<![CDATA[News - English [KBS WORLD Radio] | Economy]]> 15 en <![CDATA[Assembly Committee Passes Tax Reduction Bill for Leasing Operators]]> A parliamentary standing committee has passed a bill to provide tax reduction for long-term leasing operators.   The National Assembly’s Strategy and Finance Committee held a meeting on Thursday and approved a revision to cut the income tax and corporate tax by five percent for those ...

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KBS WORLD Radio Thu, 20 Sep 2018 18:46:15 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139508
<![CDATA[KOSPI Closes Thursday Up 0.65%]]> The benchmark Korea Composite Stock Price Index(KOSPI) rose 14-point-99 points, or point-65 percent on Thursday. It ended the day at two-thousand-323-point-45.      The tech-heavy KOSDAQ fell, losing five-point-78 points, or point-70 percent. It closed at 821-point-13. On the foreign ...

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KBS WORLD Radio Thu, 20 Sep 2018 16:03:40 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139500
<![CDATA[S. Korea's Growth in Household Debt 8 Times Faster than OECD Average]]> New data shows South Korea’s household debt grew nearly eight times faster compared to member states of the Organization for Economic Cooperation and Development(OECD) following the 2008 global financial crisis. According to data released by the Bank of Korea Thursday, the pace of growth in South ...

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KBS WORLD Radio Thu, 20 Sep 2018 14:24:36 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139491
<![CDATA[Parliament to Vote on Key Bills in Plenary Session]]> The National Assembly will vote on a number of key bills during its plenary session on Thursday. The rival parties recently agreed to act on these bills which failed to pass last month's extraordinary assembly session. One of the bills will allow nonfinancial firms to hold up to a 34 percent stake in ...

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KBS WORLD Radio Thu, 20 Sep 2018 10:33:03 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139483
<![CDATA[US Exempts S. Korean Steel Product from Tariffs]]> A South Korean steel product has been exempted from U.S. tariffs for the first time since Washington imposed an import quota on South Korean steel in May. According to industry sources Thursday, the U.S. Commerce Department on Monday accepted a request from American medical equipment maker Micro Stamping to ...

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KBS WORLD Radio Thu, 20 Sep 2018 10:11:18 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139482
<![CDATA[Korean Air Chief Summoned over Additional Embezzlement Allegations]]> Hanjin Group Chairman Cho Yang-ho has been summoned again for questioning over fresh allegations of embezzlement.   Cho appeared at the Seoul Southern District Prosecutors' Office at around 9:30 a.m. Thursday, saying he would cooperate with the investigation.  The prosecution plans to grill him on ...

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KBS WORLD Radio Thu, 20 Sep 2018 09:58:11 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139481
<![CDATA[KOSPI Closes Wednesday Down 0.02%]]> The benchmark Korea Composite Stock Price Index(KOSPI) fell point-52 points, or point-02 percent on Wednesday. It ended the day at two-thousand-308-point-46.      The tech-heavy KOSDAQ also fell, losing four-point-94 points, or point-59 percent. It closed at 826-point-91. On the foreign ...

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KBS WORLD Radio Wed, 19 Sep 2018 15:45:39 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139462
<![CDATA[Seoul City Suggests Providing over 60,000 Homes ]]> Seoul City has reportedly suggested supplying more than 60-thousand homes as the government seeks to dissolve greenbelt zones in the city to increase new housing supply.  A Seoul city official said Wednesday that the idea came up during discussions with the government as an alternative to lifting ...

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KBS WORLD Radio Wed, 19 Sep 2018 13:52:57 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139459
<![CDATA[KITA: US Tariffs on China to Have Limited Effect on S. Korea]]> A Korea-based trade organization has forecast the latest U.S. trade tariffs on China will have a limited effect on South Korea overall, but damages to individual businesses will be inevitable. In a report released Wednesday, the Korea International Trade Association said that since only five percent of ...

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KBS WORLD Radio Wed, 19 Sep 2018 13:23:28 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139457
<![CDATA[KOSPI Closes Tuesday Up 0.26%]]> The benchmark Korea Composite Stock Price Index(KOSPI) rose five-point-97 points, or point-26 percent on Tuesday. It ended the day at two-thousand-308-point-98.      The tech-heavy KOSDAQ also rose, gaining two-point-97 points, or point-36 percent. It closed at 831-point-85. On the ...

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KBS WORLD Radio Tue, 18 Sep 2018 15:46:37 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139432
<![CDATA[Red Fire Ants Found in Chinese Stone Material in Daegu ]]> Authorities are taking measures following the discovery of red fire ants at an apartment construction site in the southern city of Daegu. The Environment Ministry said Tuesday seven ants were found with stones imported from China at the site, after a construction official alerted the Animal and Plant ...

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KBS WORLD Radio Tue, 18 Sep 2018 15:39:29 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139431
<![CDATA[Trade Ministry Discusses US Plan to Impose New Tariffs on Chinese Goods]]> The Ministry of Trade, Industry and Energy held an emergency meeting Tuesday on the U.S.’ plan to impose tariffs of ten percent on 200 billion dollars worth of Chinese goods from next week. The ministry said that on Thursday, it will hold a meeting with private sector officials to go over the possible ...

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KBS WORLD Radio Tue, 18 Sep 2018 15:31:26 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139430
<![CDATA[Cabinet Approves Revisions to S. Korea-US FTA]]> The Cabinet on Tuesday approved revisions to the South Korea-U.S. free trade agreement including a 20-year extension of the 25 percent tariff on Korean-made pickup trucks and the addition of clauses to prevent potential abuse of the investor-state dispute settlement system.    The revised deal must now be ...

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KBS WORLD Radio Tue, 18 Sep 2018 14:43:07 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139428
<![CDATA[Another US Hedge Fund Firm Files ISD Suit Against S. Korean Gov't]]> U.S. hedge fund company Mason Capital Management has filed an investor-state dispute(ISD) lawsuit against the South Korean government, seeking compensation for its losses from a merger of two Samsung units. According to the Justice Ministry on Tuesday, the New York-based firm filed a notice of arbitration, ...

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KBS WORLD Radio Tue, 18 Sep 2018 14:32:05 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139427
<![CDATA[PM Vows All-out Effort to Stabilize Housing Market ]]> Prime Minister Lee Nak-yon has pledged to make an all-out effort to stabilize housing prices.   During a Cabinet meeting Tuesday, the prime minister refuted criticism that the government's recent real estate policies are a punitive tax bomb for home owners.    Lee said that just ...

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KBS WORLD Radio Tue, 18 Sep 2018 14:24:16 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139426
<![CDATA[Another BMW Catches Fire While On the Road]]> Another BMW vehicle caught fire while on the road in Gyeonggi Province Monday, with no casualties reported. Flames were spotted coming from a 320i sedan in the city of Yongin at around 9:30 p.m. and firefighters were called in to put out the fire in about 20 minutes. The driver of the vehicle parked the ...

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KBS WORLD Radio Tue, 18 Sep 2018 13:49:18 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139424
<![CDATA[US Imposes Tariffs on Additional $200 Bln of Chinese Goods]]> The United States is imposing new tariffs on an additional 200 billion dollars worth of Chinese goods starting next week, escalating its trade war with Beijing. According to Reuters and Bloomberg News, the U.S. Trade Representative announced on Monday that it will impose ten percent tariffs on 200 billion ...

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KBS WORLD Radio Tue, 18 Sep 2018 10:17:45 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139417
<![CDATA[KOSPI Closes Monday Down 0.66%]]> The benchmark Korea Composite Stock Price Index(KOSPI) lost 15-point-24 points, or point-66 percent on Monday. It ended the day at two-thousand-303-point-01.      The tech-heavy KOSDAQ also fell, losing six-point-03 points, or point-72 percent. It closed at 828-point-88. On the foreign exchange, the ...

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KBS WORLD Radio Mon, 17 Sep 2018 15:49:01 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139396
<![CDATA[S. Korea's ICT Exports Top $20 Bln for First Time in August]]> The nation’s exports of information and communication technology(ICT) products topped 20 billion dollars for the first time ever last month.  According to the Ministry of Science and ICT on Monday, exports of ICT goods grew 15-and-a-half percent on-year in August to 20-point-19 billion ...

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KBS WORLD Radio Mon, 17 Sep 2018 15:10:19 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139394
<![CDATA[S. Korea to Test Launch Locally-Developed Booster Engine Next Month]]> South Korea plans to conduct the first test flight of its locally-developed booster engine next month, as part of its project to produce the three-stage rocket, the Korea Space Launch Vehicle(KSLV)-Two. The ICT Ministry said Sunday, the Korea Aerospace Research Institute will notify related international ...

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KBS WORLD Radio Mon, 17 Sep 2018 13:11:22 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139386
<![CDATA[Prosecution Raids Samsung Everland over Alleged Attempt to Sabotage Unions]]> The prosecution has raided the headquarters of an affiliate of Samsung Group over allegations that the firm sabotaged the activities of its labor unions.  The Seoul Central District Prosecutors' Office on Monday sent prosecutors and investigators to the headquarters of Samsung Everland in Yongin, Gyeonggi ...

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KBS WORLD Radio Mon, 17 Sep 2018 11:19:33 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139384
<![CDATA[S. Korea's FTC Fines 36 Bln Won on Nine Japanese Firms for Price Fixing]]> South Korea's corporate watchdog has slapped a total of 36 billion won in fines on nine Japanese firms for allegedly fixing prices of a key component used in smartphones and many other electrical devices.   The Fair Trade Commission (FTC) said on Sunday that Tokin and eight other Japanese firms ...

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KBS WORLD Radio Sun, 16 Sep 2018 14:22:09 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139375
<![CDATA[S. Korea's Per-Person Household Debt Likely to Top 30 Mln Won This Year]]> South Korea's household debts sharply increased with per-person debt expected to surpass 30 million won by the end of this year.   According to data by the Bank of Korea and Statistics Korea, the country's household credit reached one-thousand-493 trillion won as of the end of the second ...

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KBS WORLD Radio Sun, 16 Sep 2018 12:24:01 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139370
<![CDATA[S. Korea’s Ability to Generate Employment Falls to 8-Year Low]]> The South Korean economy's ability to generate employment opportunities has dropped to an eight-year low in the second quarter.   According to data by the Bank of Korea and Statistics Korea on Sunday, the nation's employment elasticity, or the growth rate of employment divided by the gross domestic product ...

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KBS WORLD Radio Sun, 16 Sep 2018 12:16:26 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139368
<![CDATA[KOSPI Closes Friday Up 1.40%]]> The benchmark Korea Composite Stock Price Index(KOSPI) gained 32-point-02 points, or one-point-40 percent on Friday, amid strong buying by foreigners and institutions. The KOSPI ended the week at two-thousand-318-point-25.   The tech-heavy KOSDAQ edged up three-point-96 points, or ...

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KBS WORLD Radio Fri, 14 Sep 2018 16:00:54 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139348
<![CDATA[Gov't Maintains Economy is on Recovery Track]]> The government has maintained its assessment for the tenth consecutive month that the nation’s economy is on a recovery track, despite some criticism that the economy is slowing down.  In a report on the latest economic trends released on Friday, the Finance Ministry assessed that the ...

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KBS WORLD Radio Fri, 14 Sep 2018 15:41:19 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139344
<![CDATA[SsangYong Motor Agrees to Rehire Laid-off Workers by First Half of 2019]]> SsangYong Motor's labor union and management reached a deal to rehire those who were fired in the wake of the automaker's 2009 restructuring efforts, putting an end to the company's decade-long labor dispute.  SsangYong Motor CEO Choi Jong-sik and Kim Deuk-joong, the manager of the Korean Metal Workers' ...

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KBS WORLD Radio Fri, 14 Sep 2018 11:25:54 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139337
<![CDATA[BOK: Monetary Policy Cannot Solely Seek to Stabilize Housing Market]]> The vice chief of the Bank of Korea(BOK) says that monetary policy can play a crucial role in stabilizing housing prices, but the central bank cannot adjust interest rates solely to steady the property market.  BOK senior deputy governor Yoon Myun-shik made the remark to reporters on Friday in response to ...

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KBS WORLD Radio Fri, 14 Sep 2018 10:21:16 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139335
<![CDATA[S. Korea's Import Prices Post First Drop in 8 Months in August]]> South Korea's import prices dropped for the first time in eight months in August as crude oil prices fell. According to the Bank of Korea on Friday, the import price index came to 89-point-40 in local currency terms, down point-two percent from the prior month. It marked the first monthly decline since ...

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KBS WORLD Radio Fri, 14 Sep 2018 10:05:06 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139334
<![CDATA['Gov't to Produce Additional Measures if Housing Market Remains Unstable']]> Finance Minister Kim Dong-yeon says that the government will produce additional measures if its latest efforts aimed at reining in soaring home prices prove to be insufficient.  The minister made the comments during an appearance on a KBS news program on Thursday.  Regarding a plan to supply 300-thousand ...

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KBS WORLD Radio Fri, 14 Sep 2018 09:45:30 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=139333