Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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[Monitor] Korean parents feel compelled to support children for longer
More South Koreans feel that as parents, they should financially support their children until they get a job, a survey by the Korea Institute of Child Care and Education showed Tuesday.Eight years ago, more respondents believed they should support the children until they enter or graduate from college, while in the latest survey, more thought the support should be provided until the children become employed.The researchers said they compared the responses from the same surveys conducted in 2008
May 9, 2017
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THAAD fallout most imminent economic task faced by new president: officials
Most Ministry of Strategy and Finance officials view the economic fallout from the hosting of the controversial US missile defense system here as the most imminent economic challenge for the new president, a survey showed Tuesday.In a survey conducted by local news media eDaily on 41 high-ranking officials from the Ministry of Strategy and Finance, most picked the risk posed from the Terminal High Altitude Area Defense system as the No. 1 risk to the economy. An official was quoted as sayi
May 9, 2017
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IMF keeps Korea's 2017 growth rate unchanged at 2.7%
The International Monetary Fund kept its forecast for South Korea's economic growth for this year on hold at 2.7 percent, despite signs of a recovery in the country's exports.The projection by the IMF is slightly higher than a 2.6 percent growth forecast by the Bank of Korea. South Korea's economy grew 2.8 percent last year. In a report, the IMF cited "political uncertainty" stemming from the ouster of former President Park Geun-hye over a corruption and influence-peddling scanda
May 9, 2017
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Number of 'early state pension' recipients down
The number of South Korean recipients of "early state pension" decreased in 2016, data showed Monday, as more senior citizens opted for the regular benefit program to ensure they get a meaningful income later on in life.According to the data by the National Pension Service, the number of people receiving the early pension came to 36,614 in 2016, compared to 43,447 in 2015. The early state pension program was introduced to guarantee income for senior citizens up to five years earlier th
May 8, 2017
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Outlook of Korea's export is fragile: UN ESCAP
In the wake of continued economic uncertainty regarding US President Donald Trump, the possible abolishment of the five-year Korea-US FTA and political disputes with China, the United Nations Economic and Social Commission for Asia and the Pacific has predicted a “moderate” economic growth forecast for the Korean economy. “As an export oriented economy (Korea), overall economic growth in past years has been clouded by prolonged weakness in global trade,” said ESCAP’
May 8, 2017
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Korea has highest employment rate of seniors in OECD
South Korea has the highest employment rate of seniors among advanced countries due to the rapid aging and insufficient social welfare system, data said Monday.The employment rate of South Koreans aged 75 or older reached 17.9 percent in 2015, ranking first among 25 members of the Organization for Economic Cooperation and Development, according to the data compiled by the Paris-based agency. It is far higher than the OECD average of 4.8 percent. Mexico came next with 17 percent, followed by Japa
May 8, 2017
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'Economic growth not leading to job creation'
South Korea’s economic growth is not leading to local job creation, as the manufacturing sector’s contribution to employment has weakened in recent years, data showed Monday.The number of employees needed for 1 billion won ($883,000) in gross domestic product fell to a record low of 17.4 in 2016, according to data from the Bank of Korea, Statistics Korea and the Korea Labor Institute.The figure has declined since 2008, when it first fell below 20. Employment elasticity, or the growth
May 8, 2017
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[News Focus] Reshoring needed to creat jobs for youth
Recent data from the state statistics office and a local business lobby highlighted the need for the next administration to be installed following Tuesday’s presidential election to enhance the business-friendly environment if it wants to reduce the country’s rising youth unemployment.Figures suggested by a report from the Korea Chamber of Commerce and Industry showed Korean enterprises are increasingly creating growth and new jobs abroad rather than at home. The number of jobs
May 8, 2017
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[Monitor] Number of prime-aged workers falls
The proportion of those in their prime working age out of the total economically active population dropped to its lowest point in the first quarter this year, Statistics Korea data showed Saturday.The number of those in the 25-49 year age group was 19.241 million in the period, dropping 0.4 percent from the same quarter last year. That accounted for 44.1 percent of total economically active people, which is 43.633 million. This is the lowest rate since data was first collected in the third quart
May 7, 2017
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Korean economy on modest recovery track
The South Korean economy has been showing some modest signs of recovery thanks to brisk exports and investment but the momentum remains weak due to flaccid private consumption, a state-run think tank said Sunday."Exports and investment maintained high growth, signaling that economic activity has continued to expand at a moderate pace," the Korea Development Institute said in its monthly evaluation of the country's economic conditions. "Exports exhibited relatively high growth as s
May 7, 2017
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Direct taxes account for record 55.3% of all dues collected by the govt. in 2016
Direct taxes collected by the state made up a record 55.3 percent of all dues collected in 2016, official data showed Sunday.The rise comes as the government reformed its tax credit rules on income and transfer taxes, the finance ministry said. It said the percentage of direct taxes to overall revenue earnings has been on the rise for the past three years. A rise in direct taxes generally reflects a more balanced form of taxation and better distribution of wealth.Last year, the ministry said tha
May 7, 2017
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Land owned by foreigners up 2.3% last year
The total amount of South Korean land owned by foreigners increased 2.3 percent in 2016 compared to a year earlier, the government said Sunday.At the end of 2016, foreign investors owned a total of 234 million square meters of land worth 32.31 trillion won ($28.5 billion), accounting for 0.2 percent of the country's overall territory, the Ministry of Land, Infrastructure and Transportation said in a statement. In the previous year, foreigners held 32.57 trillion won worth of land estimated
May 7, 2017
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Korean finance minister urges measures against unfair trade practices
South Korea's chief economic policymaker has called for bold measures against unfair trade practices, expressing worries over growing protectionism by advanced economies.At an annual gathering of the Asian Development Bank in Yokohama, Japan, on Saturday, South Korean Finance Minister Yoo Il-ho also said Asian countries should raise their guard against short-term downside risk in order to regain their recovery momentum. "We need to take stern measures against unfair trade practices, which w
May 7, 2017
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Jobless rate among inexperienced 20s, 30s hits record in Q1
SEJONG (Yonhap) -- The unemployment rate for the age group of 20s and 30s with no career experience hit a record high in the first quarter, due largely to a sluggish recruitment market and preference for hiring experienced workers, government data showed Saturday.The tally on the unemployed aged 20-39 who have never had a job came to 95,000 in the January-March period, recording the highest level since the government began to track related data in 1999, according to Statistics Korea. The number
May 6, 2017
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Korean economy to gain further momentum after election: BOK chief
YOKOHAMA, Japan (Yonhap) -- The South Korean economy will gain further momentum after the presidential election set to take place early next week, central bank governor said Saturday, citing strong exports and improved consumer sentiment amid signs of recovery in global economies.“In the past, domestic consumption tended to gather momentum on positive anticipation over the economy in the first year of the new administration, since the new government had pushed its drive for boost measures,
May 6, 2017
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Korea, Japan, China vow to resist protectionism
Chief financial policymakers of South Korea, Japan and China have vowed to fight against "all forms of protectionism" amid growing concerns of US President Donald Trump's protectionist policies. Finance ministers and central bank governors of the three nations made the pledge Thursday after their meeting on the sidelines of an annual gathering of the Asian Development Bank, according to their joint statement. The Northeast Asian powers agreed that "trade is one of the most importa
May 5, 2017
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Korea preparing for every possibility, including renegotiation of Korea-US FTA
South Korea's trade minister said Thursday that the government is preparing for every possible scenario, including the renegotiation of a free trade deal with the United States."Seoul is studying every aspect of the pact and getting ready to deal with each case, including the renegotiation of the South Korea-US free trade agreement," Trade Minister Joo Hyung-hwan said in a meeting with experts and researchers from state-run think tanks and private institutions. "We will keep close
May 4, 2017
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Korea, China, Japan finance ministers to hold talks in Yokohama
Finance ministers and central bank governors of South Korea, China and Japan will hold talks to coordinate policies and strengthen cooperation in the emergence of trade protectionism, Seoul's finance ministry said Thursday.The trilateral meeting will be held Friday in the Japanese city of Yokohama, with South Korea's Finance Minister Yoo Il-ho to be the chairperson, according to the Ministry of Strategy and Finance. Bank of Korea Gov. Lee Ju-yeol will also attend the gathering.The policymakers f
May 4, 2017
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Services deficit hits record high amid THAAD fallout
South Korea’s chronic deficit in its services account hit a new high in the first quarter, as Chinese tourists shunned the country in the wake of Beijing’s apparent retaliation against the deployment of a US anti-missile system, the central bank said Thursday.According to the Bank of Korea, Asia’s fourth-largest economy saw its current account surplus halve to $5.9 billion in March from $10.5 billion a year earlier, mainly due to a widened deficit in its services account and a
May 4, 2017
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Korea's current account surplus narrows to $5.93b in March
South Korea's current account surplus narrowed in March from a year earlier due to an increased deficit in the service balance, central bank data showed Thursday.The country's current account surplus reached $5.93 billion in March, compared with a surplus of $10.55 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 61 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the widened deficit
May 4, 2017