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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[Music in drama] Rekindle a love that slipped through your fingers
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Hopes rise for possible Gaza truce deal
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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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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
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Corporate debt sales hit record in H1
Sales of South Korea's corporate bonds hit a record high in the first half of the year, as low interest rates prompted companies to sell more debt, data showed Monday. The corporate debts floated in the January-June period, including bank bonds and asset-backed securities, stood at 48.8 trillion won ($41.5 billion), up 12.7 percent from a year ago, according to the data by the Korea Financial Investment Association. It was the largest corporate offerings on a half-year basis, th
July 8, 2019
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[Management in Korea] Rather than copy chaebol, Korean SMEs need to create new models of success
Management in Korea is a regular column written by representatives of Egon Zehnder Seoul. It touches on various topics concerning Korean enterprises and business leaders and offers management tips. -- Ed.Chaebol played a critical role in South Korea’s recovery after the Korean War and then in enabling the nation to become an economic powerhouse. But to remain competitive in today’s environment, it is essential for Korea to also have vibrant small and midsized businesses to drive inno
July 7, 2019
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Housing prices in Seoul show signs of rebounding, Land Ministry may step in
With housing prices in Seoul showing clear signs of rebounding, the government is considering taking steps to rein in the overheated market. Officials at the Ministry of Land, Infrastructure and Transport said Sunday that the ministry will intervene if housing prices in Seoul grow faster than expected on the basis of government projections. According to the Korea Appraisal Board last Monday, Seoul apartment prices had increased 0.02 percent from a week before, ending a downward trend that went
July 7, 2019
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Finance chief to talk with top CEOs on Japan’s export curbs
South Korea’s top fiscal policymaker said Friday he is likely to meet the top executives of Samsung Group and other ranking conglomerates to address Japan’s export restrictions.“There seems to be no reason why I shouldn’t meet (with them),” said Deputy Prime Minister and Finance Minister Hong Nam-ki.“I shall confirm (the details) after discussing (the possibility of the meeting) with Cheong Wa Dae.” The remarks came in answer to the reporters’
July 5, 2019
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S. Korea warns of retaliatory steps against Japan’s export curbs
South Korea on Thursday delivered a stern warning to Japan regarding restrictions on exports of high-tech materials to Korea, calling Japan’s decision a breach of international law and vowing “corresponding steps” if necessary. “Japan’s export restrictions are a form of political retaliation that violate international law,” the National Security Council of the presidential office Cheong Wa Dae said in a press release. In the meeting, chaired by Presidential
July 4, 2019
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S. Korea posts current account surplus in May
South Korea's current account balanced turned to black in May, one month after the country posted its first deficit in seven years amid sluggish exports, central bank data showed Thursday.The country's current account surplus came to $4.95 billion in the month, marking a turnaround from a $660 million deficit the month before, according to preliminary data from the Bank of Korea. The turnaround was largely attributed to a $1.16 billion surplus in the primary income account, which in April posted
July 4, 2019
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S. Korea lowers growth forecast for 2019 to 2.4-2.5%
South Korea’s government on Wednesday revised the growth rate forecast for this year to 2.4-2.5 percent, down 0.2 percentage point from its earlier estimation, amid sluggish exports and investments.It also added pressure upon the National Assembly to swiftly approve a long-pending supplementary bill of 6.7 trillion won ($5.7 billion) dedicated to economic revitalization. “The government has devoted all efforts to achieve an economic paradigm shift but uncertainties such as the global
July 3, 2019
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S. Korea lowers growth forecast for 2019 to 2.4-2.5%
South Korea’s government on Wednesday revised the growth rate forecast for this year to 2.4-2.5 percent, down 0.2 percentage point from its earlier estimation, amid sluggish exports and investments.It also added pressure upon the National Assembly to swiftly approve a long-pending supplementary bill of 6.7 trillion won ($5.7 billion) dedicated to economic revitalization. “The government has devoted all efforts to achieve an economic paradigm shift but uncertainties such as the g
July 3, 2019
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S. Korea to hold 2nd round of talks on revising FTA with Chile
South Korea's trade ministry said Wednesday it will hold the second round of negotiations with Chile on revising their bilateral free trade agreement that went into effect in 2004.The two-day talks, which will be held in Chile from Thursday, will focus on expanding the scope of free trade and updating terms of the 15-year-old FTA, according to the Ministry of Trade, Industry and Energy.Chile was South Korea's first FTA partner. Two-way trade volume quadrupled to US$6.28 billion last year from $1
July 3, 2019
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S. Korea lowers growth forecast to 2.4-2.5%
South Korea’s government on Wednesday revised the growth rate forecast for this year to 2.4-2.5 percent, down 0.2 percentage point from its earlier figure, amid sluggish exports and investments.It also reiterated the call for the National Assembly to approve the pending supplementary budget bill of 6.7 trillion won ($5.7 billion), vowing to execute 70 percent of the amount within two months. “The government has devoted maximum efforts for an economic paradigm conversion but uncertain
July 3, 2019
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Hanwha partners with Indian tech giant for collaborative robots
Hanwha Precision Machinery, the robot manufacturing unit of Hanwha Group, said Tuesday the company signed a contract with Wipro, India’s largest information technology business, to work together on developing automated factory solutions. Under the contract, the Hanwha unit will provide collaborative robots for network-based factory solutions aimed at automating manufacturing processes at various factories across India, led by its Indian partner. The machinery unit is a subsidiary of Hanwha
July 2, 2019
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Consumer price growth stays stagnant for 6th month
South Korea’s consumer price growth remained below the 1 percent mark in June, reflecting the slow growth in service charges and global oil price trend, government data showed Tuesday.The consumer price index stood at 104.88 last month, down 0.2 percent from the previous month and up 0.7 percent from a year earlier, according to Statistics Korea.This marked the sixth consecutive month that the on-year growth remained in the zero percent range. It was also the third-longest period that the
July 2, 2019
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S. Korea's exports down 13.5% in June amid US-China trade row
South Korea's exports decreased 13.5 percent in June from a year earlier, extending their on-year fall for the seventh consecutive month, data showed Monday, due mainly to the prolonged trade row between the world's top two economies.Outbound shipments came to $44.18 billion for June, down from the $51 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports fell 11.1 percent on-year last month to $40 billion, the ministry added. The co
July 1, 2019
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Trump calls on Korean business leaders to invest more in US
US President Donald Trump on Sunday called on owners of South Korea’s biggest conglomerates to expand their investments in the United States during a meeting before a bilateral summit with President Moon Jae-in. Samsung Electronics Vice Chairman Lee Jae-yong, Hyundai Motor Group Senior Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won, CJ Group Chairman Sohn Kyung-shik, Lotte Group Chairman Shin Dong-bin, Hanwha Group Chairman Kim Seung-youn and other officials from the business c
June 30, 2019
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'Back on track': Trump, Xi agree to resume trade talks
OSAKA, Japan (AFP) -- US President Donald Trump said trade negotiations with China were "back on track" after "excellent" talks Saturday with his Chinese counterpart Xi Jinping in which Washington reportedly agreed to hold off on new tariffs.The crunch talks on the damaging trade war between the world's top two economies came on the sidelines of a meeting of the G20 in Japan's Osaka, with all eyes on whether the pair would agree a truce. "We had a very good meeting
June 29, 2019
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China, US agree at Xi-Trump meeting to restart trade talks: Xinhua
BEIJING (AFP) -- Chinese President Xi Jinping and US President Donald Trump agreed on Saturday to restart fractious China-US trade negotiations, with Beijing saying Washington agreed not to slap new tariffs on its exports, according to Chinese state media.The two countries will restart the talks "on the basis of equality and mutual respect", according to the official Xinhua news agency after the two leaders met on the sidelines of the G20 summit in Osaka. Xi opened the meeti
June 29, 2019
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Trump says meeting with Xi was 'excellent'
OSAKA, Japan (AFP) -- US President Donald Trump said Saturday his high-stakes trade meeting with China's President Xi Jinping was "excellent" with negotiations now "back on track"."We had a very good meeting with President Xi of China... I would say excellent," Trump said after the talks on the sidelines of the G20 summit."We are right back on track," he said, adding both sides would be releasing official statements shortly. (AFP)
June 29, 2019
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Trump tells China's Xi open to 'historic' trade deal
OSAKA, Japan (AFP) -- Washington is open to a "historic" trade deal with China, President Donald Trump said Saturday as he met President Xi Jinping, who called for "cooperation and dialogue"."It would be historic if we could do a fair trade deal," Trump said at the start of the high-stakes meeting to thrash out a tariff war between the world's top two economies. "We are totally open to it," added Trump after Xi said "cooperation and dialogue"
June 29, 2019
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Seoul stocks end lower ahead of Trump-Xi meeting
South Korean shares ended lower Friday as investors remained cautious ahead of the US-China trade talks Saturday that could provide a pivotal cue for markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.7 points, or 0.17 percent, to close at 2,130.62. Trade volume was moderate at 530 million shares worth 4.2 trillion won ($3.6 billion), with losers outnumbering gainers 533 to 269. All eyes are now on Saturday's planned meeting between US.Pres
June 28, 2019