<![CDATA[News - English [KBS WORLD Radio] | Economy]]> 15 en <![CDATA[S. Korea to Formally Refute Japan's Move to Exclude Seoul from 'Whitelist']]> South Korea plans to officially refute Japan's move to exclude it from a "whitelist" of countries on national security grounds, which would require South Korean firms to seek export licenses for a wider range of technologies. In a report submitted to the National Assembly on Monday, the Ministry of ...

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KBS WORLD Radio Mon, 15 Jul 2019 15:50:33 +0900 Economy
<![CDATA[KOSPI Closes Monday Down 0.20%]]> The benchmark Korea Composite Stock Price Index(KOSPI) fell four-point-18 points, or point-20 percent, on Monday. It closed at two-thousand-82-point-48. The tech-heavy KOSDAQ also fell, losing six-point-38 points, or point-94 percent, to close at 674-point-79.  On the foreign exchange, the local ...

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KBS WORLD Radio Mon, 15 Jul 2019 15:48:02 +0900 Economy
<![CDATA[Samsung Vice Chairperson Orders Contingency Plans for Japan's Export Curbs]]> Samsung Electronics Vice Chairperson Lee Jae-yong convened a meeting with top executives on Saturday to discuss response measures to Japan's export curbs of key materials. A Samsung official said on Sunday that Lee held the meeting to discuss his recent six-day trip to Japan and strategies related to ...

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KBS WORLD Radio Mon, 15 Jul 2019 08:04:13 +0900 Economy
<![CDATA[S. Korean Manufacturers' Biz Sentiment for Q3 Worsens]]> South Korean manufacturers’ business sentiment for the third quarter worsened. According to the Korea Institute for Industrial Economics and Trade on Sunday, its survey of over one thousand local manufacturers showed their business survey index came to 90 for the July-September period, down eight ...

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KBS WORLD Radio Sun, 14 Jul 2019 13:46:03 +0900 Economy
<![CDATA[Share Prices of Micron Surge Amid S. Korea-Japan Row]]> Share prices of chipmakers are on the rise as Japan's export restrictions against South Korea have in part pushed up memory chip prices, and the biggest beneficiary happens to be the American firm Micron Technology. According to industry sources, Micron's share price jumped 33 percent from June ...

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KBS WORLD Radio Fri, 12 Jul 2019 17:18:10 +0900 Economy
<![CDATA[KOSPI Closes Friday Up 0.29%]]> The benchmark Korea Composite Stock Price Index(KOSPI) gained six-point-08 points, or point-29 percent, on Friday. It ended the week at two-thousand-86-point-66. The tech-heavy KOSDAQ rose four-point-08 points, or point-60 percent, to close at 681-point-17.  On the foreign exchange, the local currency ...

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KBS WORLD Radio Fri, 12 Jul 2019 15:43:35 +0900 Economy
<![CDATA[S. Korea To Raise Minimum Wage by 2.9% in 2020]]> Anchor: A special commission has voted to raise the minimum wage by two-point-nine percent next year to eight-thousand-590 won. After clearing the necessary administrative procedures, the annual increase will be the lowest under the Moon Jae-in administration and the third-lowest ever since the country ...

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KBS WORLD Radio Fri, 12 Jul 2019 13:38:29 +0900 Economy
<![CDATA[Major Labor Group Vows to Protest 2020 Minimum Wage Target]]> One of Korea’s largest umbrella trade unions has vowed to contest next year’s minimum wage decision. The Federation of Korean Trade Unions said in a statement on Friday that the two-point-nine percent increase proposed by the Minimum Wage Commission earlier in the day lacks rationality and ...

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KBS WORLD Radio Fri, 12 Jul 2019 12:05:09 +0900 Economy
<![CDATA[S. Korea's Export, Import Prices Drop in June]]> South Korea saw a drop in both export and import prices in June. According to preliminary data from the Bank of Korea on Friday, the export price index stood at 100-point-95 last month, down two-point-one percent from a month earlier. It marks the first on-month drop in five months.    The decline was ...

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KBS WORLD Radio Fri, 12 Jul 2019 10:06:49 +0900 Economy
<![CDATA[Smartphone App to Allow Seoul Citizens Share Cabs]]> Anchor: South Korea is going to allow taxi sharing by unrelated multiple passengers traveling to similar destinations. The government on Thursday announced deregulation measures, approving a taxi sharing app. Moon Gwang-lip has more.  Report: The taxi sharing smartphone app will allow two unrelated ...

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KBS WORLD Radio Thu, 11 Jul 2019 18:29:14 +0900 Economy
<![CDATA[S&P: Japan's Trade Restrictions Will Create Potential Downward Pressure on S. Korea]]> Global credit rating agency Standard and Poor’s(S&P) projects Japan’s trade restrictions could work as additional downward pressure on the South Korean economy.  Shaun Roache, S&P's chief economist for the Asia-Pacific region, said in a seminar in Seoul on Thursday that issues related to South ...

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KBS WORLD Radio Thu, 11 Jul 2019 18:27:24 +0900 Economy
<![CDATA[KOSPI Closes Thursday Up 1.06%]]> The benchmark Korea Composite Stock Price Index(KOSPI) gained 21-point-80 points, or one-point-06 percent, on Thursday. It ended the day at two-thousand-80-point-58. The tech-heavy KOSDAQ also rose, gaining ten-point-19 points, or one-point-53 percent, to close at 677-point-09. On the foreign exchange, ...

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KBS WORLD Radio Thu, 11 Jul 2019 16:02:27 +0900 Economy
<![CDATA[Minimum Wage Council To Hold 12th Round of Talks Thursday]]> The Minimum Wage Council is scheduled to hold a 12th round of negotiations to set the minimum wage for next year following continued disagreement between business and labor. The meeting will convene at 4 p.m. on Thursday. The last round of talks the previous day ended in failure. In the latest talks, the ...

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KBS WORLD Radio Thu, 11 Jul 2019 12:03:20 +0900 Economy
<![CDATA[Gov't Considers Price Ceiling for New Apartments on Private Land]]> The government is considering a price ceiling system for new apartments on private land. During a parliamentary question and answer session on Wednesday, Land Minister Kim Hyun-mee said the government is closely examining when and how to introduce the system. Kim explained that the high prices of new ...

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KBS WORLD Radio Thu, 11 Jul 2019 09:55:19 +0900 Economy
<![CDATA[Minimum Wage Commission Meeting Ends Again Without Agreement]]> Labor and business representatives have again failed to form a consensus on next year's minimum wage.  The Minimum Wage Commission, a panel consisting of business, labor and public interest representatives, held its eleventh general meeting in Sejong city on Wednesday to discuss new wage proposals put ...

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KBS WORLD Radio Thu, 11 Jul 2019 08:41:26 +0900 Economy
<![CDATA[S. Korea, Japan to Hold Director-Level Meeting on Recent Trade Restrictions]]> Working-level talks slated to be held this week between South Korea and Japan over Tokyo’s recent trade restrictions will be spearheaded by director-level officials.  An official of Seoul’s Ministry of Trade, Industry and Energy confirmed on Wednesday that the director-level meeting will be held ...

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KBS WORLD Radio Wed, 10 Jul 2019 19:00:03 +0900 Economy
<![CDATA[Finance Minister: S. Korean Economy Rebounding from 2Q]]> Economy and Finance Minister Hong Nam-ki says the domestic economy has been rebounding since the second quarter and will be affirmed through forthcoming indices of economic activities.  Hong gave his assurance during a parliamentary interpellation session on Wednesday, addressing concerns about the ...

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KBS WORLD Radio Wed, 10 Jul 2019 18:55:03 +0900 Economy
<![CDATA[Economists: Seoul's Counteraction to Tokyo's Export Curbs to Have Bigger Impact on S. Korea ]]> Local economists assessed that should South Korea take counteraction against Japan's export restrictions, it would have a bigger impact on the local economy. At a seminar held in Seoul on Wednesday, the Korea Economic Research Institute's(KERI) Cho Kyeong-lyeop estimated South Korea's gross domestic ...

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KBS WORLD Radio Wed, 10 Jul 2019 18:41:42 +0900 Economy
<![CDATA[Presidential Policy Chief, SME Chiefs Discuss Japan's Export Curbs]]> South Korea’s presidential chief of staff for policy has met with representatives from local small and mid-sized enterprises to discuss the country’s response to Japan’s recent trade restrictions.  During the meeting at the Korea Federation of SMEs in Seoul on Wednesday, Kim Sang-jo assessed the ...

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KBS WORLD Radio Wed, 10 Jul 2019 18:34:41 +0900 Economy
<![CDATA[Japan-bound Flights from Busan Decline 8.4% Amidst Export Row]]> The weekly number of travelers between Busan and Japan has declined since the beginning of this month, a possible result of growing tensions between Seoul and Tokyo. Korea Airports Corporation(KAC) said on Wednesday that flights between South Korea’s southern port city and Japan had an average occupancy ...

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KBS WORLD Radio Wed, 10 Jul 2019 17:01:27 +0900 Economy
<![CDATA['Samsung's Lee Jae-yong Concerned about Further Deterioration of Seoul-Tokyo Ties']]> Samsung Electronics Vice Chairman Lee Jae-yong has reportedly expressed concerns Seoul-Tokyo relations may further deteriorate.  TV Asahi on Wednesday quoted a source as saying the de-facto leader of Samsung Group made the remark in a meeting with representatives of Japan’s major banks during his ...

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KBS WORLD Radio Wed, 10 Jul 2019 16:23:34 +0900 Economy
<![CDATA[KOSPI Closes Wednesday Up 0.33%]]> The benchmark Korea Composite Stock Price Index(KOSPI) gained six-point-75 points, or point-33 percent, on Wednesday. It ended the day at two-thousand-58-point-78. The tech-heavy KOSDAQ also rose, gaining nine-point-10 points, or one-point-38 percent, to close at 666-point-90. On the foreign exchange, ...

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KBS WORLD Radio Wed, 10 Jul 2019 15:44:20 +0900 Economy
<![CDATA[S&P Lowers 2019 Growth Outlook for S. Korea to 2%]]> Global credit rating agency Standard and Poor’s(S&P) has lowered its economic growth outlook for South Korea for this year from two-point-four percent to two percent.  In its quarterly Asia-Pacific report released on Wednesday, S&P said high inventory levels, mainly in the electronics area, and ...

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KBS WORLD Radio Wed, 10 Jul 2019 15:01:37 +0900 Economy
<![CDATA[S. Korea-Malaysia FTA Talks to Launch Thursday]]> South Korea and Malaysia will officially launch negotiations for a bilateral free trade agreement(FTA) in Kuala Lumpur on Thursday.  According to the Trade Ministry on Wednesday, the two countries declared late last month their intent to initiate FTA talks and conclude a deal by November this ...

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KBS WORLD Radio Wed, 10 Jul 2019 14:22:59 +0900 Economy
<![CDATA[S. Korea Adds More than 200,000 Jobs for Second Consecutive Month]]> South Korea added more than 280-thousand jobs last month, the largest such growth in nearly a year and a half. According to Statistics Korea on Wednesday, the number of employed individuals reached 27-point-four million in June, up 281-thousand from a year earlier. The number of added jobs are the most ...

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KBS WORLD Radio Wed, 10 Jul 2019 09:51:30 +0900 Economy
<![CDATA[Moon to Meet Local Corporate Leaders to Discuss Japan's Trade Restrictions]]> President Moon Jae-in is set to sit down with the leaders of South Korean conglomerates to discuss Japan’s trade restrictions.  A Cheong Wa Dae official told reporters Tuesday that 30 firms, each with assets worth 10 trillion won or more, will attend the meeting slated for Wednesday along with four ...

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KBS WORLD Radio Tue, 09 Jul 2019 18:28:06 +0900 Economy
<![CDATA['60% of SMEs Won't Endure Japan's Export Curbs Past 6 Months']]> The Korea Federation of Mid-sized and Small Manufacturers said Tuesday that 60 percent of medium and small-sized firms(SME) in South Korea affected by Japan's export controls will not be able to endure the restrictions after six months. The federation announced the results of a survey it held on ...

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KBS WORLD Radio Tue, 09 Jul 2019 17:12:49 +0900 Economy
<![CDATA[KOSPI Closes Tuesday Down 0.59%]]> The benchmark Korea Composite Stock Price Index(KOSPI) lost 12-point-14 points, or point-59 percent, on Tuesday. It ended the day at two-thousand-52-point-03. The tech-heavy KOSDAQ also fell, losing ten-point-92 points, or one-point-63 percent, to close at 657-point-80.  On the foreign exchange, the ...

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KBS WORLD Radio Tue, 09 Jul 2019 15:40:49 +0900 Economy
<![CDATA[Prime Minister Underlines Need to Foster Parts and Materials Industries]]> Prime Minister Lee Nak-yon says the government plans to include in its extra budget plan necessary spending to foster the parts and materials industries in the wake of Japanese export restrictions. Lee made the remark on Tuesday while chairing a Cabinet meeting.  The prime minister stressed that amid ...

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KBS WORLD Radio Tue, 09 Jul 2019 14:25:26 +0900 Economy
<![CDATA[Japan Essentially Rejects S. Korea's Proposal To Discuss Tokyo's Export Curbs]]> Anchor: The Japanese government has essentially rejected President Moon Jae-in's proposal to discuss Tokyo's export curbs to Seoul of key materials used to produce semiconductors and display panels. Japan's trade minister claimed that its export restrictions do not run counter to the rules set out by the ...

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KBS WORLD Radio Tue, 09 Jul 2019 14:07:29 +0900 Economy