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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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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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Household income grows in 2018, wealth gap narrows
South Korea's household income rose in 2018 from a year earlier, and the income gap between the haves and have-nots narrowed, as employment situations of the low-income bracket improved amid efforts to bridge the income gap, a government report showed Tuesday. The average household earned 58.28 million won ($49,688) last year, up 2.1 percent from the previous year, according to the report by Statistics Korea.The report showed household income earned through wages rose 3.9 percent on-year to an a
Dec. 17, 2019
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Korean firms suffer further setback in Q3 sales, profit
South Korean companies continued to suffer heavy setbacks in their sales and profits in the third quarter, central bank data showed Tuesday, apparently due to a sharp decline in exports and slowing demand at home.The average sales of local companies plunged 2.8 percent from a year earlier in the three months that ended Sept. 30, according to the data from the Bank of Korea.It compares with a 1.1-percent on-year dip in the second quarter. The BOK did not provide any specific reason for the drop,
Dec. 17, 2019
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Korea's trade volume exceeds $1tr mark for 3rd year
South Korea's annual trade volume exceeded the $1 trillion mark for a third consecutive year on Monday despite growing protectionism around the globe, the trade ministry said.Accordingly, South Korea is anticipated to remain as the ninth-largest player in terms of trade for the seventh consecutive year, according to the Ministry of Trade, Industry and Energy. The annual trade volume first hovered above the mark in 2011, but the country failed to attain the threshold in 2015 and 2016 amid global
Dec. 16, 2019
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Rigid mortgage loan regulations roil real estate market
In a surprise move on Monday, the South Korean government announced unprecedented real estate regulations to offset previous ones that have failed to curb rising housing prices.But as the newly introduced measures largely focus on loan restrictions, skepticism also mounted that the wealthy will continue their speculative buying in cash.The latest measures include a ban on mortgage loans for apartments priced 1.5 billion won ($1.28 million) or more, effective Wednesday. The real estate tax rate f
Dec. 16, 2019
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New forests minister pledges innovative policies
Park Chong-ho, the new minister for the state-run Korea Forest Service, vowed to drive “innovative and people-centered” forest policies in his inauguration last week, the organization said Monday. During the ceremony held Friday in Daejeon, Park emphasized the importance of all people benefiting from the full value of forests.After briefly introducing the nations’ forest policies, ranging from forest welfare to tackling fine dust pollution, over the last 10 years, Park emphasiz
Dec. 16, 2019
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[Monitor] Less men employed
Although the overall jobs market is showing signs of improvement, the number of men in their 30s, 40s and 50s who have jobs has been on a constant decline, data from Statistics Korea showed. The employment ratio that has reflected the drop in population is also on a decline, it said.The number of employed men in the age groups dropped for a 28th consecutive month in November, the longest duration of the decline since the agency began collecting relevant data.The jobs situation for men aged 30-59
Dec. 16, 2019
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Single-member households to become most common type in 2047
One-person families will likely become the most common household type in all South Korean cities and provinces in the next 30 years amid the country's low birthrate and rapidly aging population, data showed Monday. Households consisting of a single member are forecast to account for 37.3 percent of all family units in 2047, far outnumbering families of married couples with children, according to the data by Statistics Korea.The percentage of those living alone stood at 27.2 percent in 2015 and r
Dec. 16, 2019
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[News Focus] Self-employed in S. Korea face strong headwinds
SEJONG -- The sluggish domestic economy and a spike in statutory minimum wage in South Korea in recent years have dealt a severe blow to the self-employed. Most have been forced to close shop or have been saddled with huge debts amid cutthroat competition, but they are getting back on their feet by starting new microbusinesses, although not very successfully.This reflects the tough job market here, as self-employment is still considered the most viable option for many people to make a living.Acc
Dec. 16, 2019
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S. Korea sets aside more budget funds to fight animal diseases
South Korea set aside more state budget funds for next year to fight animal diseases, the agricultural ministry said Monday, after the deadly African swine fever hit local pig farms in northern areas this year.The National Assembly approved the budget proposal of 371.4 billion won ($315 million) for efforts to tackle a variety of animal diseases, which marks a 20 percent rise from 308 billion won allocated for this year, according to the Ministry of Agriculture, Food and Rural Affairs.The increa
Dec. 16, 2019
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[Monitor] One-person households in Korea suffer from low income
About 36 percent of one-person households earn less than 2 million won per month, data from Statistics Korea showed last week.One-person households, which take up one-third of all households in South Korea, tended to show low satisfaction in their type of residence with only 23.3 percent answering they were content, compared to 30.8 percent of those in multiple-households that said the same.The Seoul Institute, a research center, said that while 1 in 3 households in the country were one-person h
Dec. 15, 2019
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BOK may hold off further rate cut amid easing US-China tension
Following signs of a thaw in US-China trade tension, speculation is building that South Korea may slow its pace of monetary easing, in step with the growing possibility of a global economic upturn.Though the world’s top two economies face a bumpy road ahead, their latest reconciliatory move is expected to ease uncertainties -- especially for Asia’s fourth-largest economy, which is highly dependent on trade.After Washington and Beijing announced their phase one agreement Friday to red
Dec. 15, 2019
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Single-member families account for nearly 30 pct of S. Korean households
The number of one-person families continued to rise last year, accounting for nearly 30 percent of all households in South Korea, amid the fast-spreading trend of people remaining single, government data showed Saturday. Households consisting of a single member totaled 5.85 million in 2018, compared with 5.62 million the previous year, according to the data compiled by Statistics Korea.This accounted for 29.3 percent of all households in the country last year, the data showed. The percenta
Dec. 14, 2019
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Korea's export prices dip for 3rd month in Nov.
South Korea's export prices fell from a month earlier for a third consecutive month in November, partly due to the strengthening of the local currency against the US dollar, central bank data showed Friday.The export price index, in terms of Korean won, came to 97.11 in the month, down 1.8 percent from the revised 98.87 the month before, according to preliminary data from the Bank of Korea.From the same month last year, the index dropped 6.2 percent, marking a sixth consecutive month of on-year
Dec. 13, 2019
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Finance ministry to make preparations for early spending of 2020 budget
The Ministry of Economy and Finance will make preparations to swiftly spend next year's budget to prop up a slowing economy and support the welfare sector, a senior official said Thursday. Vice Finance Minister Koo Yun-cheol told a meeting on fiscal spending that the government plans to begin implementing next year's budget from Jan. 1 next year, when the nation's fiscal year starts. Earlier this week, the National Assembly passed next year's state budget of 512.3 trillion won ($431.5 billion),
Dec. 12, 2019
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More than 40% of newlyweds had no children in 2018
More than 40 percent of newlywed couples had no children last year, reflecting the country's chronically low birthrate and late marriage trend, data showed Thursday.According to the data compiled by Statistics Korea, 1.32 million couples got married in the five years up to November 2018, down 4.2 percent from a year ago, with 79.6 percent consisting of first-time brides and grooms.Of that total, 40.2 percent of newlywed couples had no kids last year, up 2.6 percentage points from the previous ye
Dec. 12, 2019
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BOK sees uncertainties easing
South Korea is still faced with continuing uncertainties, but the levels may have somewhat eased, a senior official at the Bank of Korea said Thursday."As the US Federal Reserve chairman said in a press conference, uncertainties have not disappeared. I understand he noted there always exist uncertainties and that he will carefully monitor them," BOK Dep. Gov. Yoon Myun-shik told reporters, hours after the US Fed unanimously voted to keep its policy rate frozen at a range of 1.50 percen
Dec. 12, 2019
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S. Korea’s employment rate hits all-time high in Nov.
South Korea saw its major job indexes improve in November, with the employment rate hitting an all-time high and the number of newly created jobs remaining steady, government data showed Wednesday.The downtrend in employment continued, however, for those in their 40s, reflecting the sluggish market situation in the retail and manufacturing sectors.The number of newly added jobs last month stood at 27.5 million, up 331,000 from a year earlier, keeping the on-year increase above the 300,000 mark f
Dec. 11, 2019
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Korea's exports up 7.7% in first 10 days of December
South Korea's exports rose 7.7 percent in the first 10 days of December, thanks to rising demand for wireless equipment and passenger cars, customs data showed Wednesday. The country's exports stood at $12.9 billion in the December 1-10 period, up $920 million from the same period last year, according to the Korea Customs Service.By product, exports of wireless equipment and passenger cars gained 18 percent and 10.9 percent, respectively. However, outbound shipments of semiconductors, a key expo
Dec. 11, 2019
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Jobless rate falls to 3.1% in November, 331,000 jobs created
South Korea's jobless rate fell to 3.1 percent in November, and job additions came to over 330,000, data showed Wednesday.The unemployment rate decreased 0.1 percentage point on-year, and the number of employed people reached 27.5 million in November, according to the data compiled by Statistics Korea.The unemployment rate for young adults -- those aged between 15 and 29 -- also fell to 7 percent last month from 7.9 percent tallied a year earlier.It marked the fourth straight month that the numb
Dec. 11, 2019
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[News Focus] Korea 7th-highest in temporary-job portion among 42 countries
SEJONG -- In South Korea, the government does not include people with nonregular jobs -- like temporary or contract employees -- when it counts the official number of jobless. As a result, the nation’s official unemployment rate stayed at 3 percent as of October (the latest figure).The figure is far from the people’s sentiment toward the hiring market, in which the “extended (or sentiment–reflected)” unemployment rates, compiled by Statistics Korea, have remained ab
Dec. 10, 2019