Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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President vows to remove all non-regular jobs in public sector
President Moon Jae-in on Friday reaffirmed his pledge to create hundreds of thousands of quality jobs in the public sector, vowing to turn all non-regular job openings in the public sector to regular, full-time employment within his term."I will open an era of zero irregular jobs in the public sector within my term," Moon said in a meeting with workers and citizens at Incheon International Airport Corp., a key public enterprise. The meeting marked the new president's first public event
May 12, 2017
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China invites Korea to economic development forum
China has invited South Korea to join a forum on Beijing's regional economic development plan in what appears to be a move to mend the bilateral relationship following the inauguration of new President Moon Jae-in in Seoul, a government official said Friday.The delegation to be led by Rep. Park Byeong-seug of the Democratic Party will leave for Beijing on Saturday to attend the Belt and Road Forum for International Cooperation that will kick off on Sunday for a two-day run, according to the offi
May 12, 2017
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Govt. to set aside supplementary budget for job creation
The finance ministry said Friday that it will set aside a supplementary budget to help create jobs, a key campaign pledge of Presidential Moon Jae-in."We will create jobs through aggressive macroeconomic policies, including a supplementary budget," the ministry said in its monthly economy assessment report called the "Green Book." The ministry also vowed to revitalize Asia's fourth-largest economy, which is showing signs of a recovery on increased exports.It marked the first
May 12, 2017
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[Monitor] Korea’s tourism deficit hits 10-year high
South Korea’s tourism industry recorded a deficit of $3.74 billion as of the end of March, marking a nearly decadelong record high, due largely to drop in Chinese visitors following the ban of Korea-bound trip sales by Beijing this year.The Bank of Korea said the deficit is the largest since $3.76 billion recorded in the fourth quarter of 2007.The deficit reached $1.35 billion in March alone, the biggest figure in nearly two years, after Korea saw $1.47 billion in travel deficit for July 2
May 11, 2017
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Unemployment hits 17-year high
Despite the number of employed individuals increasing last month, South Korea’s unemployment rate hit a 17-year high in April, according to data compiled by Statistics Korea on Thursday. The jobless number reached approximately 1.17 million, up by 99,000. This is the largest number for the month of April and the highest after February’s 1.35 million. The jobless rate also reached 4.2 percent, up 0.3 percentage point from the same month last year. It is the highest rate after the 4.5
May 11, 2017
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Korea's exports rise 4.5% in first 10 days of May
South Korea's exports increased 4.5 percent in the first 10 days of May from a year earlier on brisk overseas sales of petroleum products and semiconductors, latest customs data showed Thursday.Total outbound shipments reached $9.7 billion during the cited period, up from $9.3 billion tallied over the same period last year, according to the data compiled by the Korea Customs Service. The increase was led by a 117.8-percent on-year gain in exports of petroleum goods and a 43-percent surge for chi
May 11, 2017
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Hanwha chairman talks US relations with Heritage Foundation president
Hanwha Group Chairman Kim Seung-youn sat down with Edwin J. Feulner Jr., president of the Heritage Foundation, in Seoul on Tuesday to discuss the future of Korea-US relations, according to Hanwha officials Wednesday. The Heritage Foundation is a representative conservative think tank in the US and focuses on policy development in the areas of politics, economy, diplomacy and security. Feulner, who also served as an assistant political adviser to US President Donald Trump, is considered a le
May 10, 2017
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[Moon in Office] Corporate governance to improve: analysts
The election of Moon Jae-in as the new president of South Korea is likely to improve corporate governance, along with Moon’s promise to reform chaebol, analysts at global investment banks said Wednesday.Goldman Sachs economist Kwon Goo-hoon said he expected corporate government to improve, along with the National Assembly’s broad support for better governance as a sound business strategy. “A more likely step toward better governance would be the adoption of the stewardship code
May 10, 2017
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[Moon in Office] Who will be finance minister to lead recovery?
As soon as President Moon Jae-in picked South Jeolla Province Gov. Lee Nak-yon to be prime minister, attention moved to who would become the concurrent deputy prime minister and finance minister to lift the sagging economy to recovery.The new top economic policymaker will face daunting tasks, such as making sure the recent rebound of exports and consumer sentiment lead to a recovery of domestic demand and jobs. External risks include dealing with the US over a possible renegotiation of a bilater
May 10, 2017
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Hyundai Asan hopes to resume inter-Korean tour program
Officials at Hyundai Asan, the operator of a halted inter-Korean tour program and developer of the closed Kaesong industrial park, announced its anticipation Wednesday for Korea’s new President Moon Jae-in to ease tension with North Korea so the company can resume its tour program and operations at the industrial park. “Hyundai Asan will by fully prepared for the moment that the two Koreas resume dialogue that could lead to a reopening of the Mount Kumgang tour. We hope that it won&r
May 10, 2017
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[Moon in Office] Moon needs best policy mix on economy
The Korea Herald publishes a series of articles delving into the economic policies and tasks expected of the new Moon Jae-in administration. This is the first installment -- Ed.On the economic front, President Moon Jae-in faces the immediate task of putting the country’s economy on the path to full recovery by boosting domestic demand in tandem with a recent rebound in exports.At the same time, he should set a firm framework for structural reforms needed to bolster the sagging growth poten
May 10, 2017
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[Monitor] Korean parents feel compelled to support children for longer
More South Koreans feel that as parents, they should financially support their children until they get a job, a survey by the Korea Institute of Child Care and Education showed Tuesday.Eight years ago, more respondents believed they should support the children until they enter or graduate from college, while in the latest survey, more thought the support should be provided until the children become employed.The researchers said they compared the responses from the same surveys conducted in 2008
May 9, 2017
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THAAD fallout most imminent economic task faced by new president: officials
Most Ministry of Strategy and Finance officials view the economic fallout from the hosting of the controversial US missile defense system here as the most imminent economic challenge for the new president, a survey showed Tuesday.In a survey conducted by local news media eDaily on 41 high-ranking officials from the Ministry of Strategy and Finance, most picked the risk posed from the Terminal High Altitude Area Defense system as the No. 1 risk to the economy. An official was quoted as sayi
May 9, 2017
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IMF keeps Korea's 2017 growth rate unchanged at 2.7%
The International Monetary Fund kept its forecast for South Korea's economic growth for this year on hold at 2.7 percent, despite signs of a recovery in the country's exports.The projection by the IMF is slightly higher than a 2.6 percent growth forecast by the Bank of Korea. South Korea's economy grew 2.8 percent last year. In a report, the IMF cited "political uncertainty" stemming from the ouster of former President Park Geun-hye over a corruption and influence-peddling scanda
May 9, 2017
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Number of 'early state pension' recipients down
The number of South Korean recipients of "early state pension" decreased in 2016, data showed Monday, as more senior citizens opted for the regular benefit program to ensure they get a meaningful income later on in life.According to the data by the National Pension Service, the number of people receiving the early pension came to 36,614 in 2016, compared to 43,447 in 2015. The early state pension program was introduced to guarantee income for senior citizens up to five years earlier th
May 8, 2017
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Outlook of Korea's export is fragile: UN ESCAP
In the wake of continued economic uncertainty regarding US President Donald Trump, the possible abolishment of the five-year Korea-US FTA and political disputes with China, the United Nations Economic and Social Commission for Asia and the Pacific has predicted a “moderate” economic growth forecast for the Korean economy. “As an export oriented economy (Korea), overall economic growth in past years has been clouded by prolonged weakness in global trade,” said ESCAP’
May 8, 2017
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Korea has highest employment rate of seniors in OECD
South Korea has the highest employment rate of seniors among advanced countries due to the rapid aging and insufficient social welfare system, data said Monday.The employment rate of South Koreans aged 75 or older reached 17.9 percent in 2015, ranking first among 25 members of the Organization for Economic Cooperation and Development, according to the data compiled by the Paris-based agency. It is far higher than the OECD average of 4.8 percent. Mexico came next with 17 percent, followed by Japa
May 8, 2017
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'Economic growth not leading to job creation'
South Korea’s economic growth is not leading to local job creation, as the manufacturing sector’s contribution to employment has weakened in recent years, data showed Monday.The number of employees needed for 1 billion won ($883,000) in gross domestic product fell to a record low of 17.4 in 2016, according to data from the Bank of Korea, Statistics Korea and the Korea Labor Institute.The figure has declined since 2008, when it first fell below 20. Employment elasticity, or the growth
May 8, 2017
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[News Focus] Reshoring needed to creat jobs for youth
Recent data from the state statistics office and a local business lobby highlighted the need for the next administration to be installed following Tuesday’s presidential election to enhance the business-friendly environment if it wants to reduce the country’s rising youth unemployment.Figures suggested by a report from the Korea Chamber of Commerce and Industry showed Korean enterprises are increasingly creating growth and new jobs abroad rather than at home. The number of jobs
May 8, 2017
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[Monitor] Number of prime-aged workers falls
The proportion of those in their prime working age out of the total economically active population dropped to its lowest point in the first quarter this year, Statistics Korea data showed Saturday.The number of those in the 25-49 year age group was 19.241 million in the period, dropping 0.4 percent from the same quarter last year. That accounted for 44.1 percent of total economically active people, which is 43.633 million. This is the lowest rate since data was first collected in the third quart
May 7, 2017