Most Popular
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Yoon sorry for shortcomings but insists policies were right
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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US 'incredibly concerned' about suspected NK-Iran military ties
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1 in 3 Koreans live alone, family types becoming diverse
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Korean won weakens amid heightened uncertainty
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Seoul says will cut power to porn festival planned on Han River
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Sewol victims commemorated on tragedy's 10th anniversary
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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Chanel, Louis Vuitton see muted growth in Korea
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Conservative bloc divided over Han’s role in election defeat
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[News Focus] How will class action suits be introduced in Korea next year?
After some two decades of disputes, class action suits for basic consumers may be introduced next year, according to the top 100 policy plans announced by the Moon Jae-in administration on Wednesday.The tool to allow consumers who have suffered damage from products to benefit en mass from compensation rulings without directly participating in a legal battle has always been a hot potato for the preceding governments and legislators.Despite President Moon Jae-in’s determination to promote co
July 20, 2017
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[Monitor] Moon’s five-year plan needs W178tr
Based on President Moon Jae-in’s five year administration plan, a total of 178 trillion won ($158 billion) is needed to support his major policies and tasks, according the State Affairs Planning Advisory Committee.The administration plans to prepare some 95.4 trillion won by cutting expenditures and secure 82.6 trillion won through expanding tax revenue.
July 20, 2017
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Korea to launch new ministry dedicated to SMEs
South Korea will set up a new ministry in charge of small and medium-sized businesses that will be dedicated to supporting smaller companies and creating more jobs, the government said Thursday.After long-drawn-out negotiations, the National Assembly passed the bill which included elevating the Small and Medium Business Administration to a Cabinet ministry supporting SMEs, venture startups and micro-businesses, as was pledged by President Moon Jae-in during the election campaign. The SMBA is cur
July 20, 2017
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Agriculture minister says no to FTA changes on rice imports
South Korean Minister of Agriculture, Food and Rural Affairs Kim Yung-rok said Thursday he would not concede to any demand for an increase in rice imports from the US when talks begin regarding modifications to the Korea-US Free Trade Agreement. The agriculture minister said the farming industry had been struggling since the FTA came into effect five years ago, as Korea’s rice prices continue to plunge, with farmers blaming an increase in rice imports. “It is not a simple task, but
July 20, 2017
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Korea creates post of trade minister ahead of talks with US
South Korea on Thursday created the post of trade minister in a move to strengthen its negotiating capacity ahead of crucial talks with the United States on revising the bilateral free trade deal.The move is part of a bill endorsed by parliament on government reorganization on the same day, and came days after US Trade Representative Robert Lighthizer called for a special joint committee meeting to start the process of revising the free trade agreement. According to the trade pact, a special joi
July 20, 2017
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[News Focus] US’ currency manipulation ban looks to press KORUS FTA amendments
The US government this week released a 17-page summary of its proposal to renegotiate the North American Free Trade Agreement that included a ban on currency manipulation, which is also expected to impact looming talks on amending the Korea-US Free Trade Agreement. The Office of the United States Trade Representative on Monday issued the NAFTA amendment summary looking to reduce the US trade deficit by improving accessibility of its exports to Mexico and Canada. In particular, the USTR office a
July 20, 2017
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Convenience stores see profit sliding as market gets more crowded
Per-store operating profit at convenience stores in South Korea fell in 2015 as the market became more crowded, government data showed Thursday. An average per-store operating profit at franchised convenience stores stood at 18.6 million won ($16,523) in 2015, down 17 percent from a year ago, according to the data by the Statistics Korea.The number of convenience stores, however, rose 12.7 percent on year to 29,628 at the end of 2015, the data showed. Convenience stores accounted for 16.4
July 20, 2017
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Korea to shift economic paradigm over low growth, polarization
South Korea's finance chief said Thursday that he will try to shift the country's economic paradigm to try to address chronic low growth and the deepening social divide.The country's central bank has lately raised its growth outlook for the gross domestic product to 2.8 percent for 2017, up 0.2 percentage point from its estimate released in April.The Bank of Korea said it expects the economy could grow 2.9 percent in 2018 on the back of global economic recovery and increased domestic spending. A
July 20, 2017
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Korea vows no concessions in farm sector in talks with US to amend FTA
South Korea's new agriculture minister has said the Seoul government will not make concessions in the farm sector in talks with the United States to amend a bilateral free trade agreement.In an interview with Yonhap News Agency arranged Tuesday, Agriculture, Food and Rural Affairs Minister Kim Yung-rok also signaled his willingness to reduce imports of rice.The US has notified South Korea of plans to begin talks on revising the 5-year-old free trade deal, months after US President Donald said he
July 20, 2017
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Koreans take 5.5 local trips in 2016, slightly more than previous year
South Koreans took an average 5.5 local trips last year, spending 586,495 won ($522), travel-related data showed Thursday.Data from the Ministry of Culture, Sports and Tourism said among 43.9 million people aged 15 and over, 39.29 million, or 89.5 percent, traveled domestically last year, up 1.6 percentage points from 2015.The travelers made an average 5.51 trips during the year, 9.4 days in total, according to the data. Women were more frequent travelers (5.82 times) than men (5.19 times), and
July 20, 2017
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More youths spending less time searching for jobs
More unemployed young people are using their free time for personal activities rather than actively searching for jobs, data analysis showed Thursday, a trend that may be a sign that they have given up finding work.Statistics Korea took a supplementary survey last month on 1.47 million young people between 15 to 34 to ask how they spend their time. The survey results show that 35.4 percent were preparing to take tests that can lead to their employment. The same survey found that 5 percent of the
July 20, 2017
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KCCI chairman urges voluntary changes in businesses, more jobs
JEJU ISLAND, Jeju Province -- Amid growing tension in the corporate community over the government’s chaebol reform drive and planned minimum wage hike, the head of the nation’s top business lobbying organization Wednesday called for voluntary changes and efforts to create more jobs.Stressing the public role of businesses in the South Korean economy, Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, said that the time is ripe for businesses to respond to growing
July 19, 2017
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Financial regulator to be more active in reining in household debt
South Korea's top financial regulator said Wednesday he will be more active in reining in household debt, calling it the biggest risk facing the nation's economy. Choi Jong-ku, the newly appointed chairman of the Financial Services Commission, made the remarks in his inauguration speech earlier in the day. The former deputy finance minister, who served at the finance ministry for about three decades, is tasked with slowing down the nation's growing mountain of household debt and restructuring so
July 19, 2017
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Producer prices down 0.4% in June on oil price drop
South Korea’s producer prices fell slightly for a fourth straight month in June, reflecting the recent drop in oil and raw material prices, the nation’s central bank data showed Wednesday.The producer price index as of the end of June stood at 101.79, down 0.4 percentage points from the previous month and 0.9 percentage points up from the end of last year, according to provisional data released by the Bank of Korea.The corresponding index, indicating the price fluctuation of products
July 19, 2017
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Moon’s policies carry high costs for economy
Concerns have been raised that a set of policies being shaped by the Moon Jae-in administration will result in cutting deep into the competitiveness and efficiency of the Korean economy by aggravating its high-cost structure.Economists are beginning to ring alarms over this possibility, noting the country has already seen its major industries losing their competitive edge in the global market in the face of mounting challenges from foreign rivals while facing difficulties finding new growth engi
July 19, 2017
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Estimate puts public servants in top 7 percentile in annual income
A public servant paid an average of 88.53 million won ($78,868) a year, an amount equal to the top 7 percentile of the nation's average income, according to the Korea Taxpayers' Association.Based on basic salary information disclosed by the government and expenditure analysis of a ward office in Seoul picked as a representative sample, it costs about 179.9 million won a year to keep a public servant employed, the association said. Salary levels of government workers have become news after p
July 19, 2017
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Tough job market makes it harder for young people find work: govt. data
A tough market is making it harder for young people to find work with new jobseekers taking up to a year to land a position, government data showed Wednesday. According to Statistics Korea, the number of college graduates, dropouts and high-school graduates stood at some 4.82 million in May. Of them, about 4.18 million, or 86.8 percent, were employed or held a job at least once. The ratio of young people who had work experience fell 0.2 percentage point from a year ago. As for 4.09 million
July 19, 2017
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BOK says over 290m dormant coins back in circulation
South Korea's central bank said Wednesday that it has put more than 290 million dormant coins back into general circulation.People brought out some 296 million coins worth 40.8 billion won ($36.3 million) to have them changed into banknotes during the nationwide collection campaign in June, according to the Bank of Korea.This marked a 10.6-percent increase in the number of reclaimed coins vis-a-vis last year. Combined value of coins collected rose 10.9 percent. The annual campaign is designed to
July 19, 2017
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Dollar-won volatility eases in Q2
The volatility in the dollar-won exchange rates slightly eased in the April-June period from a quarter earlier as global financial markets stabilized, the central bank said Wednesday.The average daily variation, showing the change from the previous session's closing price, came to 4.2 won in the second quarter, down from 5.7 won in the previous quarter, according to data from the Bank of Korea.Meanwhile, the average gap between the daily high and low of the dollar-won exchange rates came to 5.8
July 19, 2017
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[News Focus] Will hike in minimum wage hurt labor market?
The sharp increase in the hourly minimum wage for next year, part of President Moon Jae-in’s vow to raise it to 10,000 won by 2020, was seen by many as an advancement in workers’ rights.The drastic increase, however, may also be a double-edged sword that squeezes the economy by discouraging cash-short business owners from recruiting, despite the government’s subsidy promises.Small and medium-sized firms and the distribution and service industries will be most affected by the ch
July 18, 2017