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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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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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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[Music in drama] Rekindle a love that slipped through your fingers
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[New Economic Non-order:3] G-7 loses prestige amid growing nationalism
The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of the fading liberalism and rise of trade protectionism and nationalism. This is the third installment. -- Ed.The liberal world order, or at least the belief that it could be sustained, has lasted for much of the 20th century, but is likely to fade away amid the rise of nationalism and protectionism across the world.This regression to state-centered policies naturally drove a
Sept. 22, 2019
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[Management in Korea] Why governance reform is key to make chaebol accountable
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders, offering management tips. -- Ed.Nearly every presidential candidate in South Korea over the past two decades has made the same campaign promise and failed to deliver on it: End the near-monopoly chaebol -- family-owned conglomerates -- hold in the country and give smaller companies an opportunity to thrive. To enact some semblance of contro
Sept. 22, 2019
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Coupang publishes ‘Mini business impact report’
“Mini” businesses selling products on Coupang have seen their businesses grow by 81 percent on average, with combined sales exceeding 2.65 trillion won ($2.22 billion) in 2018 alone, a report released by Coupang showed.These and other findings were included in the “2019 Coupang Mini Business Impact Report -- Small Giants Working With Coupang,” highlighting the socioeconomic correlation between Coupang, its business partners and local communities. It is the first such in-d
Sept. 22, 2019
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S. Korea's pork exports to remain intact despite ASF: ministry
South Korea's exports of pork are expected to remain steady despite two confirmed cases of African swine fever in the country as the disease has been reported only in a limited area, officials said Sunday, The first-ever confirmed ASF case in South Korea was reported Tuesday in Paju, located near the heavily fortified border with North Korea. The second confirmed ASF case was reported in the neighboring Yeoncheon the next day.The confirmed cases sparked concerns over the local pork industry, inc
Sept. 22, 2019
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Finance minister urges cautious approach on S. Korea’s WTO status
With US President Donald Trump casting doubt on the way the World Trade Organization categorizes global economies, South Korea’s finance minister said Friday that the government would take a cautious approach toward its developing-country status and the trade benefits that come along with it. “The other developing economies that are members of the WTO have been raising issues with the benefits that our nation receives through the developing country status, which is why now is the tim
Sept. 20, 2019
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OECD cuts growth outlook for S. Korea to 2.1 percent
The Organization for Economic Cooperation and Development (OECD) on Thursday slashed its growth outlook for South Korea's economy this year to 2.1 percent amid a slowdown in global trade.The OECD's interim outlook represented a drop from its previous forecast of 2.4 percent in May. It said the South Korean economy would grow 2.3 percent in 2020, also slower than its previous forecast of 2.5 percent.Growth in South Korea "has moderated by more than expected this year, in part due to persiste
Sept. 19, 2019
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US Fed’s rate cut gives room for easing monetary policy: BOK
South Korea’s central bank chief said Thursday that the latest US rate cut has created some policy space for easing actions amid the slowing economy.“The US Federal Reserve’s rate cut alleviates the burden for other countries in operating their own monetary policies,” Bank of Korea Gov. Lee Ju-yeol told reporters. On Wednesday local time, the Fed cut the base rate by a quarter percentage point to a range of between 1.75 percent and 2 percent. This was its second rate cut
Sept. 19, 2019
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BOK chief says US rate cut gives room for additional policy
The head of South Korea's central bank said Thursday the latest US rate cut may have created further room for his country to more actively support the local economy as it grapples with falling exports and sagging investment.On Wednesday (local time), the US Fed slashed its policy rate by 25 basis points to a range of between 1.75 percent and 2.0 percent in its second rate cut in two months -- and the second since 2008. "Of course the US Fed reducing its rate somewhat removes the burden for
Sept. 19, 2019
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S. Korea to revamp workforce system amid population decline
South Korea’s fiscal chief on Wednesday announced proposals to improve the supply of key workforce amid a declining population and aging society. The government’s latest blueprint announced Wednesday focuses on recruiting teachers, soldiers and foreign workers in nonmetropolitan areas, as well as improving the employment conditions for seniors.“With its record-low birth rate and fast aging society, Korea is now facing critical demographic changes,” said Deputy Prime Minis
Sept. 18, 2019
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S. Korea considers releasing oil reserves in case of supply problem
The latest drone strikes on Saudi Arabia’s crude processing facilities will have limited impact on South Korea the government has said, but it will consider releasing its oil reserves in case of supply disruption, a senior official said Tuesday.“The strikes on Saudi Arabia’s key oil facilities over the weekend have heightened the risks in the Middle East region,” said Kim Yong-beom, first vice minister of finance.“But considering the supply contracts and current (oi
Sept. 17, 2019
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Fiscal spending has multiplier effects on economy: BOK
The government’s fiscal spending has a multiplier impact, augmenting the economy by about 1.3 times over five years, central bank data showed Monday.In a recent study by the Bank of Korea, the multiplier effects of government spending on the domestic economy stood at 1.27 over five years.The given index means that every 1 trillion won ($844 million) spent by the government will generate 1.27 trillion won in gross domestic product during the period.When the figure is low, it means that expa
Sept. 16, 2019
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Fiscal spending takes greater effect over time: BOK report
Fiscal spending may have a greater impact on the economy than generally viewed, but the effect may take some time to take place, a central bank report said Monday.In a recent study conducted by the Bank of Korea, the multiplier effect of government spending on the local economy came to 1.27 over a five-year period. This means every 1 trillion won ($850 million) spent by the government will generate 1.27 trillion won in gross domestic product over a five-year period, the report said.Previously, t
Sept. 16, 2019
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[News Focus] Household-income polarization worsens in 2 years
SEJONG -- The Moon Jae-in administration has continued to push for “income-led” growth by raising the minimum wage and scaling back the workweek. This was aimed at boosting consumption by raising the disposable income of low-income households. This in turn was meant to boost growth in the overall economy.But drastic hikes in the minimum wage had side effects, as small and midsized businesses took a conservative stance toward hiring due to higher labor costs, which have been linked to
Sept. 15, 2019
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S. Korea’s tax burden to grow next year amid concerns
South Korea’s tax burden per capita will stand at an estimated 7.5 million won ($6,300) next year, slightly up from this year, and is poised to grow through 2023, according to data released by the government Sunday. The data comes amid growing concerns about a heavy tax burden in relation to the government’s expansionist fiscal operations, including efforts to change the tax system. The tax burden per capita, which stood at an estimated 7.4 million won this year, will increase by nea
Sept. 15, 2019
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[New Economic Non-order:2] Trump’s revival of trade protectionism pushes WTO to the brink
The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of fading liberalism and the rise of trade protectionism and nationalism. This is the second installment. -- Ed.The World Trade Organization was birthed in 1995 as an advocate of free trade, persuading global economies to lower trade barriers through yearslong rounds of negotiations. Though it has slowly been losing its clout in recent years, the WTO continued to shine as a be
Sept. 11, 2019
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Jobless rate hits 6-year low in August, job additions largest in nearly 3 years
South Korea's jobless rate hit a six-year low in August, and job additions increased the most in 29 months, government data showed Wednesday.The unemployment rate fell 1 percentage point on-year to 3 percent in August from a year earlier, also marking the lowest level for any August since 2013. The number of employed people reached 27.3 million in August, a rise of 452,000 from the same month in 2018, according to the data compiled by Statistics Korea. The number of jobs added is the largest sin
Sept. 11, 2019
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New chief says FTC will crack down tech behemoths' dominant market position
The new head of South Korea's antitrust regulator on Tuesday said the agency will crack down on tech companies over their abuse of monopoly power and dominant market position.Joh Sung-wook, the chairwoman of the Fair Trade Commission, said in her inaugural speech that the move is meant to facilitate market innovation, but she did not elaborate. She said last month that the antitrust regulator has been looking into alleged unfair trade practices by two US tech giants -- Google Inc. and Apple Inc.
Sept. 10, 2019
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[News Focus] Seoul apartment prices keep skyrocketing since 2017
SEJONG -- A large portion of online commenters say that the Moon Jae-in government should be held accountable for letting housing prices spiral out of control since taking office in May 2017.A variety of data showed that Seoul apartment prices climbed sharply between 2017 and 2018, compared to figures during past administrations.In 2012, apartment prices in Seoul posted the negative growth of 6.1 percent on-year, hit by the subprime mortgage fiasco in the US and the global financial crisis.Figur
Sept. 9, 2019
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[New Economic Non-order: 1] In 2019, world bids farewell to liberal economic order
The Korea Herald is publishing a series of articles to look into the weakening of global economic frameworks in light of fading liberalism and rise of trade protectionism and nationalism. This is the first installment. -- Ed.This year marks the 75th anniversary of the Bretton Woods Agreement, which laid the foundation of the liberal economic order in the post-World War era and led to the establishment of the International Monetary Fund and World Bank.But it is also likely to be remembered as the
Sept. 8, 2019
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S. Korea's economy to expand 1.9% in 2019: KERI
South Korea's economy is expected to expand 1.9 percent in 2019 from a year earlier, a local research institute said Sunday, posting sluggish growth due to the protracted trade dispute between the United States and China.The figure marks a decrease of 0.3 percentage point from the previous outlook of 2.2 percent suggested in June, according to the Korea Economic Research Institute (KERI).The organization attributed the lackluster growth to the prolonged feud between the world's top two economies
Sept. 8, 2019