Most Popular
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Dongduk Women’s University halts coeducation talks
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Defense ministry denies special treatment for BTS’ V amid phone use allegations
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Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
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OpenAI in talks with Samsung to power AI features, report says
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Two jailed for forcing disabled teens into prostitution
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South Korean military plans to launch new division for future warfare
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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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Gold bars and cash bundles; authorities confiscate millions from tax dodgers
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Kia EV9 GT marks world debut at LA Motor Show
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Teen smoking, drinking decline, while mental health, dietary habits worsen
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Park calls for watertight crisis management system over Brexit
President Park Geun-hye on Monday called on her government to maintain a "watertight" crisis management system to minimize the potential negative ramifications from Britain's decision to leave the European Union.In her first public statement following last week's referendum in Britain, Park also ordered the government to take "all necessary measures" to stabilize the local stock market that suffered a sharp drop after Britons voted to exit the EU on Thursday (local time). (Yonhap)"Along with the
June 27, 2016
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Imports of U.S. cars in Korea more than triple in 4 years
Imports of American cars in Korea more than tripled in four years, industry data showed Monday, a rise that could be attributable to the free trade deal between Seoul and Washington.The free trade deal went into effect in 2012, providing a competitive edge to U.S. carmakers. Korea imported a total of 49,096 cars from the United States in 2015, up from 13,669 units in 2011, according to data provided by auto industry. (Yonhap)Ford Sales and Service Korea, the local importer and distributor of U.S
June 27, 2016
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Tax revenue from gambling sector gains 4% in 2015
Korea's tax revenue from the country's gambling industry expanded 4 percent in 2015 from the previous year due largely to increased sales, data showed Monday.According to the data by the National Gambling Control Commission, taxes collected from gambling-related businesses, including casinos and horse race betting, reached 2.42 trillion won ($2.06 billion) last year, compared with 2.32 trillion won a year earlier.(Yonhap)Tax revenue from casinos surged 12.1 percent on-year to 478.8 billion won,
June 27, 2016
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Korea begins official FTA talks with Israel
Korea launched official talks on a free trade agreement with Israel on Monday to discuss ways to boost bilateral economic exchanges and investment, the trade ministry said.The Ministry of Trade, Industry and Energy said the first round of negotiations took place in Seoul, seven years after the two countries began discussions on starting FTA talks in 2009. Both sides will discuss various trade issues involving manufactured goods, services and investment, as well as technology cooperation.(Yonhap)
June 27, 2016
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Korea to review FTA with EU over Brexit: trade ministry
Striving to cope with the Brexit aftermath, the South Korean government on Sunday said it will prepare for new trade talks with the European Union and Britain.Seoul signed a bilateral free trade agreement with the EU in 2009. The accord took effect two years later. (123rf)"The effect of the South Korea-EU FTA on Britain will automatically become void at the time of its official withdrawal from the EU. But a revision to the FTA is deemed necessary to reflect it," the Ministry of Trade, Industry a
June 26, 2016
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Brexit shock weighing on Korean economy
South Korea has come under growing pressure to take more aggressive budgetary and monetary measures after Britain's decision to leave the European Union, officials and experts here said Sunday.The unexpected move has added to global market uncertainties and is fueling financial sector turbulence that is adversely impacting Asia's fourth-largest economy. On Friday, the Korea Composite Stock Price Index fell 3.1 percent to 1,925.24 points, the biggest daily loss in over four years.Even before the
June 26, 2016
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Korea vows to take actions to ease Brexit fallout
South Korea on Saturday said it will keep close tabs on the impact of the Brexit on the local market and take actions swiftly and firmly to minimize its fallout if needed."For now, the uncertainties (on Britain's exit from the European Union) are big, and we cannot predict the consequences,"the government said.On Saturday, officials from the finance and industry ministries, as well as the central bank, held a gathering to check the repercussions of Britain's vote to leave the EU.Hit by the Brexi
June 25, 2016
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Seoul shares to face increased volatility next week after Brexit
South Korean shares will face increased fluctuation next week as foreign investors are expected to reduce part of their risky assets following Britain's decision to exit the European Union (EU), analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,925.25 on Friday, down 3.09 percent, or the biggest daily loss in more than four years following the unexpected outcome of Britain's vote to leave the world's single largest economic bloc.Analysts said the country
June 25, 2016
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Market fluctuations over Brexit to run long: analysts
The South Korean stock market is expected to face fluctuations for the time being due to Britain's decision to leave the European Union, analysts said Saturday.Hit by the Brexit rout, the country's benchmark stock index dived 3.1 percent to close at 1,925.24 points on Friday, the biggest daily loss in over four years."It will take some time for the market to stabilize, and investors should seek to manage their risks," said Lee Kyung-min, an analyst at Daishin Securities Co. "For now, it is hard
June 25, 2016
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Ruling, opposition parties urge gov't to minimize Brexit shock
Korea's ruling and opposition parties said Friday the government must come up with a plan to minimize fallout from Britain's decision to leave the European Union."The exit of Britain from the European Union is expected to have an adverse impact on the global and local economies," the ruling Saenuri Party said in a statement. "The South Korean government needs to take prompt and precise action in regards to this development."Saenuri added the government must also keep close eyes on the changes in
June 24, 2016
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Won-yuan direct trading market in China to be launched next week
The Chinese market for direct trading of the Korean won and Chinese yuan will be launched next week, the finance minister here said Friday.The won-yuan direct trading market will start operation in Shanghai on Monday, with the state-run Chinese Foreign Exchange Trading System to take charge of the management, according to the Ministry of Strategy and Finance."South Korea and China are important trade partners for each other," Finance Minister Yoo Il-ho said in an official opening ceremony held i
June 24, 2016
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Korea to consider bilateral free trade pact with Britain: foreign minister
Korea will consider a bilateral free trade deal with Britain in response to its exit from the European Union, Seoul's top diplomat said Friday.Foreign Minister Yun Byung-se told lawmakers during a session of the parliamentary foreign affairs and unification committee that his ministry, in coordination with the trade ministry, will draw up "various measures," including a Korea-Britain free trade agreement, after Britons opted to leave the EU in a landmark referendum Thursday."Some experts at home
June 24, 2016
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Lunch boxes top sales at convenience stores
The soaring popularity of lunch boxes has made it one of the top-selling products at Korea’s convenience stores, according to data Friday.Convenience store chain CU said that for the first time, a lunch box product recorded the most sales at its outlets. The retail chain’s “Baek Jong-won Hanpan Lunch Box” raised the most sales out of all its products this year. A customer walks into a CU outlet promoting its Baek Jong-won lunch boxes. (Yonhap)From January to June, sales of lunch boxes at CU tri
June 24, 2016
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S. Korea going all-out to stem fallout from Brexit
Korea on Friday said it will use all means to stabilize the local financial market following the unexpected result of the historic British referendum to leave the European Union.As the world's fifth-largest economy got ready to leave the 28-member economic bloc, South Korea's financial market suffered a severe setback. Vice Finance Minister Choi Sang-mok (center) speaks at an emergency meeting in Seoul to discuss the impact of the Brexit on June 24, 2016. (Yonhap)The benchmark KOSPI sank 3.09 pe
June 24, 2016
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South Korea Gov’t promises tight response to Brexit
[THE INVESTOR] The government will roll out all possible measures in responding to the effects of Brexit, Vice Minister of Strategy and Finance Choi Sang-mok said on June 24. Speaking at an emergency meeting in Seoul, Choi said that a pan-government effort will be orchestrated to “minimize the negative effects” of UK leaving the European Union. Saying that the government will closely monitor the foreign exchange market, Choi said that the authorities will take steps to stabilize the market. Yoon
June 24, 2016
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Korean economic, financial authorities to discuss Brexit fallout
Korea's economic and financial authorities held an emergency meeting Friday to discuss ways to fend off any possible fallout from the British withdrawal from the European Union.Vice Finance Minister Choi Sang-mok presided over the meeting, with other officials from the Financial Services Commission, the Bank of Korea and the Financial Supervisory Commission attending. The BOK also held a separate meeting to discuss ways to calm the financial market.In the morning, the vice minister said the Sout
June 24, 2016
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[URGENT] Gov’t holds emergency meeting over Brexit worries
[THE INVESTOR] The Ministry of Strategy and Finance called an emergency meeting of economic and financial authorities on June 24 over growing concerns for the UK’s exit from the European Union.The meeting will be held at 2 p.m. in Seoul, and will bring together deputy chiefs of the Finance Ministry, Financial Services Commission, Financial Supervisory Service, Bank of Korea and the chief of the Korea Center for International Finance. Earlier in the day, economy-related government bodies held a c
June 24, 2016
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Korea's terms of trade improves in May
South Korea's terms of trade improved from a year earlier in May due to steeper declines in import prices compared to drops in export prices, central bank data showed Friday. The terms of trade index for products came to 101.73 last month, compared with 100.75 a year earlier, according to preliminary data from the Bank of Korea. The index measures the amount of imports a country can purchase for each unit of its exports, showing how the country's exports are doing in comparison with those of ot
June 24, 2016
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Korea revises down growth outlook to 2.8 percent
[THE INVESTOR] Korea has cut its annual economic growth rate outlook in 2016 to 2.8 percent from the previous 3.1 percent, the government said on June 24.During a meeting with the ruling Saenuri Party, government policymakers said growth is expected to slow in the second half of 2016. “If the second-half economic policy plan is executed as expected, this year’s growth will decrease from initial 3 percent-level to around 2.8 percent,” a government policymaker said. Finance Minister Yoo Il-ho at
June 24, 2016
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Gov't revises down growth outlook to 2.8% for 2016
The Korean government said Friday it has revised down the annual economic growth outlook by 0.3 percentage point to 2.8 percent, in the face of sluggish global economic conditions and troubles facing certain industries.During a meeting with the ruling Saenuri Party, government policymakers said growth is expected to slow in the second half of 2016. They, however, added that every effort will be made to revitalize growth so Asia's fourth largest economy can pull off 3 percent growth next year.At
June 24, 2016