korea’s agricultural and fisheries shipments to China fell in July for the fourth consecutive month amid the ongoing diplomatic dispute between Seoul and Beijing over the deployment of a US anti-missile system here, data showed Friday.South Korean agricultural and fisheries goods exported to China were estimated at $111 million in July, an 11.2 percent decrease from $125 million during the same period last year, according to data from the state-run Agro-Fisheries and Food Trade Corp.
Aug. 4, 2017
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Holiday, hot weather cause credit-card spending to rise in Q2
Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion won ($133.3 billion) for the April-June period, the highest quarterly spending tallied so far. The use of credit cards increased in part to people taking trips that require pa
Aug. 4, 2017
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Property investors may move money to stocks: analysts
South Korea's real estate investors may move their money to the stock market following tough government measures to cool the overheating housing market, analysts said Friday.In a desperate bid to rein in soaring apartment prices, the government unveiled a package of measures Wednesday, including the designation of areas under close state scrutiny, tougher mortgage rules and heavier capital gains taxes. The measures also restrict the resell of rights to buy new apartments, which have been cited a
Aug. 4, 2017
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[Monitor] Naver dominates online ad sales
Naver maintained the top spot in terms of internet display advertisement sales in the first half of this year, according to data from MezzoMedia, a digital marketing agency under CJ E&M.As for online video advertisements, Google’s YouTube and Facebook took 60 percent of total revenue.Display ads include banner advertisements that pop up on websites and apps.
Aug. 4, 2017
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Tougher mortgage rules to affect some 400,000 borrowers
South Korea's stricter lending rules will likely affect about 400,000 potential mortgage borrowers in "speculative districts" in Seoul and the administrative capital of Sejong in the second half of the year, officials said Thursday. In its latest bid to rein in the overheating housing market, the government Wednesday designated all 25 wards in Seoul and two cities -- Sejong and Gwacheon, south of Seoul -- as "speculative or overheated speculative districts." In particular, 11
Aug. 3, 2017
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Top earners' monthly business income soars in Q1
High-earning households in South Korea saw their monthly income from business operations gain at the fastest clip in seven years in the first quarter on a brisk property market, government data showed Thursday.The average monthly "business income" of the top 20 percent households in the income bracket stood at 1.43 million won ($1,274) in the January-March period of this year, up 8.4 percent from a year earlier, according to the data by Statistics Korea. It marks the largest on-year ga
Aug. 3, 2017
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Korea moves to hike tax rates for superrich, conglomerates
The government on Wednesday unveiled its plan to impose higher taxes on rich individuals and large businesses, seeking to fund President Moon Jae-in’s plans to boost employment and to support small-sized businesses.“We have decided that an adjustment in tax rates is needed to secure the nation’s tax revenues,” Deputy Prime Minister for economic affairs and Finance Minister Kim Dong-yeon said in a ministry-led taxing policy meeting Wednesday.But considering financial circu
Aug. 2, 2017
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Korean firms face 190 import tariffs in 28 countries
South Korean companies face some 190 import tariff restrictions in 28 countries, with emerging markets accounting for over 70 percent of the barriers, a local trade promotion agency said Wednesday.As of June, Korean firms were involved in 154 antidumping and countervailing duty actions and 36 safeguard tariffs imposed by countries such as the US, Canada, India, China and Thailand, the Korea Trade-Investment Promotion Agency said in a statement. A total of 135 import regulations were taken agains
Aug. 2, 2017
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Small businesses plan layoffs with minimum wage hike: survey
More than 90 percent of small business owners say they plan to lay off workers following the government’s minimum wage hike next year, according to a survey by the Korea Federation of Micro Enterprise on Wednesday. The survey polled 532 business owners from July 21 to 28 and found that 92.4 percent said they would most likely have to cut staff once the new minimum wage increase is implemented, while 68.1 percent said they definitely planned to lay off employees. In addition to futur
Aug. 2, 2017