Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Seoul gets ready for Washington's hearing on auto tariffs
South Korea's trade ministry is working on finalizing the members of the delegation for Washington's public hearing on auto tariffs slated for later this month, industry sources said Sunday.The Ministry of Trade, Industry and Energy decided to send the delegation to the July 19-20 public hearing, after the U.S.Department of Commerce in May hinted at slapping tariffs on vehicles under Section 232 of its trade law.The ministry said the delegation will be led by Deputy Trade Minister Kang Sung-cheo
July 8, 2018
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Seoul stock index may fall to 2,200 as US slaps tariffs on Chinese goods
South Korea's main stock index may fall to the 2,200 level next week due to a trade war that was kicked off by the United States applying tariffs on $34 billion worth of Chinese goods, analysts here said Saturday.The benchmark Korea Composite Stock Price Index is widely expected to move between 2,200 and 2,300 in the coming week due to growing uncertainties surrounding the US-China standoff. The main index ended 0.68 percent higher at 2,272.87 Friday after falling 2.3 percent over this past week
July 7, 2018
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BOK expected to freeze key rate at 1.5% for July: Moody's
South Korea's central bank will likely hold its policy rate unchanged at the current 1.5 percent at its upcoming monetary meeting next week due to still low inflation pressure and rising uncertainties over trade disputes, a market watcher said Saturday.Chaired by Bank of Korea Gov. Lee Ju-yeol, the seven-member panel will hold its fifth monetary policy meeting Thursday and decide whether to keep or adjust the key rate.The BOK has maintained the present level in the previous four sessions since i
July 7, 2018
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Korea braces for impact from US-China trade war
South Korea is bracing for the impact of the opening blows in the United States’ trade war with China, while playing down the possibilities of immediate setbacks. Starting Friday at 1 p.m. Korean time, the US implemented 25 percent tariffs on $34 billion of Chinese trade. Immediately after the move, China vowed swift retaliation, calling the tariffs “typical trade bullying.” Prior to the US-China tit-for-tat, Asia’s fourth-largest economy at 8:15 a.m. held a pan-governmen
July 6, 2018
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Moon govt. pushes real estate tax hike, dithers financial income tax
The Moon Jae-in government said Friday that it will raise the real estate taxes for high-priced properties and multiple home owners, in a move to reduce the widening wealth gap, steady housing prices and promote fair taxation.Should the renewed tax plan take effect, some 350,000 real estate owners are estimated to pay 700 billion won ($625 million) in additional tax, starting next year, unless they register themselves as lease business operators. The Ministry of Strategy and Finance held a joint
July 6, 2018
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US import restrictions to dent S. Korean exports
US restrictions on imports of South Korean steel, washing machines and solar cells are expected to cost Asia's fourth-largest economy more than $2.4 billion in lost exports over the coming years, a parliamentary report said Thursday.The Donald Trump administration's import restrictions on the three products could make South Korea suffer an export loss of $2.47 billion over the next few years, according to the report by the National Assembly Budget Office.The regulations are also feared to result
July 5, 2018
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[Herald Interview] S. Korea's IP leadership to play key role in innovative growth: KIPO chief
South Korea’s leading status in the intellectual property sector will serve as an indispensable tool in attaining the country’s economic visions, such as innovative growth, job creation and fair market order, according to the chief of the intellectual property office here.“South Korea’s development pace in intangible intellectual assets has already outpaced its economic growth,” Sung Yun-mo, commissioner of the Korean Intellectual Property Office, told The Korea Her
July 4, 2018
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Time running out for regulatory reforms
President Moon Jae-in’s administration is running short of time to carry out regulatory reforms that are urgently needed to bolster the sluggish economy, experts say.Over the past year, it has pushed for innovation-driven growth in tandem with income-led growth in the hope of enabling the Korean economy to ride on the wave of new industrial technologies and get a boost from increased consumption spending.But Moon and his economic aides now face mounting criticism that they have done little
July 4, 2018
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Presidential panel to tighten grip over affluent real estate owners
A special presidential panel on Tuesday announced its fiscal reform plan, in accordance with the Moon Jae-in administration’s recently renewed pledge to reduce income disparity and achieve income-led growth.The blueprint, raising the tax burden on owners of high value houses and multiple homes, was taken as a signal that the progressive government -- which has largely been preoccupied with North Korean issues throughout its first year -- shall henceforth place more focus on “economic
July 3, 2018
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Foreigners focus more on global risks before investing in S. Korea: report
Foreign investors tended to focus more on global and national risk factors than on the interest rate spread with the United States before making investments in the South Korean bond market, a report said Tuesday.According to the paper published by the Bank of Korea, the rate difference between South Korea and the United States had positively affected the net purchase of foreigners in the local bond market in the 2004-2007 period. But the sovereign debt credit default swap premium, referring to a
July 3, 2018
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S. Korea's consumer prices up 1.5% in June
South Korea's consumer price growth continued to stay above 1 percent in June on a rise of agricultural goods and the service sector, government data showed Tuesday.The country's consumer price index climbed 1.5 percent last month from a year earlier, the same pace from the previous month's 1.5 percent on-year gain, according to the data compiled by Statistics Korea.The June figure is well below the Bank of Korea's target of 2 percent for the year, stoking speculation that the central bank's mon
July 3, 2018
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Weakening won poses new risks to Korean economy
The weakening of the won in recent weeks carries both benefits and risks for the Korean economy that is being held back by a simultaneous downturn in investment, consumption and exports. Policymakers therefore face a thorny task to take proper steps in response to the weakening won that is set to have contradictory effects on the economy.The value of the Korean currency against the dollar fell to an eight-month low of 1,124.2 won per dollar in the Seoul foreign exchange market on June 28 before
July 2, 2018
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S. Korea may not attain 3% growth target in 2018 amid myriad of challenges: observers
South Korea may not be able to meet its 3 percent growth target this year amid a host of challenges ranging from poor employment figures to weak investment and consumption, local observers said Sunday.The forecasts by a growing number of private economists have raised speculation that Seoul may be compelled to downgrade its annual growth estimate -- a tell tale sign of things not going to plan. Skeptics said that Asia's fourth largest economy is further encumbered by a possible outflow of foreig
July 1, 2018
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Korea's exports nearly flat in June
South Korea's exports exceeded $50 billion for the four consecutive months to June, but fell slightly compared with a year earlier due to high base effect and fewer working days, government data showed Sunday.Outbound shipments reached $51.23 billion last month, slipping 0.09 percent from a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports surged 10.7 percent on-year to $44.91 billion.South Korea's trade surplus came to $6.32 billion, marking 77 stra
July 1, 2018
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Unemployment benefit payouts up 20% Jan.-May amid job crisis
South Korea's employment agency said Saturday the combined amount of unemployment benefit handed out to job seekers jumped more than 20 percent in the January-May period of 2018 from a year earlier.Unemployment benefit paid to local job seekers over the first five months of this year came to 2.69 trillion won ($2.41 billion), up 473.6 billion won from a year earlier, according to the data compiled by the Korea Employment Information Service.This is a record-high figure for the period since the o
June 30, 2018
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[Best Brand] Making it with good brands
In this day and age, a flood of new products and technologies bombard consumers with millions of choices daily, leading to word-of-mouth marketing and social media becoming influential tools for the promotion of products. In the past, brands were mainly built on accumulated decades of business, but modern-day brands are more about unique technologies and services that leave a strong impression on potential customers. The current market environment also underscores the foundation of a stron
June 29, 2018
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[Best Brand] Vornado Korea thrives in Korean market
Vornado Korea, which has imported air circulators from the US since 2007, continues to thrive in the Korean market. The US-based company Vornado dates back to 1945 in Kansas, where two men experimented with different designs to improve airplane propellers. Through continuous research and development, the propeller designs were applied to household fans and the Vornado Air Circulator was developed.Vornado has revolutionized fans used at homes through its product’s energy efficiency and prec
June 29, 2018
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[Best Brand] Coway launches innovative CIROO direct water purifier
South Korean company Coway introduced the CIROO (Coway Intensive Reserve Osmosis) direct water purifier on June 18, moving to change the concept of water purifiers.The new product aims to resolve consumers’ dilemma of choosing between functions of a filter and a direct water purification system, the company explained.Originally, reserve osmosis membrane filters have less purified water capacity per length of use due to the dense and detailed nature of the filtering function compared to hol
June 29, 2018
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Trumps touts revised trade deal with S. Korea
WASHINGTON -- US President Donald Trump took credit Thursday for turning the US free trade agreement with South Korea into a "wonderful deal" for both countries.Trump was referring to a revision the two sides made to the Korea-US trade deal in March, which calls for further opening South Korea's auto market to the United States."We've renegotiated the deal, and subject to signing -- I always say subject to signing because lots of things happen ... But we made a new deal with South
June 29, 2018
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Concerns raised about unchecked fiscal spending
Warnings have been raised against the increasing reliance of President Moon Jae-in’s government on fiscal spending to carry on what critics say is a mixture of misguided policies.Economists worry that the Moon administration’s eagerness to increase fiscal expenditure as a panacea for curing economic problems, which have been partly exacerbated by its policies, will hurt the country’s long-term fiscal soundness.Since taking office in May last year, Moon has pushed for income-led
June 27, 2018