Most Popular
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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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[Music in drama] Rekindle a love that slipped through your fingers
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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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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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S. Korea's national assets grow 8.2% in 2018
South Korea's total wealth grew at a fast pace from a year earlier in 2018 but largely on rapid increases in real estate and housing prices, central bank data showed Wednesday.The country's national assets came to 15,511.7 trillion won ($13.13 trillion) as of the end of last year, up 8.2 percent from a year earlier, according to the national balance sheet released by the Bank of Korea.The annual report is jointly compiled by the central bank and the statistics office. The 2018 tally is 8.2 times
July 17, 2019
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S. Korea considers lowering extra-high inheritance tax rate for top shareholders
South Korea's government and ruling party are considering a move to lower the extra-high rate levied on inheritance tax for top shareholders of big companies, a ruling party official said Monday. South Korea's top inheritance tax is set at 50 percent, but it could go up to as high as 65 percent if the rate is increased in cases that involve the largest shareholders.The ruling Democratic Party (DP) and the government have been in discussions to lower the extra-h
July 15, 2019
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Market closely watches timing, pace of BOK’s upcoming rate cut
With its rate-setting board meeting slated for this week, South Korea’s central bank is gearing up to lower its economic growth forecast and base interest rate, in step with the sluggish recovery pace of the global economy and the US Federal Reserves’ signal of a rate cut.While most predicted a rate cut of 25 basis points from the current 1.75 percent by no later than August, views differed on the pace and frequency of further rate cuts this year. The Bank of Korea is scheduled to ho
July 15, 2019
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[News Focus] Seoul apartments resilient to property measures since 2017
SEJONG -- The Moon Jae-in government has introduced stern regulations on rebuilding old apartments or redeveloping old areas in Seoul. Housing redevelopment projects have been effectively blocked in the capital.The city authorities have also fallen behind in increasing housing supply for citizens.The central government has bolstered rules on mortgages under the guise of curbing apartment prices in the city. The ceiling of bank loans for housing purchases has sharply been lowered as part of a set
July 15, 2019
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WTO to formally discuss Japan's export curbs on S. Korea
Japan's export restrictions on advanced tech materials that could undermine South Korea's production of semiconductors will be formally discussed at the World Trade Organization, South Korea's commerce ministry said Sunday.The issue has been named a formal agenda item of the WTO General Council, the highest decision-making body of the WTO in Geneva, and will be discussed when the council meets from July 23-24, according to the Ministry of Trade, Industry and Energy.The move comes at a request fr
July 14, 2019
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Japan sees decline in value-added trade surplus with Korea
Japan’s trade surplus in value-added goods and services (TiVA) with South Korea took a downturn during the 2005-2015 period, reflecting the diversifying structure of logistics and trade, statistics showed Sunday.In light of the interconnection of the global value chain, the country’s recent curbs on hi-tech exports to Korea are likely to affect not only the two countries but also the regional and global economy in general, Seoul’s government officials noted. According to t
July 14, 2019
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Exports, investments remain dull amid worsening external conditions: ministry
South Korea’s economy continues to face pressure in exports and investments, mainly due to the prolonged trade war between the United States and China, the Finance Ministry said Friday.Japan’s export control measures, while remaining a core risk factor, will not affect Seoul’s growth outlook, it added.“Despite the gradual improvement in domestic consumption, exports and investments continue to remain dull,” the Ministry of Economy and Finance said in its monthly eco
July 12, 2019
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BOK to face further delays in construction of new headquarters
The Bank of Korea is likely to experience further delays in the reconstruction of its headquarters as a disputed builder asserted its rights as the successful bidder, challenging the procurement office’s plan to carry out a re-tendering process.The Seoul Central District Court on Thursday granted a provisional injunction filed by Kyeryong Construction Industrial, demanding that the Public Procurement Service halt its re-tendering process for the reconstruction of the BOK’s annex, BOK
July 12, 2019
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External conditions worsening amid weak exports, investment: ministry
The South Korean economy is increasingly facing uncertainties stemming from the prolonged trade dispute between the United States and China amid weak business spending, the finance ministry said Friday."Despite the gradual improvement in domestic consumption, the country's exports and investment continued to remain dull," the Ministry of Economy and Finance said in its monthly economic assessment report. The report, called the "Green Book," is based on the latest economic ind
July 12, 2019
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S. Korea to raise minimum wage for next year by 2.9%
South Korea decided Friday to raise the minimum wage for next year by 2.9 percent, the slowest growth in a decade, as it took into account an economic slowdown and sluggish job growth.The Minimum Wage Commission, involving labor and business representatives and experts, set the minimum wage at 8,590 won ($7.32) per hour for next year, compared with 8,350 won for this year.The growth rate sharply slowed from a 10.9 percent rise for 2019 and is the slowest gain since the minimum wage for 2010 rose
July 12, 2019
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Exports down 2.6% in first 10 days of July
South Korea's exports fell 2.6 percent in the first 10 days of July mainly due to decreased shipments of semiconductors, one of the country's key items, customs data showed Thursday.The country's exports stood at $13.6 billion in the July 1-10 period, compared with $13.9 billion in the same period last year, according to the Korea Customs Service. By product, exports of semiconductors and petroleum products fell 25 percent and 3 percent, respectively.Meanwhile, outbound shipments of passen
July 11, 2019
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S. Korea considers 120 bln won extra budget to cope with Japan's export curbs
Prime Minister Lee Nak-yon said Wednesday the government will seek parliamentary approval for more than 120 billion won (US$101 million) in extra budgetary funds to cope with the impact of Japan's recent restrictions on exports of high-tech materials."The government plans to politely request at least 120 billion won from the National Assembly for an early implementation (of the necessary measures)," the prime minister said in a parliamentary interpellation session. "I hope the opp
July 10, 2019
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S&P cuts growth outlook for S. Korea's economy to 2 percent
Global rating agency Standard & Poor's has sharply slashed its growth forecast for South Korea's economy this year to 2 percent due to rising uncertainty about the global trade outlook and weaker consumption.The latest estimate represented a sharp downward revision from its previous forecast of 2.4 percent in April.S&P said high inventories, particularly in the electronics sector, and rising uncertainty about the global trade outlook will continue to weigh down production and private inv
July 10, 2019
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S. Korea’s jobless population marks 20-year high in June
South Korea logged the steepest pace of job creation in almost two years, but the number of unemployed people reached a 20-year high, indicating the vulnerability of the local job market, government data showed Wednesday.The number of unemployed people here was tallied at 1.14 million as of end-June, up 103,000 from a year earlier, according to monthly employment figures released by Statistics Korea. This was a record high since the 1.5 million observed in June 1999 in the wake of the Asian fina
July 10, 2019
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Wealth of Korean rich shed amid trade woes: Forbes
Caught in the crossfire of the China-US trade war, export-reliant South Korea saw a steep decline in overseas shipments, and a consequent decline in the wealth among the members of the rich-list, Forbes said Wednesday.A total of 37 list members saw their net worth take a hit in the volatile economic environment. The combined net worth of Korea’s 50 richest declined 17 percent to $110 billion from $132 billion a year ago, the magazine said citing the latest Forbes Rich List.With the slump i
July 10, 2019
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Jobless rate rises to 4% in June, 281,000 jobs created
South Korea's jobless rate rose to 4 percent in June from a year earlier, and job additions again exceeded the 200,000 mark, government data showed Wednesday.The unemployment rate increased 0.3 percentage point on-year.The jobless rate marked the highest level for any June since 1999, when the corresponding figure stood at 6.7 percent.The number of employed people reached 27.4 million in June, a rise of 281,000 from the same month in 2018, according to the data compiled by Statistics Korea. The
July 10, 2019
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Labor, management leaders escalate feud over next year's minimum wage
Representatives of labor and management are escalating a feud over whether to increase the nation's legal minimum wage next year ahead of their final negotiations at the Minimum Wage Commission.The 27-member Minimum Wage Commission, a trilateral panel composed of nine representatives each from labor, management and the general public, was to begin its final round of negotiations at the Sejong Government Complex in Sejong on Tuesday before setting the hourly minimum wage for 2020 on Thursday. But
July 9, 2019
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Moody's keeps its rating on South Korea at Aa2
Global rating agency Moody's Investors Service said Monday that it is maintaining its rating on South Korea at "Aa2" with a stable rating outlook. Moody's rating for Asia's fourth largest economy has been Aa2, the third-highest level on the company's table, since 2015, when the rating agency upgraded it from Aa3. "The Government of Korea's (Aa2 stable) credit profile balances the country's very strong economic and fiscal fundamentals against high exposure to event
July 8, 2019
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National pension fund's total assets exceed 700 tr won
The total assets under management by South Korea's state pension fund exceeded the 700 trillion won ($596 billion) mark for the first time three decades after its birth, data showed Monday.The milestone comes 31 years after Asia's fourth-largest economy launched the income support program with its assets being equivalent to 37 percent of the country's gross domestic product, according to the data compiled by the National Pension Service, the fund's operator.As of Friday, the fund's assets stood
July 8, 2019
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S. Korea urges Japan to lift export restrictions
South Korea's finance minister on Monday pressed Japan to withdraw its export restrictions on key semiconductor materials as the Japanese move could have a negative impact on the global economy.Hong Nam-ki, the minister of economy and finance, said Japan's export restrictions run counter to the principles of the World Trade Organization.The comments came days after Japan began to tighten regulations on exports to South Korea of high-tech materials essential for the production of semiconductors a
July 8, 2019