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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Industrial woes out of policy focus
President Moon Jae-in’s income-led growth policy risks derailing efforts to accelerate structural reforms and encourage industrial innovation, economists say.His economic policy directions, which were unveiled last week, barely address the two tasks, seen as crucial to boosting the country’s long-term growth potential.Korea’s manufacturing industries have been faltering in recent years, except for a few bright spots such as the semiconductor sector. Local manufacturers ran
Aug. 2, 2017
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[Monitor] ‘Rich’ Koreans surge by 30,000 in a year
A report by KB Financial Group’s research center showed that the number of those in South Korea with assets worth 1 billion won or more reached 242,000 at the end of last year, up by 14.8 percent from the previous year.
Aug. 2, 2017
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Tobacco tax revenue to reach W3tr in 2017
Revenue from taxes levied on cigarettes is forecast to reach 3 trillion won ($2.8 billion) for the first time ever this year, government data showed Wednesday.Starting in January 2015, South Korea jacked up the price of cigarettes by 80 percent from 2,500 won per pack to 4,500 won, in an effort to curb smoking. Following this move, taxes collected from the sale of individual cigarette packs jumped from 354 won to 841 won.According to the data by the Ministry of Health and Welfare, revenues from
Aug. 2, 2017
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Childcare subsidies losing initial effect, report says
State subsidies for childbirth and child rearing have helped increase South Korea's birthrate, but the effect is weakening over time, a report said Wednesday.According to the report from the Center for Economic Catch-up, subsidies can take credit for 0.122 of 0.163, or 75 percent, increase in the nation's birthrate between 2005 and 2015. The birthrate during the period rose from 1.076 to 1.239. Such effects, however, are waning after policy changes from 2012-2013 to pay a uniform amount to all h
Aug. 2, 2017
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Household savings rate to log minus growth in a decade: report
The savings rate of South Korean households is expected to lapse into negative territory in a decade due the country's rapid population aging, a central bank report said Wednesday.The Bank of Korea report estimated the household savings rate to start to register negative growth starting in 2026 in step with the country's fast population aging.The figure is forecast to fall from 8.9 percent in 2015 to -3.6 percent in 2030, when the ratio of people aged 65 and older to total population is likely t
Aug. 2, 2017
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Banks' loan delinquency rate falls to record low in June
The delinquency rate of South Korean banks' won-denominated loans fell to a record low in June as banks significantly resolved distressed loans, government data showed Wednesday.The rate for bank loans more than 30 days overdue stood at 0.43 percent at the end of June, down 0.15 percentage point from a month earlier, according to the data by the Financial Supervisory Service. Compared to a year ago, the rate was down 0.28 percentage point, it said. The end-June reading was the lowest rate since
Aug. 2, 2017
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[Monitor] Korea’s exports keep upward trend
South Korea continued to see brisk exports last month, backed by a rise in oil prices, recovering global trade and a rise in shipments of semiconductors, data from the Ministry of Trade, Industry and Energy and Korea International Trade Association showed Tuesday.Exports climbed 19.5 percent on-year in July, continuing its rise for nine consecutive months and posting double-digit growth for seven straight months. Outbound shipments reached $48.85 billion, up from $40.88 billion a year ago. Trade
Aug. 1, 2017
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Consumer prices up 2.2% in July due to weather: data
South Korea’s consumer prices surged in July at the fastest pace in four months, mainly due to a recent rise in fruit and vegetable prices after a period of alternating droughts and floods, government data showed Tuesday.Faced by record-high inflation in the costs of living necessities, the government pledged to offer discounts of up to 50 percent on selected vegetables and to increase the stock of livestock and marine products, in preparation for national holidays in early October.The nat
Aug. 1, 2017
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S&P assigns 'intermediate risk' rating to Korea's non-life insurers
International ratings agency Standard and Poor's said Tuesday it has assigned an "intermediate risk" rating to South Korea's property and casualty insurance industry, saying that the industry's strength is undermined by security risks from North Korea. In a report on the insurance industry and country risk assessment, S&P said South Korea's non-life insurers "will remain stable over the near to medium term." The assessment was based on South Korea's growing economy,
Aug. 1, 2017
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Cabinet OKs temporary removal of import duties on egg products
South Korea's Cabinet on Tuesday approved a measure to remove import tariffs on egg products in the latest effort to resolve a supply shortage sparked by outbreaks of bird flu here, officials said.The move will allow local companies to import 28,000 tons of eggs -- 13,000 tons of shell eggs and 600 tons of hatching eggs and 14,400 tons of other products -- without tariffs up until the end of this year.The government said egg products can be brought in from Australia, New Zealand, Denmark, the Ne
Aug. 1, 2017
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Number of wealthy people in Korea up 14.8% last year
The number of people in South Korea with financial assets worth more than 1 billion won ($892,295) rose 14.8 percent on year to 242,000 last year, thanks to the robust stock market, a report showed Tuesday. According to the annual survey by KB Financial Group Inc.'s research institute, people classified as wealthy held a total of 552 trillion won worth of financial assets in 2016, accounting for 16.3 percent of total financial assets owned by all households. Compared with a year ago, the ratio w
Aug. 1, 2017
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Korea's exports jump 19.5% in July
South Korea's exports continued their rally for nine straight months by rising a sharp 19.5 percent last month on brisk overseas sales of semiconductors, the trade ministry said Tuesday.Outbound shipments came to $48.85 billion in July, up from $40.88 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering global trade. The country posted double-digit expo
Aug. 1, 2017
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BOK strengthens information collection on overseas financial instability
South Korea's central bank said Tuesday that it has set up a system meant to detect overseas financial instability at an early stage in the latest move to better cope with any possible external shock that could affect Asia's fourth-largest economy.The Bank of Korea said about 40 staff members will gather information to assess and analyze the resilience and vulnerabilities of the financial system by meeting with relevant officials of financial institutions, international organizations and major c
Aug. 1, 2017
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Fallout from minimum wage hike spreading
President Moon Jae-in’s administration is pushing for a steep increase in the minimum wage as a key stepping stone for its income-led growth policy.But critics say sharp pay increases detached from the reality faced by most businesses in the country might drag down the economy.Complaints are simmering especially from small business owners over last month’s decision by a commission of representatives from the government and labor and management circles to raise the minimum wage for 20
July 31, 2017
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2 major policy lenders receive improved rating in management assessment
South Korea's financial regulator said Monday that the performance of two major policy lenders has improved as the restructuring of shipbuilders and two major shipping lines have been concluded.The Financial Services Commission said it has raised the rating of the Korea Development Bank and the Export-Import Bank of Korea by one notch from C to B in its annual assessment of five public financial organizations. The five public financial organizations are rated one of six categories, with S being
July 31, 2017
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Corporate hiring hits 7-year low
The number of employees at some of the country’s largest firms hit a seven-year low in the second quarter of the year, according to data compiled by Statistics Korea on Monday. Government data showed that the number of employees at companies with workforces of more than 300 reached 2.46 million workers in the second quarter of this year, a decrease of 25,000 compared to a year ago. The fall is the largest since the third quarter of 2010, when the number of employees at large companies pl
July 31, 2017
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Number of new corporations in H1 hits record high
The number of new corporations set up in the first half of this year reached nearly 50,000, setting a new record amid steady overseas demands for local products, the government said Monday.The number of new corporations set up came to 49,424 in the January-June period, up 2.4 percent from the same period last year, according to the Ministry of SMEs and Startups.Among the total, 10,107 companies were in the manufacturing industry, followed by 10,057 firms in the wholesale and retail sector, the m
July 31, 2017
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Rates for household loans inch down in June
Bank lending rates on new household loans inched down in June and interest rates paid by banks on new deposits slightly rose, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in June, down 0.06 percentage point from the previous month, according to the Bank of Korea.The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt stood at 1,359.7 trillion won ($1.2 tril
July 31, 2017
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BOK to keep monetary easing policy to support growth
South Korea's central bank on Monday renewed its stance to maintain the current monetary easing policy to support growth for Asia's fourth-largest economy.The Bank of Korea said in a report submitted to the National Assembly that it will maintain its stance of monetary policy accommodation, noting the inflationary pressures on the demand side are not expected to be high, though the solid trend of domestic economic growth could affect prices.The latest assessment came more than two weeks after th
July 31, 2017
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Korea's exports to FTA partners jump 17.9% in H1
South Korea's exports to trade partners with which it has free trade agreements jumped nearly 18 percent in the first six months of the year on solid overseas demand, customs data showed Monday.Exports to 52 countries that have open trade pacts with South Korea reached $202.5 billion in the January-June period, up 17.9 percent from $171.6 billion tallied a year ago, according to the data released by the Korea Customs Service. Imports also rose 17.1 percent on-year to $147.9 billion over the cite
July 31, 2017