Most Popular
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Inflation eases in April, continues bumpy ride
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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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Seoul alerts overseas missions to NK terror threats
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Public backlash against division of Gyeonggi Province under 'corny' name
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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Data indicate tariff elimination doesn't account for increased Korean car exports to US
South Korea's car exports to the United States have declined, rather than increased, after the two countries abolished import taxes last year as part of their free trade agreement, data showed Sunday. The Korea Automobile Manufacturers Association published the analysis that rebuts a widespread belief in the US that lower tariffs increased Korean car sales in the country. It underlies the recent US calls for amendments to their five-year-old FTA. Korea's car exports to the US have increase
July 16, 2017
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BOK eyes slowdown in 2018 facility investment
Growth of South Korea's corporate capital expenditures is expected to lose steam sharply in 2018 due to this year's big investments by major companies, the central bank said Sunday.Corporate investment in new plants and equipment is projected to expand 3 percent next year, compared to an estimated 9.5 percent surge for this year, according to the Bank of Korea.In its latest economic outlook released Thursday, the central bank said the country's capital expenditures probably jumped 14.1 percent i
July 16, 2017
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Retailer confidence remains weak for Q3
A majority of South Korean retailers remain downbeat on their business conditions in the third quarter amid concerns over weak domestic demand and high household debt, a poll showed Sunday. The Korean Chamber of Commerce and Industry said its retail business survey index stood at 91 for the July-September period of the year, up from 90 from three months earlier.The figure is based on a poll of some 1,000 retail businesses in Seoul and six other major cities nationwide. A reading below 100 means
July 16, 2017
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Finance minister vows measures for small businesses over minimum wage hike
South Korea's top economic policy chief said Sunday the government will promptly come up with measures to relieve smaller businesses of the burden from a decision to hike the minimum wage for next year. A panel representing the government, labor and management decided Saturday to raise the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-year increase after a 16.6 percent hike in 2000. "The decision will be a huge momentum for an
July 16, 2017
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BOK expected to freeze key interest rate until mid-2018
South Korea's central bank is expected to maintain its key interest rate at a record low until mid-2018, according to an economist at Goldman Sachs on Saturday, after the Bank of Korea hinted that it may keep a dovish tone. Goldman Sachs economist Kwon Goo-hoon also expected the nation's inflation rate to slow down as prices of raw materials are predicted to fall off. This week, the central bank announced it will keep its policy rates at the present record-low of 1.25 percent for a 13th consecut
July 16, 2017
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Businesses voice concerns over minimum wage hike
South Korea's corporate lobbies on Sunday expressed concerns over a decision to hike the minimum wage for next year, saying it could worsen business conditions and hamper job creation. A panel representing the government, labor and management decided Saturday to increase the minimum hourly wage to 7,530 won ($6.64) for 2018, up 16.4 percent from this year. It is the highest on-year increase after a 16.6 percent hike in 2000. "It was a decision that ignored small and mid-sized business
July 16, 2017
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Number of jobless college graduates hits record in Q2
The number of unemployed college graduates in South Korea hit a record in the second quarter amid tightened job markets for young adults, government data showed Saturday.The number of jobless people with a bachelor's degree and above reached 546,000 in the April-June period, up 11.8 percent from a year earlier, according to Statistics Korea.It marked the largest quarterly figure since 1999 when the agency changed its calculation standard for compiling jobless data.Unemployed people mean those wh
July 16, 2017
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Korea preparing for talks to amend FTA with US
South Korea is preparing for upcoming talks to amend a free trade agreement with the United States, officials said Friday.On Wednesday (US time), the US Trade Representative requested that its South Korean counterpart hold a special joint committee to discuss the amendment and modification of the Korea-US FTA, which took effect in 2012.Moreover, US President Donald Trump said on the same day that the two countries have already started renegotiating the FTA, which he called a "horrible deal.
July 14, 2017
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[Monitor] Elderly land more jobs than youths
More seniors found employment youths in the second quarter of this year, representing the shifting demographics in the country, data showed Friday.Statistics Korea said that of those who were in employment between April and June, 4.25 million were aged 60 and over, compared to 4.03 million aged 15-29.The number for over-60s is the highest on record, and takes up 15.9 percent of all employed people.Commenting that higher employment of the elderly cannot be perceived all positive, Statistics Korea
July 14, 2017
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Trump says negotiations already started on 'horrible' free trade
US President Donald Trump has called the free trade agreement with South Korea a "horrible deal," saying that the two have already started renegotiations on it, a transcript of his recent meeting with reporters showed Friday.Trump made the remarks off the record in a conversation on Wednesday (US time) with reporters on an airplane bound for France where he was to hold a summit with French President Emmanuel Macron, but they were later disclosed by the White House."Somebody said,
July 14, 2017
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Korea cautious on US’ request for FTA amendment
The South Korean government on Thursday reacted cautiously to the US’ formal request to hold a joint meeting to revise the Korea-US free trade agreement within the next month, saying the timeline may not be realistically possible and that searching for the real cause of the US’ trade deficit was a priority. The Ministry of Trade, Industry and Energy also said that it would call on its US counterpart to first review the root causes of the trade imbalance between the two countries. Th
July 13, 2017
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[News Focus] Korean auto, steelmakers uneasy over US’ demand for FTA revision
An official demand by US trade representatives to amend a bilateral free trade agreement with South Korea unnerved major exporters here Thursday over the potential impact on their businesses.Cars and steel products made in Korea are expected to be up for discussion first, as US President Donald Trump views the FTA as having benefitted such local companies the most, not those in the US. The US has also been slapping anti-dumping tariffs on Korean steel products, saying their entry into the US mar
July 13, 2017
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Petroleum exports soar 36% in H1
South Korea's exports of petroleum products and refined oils rose sharply in the first six months of the year on rising crude prices, customs data showed Thursday.A total of $16.69 billion worth of petroleum products were shipped overseas during the January-June period, up 36.1 percent from a year earlier, according to the data by the Korea Customs Service. The volume of such exported goods also rose 1.7 percent to 32.93 million tons over the cited period.Asia's fourth-largest economy saw its en
July 13, 2017
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BOK holds key rate steady at 1.25% in July
South Korea's central bank on Thursday held its key rate steady for July to support the country's growth. In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the key rate at 1.25 percent, extending its wait-and-see approach for the 13th consecutive month.In June last year, South Korea's central bank made a surprise rate cut, citing a need to stimulate the lackluster economy amid a prolonged economic slowdown. (Yonhap)
July 13, 2017
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Service sector key to boosting employment
A conspicuous change in the country’s employment structure over the past decade is that the proportion taken up by the service and distribution industries has continued to grow, just as the manufacturing and construction sectors’ share has fallen.A recent study by a local economic research institute, based on data from all listed Korean firms, showed the number of service and distribution jobs rose by 153,000 from 2007 to 2016, expanding their share of total employment by 2.5 percent
July 12, 2017
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Korea’s weak jobs data continues
The number of newly employed workers in June saw the smallest increase in five months, according to data released by Statistics Korea on Wednesday. Last month, the number of employed people hit 26.86 million. While the figure marks a 301,000 increase compared to a year earlier, it also represents the lowest monthly increase since January’s 243,000. The country’s unemployment rate for June was 3.8 percent, an increase of 0.2 percentage point from the same month last year. The s
July 12, 2017
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Household debt growth slows in June
South Korea's household debt growth slowed slightly in June, data showed Wednesday, as the government moved to control fresh loans.Household debt rose by 7.8 trillion won ($6.8 billion) last month, down from 11.6 trillion won tallied for the same month last year, according to the data by the Financial Services Commission. In the first half of the year, household debt grew by 40.3 trillion won, compared with an expansion of 50.4 trillion won for the same period in 2016. The country's household de
July 12, 2017
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Middle-aged Koreans want to work longer for stable livelihoods after retirement: poll
Middle-aged South Koreans want to work longer and believe they need about half of their present salaries to enjoy a stable life after retirement, a local business lobby said Wednesday. In a survey of 1,136 Koreans aged 40 or older, the Federation of Korean Industries' Center for Large and Small Business Cooperation said respondents said they need an average of2.79 million won ($2.43 million) per month and hope to work until the age of 69.4, which is over nine years more than the count
July 12, 2017
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Effective corporate tax rate remains at around 16% for past 7 years: govt. data
South Korea's effective corporate tax rate has remained at around 16 percent since 2010 due to various deductions and exemptions despite the nominal corporate tax rate marked at 22 percent, government data showed Wednesday.The effective corporate tax rate was 16.6 percent last year, up 0.5 percent from the previous year, according to the figures provided by the National Assembly Budget Office.The figures for last year reflect taxable corporate earnings in the previous year.The latest findings sh
July 12, 2017
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Korea's ICT exports rise for 8th month in June
South Korean exports of information and communication technology products increased for the eighth consecutive month in June on brisk overseas sales of semiconductors and displays, government data showed Wednesday.A total of $15.9 billion worth of Korean-made ICT products were shipped overseas last month, up 18 percent from a year earlier, according to the data compiled by the Ministry of Science, ICT and Future Planning.June's overseas shipments of ICT products marked a monthly record high for
July 12, 2017