News - English [KBS WORLD Radio] | Economy http://world.kbs.co.kr/rss/rss_news.htm?lang=e&id=Ec 15The latest news from home and abroad, with a close eye on Northeast Asia and the Korean Peninsula in particular en <![CDATA[Top Office: Olympics Raised GDP by 0.2%p in Q1]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134221 The PyeongChang Winter Games are believed to have raised the nation's GDP growth by zero-point-two percentage points in the first quarter.  According to the presidential office on Friday, the Bank of Korea and the Finance Ministry estimate that the Olympics generated an increase of one-point-four ...

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KBS WORLD Radio Sat, 24 Feb 2018 14:28:32 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134221
<![CDATA[Earned Income of 40-Something Households Posts Sharp Fall ]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134219 The earned income of South Korean households headed by 40-somethings posted the sharpest drop ever in the fourth quarter of last year since such data has been compiled. According to Statistics Korea on Saturday, the earned income of domestic households headed by people in their 40s fell more than three ...

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KBS WORLD Radio Sat, 24 Feb 2018 14:03:43 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134219
<![CDATA[No. of Foreign Tourists Decreases by 22% in Jan. ]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134206 The number of foreign tourists visiting South Korea dropped by more than 20 percent last month from the same period last year.    The Korea Tourism Organization said about 956-thousand foreigners visited South Korea last month, down by 21-point-seven percent from the same month last year.  In ...

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KBS WORLD Radio Fri, 23 Feb 2018 16:37:44 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134206
<![CDATA[S. Korea's Net External Assets Rise to Record High]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134203 South Korea’s net external assets hit a record high last year.  The Bank of Korea said net external assets, or external assets subtracted by external liabilities, stood at 456-point-seven billion dollars at the end of last year, marking an annual growth of 60 billion dollars. External assets surged to a ...

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KBS WORLD Radio Fri, 23 Feb 2018 15:48:31 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134203
<![CDATA[KOSPI Closes Friday 1.54% Higher]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134202 The benchmark Korea Composite Stock Price Index(KOSPI) on Friday climbed 37-point-24 points, or one-point-54 percent, closing the day at two-thousand-451-point-52.  The tech-heavy KOSDAQ also rose, gaining four-point-56 points, or point-52 percent. It closed the day at 874-point-78.  On the foreign ...

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KBS WORLD Radio Fri, 23 Feb 2018 15:42:25 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134202
<![CDATA[GM Defers 700 Bln Won Loan Repayment, Retracts Demand for Collateral]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134198 General Motors(GM) has deferred recovering a 700 billion won debt from its Korea division, and has also reportedly withdrawn its demand to put up its Bupyeong plant as collateral. According to industry sources, GM officials decided at a board meeting on Friday that the firm would not collect the 700 billion ...

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KBS WORLD Radio Fri, 23 Feb 2018 14:45:59 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134198
<![CDATA[S. Korea to Appeal WTO Ruling in Favor of Japan]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134193 Anchor: The World Trade Organization(WTO) has ruled against South Korea's ban on Japanese seafood imports put in place following a nuclear disaster in Fukushima in 2011. The South Korean government said it will immediately appeal the ruling.  Our Bae Joo-yon has more.  Report: South Korea prohibited ...

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KBS WORLD Radio Fri, 23 Feb 2018 11:19:53 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134193
<![CDATA[Samsung Electronics Board to Include a Foreigner and Woman]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134190 Samsung Electronics plans to include a foreigner and a female member on its board of directors.  The electronics giant convened a board meeting on Friday and decided to include the selection of new members in the agenda for the next general shareholders’ meeting slated for March 23rd.  Three figures ...

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KBS WORLD Radio Fri, 23 Feb 2018 10:21:29 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134190
<![CDATA[Booyoung Group Chief Indicted]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134187 The prosecution has indicted Booyoung Group Chairman Lee Joong-keun on charges of tax evasion, embezzlement and several other crimes.  The Seoul Central District Court on Thursday said it indicted the head of the construction and real estate conglomerate on criminal charges including alleged embezzlement, ...

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KBS WORLD Radio Fri, 23 Feb 2018 09:27:28 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134187
<![CDATA[S. Korea Presents 3 Principles for GM]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134186 South Korea has presented a three-point principle for U.S. automaker General Motors(GM) in an effort to put its ailing Korean operation back on track. Finance Minister Kim Dong-yeon told reporters in Sejong City on Thursday that the major shareholder should take responsibility, shareholders as well as ...

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KBS WORLD Radio Fri, 23 Feb 2018 09:02:02 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134186
<![CDATA[WTO Rules Against S. Korea's Ban on Japanese Seafood Imports]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134184 The World Trade Organization(WTO) has ruled against South Korea's ban on Japanese seafood imports put in place following a nuclear disaster in Fukushima in 2011. In a ruling that can be appealed by either side, a WTO dispute panel said on Thursday that South Korea’s measures were initially justified but ...

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KBS WORLD Radio Fri, 23 Feb 2018 08:27:23 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134184
<![CDATA[Gov't to Announce Job Creation Plan for Youth]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134178 The government plans to announce a set of job creation measures for young people around next month, possibly through the use of a supplementary budget.  Finance Minister Kim Dong-yeon said in a meeting with reporters at the government complex in Sejong City on Thursday that the government is drafting ...

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KBS WORLD Radio Thu, 22 Feb 2018 18:53:26 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134178
<![CDATA[KDB Proposes 8 Conditions for Provision of Funds to GM Korea]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134169 The Korea Development Bank(KDB) is known to have broached several demands with General Motors(GM) headquarters, including a disclosure of financial statements and submission of a long-term management plan. According to government and industry sources on Thursday, KDB President Lee Dong-geol presented eight ...

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KBS WORLD Radio Thu, 22 Feb 2018 16:47:37 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134169
<![CDATA[KOSPI Closes 0.63% Lower on Thursday ]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134167 The benchmark Korea Composite Stock Price Index(KOSPI) on Thursday fell 15-point-37 points, or point-63 percent, closing the day at two-thousand-414-point-28.  The tech-heavy KOSDAQ also fell, losing five-point-36 points, or point-61 percent. It closed the day at 870-point-22.  On the foreign ...

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KBS WORLD Radio Thu, 22 Feb 2018 15:51:06 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134167
<![CDATA[Daily Foreign Exchange Turnover Records High Last Year on N. Korea Risks]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134166 The daily average foreign exchange turnover at domestic banks reached a record high last year. It's believed to be due to increased demand for foreign exchange derivatives to avoid FX rate fluctuations triggered by risks related to the North Korea nuclear crisis. According to Bank of Korea(BOK) data ...

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KBS WORLD Radio Thu, 22 Feb 2018 15:50:15 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134166
<![CDATA[S. Korea's Income Distribution, Real Household Income Improve]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134159 South Korea's real household income increased and income distribution improved for the first time in some two years, providing a momentum for the Moon Jae-in government's so-called "income-led growth" policy. According to Statistics Korea on Thursday, the average monthly nominal income earned by ...

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KBS WORLD Radio Thu, 22 Feb 2018 14:38:11 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134159
<![CDATA[S. Korea's Household Debt Growth Eased in Q4 Last Year]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134155 South Korea’s household debt surpassed one-thousand-450 trillion won last year, but the growth pace was found to have significantly slowed. According to the preliminary data by the Bank of Korea on Thursday, loans and other debt owed by South Korean households reached over one-thousand-450 trillion won in ...

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KBS WORLD Radio Thu, 22 Feb 2018 13:10:45 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134155
<![CDATA[S. Korea Won't Join GM's Equity Swap for GM Korea]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134143 South Korea has decided to provide funds for U.S. automaker General Motors'(GM) plan to invest two-point-eight billion dollars into its ailing operation in South Korea.  However, the government and the state-run Korea Development Bank, which holds a 17 percent stake in GM Korea, have decided to reject the ...

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KBS WORLD Radio Thu, 22 Feb 2018 08:14:42 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134143
<![CDATA[Lotte Group Chief Resigns as Head of Japan-Based Lotte Holdings]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134138 A Japan-based holding company of Lotte Group has approved Lotte Group Chairman Shin Dong-bin’s resignation after a South Korean court found him guilty of massive corruption and influence peddling.  Lotte Holdings held a board of directors meeting Wednesday in Tokyo and decided to accept Shin’s offer ...

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KBS WORLD Radio Wed, 21 Feb 2018 19:37:57 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134138
<![CDATA[Gov't to Meet with GM to Discuss Rescue Plans for its Local Factories]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134131 The government plans to sit down with a visiting executive of General Motors(GM) to launch discussions on whether and how it will assist the normalization of the American automaker's local businesses.  A senior official of the Strategy and Finance Ministry said the government needs to meet those from GM ...

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KBS WORLD Radio Wed, 21 Feb 2018 17:03:29 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134131
<![CDATA[Gov't to Create 1.2 Tln Won Startup Fund]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134130 The government plans to create a startup fund worth more than one trillion won together with the private sector to make it easier to start businesses in South Korea.    The Ministry of SMEs and Startups and Korea Venture Investment Corporation said on Wednesday that a 618 billion won worth “fund of ...

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KBS WORLD Radio Wed, 21 Feb 2018 16:54:05 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134130
<![CDATA[S. Korean Steel Industry to Actively Deal with US Trade Pressure]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134129 The local steel industry is seeking to actively cope with mounting trade pressure from the U.S. through joint efforts with the South Korean government.  During a general meeting on Wednesday, the Korean Iron and Steel Association announced a yearly plan, in which the association outlined how it will ...

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KBS WORLD Radio Wed, 21 Feb 2018 16:51:06 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134129
<![CDATA[KOSPI Closes 0.60% Higher on Wednesday]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134126 The benchmark Korea Composite Stock Price Index(KOSPI) on Wednesday rose 14-point-53 points, or point-60 percent, closing the day at two-thousand-429-point-65.  The tech-heavy KOSDAQ also rose, gaining eleven-point-17 points, or one-point-29 percent. It closed the day at 875-point-58.  On the foreign ...

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KBS WORLD Radio Wed, 21 Feb 2018 15:49:02 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134126
<![CDATA[Lawmakers Criticize Response to GM Factory Closure and US Trade Pressure]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134121 The National Assembly's committee on trade and industry has held an emergency inquiry session on the closure of a General Motors(GM) factory in Gunsan as well as the U.S.' trade protectionist moves, including high tariffs on South Korean steel. During the session on Wednesday, ruling Democratic Party ...

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KBS WORLD Radio Wed, 21 Feb 2018 14:43:29 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134121
<![CDATA[S. Korea Signs FTA with 5 Central American Countries]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134112 Anchor: South Korea has signed a free trade agreement(FTA) with a group of five Central American countries, a first for an Asian country. The agreement means South Korean cars will become more affordable in Central America while coffee will become cheaper for South Koreans.  Our Bae Joo-yon has ...

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KBS WORLD Radio Wed, 21 Feb 2018 10:37:52 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134112
<![CDATA[Exports for Feb. 1st-20th Slip 3.9% Year on Year]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134109 The nation’s exports are seeing a slowdown in growth this month due to fewer working days resulting from the lunar New Year holidays.  According to the Korea Customs Service on Wednesday, exports between February first and 20th amounted to 26-point-six billion U.S. dollars, down three-point-nine ...

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KBS WORLD Radio Wed, 21 Feb 2018 10:20:16 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134109
<![CDATA['GM Offers Debt for Equity Swap in Exchange for Seoul's Support']]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134106 U.S. automaker General Motors(GM) has reportedly offered to convert debt of around three trillion won owed by its ailing South Korean operation into equity in exchange for financial support from Seoul. GM reportedly conveyed the debt-for-equity swap plan to the Seoul government to keep its business in South ...

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KBS WORLD Radio Wed, 21 Feb 2018 09:25:24 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134106
<![CDATA[S. Korea's Producer Prices Up in January]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134105 South Korea's producer prices rose at the fastest pace in four months in January, as the prices of farm products surged with the cold weather. According to the Bank of Korea on Wednesday, the producer price index -- a barometer of future consumer inflation -- came to 103-point-50 last month, up point-four ...

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KBS WORLD Radio Wed, 21 Feb 2018 08:52:52 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134105
<![CDATA[S. Korea to Toughen Reconstruction Regulations]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134104 The government will toughen regulations on apartment reconstruction, making it more difficult for old apartments with few structural stability problems to be rebuilt. The Ministry of Land, Infrastructure and Transport said on Tuesday that it will change the scoring of the assessment on eligibility for ...

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KBS WORLD Radio Wed, 21 Feb 2018 08:47:54 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134104
<![CDATA[S. Korea Posts Record Tourism Deficit in 2017]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134103 South Korea posted a record deficit in its tourism account last year due to China’s retaliation against the deployment of the THAAD antimissile system and a sharp increase in the number of South Koreans traveling abroad. According to the Korea Tourism Organization on Wednesday, tourism revenue spent by ...

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KBS WORLD Radio Wed, 21 Feb 2018 08:17:36 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=134103