Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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Medical profs at top hospitals suspend surgeries, clinics
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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BOK keeps policy rate unchanged at 1.5% for April
South Korea's central bank on Thursday held its key rate steady for April as Asia's fourth-largest economy is experiencing low inflationary pressure and a weaker pace of economic recovery.In a widely expected move, the monetary policy board of the Bank of Korea voted to keep the policy rate unchanged at 1.5 percent, extending its wait-and-see stance to five months.In November last year, South Korea's central bank adjusted up the key rate for the first time in more than six years, citing signs of
April 12, 2018
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Data deepen skepticism over income-led growth
A slump in private consumption and worsening unemployment are raising questions about the relevance of the Moon Jae-in administration’s income-led growth policy.According to data released by the Bank of Korea last week, the ratio of personal consumption expenditures to the country’s gross domestic product stood at 48.1 percent last year, the lowest since related data began being compiled in 1970.The ratio, which hovered above 70 percent in the 1970s, slid to 53.8 percent in 2000, 49.
April 11, 2018
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Unemployment rate hits 17-year high
South Korea’s unemployment rate in March hit is highest level in 17 years, amid a persisting slump in the construction industry and slowdown in population, data showed Wednesday.The number of employed people reached 26.55 million last month, up 112,000 from a year earlier, according to the report released by Statistics Korea. The on-month climb, though slightly higher from the previous month’s record of 104,000, continued to linger in the range of 100,000 for two consecutive months.T
April 11, 2018
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Korea's household lending increases at fastest pace in 4 months in March
South Korea's household lending by banks rose at the fastest clip in four months in March on increased home transactions ahead of the implementation of government-led measures to cool down the overheated real estate market, central bank data showed Wednesday.Outstanding household loans from lenders came to 776.3 trillion won ($728.6 billion) as of the end of March, according to the data by the Bank of Korea.The total marked a 4.3 trillion won increase from a month earlier, the largest on-month g
April 11, 2018
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State pension fund logs losses in stock investment in Q1
South Korea's national pension operator reported losses in its stock investment in the first quarter of this year, due mainly to the poor performance by major local equities amid unfavorable external conditions, a market research firm said Wednesday.The value of 302 company stocks in which the National Pension Service holds more than a 5 percent stake came to 121.22 trillion won ($113.92 billion) as of the end of March, down 2.01 percent from the end of 2017, according to the data by FnGuide Inc
April 11, 2018
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Korea's jobless rate rises to 4.5% in March
SEJONG -- South Korea's jobless rate moved up slightly in March due to a rise in unemployment in the retail and educational service sectors, government data showed Wednesday.The unemployment rate stood at 4.5 percent last month, up 0.4 percentage point from a year earlier, according to the report compiled by Statistics Korea.The seasonally adjusted jobless rate also rose to 4 percent in March, from 3.6 percent a year earlier, the data showed.The number of employed people reached 26.55 million in
April 11, 2018
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Brokerages urged to bolster investor protection, internal controls
The head of the Financial Supervisory Service (FSS) on Tuesday called for brokerages to strengthen protection for investors and internal control, in the wake of chaos over a dividend payment error at Samsung Securities Co.At a meeting with the heads of 17 brokerages, FSS Gov. Kim Ki-sik said they must conduct reviews of their internal control mechanisms to prevent such errors from happening again and urged them to come up with fundamental measures to regain investor confidence and strengthen eth
April 10, 2018
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16 pct of Seoul apartments traded over W900m in Q1
About 16 percent of apartments bought and sold in Seoul during the first quarter of the year were expensive real estate.Out of the 24,606 Seoul apartments traded between January and March, 3,921 units were worth over 900 million won ($841,000), according to statistics released by the Ministry of Land, Infrastructure and Transport Monday. It posted a rapid on-year increase. During the same period last year, only 11.5 percent of apartments bought and sold were worth over 900 million won. Mea
April 9, 2018
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[Newsmaker] FSS chief’s integrity dispute burdens Blue House
Mounting criticisms against the integrity of the newly appointed financial market watchdog chief is adding extra burden on the Moon Jae-in administration, which has vowed to eradicate “accumulated evil practices” and to restore trust in the nation’s public functions.Financial Supervisory Service Gov. Kim Ki-sik found himself hard pressed Monday as opposition political parties called for his ouster, taking issue with his past overseas business trips sponsored by financial instit
April 9, 2018
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Strengthening won weighs on Korea’s exports
Concerns are growing over the negative impact of the strengthening won on Korea’s exports, with expectations also being raised that a rise in the value of the currency will help boost investment and consumption.The value of the won gained 1.16 percent against the US dollar over the past two weeks to close at 1,069.6 won per dollar in the Seoul foreign exchange market Friday.It marked the second-steepest appreciation among the currencies of Group of 20 major economies following Mexico&rsquo
April 9, 2018
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Finance minister seeks cooperation from smaller firms to create jobs
South Korea's chief economic policy maker on Monday sought cooperation from smaller firms to create quality jobs to reduce the country's high youth unemployment rate.Finance Minister Kim Dong-yeon made the remark during a meeting with executives of small and medium-sized enterprises held in Seoul."We hope the planned support for SMEs will lead to job creation beyond the current level of employment," Kim said, referring to the government's proposed extra budget. Early this month, the go
April 9, 2018
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Rise in minimum wage fueling inflationary pressure
The sharp rise in the country's minimum wage this year is fueling inflationary pressure and concerns of public charge hikes going forward that can increase the burden on ordinary people, market watchers said Sunday.The government marked up the minimum wage for all workers by 16.4 percent in 2018 to 7,530 won ($7.04) from 6,470 in 2017 as part of a broader move by the incumbent Moon Jae-in administration to reduce the pay gap between workers and fuel private consumption that can act as a growth e
April 8, 2018
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Top 10 chaebol make up nearly 80% of KOSPI net profits
Korea's top 10 business groups accounted for 79.1 percent of all net profits generated by companies listed on the country's main stock exchange in 2017, the local bourse operator said Sunday.According to the Korea Exchange, of the 533 companies checked that settled their accounts in December, profits by the 62 affiliates belonging to the country's 10 largest chaebol, or family-run conglomerates, totaled 90.6 trillion won ($84.7 billion), up 57.1 percent from the 57.6 trillion won tallied in 2016
April 8, 2018
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Moody's forecasts rate freeze at upcoming BOK monetary policy meeting
Korea's central bank will likely hold its key rate steady at the upcoming monetary policy meeting due largely to low inflationary pressure, a leading provider of economic analysis said Sunday.The Bank of Korea is set to hold its rate review session Thursday to decide whether to keep or adjust the current 1.5 percent. The BOK has maintained the present rate since it raised it by a quarter percentage point from an all-time low of 1.25 percent in November."The Bank of Korea will likely keep th
April 8, 2018
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Rise in value of Korean won contributes to investment, consumption: report
The rise in the real value of the South Korean won compared to other major currencies in recent years has lowered import prices and fueled investments in facilities and private sector consumption, a report said Friday.According to real effective exchange rate (REER) indices compiled by the Bank for International Settlements (BIS), the exchange rate for the South Korean currency has steadily risen and stood at 123.2 points as of the end of January from 115.34 in April 2015.REER is the weighted av
April 6, 2018
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Consumer prices remain stable, measures in place curb potential rise
Consumer prices in South Korea remain stable, but the government is ready to take actions to curb spikes in some items, such as agricultural goods and services, a deputy finance minister said Friday."Consumer prices in March gained 1.3 percent from a year earlier, slowing from the previous month's growth and logging a 1 percent gain for the sixth consecutive month," Ko Hung-kwon said in a meeting to assess price trends here."But some food prices surged, and the government will con
April 6, 2018
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US, China likely to compromise to avoid trade war: KITA
The United States and China will likely strike a trade deal to stave off a possible trade war that could undermine the world's two biggest economies, a state-run trade agency said Thursday.The two global powers this week have moved to slap massive tariffs on each other's goods, sparking fears of a trade war."It is possible the two sides will engage in negotiations to produce a compromise deal as any implementation of retaliatory tariffs will cause catastrophic losses on the economies of the
April 5, 2018
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Korea designates Gunsan as an emergency industrial zone
Korea has designated Gunsan, the home to General Motors' money-losing assembly line, as an emergency response zone to provide job support and tax incentives as the southwestern city is expected to suffer high unemployment, the commerce ministry said Thursday.The designation came nearly two months after the American automaker in February announced a plan to shut down its underutilized Gunsan plant, 274 kilometers south of Seoul, by the end of May.The Ministry of Trade, Industry and Energy said it
April 5, 2018
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Korea to inject 3.9 trillion won in job creation, restructuring-hit areas
The government has submitted a supplementary budget worth 3.9 trillion won ($3.7 billion) in an emergency gesture to alleviate the nation’s unemployment crisis and revitalize regional economies in distress, according to the Ministry of Strategy and Finance on Thursday.Responding to opposition parties, which have criticized the extra spending plan as a tax-imposing populist move, the ministry says the costs may be covered without additional taxation, citing surplus tax revenue for this year
April 5, 2018
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S. Korean cosmetics makers hope for rebound amid Beijing's move to lift sanctions: sources
South Korea's cosmetics makers expect a rise in sales this year as China moves to lift economic measures implemented in retaliation over the deployment of a US anti-missile defense system here, industry sources said Thursday.South Korea's makeup industry have enjoyed robust growth in recent years helped by "hallyu," or the Korean Wave, referring to the growing popularity of Korean pop culture abroad.Shipments of Korean makeup products to China reached $1.56 billion in 2016 compared to
April 5, 2018