Most Popular
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Yoon's approval rating plunges to all-time low
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S. Korea votes in favor of Palestinian bid for UN membership
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
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[From the Scene] Monks, Buddhists hail return of remains of Buddhas
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Medical schools granted enrollment quota flexibility for next year
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Korean art gets spotlight at Venice Biennale 2024
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Police uncover illegal gambling website made by teens, for teens
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Yoon offers first one-on-one meeting with opposition leader next week
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Yoon's approval rating sinks to all-time low following election loss
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State pension's income replacement ratio reaches 24%
South Korean pensioners find it difficult to live only on monthly payments from the state pension scheme as the amount comes to less than a quarter of their pre-retirement income, a government report said Monday.The state pension's so-called income replacement ratio for South Koreans aged 65 or older with an average subscription period of 23.8 years amounts to 23.9 percent, according to the report by the Board of Audit and Inspection. The figure means South Korean pensioners receive a mont
May 22, 2017
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Over 10% of regular workers think they are temps: report
More than 10 percent of full-time workers in South Korea consider themselves as nonregular employees because of poor working conditions, a report said Monday.According to the report by the Korea Labor Institute, 10.7 percent of South Korea's regular workers believe they are temporary employees owing to long work hours and low pay. Kim Ki-hong, a researcher at the think tank, authored the report based on the 2014 annual survey of 5,000 households on their economic activity, job mobility, income a
May 22, 2017
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Debt ratio of listed firms edges up in Q1
South Korean companies listed on the country's main stock market saw their debt ratio inch up in the first quarter of this year from three months earlier, data showed Monday.The debt-to-equity ratio of the 725 listed companies, which close their books in December, came to 116.8 percent at the end of March, up 1.77 percentage points from the end of December, according to the data by the Korea Exchange and the Korea Listed Companies Association. A key measure of financial health and stability, the
May 22, 2017
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Producer prices up for 6th straight month in April
South Korea's producer prices rose for a sixth straight month in April on rising oil and raw material prices, central bank data showed Monday.The producer price index -- a barometer of future consumer inflation -- reached 102.58 in April, up 4.0 percent from a year earlier, according to the preliminary data from the Bank of Korea. The BOK attributed the hike to an increase in oil and raw material prices.The price of Dubai crude -- South Korea's benchmark -- stood at an average of $52.30 in
May 22, 2017
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Moon puts chaebol reform, income growth top on economic agenda
President Moon Jae-in’s chaebol reform drive became even more clear on Sunday as he named a longtime activist for shareholders’ rights and transparent corporate governance as the chief of the staff for policy, a position he revived for swift changes on overall economic policies. Jang Ha-sung, a business professor at Korea University, is “the right person,” to shift an outdated socio-economic paradigm that long focused on ways to support conglomerates for the nation’
May 21, 2017
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Korea records highest Q1 growth among top exporting nations
South Korea‘s exports recorded the fastest quarter growth among the world’s leading exporting countries with its first quarter revenue totaling $132.3 billion, up 14.9 percent from the same period last year, according to data from the World Trade Organization on Sunday. Despite a decline in world trade over the past two years, Korea’s exports have recovered rapidly, jumping from the No. 8 spot last year to No. 6 among the top 10 exporting countries ranking for the first quarter
May 21, 2017
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AmCham meets White House officials
Leaders of the American Chamber of Commerce in Korea recently concluded their senior-level “Doorknock” meetings in Washington, during which the delegation met with key officials of the Trump Administration, Congress and policy think tanks to discuss issues regarding Korea-US relations, according to a press release from AmCham on Sunday.During their visit last week, AmCham officials held more than 50 meetings from Monday to Thursday with White House officials and congressional leaders
May 21, 2017
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BOK expected to hold policy rate steady in May: Moody's Analytics
South Korea's central bank is expected to hold its key rates steady this month due to weak domestic spending, a report by Moody's Analytics said Sunday.The Bank of Korea kept its policy rate at an all-time low of 1.25 percent for the 10th consecutive month in April to bolster Asia's fourth-biggest economy. The leading provider of economic analysis, said the BOK will "likely stand pat" on rates at the monetary policy meeting set for Thursday, noting further easing is off the cards as it
May 21, 2017
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New gov't to tweak merit pay for public agencies: analysts
South Korea's new Moon Jae-in government is expected to make only small changes to the current merit pay system for all public agency employees instead of scrapping it all together, analysts said Friday.During a campaign rally for the May 9 presidential election, Moon of the liberal Democratic Party of Korea promised to immediately abolish the performance-based wage system should he be elected as the nation's president. Experts, however, said the Moon administration will find it difficult t
May 19, 2017
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Retailers struggle with weak sales as concerns over gov't rules loom
Retailers are struggling with weak sales amid unfavorable market conditions industry data showed Friday, with prospects of new government regulations adding to their worries.According to the sales tally, April's numbers by major department stores shrank nearly 2 percent compared to same month last year. Lotte showed a 1.9-percent contraction while sales at Hyundai fell 1.6 percent. The lone increase in sales was in the home appliances sector from the wedding season in spring. Retailers had hoped
May 19, 2017
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[Moon in Office] How far can chaebol reform go?
The Korea Herald is publishing a series of articles delving into the economic policies and tasks expected of the new Moon Jae-in administration. This is the sixth installment -- Ed.President Moon Jae-in’s administration was born out of an advanced presidential election, in the wake of the ousting of former President Park Geun-hye, following the worst bribery and influence-peddling scandal involving her long-time friend, presidential aides and business tycoons.His strong will for chaebol re
May 18, 2017
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Nominee for FTC chief aims strict regulation on big 4 biz groups
Kim Sang-jo, South Korea’s nominee for chief of the anti-trust watchdog, said on Thursday he would apply stricter fair trade laws to the four largest chaebol when he takes office.Often called “chaebol sniper” for his longtime shareholder activism, the economics professor at Hansung University was the key economic adviser to President Moon Jae-in during his election campaign, mapping out Moon‘s key pledges on chaebol reform. “The existing regulations were based on th
May 18, 2017
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17 companies report 'WannaCry' damage in Korea
South Korea's state-run cybersecurity agency said Thursday that 17 companies have been struck by "WannaCry" so far, but the spread of the ransomware has slowed.The Korea Internet & Security Agency KISA said it is keeping a watchful eye on the spread of the ransomware, although the situation is presumed to have past its peak.Ransomware refers to malware that locks up files on a computer with encryption until the victims pay a certain amount of money to hackers. The latest instance o
May 18, 2017
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Koreans' overseas card spending hits record high in Q1
Overseas card spending by South Koreans hit a record high in the first quarter due to a hike in the number of people going overseas, the central bank said Thursday.In the January-March period, overseas card spending amounted to $4.02 billion, up 21.9 percent from $3.3 billion a year earlier, according to the Bank of Korea BOK. From a month earlier, the Q1 tally marked a 7.4-percent increase.Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit
May 18, 2017
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Punishment softened against 3 life insurers over suicide claims
South Korea's financial regulator on Wednesday eased penalties against the nation's top three life insurers over unpaid suicide insurance benefits. Kyobo Life Insurance was ordered to halt operations for one month, while Samsung Life Insurance and Hanwha Life Insurance received a warning and were both banned from making inroads into new businesses for one year, the Financial Services Commission said.Financial authorities had originally planned to order all three insurers to halt operations for u
May 18, 2017
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Middle-aged group says parents' medical bills biggest financial burden
Middle-aged South Koreans who live with or support their parents financially feel the heaviest burden when bearing their medical bills, but some saw it as a duty that has to be fulfilled even if means getting loans or giving up on their own savings, a survey said Wednesday.In the poll of 1,000 people in their 40s and 50s who have experience supporting their parents, 48.1 percent answered doing so was a weight on their shoulders, according to the Life Insurance Social Contribution Committee who c
May 17, 2017
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[Monitor] Export, import prices surge in April
Buoyed by rising international oil prices, South Korea’s export and import prices each surged by 0.5 percent in April compared to the previous month, the Bank of Korea said Wednesday.The provisional import price for April was 81.79 (based on the standard of 100 in 2010, in local currency terms), showing the first increase in three months. The rise in import price, which is reflected in consumer prices, was attributed to the higher international oil prices. The price of Dubai crude -- South
May 17, 2017
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New industries to create 380,000 new jobs by 2025, ministry forecasts
New industries such as electric and autonomous vehicles, smart ships and robots will create some 380,000 new jobs, a report by the Minister of Commerce, Industry and Energy showed Wednesday.In the report released at a forum of experts, academics and businesses, the ministry said such jobs will be created by 2025 from 12 sectors it designated as new industries last year.The forum was held on the heels of President Moon Jae-in appointing himself the chief of the new presidential jobs creation comm
May 17, 2017
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[News Focus] Income-led growth faces hurdles
South Korea’s per capita gross national income has remained below $30,000 for more than a decade since it surpassed the $20,000 mark for the first time in 2006.A survey conducted by a local pollster days before the May 9 presidential election showed most people here are pessimistic about the possibility of their country passing what is regarded as the threshold for joining the club of wealthy advanced states anytime soon. Of about 1,000 Korean adults polled, a mere 0.1 percent said the $30
May 17, 2017
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Korea's export prices hit 8 year record high in April
South Korea's export prices hit a record eight year high in April due to strong demand for electric and electronic products as well as petrochemicals, central bank data showed Wednesday.In local currency terms, export prices rose 8.7 percent on year last month, according to preliminary data provided by the Bank of Korea. The dollar came to an average of 1,132.73 won in April, down 0.2 percent from a month earlier the latest findings showed.For exporters, the won's gain means decreased income as
May 17, 2017