Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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[News Focus] Tax hike expectations hold back state affairs plan
Controversies continue to bubble over expectations of a tax hike to finance President Moon Jae-in’s key state affairs agenda.Though the presidential office and ruling party leadership have said any extra taxes will be limited to corporations and the richest individuals, criticism persisted on the apparent inconsistency in the state chief’s words.Throughout the presidential election campaign and up until recently, Moon has been aspiring to achieve his visions of welfare and fair econo
July 21, 2017
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Korea's economy likely slowed to 0.6% on-quarter in Q2: Moody's Analytics
South Korea's economy likely grew at a slower pace in the second quarter from three months earlier, a leading provider of economic analysis said Friday.Growth of South Korean gross domestic product "likely cooled to 0.6 percent" in the June quarter, Moody's Analytics said, noting the country's exports didn't maintain their burly first quarter pace as a blip in tech demand and slower Chinese demand hurt shipments.South Korea's GDP expanded 1.1 percent in the January-March period from th
July 21, 2017
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Top financial regulator calls for swift clearing of bad loans
South Korea's top financial regulator on Friday called for the swift clearing out bad loans, saying that there is the need to achieve tangible results next month. Choi Jong-ku, the new chairman of the Financial Services Commission, made the remarks earlier in the day as he held the first meeting with senior regulatory officials in Seoul. The task is one of the five-year policy road maps outlined by President Moon Jae-in.Next month, the government plans to draw up a package of fresh measures
July 21, 2017
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Korea's July 1-20 exports jump 22.4% on-year
South Korea's exports rose 22.4 percent for the first 20 days in July from the same period last year helped by a robust shipment of ships and semiconductors, government data showed Friday. Exports totaled $30 billion in the 20-day period in July, with exports of vessels and computer chips surging 245.6 percent and 47.7 percent each, the Korea Customs Service said. Exports to the United States and China rose 5.4 percent and 3.2 percent each in the July 1-20 period. Imports stood at $25.9 bi
July 21, 2017
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Minimum wage hike to cut profits at retail sectors, but bolster consumption
A decision by the government to raise the minimum wage next year is expected to cut profits at convenience and discount store chains, but it could help bolster consumption, according to foreign investment banks on Friday. The government has decided to hike minimum wage 16 percent to 7,530 won ($6.7) per hour next year, marking its biggest rise since 2000. It would affect about 4.63 million workers. The Korea Center for International Finance report, citing Citibank, speculated the hike in the min
July 21, 2017
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White House cites start of KORUS renegotiations as accomplishment
The White House on Thursday cited the Donald Trump administration's launch of a process to renegotiate the bilateral free trade agreement with South Korea as an accomplishment during the president's first six months in office.In a statement, the White House listed what it said the president has done in his "Six Months of America First" since coming into office Jan. 20."Last week, the President began the process of renegotiating the United States-Korea Free Trade Agreement," i
July 21, 2017
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Korean economy to grow 2.7% in 2017: ADB
South Korea's economy is expected to grow 2.7 percent in 2017 from a year earlier, the Asian Development Bank said Thursday, revising up its previous outlook of 2.5 percent.The bank cited abated political uncertainties following the inauguration of the new president, along with the improving global economy and revitalization of exports. "A sharp upswing in machinery and equipment outlays and persistently high construction growth helped boost gross domestic product growth overall, thou
July 20, 2017
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Moon reiterates paradigm shift to address low growth, economic polarization
President Moon Jae-in on Thursday reiterated his call for an economic paradigm shift to address weak growth and polarization, stressing a more active government role in tackling the country's economic challenges. During a forum on financial strategy, Moon also underscored that the country's financial policies should be "people-oriented," inclusive, balanced and transparent, and involve citizens' participation."There has been a blind belief in a small government, but in order to ov
July 20, 2017
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[News Focus] How will class action suits be introduced in Korea next year?
After some two decades of disputes, class action suits for basic consumers may be introduced next year, according to the top 100 policy plans announced by the Moon Jae-in administration on Wednesday.The tool to allow consumers who have suffered damage from products to benefit en mass from compensation rulings without directly participating in a legal battle has always been a hot potato for the preceding governments and legislators.Despite President Moon Jae-in’s determination to promote co
July 20, 2017
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[Monitor] Moon’s five-year plan needs W178tr
Based on President Moon Jae-in’s five year administration plan, a total of 178 trillion won ($158 billion) is needed to support his major policies and tasks, according the State Affairs Planning Advisory Committee.The administration plans to prepare some 95.4 trillion won by cutting expenditures and secure 82.6 trillion won through expanding tax revenue.
July 20, 2017
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Korea to launch new ministry dedicated to SMEs
South Korea will set up a new ministry in charge of small and medium-sized businesses that will be dedicated to supporting smaller companies and creating more jobs, the government said Thursday.After long-drawn-out negotiations, the National Assembly passed the bill which included elevating the Small and Medium Business Administration to a Cabinet ministry supporting SMEs, venture startups and micro-businesses, as was pledged by President Moon Jae-in during the election campaign. The SMBA is cur
July 20, 2017
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Agriculture minister says no to FTA changes on rice imports
South Korean Minister of Agriculture, Food and Rural Affairs Kim Yung-rok said Thursday he would not concede to any demand for an increase in rice imports from the US when talks begin regarding modifications to the Korea-US Free Trade Agreement. The agriculture minister said the farming industry had been struggling since the FTA came into effect five years ago, as Korea’s rice prices continue to plunge, with farmers blaming an increase in rice imports. “It is not a simple task, but
July 20, 2017
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Korea creates post of trade minister ahead of talks with US
South Korea on Thursday created the post of trade minister in a move to strengthen its negotiating capacity ahead of crucial talks with the United States on revising the bilateral free trade deal.The move is part of a bill endorsed by parliament on government reorganization on the same day, and came days after US Trade Representative Robert Lighthizer called for a special joint committee meeting to start the process of revising the free trade agreement. According to the trade pact, a special joi
July 20, 2017
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[News Focus] US’ currency manipulation ban looks to press KORUS FTA amendments
The US government this week released a 17-page summary of its proposal to renegotiate the North American Free Trade Agreement that included a ban on currency manipulation, which is also expected to impact looming talks on amending the Korea-US Free Trade Agreement. The Office of the United States Trade Representative on Monday issued the NAFTA amendment summary looking to reduce the US trade deficit by improving accessibility of its exports to Mexico and Canada. In particular, the USTR office a
July 20, 2017
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Convenience stores see profit sliding as market gets more crowded
Per-store operating profit at convenience stores in South Korea fell in 2015 as the market became more crowded, government data showed Thursday. An average per-store operating profit at franchised convenience stores stood at 18.6 million won ($16,523) in 2015, down 17 percent from a year ago, according to the data by the Statistics Korea.The number of convenience stores, however, rose 12.7 percent on year to 29,628 at the end of 2015, the data showed. Convenience stores accounted for 16.4
July 20, 2017
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Korea to shift economic paradigm over low growth, polarization
South Korea's finance chief said Thursday that he will try to shift the country's economic paradigm to try to address chronic low growth and the deepening social divide.The country's central bank has lately raised its growth outlook for the gross domestic product to 2.8 percent for 2017, up 0.2 percentage point from its estimate released in April.The Bank of Korea said it expects the economy could grow 2.9 percent in 2018 on the back of global economic recovery and increased domestic spending. A
July 20, 2017
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Korea vows no concessions in farm sector in talks with US to amend FTA
South Korea's new agriculture minister has said the Seoul government will not make concessions in the farm sector in talks with the United States to amend a bilateral free trade agreement.In an interview with Yonhap News Agency arranged Tuesday, Agriculture, Food and Rural Affairs Minister Kim Yung-rok also signaled his willingness to reduce imports of rice.The US has notified South Korea of plans to begin talks on revising the 5-year-old free trade deal, months after US President Donald said he
July 20, 2017
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Koreans take 5.5 local trips in 2016, slightly more than previous year
South Koreans took an average 5.5 local trips last year, spending 586,495 won ($522), travel-related data showed Thursday.Data from the Ministry of Culture, Sports and Tourism said among 43.9 million people aged 15 and over, 39.29 million, or 89.5 percent, traveled domestically last year, up 1.6 percentage points from 2015.The travelers made an average 5.51 trips during the year, 9.4 days in total, according to the data. Women were more frequent travelers (5.82 times) than men (5.19 times), and
July 20, 2017
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More youths spending less time searching for jobs
More unemployed young people are using their free time for personal activities rather than actively searching for jobs, data analysis showed Thursday, a trend that may be a sign that they have given up finding work.Statistics Korea took a supplementary survey last month on 1.47 million young people between 15 to 34 to ask how they spend their time. The survey results show that 35.4 percent were preparing to take tests that can lead to their employment. The same survey found that 5 percent of the
July 20, 2017
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KCCI chairman urges voluntary changes in businesses, more jobs
JEJU ISLAND, Jeju Province -- Amid growing tension in the corporate community over the government’s chaebol reform drive and planned minimum wage hike, the head of the nation’s top business lobbying organization Wednesday called for voluntary changes and efforts to create more jobs.Stressing the public role of businesses in the South Korean economy, Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, said that the time is ripe for businesses to respond to growing
July 19, 2017