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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Korea needs to address inevitabilities of household debt: economists
South Korea does not face an imminent crisis over its growing household debt, but it needs to address some inevitabilities, foreign economists said Wednesday.South Korea's household debt stood at 1,359.7 trillion won ($1.2 trillion) as of end-March, a dramatic increase from 665 trillion won at the end of 2007, according to the Bank of Korea.The ratio of South Korea's household debt to gross domestic product came to 92.8 percent as of end-2016, up 4.7 percentage points from a year earlier, accord
June 28, 2017
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Cooperation trumps restrictions for sustainable reform: Herald forum
South Korea needs to address chronic problems in its economic structure in order to achieve sustainability in economic reforms, including those of family-run business groups known as chaebol by the new government, experts voiced at a forum on Wednesday. Around 300 government officials including Deputy Prime Minister for Economic Affairs Kim Dong-yeon, executives of major businesses, and economic scholars gathered at the 2017 Herald Business 氣UP Forum, a business policy conference, held at the Fo
June 28, 2017
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Corporate internal reserves on rise
The rising level of internal reserves at Korea’s large corporations is drawing attention again, as the new administration is moving to levy heavier taxes on them.According to Chaebul.com, an online corporate tracker, total internal reserves held by 178 listed companies affiliated with the country’s 30 largest conglomerates stood at a record high of 691.5 trillion won ($606.5 billion) as of the end of March.Internal reserves include profit reserves and capital surpluses. A high level
June 28, 2017
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Govt. urged to exempt taxes on income earned abroad: KERI
A private think tank urged the government Wednesday to exempt taxes on income earned by South Korean multinationals abroad so they can easily repatriate funds that can fuel investment in the country."The core of the new US administration's tax reform revealed in April is centered on the country moving away from an extraterritorial or residence tax regime to that of a source base system so that dues are only levied on income incurred domestically," Lim Dong-won, a researcher at the Kore
June 28, 2017
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Korean households' net lending shrinks in Q1
Net lending by South Korean households fell in the first quarter from a quarter earlier due to the increased purchase of houses, central bank data showed Wednesday.The net lending, which reflects available funds and takes into account savings, the value of acquisitions and capital used, came to 14.1 trillion won ($12.3 billion) as of end-March, compared to 19.2 trillion won from three months earlier, according to preliminary data from the Bank of Korea. The numbers are for local households and n
June 28, 2017
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Seoul stocks start lower tracking Wall Street
South Korean shares opened weak Wednesday, tracking a decline on Wall Street after a key vote on US President Donald Trump's health care plan was delayed.The benchmark Korea Composite Stock Price Index slipped 9.47 points, or 0.4 percent, to 2,382.48 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics falling 0.83 percent.Top automaker Hyundai Motor rose 1.25 percent, and top steelmaker POSCO gained 1.45 percent.The local currency was tra
June 28, 2017
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Korea's toy imports hit record high through April: data
The amount of toy imports in South Korea rose to a record level in the first four months of this year on robust demand for character robots, government data showed Wednesday. The inbound shipment of kids' toys reached a record $276 million in the January-April period, up 3.1 percent from $267 million the previous year, according to the data compiled by the Ministry of Culture, Sports and Tourism and its affiliated Korea Culture Information Service Agency. The purchase of character toys, in
June 28, 2017
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Korea's stock funds shine on bull market
South Korea's stock funds returned nearly 17 percent in the first half of the year as the equity market soared on improving corporate earnings and an economic recovery, a fund evaluator said Wednesday.The average return of local stock funds with net assets of 1 billion won or more, excluding exchange traded funds, came to 16.9 percent as of Monday, according to KG Zeroin.In contrast, local bond funds returned an average 0.76 percent in the first half amid greater risk appetite across the wo
June 28, 2017
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Eland targets W400b online sales from Korea, China this year
Eland Group, a major South Korean outlet mall operator, is seeking to log over 400 billion won ($351 million) in sales from its local and Chinese e-commerce platforms, industry sources said Wednesday. The company entered the Chinese market in 1996 and had since focused on expanding the offline stores until opening its first e-commerce store on Tmall in 2014. Tmall is China's largest online shopping mall operated by Alibaba Group.The company's online sales in the neighboring country, which stood
June 28, 2017
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Consumer sentiment index hits 6-year high
The Composite Consumer Sentiment Index in South Korea hit a new high for the last six years and five months, data showed Tuesday. The CCSI reached 111.1 in June, up 3.1 points from the previous month, according to data from the Bank of Korea. This marked the highest since it recorded 111.4 in January 2011. The index surged for five consecutive months after dropping for three straight months to hit about an eight-year low in January, at 93.3.For nearly six years, the CCSI hovered at around 100, w
June 27, 2017
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Think tank revises up 2017 growth forecast for Korean economy to 2.8%
A state-run think tank on Tuesday revised up its 2017 growth forecast for the South Korean economy by 0.3 percentage point to 2.8 percent on the strength of global trade and eased uncertainties at home and abroad."The South Korean economy will likely see the upbeat pace of its exports and investment slow down to some extent, but private consumption should make a slight upturn in the second half," the Korea Institute for Industrial Economics and Trade said in a report. It said such deve
June 27, 2017
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Importance of FTA to be highlighted at Korea-US summit
President Moon Jae-in is embarking on his first overseas trip as Korea’s leader, attending a critical two-day Korea-US Summit with President Donald Trump on Thursday and Friday. During the summit, Moon is slated to spearhead delegations that are to highlight the importance of the five-year Korea-US Free Trade Agreement as well as address looming uncertainties regarding the US’ attempts to renegotiate it -- a crucial economic issue here since Trump took office in January. With his
June 27, 2017
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Self-employed exposed to greater debt risks
Concern is being raised that the problem of debt incurred by self-employed businesses in the country is much more severe than has been depicted by official figures.A newspaper report last week said a recent survey by the local financial authorities revealed the country’s self-employed people held a combined debt of 650 trillion won ($573.1 billion) as of the end of last year, exceeding the Bank of Korea’s earlier tally at 480.2 trillion won.According to another report Sunday, data pr
June 26, 2017
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Gov't mulls raising diesel prices to curb fine dust
The government is considering a move to raise the price of diesel fuel with the aim of reducing fine dust emissions, government sources said Sunday.Among plans under consideration by the Ministry of Strategy and Finance, higher taxes could be slapped on diesel gas, which is cheaper than gasoline in Seoul Korea. Diesel has been cited as the main culprit behind the fine dust in the country that has been cited for endangering the public health. The ministry said it will hold a hearing with relevant
June 25, 2017
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All eyes on new investment pledge as Korean biz leaders visit US
A South Korean business delegation made up of top executives will travel to Washington this week as local companies take steps to respond proactively to alleviate the growing trade pressure exerted by the Donald Trump administration, a corporate lobbying group said Sunday.More than 50 business leaders from Samsung Electronics Co., Hyundai Motor and other South Korean firms are set to accompany President Moon Jae-in on his trip to US, the Korea Chamber of Commerce and Industry said. The high prof
June 25, 2017
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Moon, Trump to face showdown on FTA renegotiation
South Korean President Moon Jae-in is expected to pitch for the benefits of the two countries' bilateral free trade pact during his upcoming trip to the US, but may face some tough challenges in talks with his counterpart Donald Trump who has been calling for the renegotiation of the landmark deal, industry watchers said Sunday.There have been growing concerns here over a possible renegotiation of the Korea-US Free Trade Agreement, dubbed KORUS FTA, as Trump has denounced the free trade agreemen
June 25, 2017
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Korea’s top 52 business leaders to join Moon in US summit
CEOs and business leaders from some of the country’s top conglomerates are heading to the United States alongside President Moon Jae-in for a two-day Korea-US Business Summit with President Donald Trump next week, the Korea Chamber of Commerce and Industry announced Thursday. In Moon’s first international trip as the new president, he will be joined by a 52-person Korean business delegation, which includes Hyundai Motor Company Vice Chairman Chung Eui-sun, SK Group Chairman Chey Tae
June 23, 2017
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Hyundai, SK leaders to accompany Moon to US next week: biz lobby
Leaders of South Korea's top conglomerates including Hyundai and SK will join President Moon Jae-in on his first official visit to the United States next week, a local business lobby said Thursday.Moon is scheduled to visit Washington on Wednesday ahead of two-day summit talks with US President Donald Trump. During the trip, he will be accompanied by a 50-person business delegation that includes Hyundai Motor Vice Chairman Chung Eui-sun and SK Group Chairman Chey Tae-won, the Korea Chamber of Co
June 23, 2017
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[Monitor] More people out of job for over 6 months
The number of people unemployed for six months, who are classified as long-term unemployed, reached a 13-year high in May this year, according to Statistics Korea on Thursday.Some 120,000 were long-term unemployed, accounting for 11.96 percent of the jobless population. It marked the highest since 2004.Companies in South Korea usually hire in August or September, when the respective number slightly declines. Employment by such firms, however, has been lackluster due to weak business performances
June 22, 2017
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Number of property rental biz workers up sharply amid market boom: data
The number of people earning a living by renting property has risen sharply in recent years, government data showed Thursday, amid a market boom brought on by policy measures to prop up the housing market.The total number in the rental and leasing businesses surged to 1,452,000 people as of the end of 2015 from 882,000 in 2006 and 1,340,000 in 2014, according to data by the National Tax Service.The number accounts for 21.7 percent of the total registered businessmen in the country, which stood a
June 22, 2017