Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Illit, mired in controversy, remains on Billboard charts for 5th week
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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Korea aims to attract W80tr at free economic zones by 2027
Korea aims to attract a total of 80 trillion won ($71.2 billion) of investment from both Korean and foreign companies to the nation’s free economic zones over the next decade by attracting Korean anchor companies and giving more benefits to new industries and service sectors, according to the government on Monday. Korean Free Economic Zones are specially designated areas created to improve the business and living environment for foreign-invested firms in Korea. Since the inauguration of an
Nov. 5, 2018
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Goldman Sachs economist named head of committee on cooperation
A senior Goldman Sachs economist was named head of the Presidential Committee on Northern Economic Cooperation, the presidential office said Sunday. Kwon Goo-hoon, 56, will replace Rep. Song Young-gil of the ruling Democratic Party as chairman of the committee that was formed to reinforce economic and other forms of cooperation with the northern region, including Eurasia.Song quit in late July to run for chief of the ruling party.A graduate of Seoul National University, Kwon earned his Ph.D from
Nov. 4, 2018
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PM suggests further tax cuts in crisis zones
Further tax cuts should be offered to government-designated industrial crisis zones in order to create an actual investment effect, according to Prime Minister Lee Nak-yon on Sunday.“I suggest we discuss ways to further increase the investment tax deduction rate in industrial crisis zones,” Lee said at the government and ruling party meeting held at the National Assembly.“Related tax revision bills are currently pending for (parliamentary) approval, but the current level (of ta
Nov. 4, 2018
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Apartment price gap widens to 7-year high in Oct.
The price gap between South Korea's most expensive apartments and its cheapest ones widened to a more-than-seven-year high last month amid an overheated urban real estate market, industry data showed Sunday.According to the data compiled by Kookmin Bank, apartment prices in the top 20 percent group reached an average 694.1 billion won (US$621,000) last month, up 22.3 million won from a month earlier. Prices of apartments in the bottom 20 percent band fell 610,000 won on-month to an average 115.3
Nov. 4, 2018
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Number of low-paid jobs in public sector rises at fastest clip in 5 years in H1
The number of low-paid people hired by South Korea's public and governmental organizations rose at the fastest pace in five years in the first half of this year amid sluggish employment conditions, government data showed Sunday.In public administration, defense and social welfare, 387,000 employees were paid less than 2 million won (US$1,800) per month during the January-June period, up 45,000 from a year earlier, according to the data from Statistics Korea. The on-year increase was the largest
Nov. 4, 2018
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CJ CGV Vietnam seeking to boost market share in Vietnam via IPO
CJ CGV Vietnam Holdings Co. said Friday it will further expand its presence in Vietnam by maximizing funds from its planned listing in South Korea this month. The cinema chain based in Vietnam is scheduled to go public on Seoul‘s main KOSPI bourse on Nov. 16. It plans to issue 5.71 million shares, with the share price to be set between 18,900 won (US$16.8) and 23,100 won, according to the firm and the bourse operator, Korea Exchange. “We find great potential in the Vietnamese market,
Nov. 2, 2018
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Concerns growing over policy detached from reality
Concerns are growing that President Moon Jae-in and his aides have stuck to economic policies detached from the reality of the country’s economy, which is rapidly losing vitality amid deteriorating conditions at home and abroad.According to government sources, Moon plans to preside over a meeting of economy-related ministers in November for the first time in four months to call for strengthening efforts to enhance economic fairness. Discussion at the planned meeting is set to focus on faci
Nov. 1, 2018
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Finance minister says govt. striving to boost facility investment
South Korea's chief economic policymaker said Thursday that the government will strive to boost lackluster facility investment by accelerating state-led projects.Finance Minister Kim Dong-yeon also promised to slash regulatory red tape to allow the private sector to focus on making investments that can contribute to economic growth. "The government will make efforts to provide a momentum for facility investment to turn around," Kim said in an economy-related ministers meeting.Facility
Nov. 1, 2018
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Korea's exports up 22.7% on-year in Oct.
South Korea's exports rose in October compared with a year ago on upbeat sales of memory chips and petrochemical products, government data showed Thursday.Outbound shipments reached $54.97 billion last month, a 22.7 percent surge from a year ago and the second-highest monthly figure since September 2017, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports jumped 27.9 percent on-year to $48.42 billion in October, resulting in a trade surplus of $6.55 billio
Nov. 1, 2018
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Korea's consumer price growth hits 13-month high in Oct.
South Korea's consumer price growth accelerated in October, hitting the highest in 13 months, on a sharp rise in prices for agricultural goods and oil-related products, government data showed Thursday.The country's consumer price index climbed 2 percent last month from a year earlier, moving up from the previous month's 1.9 percent on-year gain, according to the data compiled by Statistics Korea.The reading marks the highest since September 2017, when the comparable figure was 2.1 percent.From a
Nov. 1, 2018
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China-Japan rapprochement adds challenge for Korean economy
The recent move by China and Japan toward reinvigorating their economic partnership could lead to aggravating the external environment for the Korean economy, experts here say.The cooperative mood between the world’s second- and third-largest economies is coming at a time when Korea’s economic ties with its two neighboring powers have been shadowed by lingering diplomatic estrangement.It has also raised concerns that Seoul may be sidelined from discussions on key matters involving th
Oct. 31, 2018
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Korea's industrial output for September posts sharpest drop in 19 months
South Korea's industrial output for September posted its biggest drop in 19 months due to a fall in auto and electronic parts production, government data showed Wednesday, raising concerns that the economy is on the brink of a slowdown.Production in the mining, manufacturing, gas and electricity industries backtracked 2.5 percent on-month, following a revised 1.3 percent on-month gain in the previous month.On a monthly basis, the September reading is the sharpest decrease since February last yea
Oct. 31, 2018
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Korea dismisses economic crisis speculations despite signs
Despite hullabaloo in the stock market accompanied with pessimistic economic indices, the South Korean government on Tuesday denied the signs being the bellwether of another economic crisis.While vowing to keep a stern eye on market fluctuations, top policymakers underlined that the bourse “overreacted” to external risk factors such as the US-China trade conflict and US rate hike gestures, and that it remains premature to go as far as activating a contingency plan. “Considering
Oct. 30, 2018
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Seoul asks Washington for exemption from auto tariffs
South Korea has asked that it be exempted from the US' proposed tariffs on imported cars as the two sides have concluded negotiations on autos under their revised bilateral trade pact, Seoul's finance ministry said Tuesday.In a meeting with Rob Rapson, deputy chief of mission at the US Embassy in Seoul, Vice Finance Minister Ko Hyeong-kwon also stressed that the South Korean auto industry had invested over $10 billion in the US and generated more than 110,000 jobs, according to the ministry.The
Oct. 30, 2018
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Number of temporary workers inches up in 2018
The number of temporary workers in South Korea rose slightly this year from a year earlier, with the percentage of such employment also rising, government data showed Tuesday.A total of 6.61 million workers were non-regular workers, part-timers or outsourced laborers as of August 2018, up 36,000 from a year ago, according to the data from Statistics Korea.They accounted for 33 percent of the country's 20.04 million salaried employees. The 2018 data also showed that of the non-regular workers, 2.
Oct. 30, 2018
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'Korean economy to face rising economic uncertainties next year'
South Korea’s economy is expected to face growing economic uncertainties next year, with the government ready to take preemptive measures to reduce any possible downside risks, the country’s chief economic policymaker said Monday.“Given various factors such as external conditions, our economy may face growing uncertainties,” Finance Minister Kim Dong-yeon said in a parliamentary audit session in Seoul.The minister said the government will take measures to reduce any poten
Oct. 29, 2018
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State health insurance income to reach W120tr by 2027
South Korea's state health insurance program will have an income of 120.3 trillion won ($105.47billion) and expenditure of 122.49 trillion won by 2027, according to projections by the welfare ministry Monday.Income figures were derived on assumption that insurance payments will increase 2.04 percent in 2014, 3.49 percent in the years 2019-2022 and 3.2 percent in the years 2023-2027, with government a subsidy of 13.6 percent from 2019 onward. The ministry's projections, provided for a parliamenta
Oct. 29, 2018
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Brokerages to set up emergency response system to market volatility
Major South Korean financial firms vowed Monday to establish an emergency monitoring system to better respond to market instability, their association said.The pledge came after chiefs of 12 local securities firms and nine asset management companies held an emergency meeting earlier in the day to assess the current market situation and discuss ways forward to stabilize the market. In the face of a mixture of unfavorable factors both at home and abroad, the benchmark KOSPI has tumbled more than 1
Oct. 29, 2018
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Govt. to set up W500b fund to stabilize bourse
The government will actively work to stabilize the equity market by setting up a 500 billion-won ($438.4 million) fund that can be injected into local stocks, the country's financial regulator said Monday.Kim Yong-beom, vice chairman of the Financial Services Commission, made the remarks at a meeting with senior executives from brokerages, as he sought to reassure investors amid a sharp decline in stock prices. South Korea's benchmark stock index sank nearly 6 percent last week as foreign invest
Oct. 29, 2018
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[Newsmaker] Anxiety heightens on stock market depreciation
Market observers remained tense throughout the weekend amid burgeoning skepticism that the stock benchmark Kospi might dip below the psychologically significant threshold of 2,000 this week, reeling under the prolonged US-China trade tension and visible losses in recent corporate earnings.Foreseeing further depreciation, especially in the market top cap companies, officials responsible for the securities sector are to put their heads together to devise countermeasures this week in response to th
Oct. 28, 2018