Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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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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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Hopes rise for possible Gaza truce deal
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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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S. Korea, Canada discuss joint response to US auto tariffs
South Korea and Canada have agreed to jointly deal with the United States' move to levy tariffs on foreign autos and put on a united front against the rising protectionism in global trade, Seoul's trade ministry said Thursday. South Korean Trade Minister Kim Hyun-chong met with Canadian Foreign Minister Chrystia Freeland in Ottawa to discuss the latest trade issues and explore ways to expand bilateral economic cooperation. The two nations have mulled ways to defend their auto industries as the D
July 19, 2018
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Moon yet to follow up on pro-business gesture
President Moon Jae-in’s recent outreach to the business community seems to have so far fallen short of gaining full confidence and cooperation from corporate officials.The local corporate circle is cautiously watching whether he will follow through with his encouraging signals to shift to business-friendly policies despite objections from civic and labor groups as well as many ruling party lawmakers. In a move that was seen as heralding changes in his stance to keep a distance from the cou
July 18, 2018
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Korea cuts growth estimate, set to spend more for underprivileged
South Korea's government plans to increase spending to create more jobs and expand the social safety net, as Asia's fourth-largest economy is set to lose its steam down the road in the face of rising uncertainties, including the growing trade war between major economies and a slowdown in facility investment, Seoul's finance ministry said Wednesday.Charting out its second-half economic policy plans, the ministry cut its growth estimate to 2.9 percent this year from its earlier projected 3 percent
July 18, 2018
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S. Korea to expand support for low-income clusters in H2
South Korea’s government and the ruling party on Tuesday agreed to increase the amount of tax refunds for low-income households this year, in a move to help them deal with the side effects of the legal minimum wage increase.Officials are also set to speed up the timeline to subsidize low-income senior citizens and young job seekers, as part of an expansive fiscal program responding to sluggish employment and slow growth.“Support measures for the low-income bracket will focus on creat
July 17, 2018
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Minimum wage rise discord deepens
With neither business owners nor workers’ unions satisfied with the latest settlement of the legal minimum wage for next year, South Korean President Moon Jae-in struggled to appease both sides, while admitting his election pledge to raise it to 10,000 won by 2020 was nigh impossible. His comments followed a string of oppositions lodeged by both the business and labor sides, while his chief financial policymaker criticized the double-digit growth as hurting the economy. Earlier i
July 16, 2018
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Korea mulling more cash subsidies for heavier wage burden
The government is considering an increase in cash subsidies for smaller businesses in order to help ease the burden of higher payroll costs following the decision on an 11 percent minimum wage hike for next year, officials said Monday.The Minimum Wage Commission decided Saturday to raise next year’s minimum wage by 10.9 percent to 8,350 won ($7.37) per hour after an overnight meeting boycotted by business representatives. This year’s minimum wage is 7,530 won per hour, up 16.4 percen
July 16, 2018
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Concerns rise on indebted self-employed businesses
A growing level of debt owed by self-employed businesses is becoming a ticking time bomb that hangs over the Korean economy, experts say.A continuous increase in the minimum wage amid sluggish domestic demand is set to add to precipitating the pace of debt growth.According to data recently submitted by the Bank of Korea to a lawmaker, the outstanding debt held by self-employed businesses in the country amounted to 549.2 trillion won ($487 billion) last year, up 14.4 percent from the previous yea
July 16, 2018
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Finance minister, BOK chief meet over economic conditions
South Korea's top economic and monetary policymakers met Monday to discuss an array of economic issues, such as the growing trade tussle between the United States and China and sluggish job creation.The meeting between Finance Minister Kim Dong-yeon and Bank of Korea Gov. Lee Ju-yeol is their seventh round of policy talks since Kim took office in June of last year.Other senior officials from the finance ministry and the central bank also attended the gathering. "We are looking at potential
July 16, 2018
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Finance minister, BOK chief to meet over economic conditions
Korea's top economic and monetary policymakers are scheduled to meet early this week to discuss an array of economic issues such as the growing trade tussle between the United States and China and sluggish job creation, government officials said Sunday.Finance Minister Kim Dong-yeon and Bank of Korea Gov. Lee Ju-yeol will meet Monday for their seventh round of policy talks since Kim took office in June of last year. Other senior officials from the finance ministry and the central bank will also
July 15, 2018
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S. Korean economy vulnerable to China-US trade row: report
The escalating trade war between the US and China may have a severe effect on the South Korean economy, which has an excessively high economic dependence on its Asian neighbor, a report said Sunday.The world's two largest economies have been at loggerheads over trade, leading to global repercussions. In its latest salvo against China, the Donald Trump administration this week unveiled an additional list of tariffs on $200 billion worth of Chinese goods. The action came just days after Washington
July 15, 2018
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Heads of commercial lenders see economic growth fall below 3% this year
The heads of the top five commercial banks here expect the country's economy to grow at less than 3 percent this year and rate hikes to become one of major risks facing the financial markets, a survey showed on Sunday.Their economic projection is in line with the latest outlook by the Bank of Korea for Asia's fourth-largest economy.Last week, the central bank adjusted its earlier growth forecast for the year down by 0.1 percentage point to 2.9 percent, citing rising economic uncertainties at hom
July 15, 2018
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Overseas sales make up nearly 19% of total products sold by Korean companies: data
Overseas sales accounted for nearly a fifth of all products sold by Korean companies and the numbers are expected to continue rising in the future as countries ramp up protectionist policies, market data showed Sunday.Data from the Bank of Korea and Export-Import Bank of Korea showed the foreign sales ratio for local firms standing at 18.8 percent in 2016, following efforts by companies over the years to build production facilities abroad.Companies have actively built factories and various opera
July 15, 2018
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Labor, biz communities unsatisfied with 2019 minimum wage decision
Both labor and business communities in South Korea on Saturday expressed dissatisfaction with the country's minimum wage set for 2019.The Minimum Wage Council -- a panel comprised of representatives from labor, management and the general public -- announced that South Korea's minimum wage for next year has been set at 8,350 won (US$7.37) per hour, up 10.9 percent from this year, after a 19-hour discussion. The representatives for the labor circle have demanded a 43 percent increase to 10,790 won
July 14, 2018
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S. Korea to raise minimum wage for 2019 by 10.9%
South Korea's minimum wage for next year has been set at 8,350 won ($ 7.37) per hour, up 10.9 percent from this year, officials decided on Saturday. The decision was made after the Minimum Wage Council -- a panel comprised of representatives from labor, management and the general public -- had a 19-hour meeting overnight to meet the deadline. This is the first time in history that the country's minimum wage will surpass the 8,000 won-mark. Monthly salary at the minimu
July 14, 2018
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Economic recovery being maintained amid growing uncertainties: finance ministry
South Korea's economy is on a recovery path on the back of a rebound in industrial output, although capital spending and consumption are facing adjustments and external uncertainties are on the rise, a government report said Friday.A weaker job market, rate hikes in the United States and rising oil prices pose downside risks for Asia's fourth-largest economy, the finance ministry said in its monthly economic assessment report. "The overall recovery pace is being maintained as industrial out
July 13, 2018
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S. Korea ups guard against job crisis, US-China trade war
The government on Thursday voiced growing concerns about the South Korean economy for the rest of the year, calling for stimulus to respond to the prolonging job crisis here and the escalating US-China trade conflict.The growing level of anxiety came as the central bank nudged down its economic forecast, at last reflecting the pessimistic opinions held by public and private think tanks, while showing little sign of raising the policy rate in the near future.“The employment situation has re
July 12, 2018
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BOK revises down 2018 growth forecast to 2.9 %
The Bank of Korea on Thursday revised down its earlier growth forecast on the South Korean economy to 2.9 percent for 2018 due to rising economic uncertainties at home and abroad.In the monetary policy meeting for July, the central bank slashed 0.1 percentage point from its earlier growth outlook of 3.0 percent published in April.The adjustment came as the latest economic data including sluggish job creation and slowed exports raised concerns that the economy is losing steam and entering a downs
July 12, 2018
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S. Korea cautious over full-blown trade war between US, China
South Korea's trade ministry said Thursday it is preparing for fallouts from the flaring trade dispute between the United States and China as the world's two largest economies are seemingly on a collision course that could have global repercussions. Concerns are rising that Asia's fourth-largest economy could be among the losers of the protracted trade war between its top two trading partners after the Donald Trump administration unveiled an additional list of tariffs on $200 billion worth of Ch
July 12, 2018
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BOK holds policy rate unchanged at 1.5% for July
South Korea's central bank on Thursday froze its key rate for July as the economy shows some signs of a slowdown and inflationary pressure remains low.The monetary policy board of the Bank of Korea voted to keep the critical rate unchanged at 1.5 percent as widely expected, extending its wait-and-see stance to eight months.In November last year, South Korea's central bank adjusted up the key rate for the first time in more than six years, citing economic recovery. Gov. Lee said the July decision
July 12, 2018
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Korean exporters may find new chances in US-China trade war
Korea’s manufacturing exporters need to set their sights on new business opportunities that would stem from an escalating trade war between the US and China, experts here say.Protracted trade friction between the world’s two biggest economies might also give them more room to prepare for the fallout from China’s ambitious plan to become a global power in major advanced industries by 2025.Behind President Donald Trump’s toughening stance against Beijing seems to be Washing
July 11, 2018