Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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Yoon's approval rating plunges to all-time low
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[Today’s K-pop] BTS pop-up event to come to Seoul
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[Graphic News] More Koreans say they plan long-distance trips this year
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Mother of student activist, whose death sparked pro-democracy movement, dies
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[Monitor] Korea's old-age dependency ratio to spike
South Korea’s old-age dependency ratio is forecast to surge to some 80 individuals aged 65 and over for every 100 persons of working age (20-64) by year 2075, which will be the highest among the members of the Organization for Economic Cooperation and Development.Citing the OECD indices, the National Assembly Research Service said that this means 1.25 working-age people would be financially responsible for one senior citizen 60 years from now.Currently, as of 2015, the comparative ratio is
May 25, 2017
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Employers blast zero irregular workers plan
The Korea Employers Federation on Thursday strongly criticized the new government’s policy to eliminate irregular working positions, contending it would further divide the gap between small and large firms. KEF Vice Chairman Kim Young-bae expressed his concerns regarding the Moon Jae-in administration’s pledge to regularize irregular workers at public firms, saying it has negative impacts on job creation and small businesses, during a forum in Seoul on Thursday. Less than a mon
May 25, 2017
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BOK to lift growth forecast in July, keeps rate on hold
The Bank of Korea Gov. Lee Ju-yeol said on Thursday that the central bank is likely to revise up the nation’s 2017 growth forecast in July from its April projection of 2.6 percent, citing robust exports and investment.“The economic recovery in April was better than expected. Although private consumption is still weak, exports, facility investment and construction are on a robust trend. Exports and investment are likely to continue to improve going forward,” Lee said at a press
May 25, 2017
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Korea's income disparity widens in 2016
South Korea's income disparity widened significantly last year despite the government's efforts to narrow the gap between the rich and poor, government data showed Thursday.The Gini coefficient of total income of an average household stood at 0.353 in 2016, up from the previous year's 0.341, according to the data compiled by Statistics Korea. The numbers for household's disposable income, which involves tax payments and government subsidies and pensions, was 0.304 in 2016, up from 0.295 a year e
May 25, 2017
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BOK holds key rate steady at 1.25% in May
South Korea's central bank on Thursday held its key rate steady in May as the new government is pushing to expand fiscal spending to help revive Asia's fourth-largest economy.In a widely expected move, the monetary policy board of the Bank of Korea unanimously voted to keep the key rate at 1.25 percent, extending its wait-and-see approach for the 11th consecutive month. In June last year, South Korea's central bank made a surprise rate cut, citing a need to stimulate the lackluster economy amid
May 25, 2017
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Korea's dependency ratio to rise fast: report
South Korea's dependency ratio is expected to spike over the next 60 years in line with its fast aging population, becoming the highest among major advanced economies, a report said Thursday.Asia's fourth-largest economy is forecast to have a dependency ratio of some 80 people in 2075, the highest among members of the Organization for Economic Cooperation and Development, according to the report by the National Assembly Research Service. That means that 1.25 working-age people should support the
May 25, 2017
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[Monitor] Top conglomerates’ operating profits soar
The operating income of South Korea’s top 10 conglomerates surged by more than 80 percent on-year in the first quarter of this year, according to Chaebul.com, Wednesday.The combined operating income of the groups’ 89 nonfinancial subsidiaries increased to 17.9 trillion won ($15.9 billion) with their debt servicing capabilities significantly improved. The country’s largest automaker Hyundai Motor Group was the only one that suffered a setback, with the operating profit dropping
May 24, 2017
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[Photo News] Recruitment exhibition for mid-sized companies take held at COEX
May 24, 2017
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[News Focus] Concern raised over ‘zero irregular jobs’ plan
President Moon Jae-in’s pledge to usher in an “era of zero irregular jobs” in the public sector within his five-year term has raised concerns about the possible negative effects of the initiative.According to a government-run information portal, irregular employees numbered 144,205, or 33.6 percent of the total workforce, at 335 public organizations as of end-March.But Moon, who took office on May 10, appears to be talking about a broader number of irregular workers.“When
May 24, 2017
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Q1 ratio of short-term debt to foreign reserves hits highest in more than 1 year
The ratio of South Korea's short-term foreign debt to its foreign reserves hit the highest level in more than a year in the first quarter on increased foreign investment in local bonds, data showed Wednesday.The country's short-term external debt -- with a maturity of one year or less -- totaled $115.4 billion as of the end of March, up $10.2 billion from three months earlier, according to the data by the Bank of Korea. The end-March figure accounted for 28.4 percent of the country's total exter
May 24, 2017
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China downgraded to A1 by Moody's on worsening debt outlook
Moody’s Investors Service cut its rating on China’s debt, saying that the outlook for the country’s financial strength will worsen as debt rises and economic growth slows.Moody’s reduced the rating to A1 from Aa3 and changed the outlook to stable from negative, the company said in a statement on Wednesday. The offshore yuan extended losses after Moody’s downgrade, weakening 0.12 percent to 6.8889 per dollar as of 8:24 a.m. in Shanghai.President Xi Jinping and o
May 24, 2017
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Household debt, geopolitical risks pose threats to Korean financial system: poll
South Korea's growing household debt and geopolitical risks are two major systemic risks facing the country's financial system, a survey showed Wednesday.Household debt topped the list of key systemic risks cited by market watchers at 85 percent, compared to 70 percent in October, according to the semi-annual survey conducted by the Bank of Korea. South Korea's household debt reached a record high of 1,359.7 trillion won ($1,214 billion) at the end of the first quarter, according to data compile
May 24, 2017
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Govt. funds' investment return dips in fiscal 2016
The average investment return on government-operated public funds dropped sharply from a year earlier in 2016 due largely to a fall in bond yields, the finance ministry said Tuesday.The average yields of 38 government funds came to 1.79 percent last year, compared with 2.36 percent the previous year, according to the Ministry of Strategy and Finance. The ministry said the on-year drop was mostly attributed to low bond yields in the second half of last year.As of end-2016, the National Pension Se
May 23, 2017
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Trade group recommends future FTAs based on market size, trade barriers
A local trade organization recommended Tuesday that South Korea should pursue free trade agreements with South African countries, Uzbekistan and Cote d'Ivoire, citing their market scale and trade conditions.The Korea International Trade Association said it assessed the market size, growth potential, level of trade barriers, access to resources, exports competitiveness and state risks in determining future partners for the free trade deals. Countries with which negotiations or feasibility s
May 23, 2017
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Insurers' combined Q1 profit jumps 24.4% on dividend income
The combined net profit of insurance firms in South Korea for the first quarter of this year jumped 24.4 percent on-year, thanks to a hefty gain in their dividend income, government data showed Tuesday. Insurance firms saw their combined net profit rise by 544.2 billion won ($487 million) to 2.7 trillion won for the January-March period, according to the data by the Financial Supervisory Service. The combined net income of life insurers gained 18.6 percent on-year to 1.57 trillion won, whi
May 23, 2017
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Korea recollects 67.9% of public funds
South Korea has recouped 67.9 percent of the public funds it sunk into ailing financial firms since the 1997-1998 Asian financial crisis, the financial regulator said Tuesday.The quarterly retrieval rate rose 0.1 percentage point at the end of March, the Financial Services Commission said in a statement. During the January-March period, the government recouped 165.3 billion won, including 133.8 billion won from the sale of the government's stake in Woori Bank, according to the statement.South Ko
May 23, 2017
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[Monitor] Assets of 4 major groups surge
The combined assets of South Korea’s four leading conglomerates Samsung, Hyundai, SK and LG reached 864.9 trillion won ($774.3 billion) last year, up 33.5 percent from 647.6 trillion won in 2011. The proportion of these four groups in terms of total assets among the top 30 conglomerates in Korea also rose by 3.5 percentage points from 49.1 percent in 2011 to 52.7 percent.
May 22, 2017
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Experts mixed on Moon's plan for trade bodies
Debate is heating up here on whether and how to reshape the government’s trade bodies to cope with mounting external pressures.During his campaign, President Moon Jae-in vowed to transfer the trade functions of the Ministry of Trade, Industry and Energy to the Ministry of Foreign Affairs.He said the decision by his predecessor Park Geun-hye to remove trade functions from the Foreign Ministry was “wrong,” siding with the view that the measure weakened the country’s ability
May 22, 2017
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17% of state financing projects graded 'poor' in 2017 govt. assessment
More than 17 percent of state financing projects were rated as "poor" in the latest efficiency assessment this year, the finance ministry said Monday.Out of 1,415 projects worth a combined 116.1 trillion won ($103.9 billion) run by 50 government ministries and agencies in 2017, 249 schemes received the lowest grade, with 238 plans appraised as "excellent," according to the Ministry of Strategy and Finance. The government carries out an efficiency test on state financing proje
May 22, 2017
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State pension's income replacement ratio reaches 24%
South Korean pensioners find it difficult to live only on monthly payments from the state pension scheme as the amount comes to less than a quarter of their pre-retirement income, a government report said Monday.The state pension's so-called income replacement ratio for South Koreans aged 65 or older with an average subscription period of 23.8 years amounts to 23.9 percent, according to the report by the Board of Audit and Inspection. The figure means South Korean pensioners receive a mont
May 22, 2017