Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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First-ever meeting of president, opposition chief set to finally happen
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Doctor gets suspended term for administering propofol to Yoo Ah-in
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Korea firms urged to expand presence in Africa
South Korean companies are urged to redouble efforts to expand into Africa's rapidly growing consumer goods markets to secure a new growth driver, a state-run trade promotion agency said Tuesday.In a report, the Korea Trade-Investment Promotion Agency said domestic trading companies need to forge ties with African sales networks and online shopping malls to develop localized products and promote them to woo local customers. "The African population, currently at 1.2 billion, will likel
June 20, 2017
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Exporters upbeat on Q3 business outlook: poll
A majority of South Korean exporters expect their business conditions to improve in the third quarter from three months earlier thanks to a global economic recovery, a poll showed Tuesday.The Korea International Trade Association said its export business survey index of 833 exporting companies reached 116.6 for the July-September period, up from 106 for the current quarter.It marks the second consecutive quarter that the EBSI has exceeded the benchmark 100 level. A reading above 100 means optimi
June 20, 2017
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Korea's current account surplus declined in 2016
South Korea's current account surplus dropped slightly in 2016 from a year earlier due mainly to decreased exports, data by the central bank showed Tuesday.The current account surplus came to $98.68 billion in 2016, compared with $105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea.By country, South Korea's current account surplus with the United States fell to $31.15 billion in 2016 from $33.03 billion a year earlier. The 2016 figure marked the lowest
June 20, 2017
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Creditors issue ultimatum over Kumho Tire brand dispute
South Korea's state-controlled banks issued an ultimatum Tuesday urging Kumho Asiana Group to make a concession to resolve a dispute over the usage fee of the Kumho Tire brand with China's Qingdao Doublestar Co. At a meeting of shareholders, creditors threatened to "reconsider" financial ties with the group if a deal to sell Kumho Tire to the Chinese company falls through. Creditors, including the Korea Development Bank, also plan to force Kumho Asiana Chairman Park Sam-koo to revoke t
June 20, 2017
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Fruit prices rise to highest level in 4 yrs amid sweltering heat: data
The fruit price index soared to the highest level in four years last month, government data showed Tuesday, caused by unseasonably high temperatures that affected output.The index of the prices of 15 major fruits, including apples, pears, grapes, strawberries and tangerines, surged to 118.15 in May, the highest since May 2013, when the figure stood at 118.18, data by Statistics Korea showed. The index is calculated by comparing the prices with a base figure of 100 set in 2015. The number has mov
June 20, 2017
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ICT ministry pushes to expand discount rate of mobile fees
The ICT ministry said Monday it is pushing to expand the discount rate of household communication fees, such as mobile phone rates, as the expenditures on telecommunication services are viewed as a burden for many South Korean consumers.The plan by the Ministry of Science, ICT and Future Planning was announced during a regular briefing to President Moon Jae-in's policy advisory panel, the State Affairs Planning Advisory Committee.The two sides discussed ways to expand the discount rate from the
June 19, 2017
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Korea tightens lending rules to curb property speculation
The government said Monday it would apply stricter lending regulations on homes in Seoul and parts of Busan to curb real estate speculation and reduce household debt. The announcement was made jointly by the Ministry of Strategy and Finance, the Financial Services Commission and the Ministry of Construction and Transportation. The new regulations, which are set to take effect on July 3, stipulates that the loan-to-value ratio in Seoul, Gyeonggi Province, Sejong and selected areas in Busan are t
June 19, 2017
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Big screen TV panels to exceed 50% of global market in 2017
TVs with 50-59 inch display panels are expected to account for more than 50 percent of the global TV market this year, industry data showed Monday, indicating an industry trend toward larger-sized TV panels.According to the data compiled by industry tracker IHS, the share of such big-screen TVs is forecast to reach 51.7 percent this year, exceeding the estimated share of 35.3 percent by models with 40-49 inch panels.After the 50-59 inch segment, 60-69 inch TV panels have great potential to becom
June 19, 2017
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AIIB may finance projects for North Korea
SEOGWIPO, Jeju Province -- The Asian Infrastructure Investment Bank may finance infrastructure projects for North Korea, if its board of directors agree to it, the head of the China-led multinational lender said Saturday.According to the bank’s articles of agreement, it will invest in its member countries, and whether there is any need or necessity to invest in a nonmember country is the decision of the board of governors, said AIIB President Jin Liqun at a press conference held to wrap up
June 18, 2017
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Korea's exports to China increase for 6th straight month: KOTRA
Led by memory chips, petrochemical products and machineries, South Korea's exports to China increased in April for the sixth consecutive month despite Beijing's apparent import restrictions over a diplomatic row, according to data released Sunday.The Korea Trade-Investment Promotion Agency (KOTRA) said that the nation's shipments to the neighbor country jumped 10.2 percent in the month from one year before. Its imports from China also increased 14.4 percent year-on-year. Bilateral trade has cont
June 18, 2017
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Korea's chicken exports virtually suspended amid bird flu
The export of South Korean chickens has effectively come to a halt this year, apparently hit by the spread of avian influenza, government data showed Saturday. The outbound shipment of chickens reached only 139 tons between January and May, down 98.8 percent on-year, according to the Ministry of Agriculture, Food and Rural Affairs. It means the country's chicken exports have virtually been suspended. The value of total exports over the five months plunged 97.6 percent to $300,000, from $12.67 mi
June 17, 2017
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AIIB highlights urgency for sustainable infrastructure
SEOGWIPO, JEJU ISLAND -- The second annual meeting of the Asian Infrastructure Investment Bank opened in Jeju on Friday, with South Korean President Moon Jae-in echoing the organization’s emphasis on the dual goals of economic growth and environmental protection."What the AIIB pursues in its investment direction goes well with the ways that the Korean government seek to achieve economic growth,” Moon said in his congratulatory address in front of more than 2,000 participants, in
June 16, 2017
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Seoul shares down in late morning on foreign selling
South Korean stocks traded mildly lower late Friday morning as foreign investors offloaded local shares in an apparent move to lock in recent gains, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) inched down 2.33 points, or 0.1 percent, to 2,359.32 as of 11:20 a.m. On Thursday (local time), US stocks dropped, with the S&P 500 Index falling 0.2 percent, led by drops in tech shares. The tech-heavy Nasdaq composite index retreated 0.4 percent.Most large caps traded mixed,
June 16, 2017
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Korea's won expected to remain steady despite US policy tightening
South Korea's won currency is likely to remain steady for the time being, despite US Federal Reserve's move to tighten its monetary policy, analysts here said Friday. The won has risen 6.9 percent against the US dollar so far this year, and the local currency market showed a muted reaction after the Fed raised interest rates by 25 basis points as expected. The won's strength was mainly due to the US dollar's steady decline over uncertainties surrounding US President Donald Trump's fiscal policy.
June 16, 2017
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Korea's export prices down 1% in May on strong won
South Korea's export prices fell slightly in May from a month earlier due to the strong won and a drop in oil prices, central bank data showed Friday.In local currency terms, overall export prices fell 1 percent month-on-month in May, according to preliminary data provided by the Bank of Korea. Still, year-on-year, export prices jumped 5.3 percent last month, marking the seventh consecutive month of gains.The dollar came to an average of 1,125.28 won during the month, down 0.7 percent from April
June 16, 2017
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Number of de facto unemployed people surpasses 700,000 for 1st time: data
The number of people preparing for jobs surpassed the 700,000 mark in May for the first time ever, data showed Thursday, amid the rising unemployment among young people.The figure surged to 735,000 last month, up 13 percent from 656,000 a year earlier, the data by Statistics Korea said. Those who are preparing for jobs are not categorized as jobless as they belong to the economically inactive population. These include people studying for state employee exams or attending vocational training cour
June 15, 2017
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[Monitor] More preparing for jobs
The number of people preparing for jobs without actually seeking jobs surpassed 700,000 for the first time last month, according to Statistics Korea. Those preparing for jobs are categorized as economically inactive, as they are not actually seeking for jobs during the preparation process. A total of 735,000 were preparing for employment, up 13 percent from the same month the previous year. It was the largest number since the relevant tally began in January 2003.Some 251,000 were registered with
June 15, 2017
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Korean finance minister has no immediate plan to raise income, corporate taxes
South Korea's finance minister said Thursday that he has no immediate plan to raise income and corporate taxes, and seek other ways to support President Moon Jae-in's expanded fiscal role in creating jobs and boosting the economy."The government is looking into discretionary spending and unnecessary items in terms of government expenditures that can be adjusted and review plans to remove tax exemptions and other benefits," Finance Minister Kim Dong-yeon told reporters after his inaugur
June 15, 2017
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Home property value rises sharply on eased regulations: data
The property value of South Korean homes has risen sharply in recent years, data showed Thursday, amid the previous government's policy to prop up the country's housing market.The value of homes in the country stood at over 3,732 trillion won ($3.32 trillion) as of late last year, up 17.7 percent or 560.6 trillion won from late 2013, according to figures by the Bank of Korea. Compared with the end of 2015, when the total stood at 3,511 trillion won, value of homes were up 6.3 percent. The market
June 15, 2017
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Fed rate hike to worsen Korea’s household debt
The US Federal Reserve’s interest rate hike is likely to worsen South Korea’s rising household debt problem, dampening domestic demand and possibly hurting exports to emerging markets, experts said Thursday.The Fed raised the key rate by 0.25 percentage point to the 1-1.25 percent range Wednesday, its second hike this year, which was widely expected in the market. Along with Bank of Korea Gov. Lee Ju-yeol’s recent hint at monetary tightening, the Fed’s move raises concern
June 15, 2017