Most Popular
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Yoon's approval rating plunges to all-time low
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Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
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S. Korea votes in favor of Palestinian bid for UN membership
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[From the Scene] Monks, Buddhists hail return of remains of Buddhas
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Medical schools granted enrollment quota flexibility for next year
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Yoon offers first one-on-one meeting with opposition leader next week
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France rejects opening Paris flight routes to T'way Air, deals blow to Korean Air merger
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Chinese man behind drug scam targeting teens nabbed in Cambodia
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Iran fires air defense batteries in provinces as sound of explosions heard near Isfahan
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Police find more evidence of murder-suicide in Paju hotel death case
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Aging society to fuel growth in agriculture-fishery sector, health care services
South Korea's rapidly aging society is expected to fuel growth in the country's agricultural and fisheries sector, and health care services, a local think tank said Sunday, calling on the country to better prepare for changes down the road.According to the report by the Korea Institute for Industrial Economics and Trade, the number of local households whose head is aged over 60 will jump from 28.7 percent as of last year to 40.7 percent in 2026 and reach 57.8 percent in 2045. The state-run
June 11, 2017
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Korea expected to be 15th-largest rice producer in 2017: FAO
South Korea is expected to become the world's 15th largest producer of rice this year, a report by the United Nations food organization showed Sunday.According to the Food Outlook by Food and Agriculture Organization, South Korea is set to produce 4.1 million tons of rice this year, down 3.1 percent from 4.2 million tons in 2016.The total should be equivalent to 0.8 percent of all rice to be harvested this year around the world that could reach 502.6 million tons, the report said. Numbers
June 11, 2017
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S. Korea ranks 5th among OECD states in Q1 food price growth
South Korea ranked fifth among the 35 Organization for Economic Cooperation and Development (OECD) countries in the growth of food prices in the first quarter, OECD data showed Saturday. In the January-March period, Korean food prices jumped 3.9 percent from a quarter earlier, following Turkey with 9.7 percent growth, Latvia's 5.9 percent, the Czech Republic's 4.1 percent and Estonia's 4 percent, the data showed. Local officials say the spread of avian influenza and the outbreak of foot-and-mout
June 10, 2017
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[Monitor] Unemployment credit applicants surpass 300,000
The number of applicants for “unemployment credit” has surpassed 300,000 in the past 10 months since its launch last August, said the National Pension Service Friday.The unemployment credit is a program for job-seekers in which the government pays up to 75 percent of their national pension fees. This enables the jobless to maximize the amount of pension they receive in the future since their unemployment period is recognized as the duration of entitlement to the national pension just
June 9, 2017
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Korea hard pressed to achieve 3% growth: BOK board member
South Korea is expected to face difficulty in achieving an annual economic growth of 3 percent in the coming years as consumption is crimped by the aging population and rising household debts, a Bank of Korea board member said Friday.Cho Dong-chul also voiced worries that the country's economy could move in the direction of the long-drawn slump seen by Japan in the 1990s.The central bank has predicted that the nation's economy could grow 2.6 percent this year, compared with 2.8 percent growth re
June 9, 2017
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Korea's exports remain upbeat, gains weighed down by lukewarm domestic demand
An upturn in global trade and exports has been helping the South Korean economy recover to some extent, but the gains are weighed down by flaccid domestic demand, including investment and private consumption, a government report said Friday."The South Korean economy has been on a upside cycle thanks to a steady rise in outbound shipments, while the domestic side is showing weak signs of recovery due to production and investment adjustment," the finance ministry said in its monthly econ
June 9, 2017
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[Monitor] OECD retains 2.6% growth for this year
South Korea‘s economy is expected to grow 2.6 percent this year and 2.8 percent next year, according to the Organization for Economic Cooperation and Development on Wednesday.This year’s forecast has remained unchanged, taking into account the country‘s improving exports and consumer sentiment.Next year’s forecast has been revised down from its initial projection of 3 percent seven months ago.The OECD said that the faster world trade leading to a boost in exports and busi
June 8, 2017
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Positive economic data seen in 1st month of Moon administration
Although tied down by political hurdles and security and diplomatic challenges, the liberal Moon Jae-in administration is finishing its first month in office with rosier economic indications than those under the former Park Geun-hye administration, various data showed Thursday. The benchmark Korea Composite Stock Price Index jumped 2.94 percent to 2,360.14 as of Wednesday’s close from May 8, the day before the presidential election. The Kospi’s nearly 3 percent rise in the first
June 8, 2017
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Korea signs multilateral treaty to prevent offshore tax erosion
South Korea has signed a multilateral treaty to participate in the international movement to prevent offshore tax erosion, the finance ministry here said Thursday.Ambassador Yoon Jong-won to the Organization for Economic Cooperation and Development inked the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting on Wednesday in Paris, according to the Ministry of Strategy and Finance.As of Wednesday, 68 countries, including 33 OECD members, h
June 8, 2017
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Korean economy maintains moderate recovery momentum
The South Korean economy has been on a modest recovery path thanks to brisk exports and investment despite a slight downturn in industrial output, a state-run think tank said Thursday."The Korean economy maintained a moderate improvement led by exports and investment demand, although industrial output growth moderated slightly," the Korea Development Institute said in its monthly evaluation of the country's economic conditions. Triggered by an upturn in global trade, Asia's fourth-larg
June 8, 2017
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Seoul urged to shift to consumer, services goods in China exports: report
South Korea needs to export more services and consumer goods than intermediary products to China to keep up with the Beijing government's drive to boost domestic consumption, a report said Thursday.Intermediary goods accounted for 78.1 percent of South Korea's total exports to China in 2014, according to the report by the Korea Center for International Finance. The report feared any failure by South Korea to shift to consumer goods and services will eventually undermine the country's outbound sh
June 8, 2017
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Koreans hold one of gloomiest views on economy: survey
South Koreans have one of the gloomiest economic views in the world, with 84 percent saying the fourth-largest Asian economy is in bad shape, a US survey showed Wednesday.South Korea had the second-most negative views, with only 15 percent saying their economy is in good condition, the Pew Research survey found. Greece had the most downbeat views, with 98 percent responding negatively about the country's economy.The survey polled 34,788 respondents in 32 countries from Feb. 16 to April 28."
June 8, 2017
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OECD Economic Outlook predicts 2.8% GDP growth for Korea next year
The OECD Economic Outlook has predicted Korea’s gross domestic product will grow from 2.6 percent to 2.8 percent in 2018, according to its latest report released Wednesday. The OECD Economic Outlook is the Organization for Economic Cooperation and Development’s twice-yearly analysis of major economic trends and prospects.“GDP growth declined in the latter part of 2016 in the context of political uncertainty, corporate restructuring and a drop in exports,” the report said.
June 7, 2017
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Study shows low retention of jobs created by public subsidies
Following President Moon Jae-in’s initiative for his 100-day plan for job creation, a recent study argued that the government’s short-term financial support is estimated to be ineffective in the long-run in terms of job retention. The new administration’s job creation plan was established to address and promote job growth as one of the president’s highest priorities in his first 100 days in office. On Monday, the government announced an 11.2 trillion won ($9.99 billion) s
June 7, 2017
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Finance minister nominee grilled over economic values
At a parliamentary hearing Wednesday, Kim Dong-yeon, nominee for deputy prime minister and finance minister, was under intense scrutiny over his stance that opposition lawmakers claimed would clash with the Moon Jae-in administration’s push for stronger welfare and income-led economic growth. The nominee, who mostly responded with theoretical answers, had served the former conservative Lee Myung-bak administration. He was presidential secretary for economy and finance from 2008-2009, the F
June 7, 2017
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Minimum wage hike plan raises concerns
The new government’s push for a steep increase in the minimum wage has raised concerns that job opportunities for low-income, low-skilled workers will decrease as many small companies and self-employed businesses are forced to close or cut the number of employees.Under a plan announced by a presidential committee on jobs last week, Korea’s hourly minimum wage, which is currently pegged at 6,470 won ($5.80), is set to rise by an annual average of 15.7 percent over the next three years
June 7, 2017
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Real income growth outpaced by economic expansion: data
The growth of real income of South Koreans has risen at a slower pace than that of economic growth over the past five years, government data showed Wednesday.The average real income of local businesses with at least five employees was 3.39 million ($3,000) per month last year, up 2.8 percent from a year earlier, according to the data by the Ministry of Strategy and Finance and the Ministry of Employment and Labor. It is on par with the country's real gross domestic product growth that stood at 2
June 7, 2017
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Moon's job committee vows to raise minimum wage early
The new presidential committee on job creation is set to hold a series of meetings this week with business lobbies representing small and medium-sized enterprises, partly to learn their views on raising the minimum wage, the committee said Tuesday.Starting Thursday, committee officials will meet with representatives from the Korea Federation of Micro Enterprise, Korea Federation of SMEs and many others. The meetings are largely aimed at listening to possible difficulties that small businesses ma
June 6, 2017
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Korea’s middle class declines as income distribution worsens
Amid increasing income disparity, the Ministry of Strategy and Finance said Tuesday that Korea’s middle class accounted for 65.7 percent of the population last year, a 1.7 percentage point decrease compared to the previous year. Although there is no established international standard in defining the middle class, Korea’s National Statistical Office defines the middle class as 50 to 150 percent of the country’s median income, in accordance to the standards of the Organization fo
June 6, 2017
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Stricter lending rules looming amid rising home prices
With loosened lending rules expiring at the end of July, the new liberal Moon Jae-in government is reviewing whether to tighten them again, amid persistently rising home prices in Seoul.In August 2014, the Park Geun-hye administration allowed households to easily borrow money by raising the cap ratios of debt-to-income and loan-to-value to 60 percent and 70 percent, from 50-60 percent, respectively. The deregulatory moves, blamed for snowballing household debt and real estate speculation in sout
June 6, 2017