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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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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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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KT launches new mobile plans for foreign residents
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Consumer sentiment jumps to more than 6-year high in July
Korea's key consumer sentiment index improved for a sixth consecutive month in July to reach more than a six-year high, a central bank survey showed Tuesday, as the economy shows signs of improvement.The composite consumer sentiment index for July came to 111.2, up from 111.1 a month earlier, according to the survey from the Bank of Korea. The July figure marked the highest since January 2011 when the index stood at 111.4.A reading above 100 means optimists outnumber pessimists.Korea's exports h
July 25, 2017
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Korea to repay W3.5tr won worth of state bonds next month before maturity
South Korea plans to repay 3.5 trillion won worth of state bonds next month ahead of their maturity, the finance ministry said Monday. The government will repay 1.5 trillion won worth of treasury bonds on Aug. 2, 1 trillion won worth of bonds on Aug. 11 and 1 trillion won worth of debt on Aug. 23. The treasury bonds include five-year bonds that will mature in March 2018 and three-year bonds that will mature in June 2018, according to the ministry. (Yonhap)
July 24, 2017
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[News Focus] Energy policy swings with political winds
Korea’s energy policy has made an abrupt turn with changes of government in the past few decades, leaving the country short of securing stable, efficient and environmentally sustainable supply of energy.According to an index released by the World Energy Council last year, it ranked No. 72 and No. 88 out of 125 countries in terms of energy security and environmental sustainability, respectively.In the latest twist to energy policy, which has swung every five years, President Moon Jae-in&rsq
July 24, 2017
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Survey shows employees fear job cuts following minimum wage hike
More than half of Korea’s part-time employees are concerned about potential job cuts due to the government’s minimum wage hike starting next year, according to a survey conducted by Albamon, a portal site operated by Job Korea, on Monday. The survey of 3,955 part-time workers and 656 employers showed that 72.9 percent of participating part-time workers expressed concerns about the upcoming minimum wage increase, while 90.5 percent of employers said they were concerned. Earlier this
July 24, 2017
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Underprivileged more reliant on non-banking loans, exposed to rate hikes
People with low income, senior citizens and the self-employed are more reliant on non-banking institutions when taking out loans, exposing themselves to interest rate hikes, an analysis from Korea Institute of Finance showed on Monday.Data showed that 55 percent of household loans last year borne by the bottom 20 percent income group came from non-banking lenders such as savings banks, cooperatives, insurance companies and private lenders. This is much higher than the 34.2 percent average for al
July 24, 2017
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US trade deficit with Korea not result of FTA: experts
The United States' trade deficit with Korea is not a result of their bilateral free trade agreement, two experts here have said, dismissing President Donald Trump's push to revise the deal.Gary Hufbauer, a senior fellow at the Peterson Institute for International Economics, and Euijin Jung, a research analyst at the same institution, made the case in a contribution to The Hill last week, saying it "makes no sense" to try to modify the FTA now."Trump sees US bilateral trade d
July 24, 2017
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[Monitor] Tax increase plan by ruling party
The ruling Democratic Party of Korea‘s Chairwoman Rep. Choo Mi-ae last week proposed a new tax plan levying higher taxes for the rich and large conglomerates during a finance meeting with the government.
July 23, 2017
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Korean SMEs annual 'indirect exports' top 80 tln won: KITA
South Korean small and medium-sized enterprises "indirectly exported" over 80 trillion won ($71.5 billion) worth of goods in 2015 by supplying raw materials or intermediate products to local exporters, an industry report showed Sunday. According to the report by the Korea International Trade Association, all production-related materials supplied to exporters, was valued at 170.8 trillion won ($152.6 billion) in the one-year period with SMEs responsible for 82.7 trillion won worth of go
July 23, 2017
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RCEP mega FTA talks to be held in India this week
Talks to forge a mega free trade agreement encompassing Asia and Oceania will take place in India this week with countries striving for an early settlement of the accord, the government said Sunday.The Ministry of Trade, Industry and Energy said its chief FTA negotiator Yu Myeong-hui will lead a 60-person team to Hyderabad, India for the Regional Comprehensive Economic Partnership talks that run from Monday through Friday. RCEP involves the Association of Southeast Asian Nations, South Korea, Ja
July 23, 2017
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State pension fund management assets surpass 600 tln won for first time
The size of assets under management by South Korea's state pension fund surpassed the 600 trillion won ($536.2 billion) mark for the first time ever, the government said Sunday. According to the Ministry of Health and Welfare, the total value of funds controlled by the National Pension Service reached 601 trillion won as of Monday, making it the world's third-largest in terms of size after Japan's Government Pension Investment Fund and the Government Pension Fund of Norway. The NPS has over 20 m
July 23, 2017
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President says will be no tax hike for low-income firms, people
President Moon Jae-in said Friday that a tax hike was inevitable to fund the new government's 100 policy tasks but that there will be no tax increase for average citizens or small and medium-sized enterprises (SMEs)."Initially, the ways to fund the policy tasks included a tax increase, but we have been unable to set the scope or direction of the tax hike," the president said in a meeting with over 200 policymakers from the government and the ruling party to discuss ways to finance his
July 21, 2017
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Govt. to adopt 'universal' mobile fees in 2018
The government will adopt "universal" mobile subscription fees sometime next year in line with its efforts to reduce the cost burden for mobile phone users, the ICT ministry said Friday.According to the draft version of the revision to the telecommunication law -- subject to parliamentary endorsement -- a service package with between 1 and 1.3 gigabytes of data priced at 20,000 won ($18) per month will be introduced, said the Ministry of Science, ICT and Future Planning.The new package
July 21, 2017
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[News Focus] Tax hike expectations hold back state affairs plan
Controversies continue to bubble over expectations of a tax hike to finance President Moon Jae-in’s key state affairs agenda.Though the presidential office and ruling party leadership have said any extra taxes will be limited to corporations and the richest individuals, criticism persisted on the apparent inconsistency in the state chief’s words.Throughout the presidential election campaign and up until recently, Moon has been aspiring to achieve his visions of welfare and fair econo
July 21, 2017
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Korea's economy likely slowed to 0.6% on-quarter in Q2: Moody's Analytics
South Korea's economy likely grew at a slower pace in the second quarter from three months earlier, a leading provider of economic analysis said Friday.Growth of South Korean gross domestic product "likely cooled to 0.6 percent" in the June quarter, Moody's Analytics said, noting the country's exports didn't maintain their burly first quarter pace as a blip in tech demand and slower Chinese demand hurt shipments.South Korea's GDP expanded 1.1 percent in the January-March period from th
July 21, 2017
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Top financial regulator calls for swift clearing of bad loans
South Korea's top financial regulator on Friday called for the swift clearing out bad loans, saying that there is the need to achieve tangible results next month. Choi Jong-ku, the new chairman of the Financial Services Commission, made the remarks earlier in the day as he held the first meeting with senior regulatory officials in Seoul. The task is one of the five-year policy road maps outlined by President Moon Jae-in.Next month, the government plans to draw up a package of fresh measures
July 21, 2017
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Korea's July 1-20 exports jump 22.4% on-year
South Korea's exports rose 22.4 percent for the first 20 days in July from the same period last year helped by a robust shipment of ships and semiconductors, government data showed Friday. Exports totaled $30 billion in the 20-day period in July, with exports of vessels and computer chips surging 245.6 percent and 47.7 percent each, the Korea Customs Service said. Exports to the United States and China rose 5.4 percent and 3.2 percent each in the July 1-20 period. Imports stood at $25.9 bi
July 21, 2017
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Minimum wage hike to cut profits at retail sectors, but bolster consumption
A decision by the government to raise the minimum wage next year is expected to cut profits at convenience and discount store chains, but it could help bolster consumption, according to foreign investment banks on Friday. The government has decided to hike minimum wage 16 percent to 7,530 won ($6.7) per hour next year, marking its biggest rise since 2000. It would affect about 4.63 million workers. The Korea Center for International Finance report, citing Citibank, speculated the hike in the min
July 21, 2017
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White House cites start of KORUS renegotiations as accomplishment
The White House on Thursday cited the Donald Trump administration's launch of a process to renegotiate the bilateral free trade agreement with South Korea as an accomplishment during the president's first six months in office.In a statement, the White House listed what it said the president has done in his "Six Months of America First" since coming into office Jan. 20."Last week, the President began the process of renegotiating the United States-Korea Free Trade Agreement," i
July 21, 2017
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Korean economy to grow 2.7% in 2017: ADB
South Korea's economy is expected to grow 2.7 percent in 2017 from a year earlier, the Asian Development Bank said Thursday, revising up its previous outlook of 2.5 percent.The bank cited abated political uncertainties following the inauguration of the new president, along with the improving global economy and revitalization of exports. "A sharp upswing in machinery and equipment outlays and persistently high construction growth helped boost gross domestic product growth overall, thou
July 20, 2017
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Moon reiterates paradigm shift to address low growth, economic polarization
President Moon Jae-in on Thursday reiterated his call for an economic paradigm shift to address weak growth and polarization, stressing a more active government role in tackling the country's economic challenges. During a forum on financial strategy, Moon also underscored that the country's financial policies should be "people-oriented," inclusive, balanced and transparent, and involve citizens' participation."There has been a blind belief in a small government, but in order to ov
July 20, 2017