<![CDATA[News - English [KBS WORLD Radio] | Economy]]> 15 en <![CDATA[S. Korea's Long-Term Unemployment Hits 19-Year High in January]]> The number of long-term unemployed people in South Korea marked the largest growth in 19 years in January. According to data by Statistics Korea on Sunday, people who have been searching for a job for over six months came to 155-thousand last month, up eight thousand from a year earlier. That is the ...

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KBS WORLD Radio Sun, 17 Feb 2019 12:02:10 +0900 Economy
<![CDATA[S. Korea's Household Lending Marks First Decline on Record]]> Combined household loans provided by South Korean lenders have decreased for the first time on record as the government’s policies to curb real estate speculation took effect.  According to the Bank of Korea and other local financial authorities, households extended by banks and secondary lenders dropped ...

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KBS WORLD Radio Fri, 15 Feb 2019 18:24:08 +0900 Economy
<![CDATA[Samsung Targets $4 Billion of Sales for New Galaxy-A Series in India ]]> Samsung Electronics is reportedly aiming to sell four billion dollars worth of new Galaxy-A series smartphones in India this year.  Ranjivjit Singh, Samsung India’s Chief Marketing Officer, revealed the goal to Reuters and other Indian media outlets.   The Galaxy-A phones accounted for around 70 ...

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KBS WORLD Radio Fri, 15 Feb 2019 17:00:48 +0900 Economy
<![CDATA[Vice Minister: Export Conditions Not So Good in February, Too]]> A senior government official said Friday that exports continue to face challenging conditions in February as well because of the Lunar New Year holiday, among other reasons. First Vice Minister of Economy and Finance Lee Ho-seung chaired meetings on Friday related to inflation and innovative growth ...

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KBS WORLD Radio Fri, 15 Feb 2019 16:04:16 +0900 Economy
<![CDATA[KOSPI Closes Friday Down 1.34%]]> The benchmark Korea Composite Stock Price Index(KOSPI) lost 29-point-76 points, or one-point-34 percent, on Friday. It ended the week at two-thousand-196-point-09.  The tech-heavy KOSDAQ also fell, losing three-point-61 points, or point-49 percent. It closed the day at 738-point-66. On the foreign ...

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KBS WORLD Radio Fri, 15 Feb 2019 15:42:30 +0900 Economy
<![CDATA[S. Korean Gov't Keeping Close Eye on Potential US Tariffs on Auto Imports]]> Following foreign media reports on the U.S. Commerce Department’s recommendation that auto imports could pose a "national security threat" to the United States, the South Korean government says it is keeping a close eye on the situation.  An official at the Foreign Ministry in Seoul said Friday that ...

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KBS WORLD Radio Fri, 15 Feb 2019 14:49:54 +0900 Economy
<![CDATA[Base Fare for Seoul Taxis to Rise From Sat.]]> The base fare for Seoul taxis will increase by 800 won to three-thousand-800 won, starting from 4 a.m. Saturday.  The Seoul Metropolitan Government said on Friday that the base fare for late-night rides, which is in effect from midnight to four a.m., will rise by one-thousand won to four-thousand-600 ...

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KBS WORLD Radio Fri, 15 Feb 2019 14:14:23 +0900 Economy
<![CDATA[AFP: S. Korea Concerned Over Potential US Auto Import Tariffs]]> Anchor: The U.S. Department of Commerce has reportedly concluded in its latest report that auto imports threaten national security, laying the groundwork for the White House to impose heavy duties on auto imports. The South Korean government, meanwhile, doesn't expect its automakers will be subject to the ...

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KBS WORLD Radio Fri, 15 Feb 2019 13:45:58 +0900 Economy
<![CDATA[Finance Ministry Describes Nation's Exports as 'Solid']]> The Finance Ministry dropped the term "solid" in its assessment of the nation's exports.  In its monthly economic assessment Green Book report, the ministry said on Friday that the economy is showing a sound trend of domestic spending, but that exports and investments are declining amid lingering ...

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KBS WORLD Radio Fri, 15 Feb 2019 12:06:04 +0900 Economy
<![CDATA[S. Korea's Current Account Surplus Hit 8-Month Low in Dec.]]> South Korea's current account surplus hit an eight-month low in December due to slowing exports.  According to preliminary data released by the Bank of Korea on Friday, the country's current account surplus came to four-point-82 billion dollars in December.  The country posted a current account surplus ...

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KBS WORLD Radio Fri, 15 Feb 2019 10:11:49 +0900 Economy
<![CDATA[S. Korea to Strengthen Tax Probe into Global Firms]]> South Korea plans to strengthen tax inspections into global companies suspected of trying to avoid paying taxes by shifting their profits generated in the country to other countries.  The Ministry of Economy and Finance said if global companies are found trading products with their affiliates overseas at ...

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KBS WORLD Radio Thu, 14 Feb 2019 18:39:10 +0900 Economy
<![CDATA[Moon Pledges Support for Small Businesses]]> President Moon Jae-in has promised additional support for the self-employed and small business owners. At a meeting attended by some 160 self-employed businesspeople and small shop owners at the presidential office on Thursday, Moon said they should be treated as workers instead of employers. According ...

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KBS WORLD Radio Thu, 14 Feb 2019 17:33:50 +0900 Economy
<![CDATA[KOSPI Closes at 2,225.85; Highest in Four Months]]> South Korean stocks rose Thursday on optimism that a 90-day truce period in the U.S.-China trade war may be extended. The benchmark Korea Composite Stock Price Index(KOSPI) rose for the fourth consecutive day, adding 24-point-37 points, or one-point-11 percent. It closed the day at ...

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KBS WORLD Radio Thu, 14 Feb 2019 15:56:22 +0900 Economy
<![CDATA[Moon to Invite Small Biz Owners to Top Office]]> President Moon Jae-in will invite small business owners to the presidential office on Thursday to hear about the challenges they face as a result of minimum wage hikes and discuss measures to alleviate their burdens.  The meeting marks a first for a president to invite small business owners only, and ...

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KBS WORLD Radio Wed, 13 Feb 2019 18:55:47 +0900 Economy
<![CDATA[Trade Minister: US Reaction "Not Bad" about Tariff Exemption on S. Korean Cars ]]> South Korean Trade Minister Kim Hyun-chong says he has sensed some positive signals that Washington may exempt Seoul from potential tariffs on auto imports.  Kim made the remark during a press conference at the government complex in Sejong City on Wednesday where he shared the outcomes of his recent ...

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KBS WORLD Radio Wed, 13 Feb 2019 18:50:32 +0900 Economy
<![CDATA[Hanjin Heavy Industries' Stocks Suspended due to Capital Erosion]]> Trading of Hanjin Heavy Industries and Construction(HHIC) stocks has been suspended due to capital erosion tied to a massive loss sustained by its affiliate in the Philippines.  The Busan-based shipyard on Wednesday reported capital impairment, reflecting losses associated with a rehabilitation scheme ...

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KBS WORLD Radio Wed, 13 Feb 2019 18:36:40 +0900 Economy
<![CDATA[Moon Reaffirms Support for Smart Cities Project in Busan, Sejong]]> President Moon Jae-in has reaffirmed the government's intent to create world-leading smart cities in Busan and Sejong while highlighting the need to secure leadership in the global smart city market. At a ceremony in Busan to unveil plans for the two new smart cities Wednesday, Moon said the success of the ...

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KBS WORLD Radio Wed, 13 Feb 2019 16:24:16 +0900 Economy
<![CDATA[KOSPI Adds 0.50% Wednesday, Ends at 2,201.48]]> The benchmark Korea Composite Stock Price Index(KOSPI) rose for the third consecutive day on Wednesday, adding eleven-point-01 points, or point-50 percent, to end the day at two-thousand-201-point-48.  The tech-heavy KOSDAQ also rose, adding nine-point-33 points, or one-point-28 percent. It closed the day ...

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KBS WORLD Radio Wed, 13 Feb 2019 15:38:28 +0900 Economy
<![CDATA[Gov't to Increase Jobs in Public Sector to Boost Employment]]> Following the release of bleak job data for last month, Finance Minister Hong Nam-ki said that the government will actively try to increase jobs in the public sector.  The minister said on Wednesday during a meeting with the heads of economic-related ministries that he feels great responsibility for the ...

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KBS WORLD Radio Wed, 13 Feb 2019 11:15:56 +0900 Economy
<![CDATA[S. Korea's Unemployment Rate Hits 9-Year High in January]]> South Korea's unemployment rate rose to a nine-year high and the number of people without a job hit a 19-year high in January due to sluggish employment in the manufacturing sector. According to Statistics Korea on Wednesday, the number of employed people last month stood at 26-point-23 million, a ...

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KBS WORLD Radio Wed, 13 Feb 2019 10:09:57 +0900 Economy
<![CDATA[Official Land Values Increase More than 9% This Year]]> The official land values of standard lots across South Korea have increased an average of more than nine percent this year. Standard lots refer to 500-thousand lots out of the total 33 million nationwide subject to the government's public notice that are used as the barometer for price assessment and ...

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KBS WORLD Radio Tue, 12 Feb 2019 16:12:06 +0900 Economy
<![CDATA[KOSPI Up 0.45% Tuesday, Ends at 2,190.47]]> The benchmark Korea Composite Stock Price Index(KOSPI) rose nine-point-74 points, or point-45 percent on Tuesday, ending the day at two-thousand-190-point-47.  The tech-heavy KOSDAQ fell two-point-89 points, or point-39 percent. It closed the day at 730-point-58. On the foreign exchange, the local ...

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KBS WORLD Radio Tue, 12 Feb 2019 15:43:32 +0900 Economy
<![CDATA[S. Korea's Inflation without Gov't Controlled Prices Reaches 2% in 2018]]> The Bank of Korea said Tuesday that South Korea's consumer prices increased nearly two percent last year, excluding public prices strictly controlled by the government. According to the bank, the country’s consumer price index increased by one-and-a-half percent in 2018, lower than the bank's inflation ...

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KBS WORLD Radio Tue, 12 Feb 2019 10:58:55 +0900 Economy
<![CDATA[Gov't Allows Regulation Waiver for Hydrogen Charging Stations]]> The South Korean government has allowed Hyundai Motor to set up four hydrogen charging stations for fuel cell electric vehicles in Seoul, including one at the National Assembly. The move comes after the Industry Ministry held its first review of new business models that are eligible to take advantage of a ...

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KBS WORLD Radio Mon, 11 Feb 2019 17:05:17 +0900 Economy
<![CDATA[KOSPI Up 0.17% Monday, Ends at 2,180.73]]> The benchmark Korea Composite Stock Price Index(KOSPI) rose three-point-68 points, or point-17 percent on Monday, ending the day at two-thousand-180-point-73.  The tech-heavy KOSDAQ climbed four-point-73 points, or point-65 percent. It closed the day at 733-point-47. On the foreign exchange, the local ...

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KBS WORLD Radio Mon, 11 Feb 2019 15:44:23 +0900 Economy
<![CDATA[IMF Chief Warns of Global 'Economic Storm']]> The International Monetary Fund(IMF) has warned governments to gear up for a possible economic storm as growth falls short of expectations. According to AFP, IMF Managing Director Christine Lagarde issued the warning on Sunday during the World Government Summit in Dubai, saying that the economy is growing ...

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KBS WORLD Radio Mon, 11 Feb 2019 09:30:19 +0900 Economy
<![CDATA[US Preliminarily Imposes Up to 59% Antidumping Duty on S. Korean Steelmakers]]> The U.S. Commerce Department has decided to slap antidumping duties of up to 59 percent on South Korean steelmakers, raising the duties by up to three-point-five times from a year earlier.  The department on Thursday announced the preliminary results of its annual antidumping duty review for welded line ...

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KBS WORLD Radio Mon, 11 Feb 2019 08:45:34 +0900 Economy
<![CDATA[Global Investment Banks Cut S. Korea's Growth Outlook to 2.5%]]> Major foreign investment banks lowered again their forecasts for South Korea's economic growth for this year citing sluggish exports and slowing global demand. According to a report by the Korea Center for International Finance on Sunday, the average growth forecast for 2019 by nine major global ...

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KBS WORLD Radio Sun, 10 Feb 2019 14:01:45 +0900 Economy
<![CDATA[S. Korea's Inflation Posts Lower than G7 Average]]> South Korea's inflation rate posted lower than the average recorded by member states in the Group of Seven (G7) for the first time in four years last year. According to data by the Organization for Economic Cooperation and Development (OECD), the nation's consumer price index (CPI) marked one-point-five ...

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KBS WORLD Radio Sun, 10 Feb 2019 12:35:01 +0900 Economy
<![CDATA[Bullish Asset Markets in 2018 Bring Record Tax Revenue]]> A record revenue was posted last year from capital gains and securities transaction taxes thanks to brisk activity in asset trading including stocks and real estate.  According to the Finance Ministry on Saturday, 18 trillion won was collected in capital gains tax in 2018, up 19 percent from the previous ...

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KBS WORLD Radio Sat, 09 Feb 2019 12:43:50 +0900 Economy