<![CDATA[News - English [KBS WORLD Radio] | Economy]]> 15 en <![CDATA[Hyundai, Samsung Heavy Industries Post Operating Losses in 2Q]]> Hyundai Heavy Industries has posted an operating loss for a third consecutive quarter, largely due to lacking demand and a hike in raw material prices.  The world’s biggest shipbuilder reported on Monday that its operating loss in the second quarter stood at 175-point-seven billion won, ...

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KBS WORLD Radio Mon, 23 Jul 2018 18:40:24 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138041
<![CDATA[Customs Office Seeks Arrest Warrant for Korean Air Heiress on Smuggling, Tax Evasion Suspicions]]> Former Korean Air Vice President Cho Hyun-ah is facing possible indictment over allegations she smuggled in personally purchased goods via Korean Air planes without paying taxes. According to the related authorities, the Incheon office of the Korea Customs Service on Monday asked the court to arrest Cho ...

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KBS WORLD Radio Mon, 23 Jul 2018 17:18:38 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138039
<![CDATA[KOSDAQ Plummets Over 4% Following Management Risk Advisory]]> South Korea's benchmark Korea Composite Stock Price Index(KOSPI) fell on Monday amid fears of more protectionist measures from the U.S. following President Donald Trump's criticism of the Fed and global monetary policy over the weekend.  The KOSPI lost 19-point-88 points, or point-87 ...

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KBS WORLD Radio Mon, 23 Jul 2018 15:57:00 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138036
<![CDATA[No. of Foreign Tourists to S. Korea Up 6.9% in First Half]]> The number of foreign tourists to South Korea jumped six-point-nine percent year-on-year to over seven million in the first half of this year. The Tourism Ministry and the Korea Tourism Organization(KTO) said Monday that seven-point-two million foreign tourists visited the country from January to June, up ...

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KBS WORLD Radio Mon, 23 Jul 2018 15:47:59 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138035
<![CDATA[China Begins Anti-Dumping Probe on Steel Imports]]> China's Commerce Ministry said Monday it has launched an anti-dumping probe into stainless steel imports from South Korea, Japan, the European Union(EU) and Indonesia amid concerns of their impact on the local industry.    In the announcement on its Web site, the ministry said the ...

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KBS WORLD Radio Mon, 23 Jul 2018 15:15:16 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138033
<![CDATA[Finance Minister Urges Stronger Int'l Cooperation to Tackle Risk Factors]]> Finance Minister Kim Dong-yeon has called on countries around the world to further boost international cooperation to address global economic risk factors such as trade disputes.  Kim made the call on Sunday during a meeting of finance ministers and central bank governors of G20 nations in Buenos Aires, ...

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KBS WORLD Radio Mon, 23 Jul 2018 11:52:28 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138024
<![CDATA[IMF Chief Warns Tariffs will Harm Global Growth]]> The International Monetary Fund(IMF) has warned world economic leaders a recent wave of trade tariffs would significantly harm global growth, urging them to sternly deal with the growing risks.  IMF Managing Director Christine Lagarde made the call on Saturday in a statement after a meeting of the G20 ...

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KBS WORLD Radio Mon, 23 Jul 2018 09:53:14 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138017
<![CDATA[Samsung to Accept Proposal by Mediation Panel on Leukemia Case]]> Samsung Electronics has decided to accept any proposal from an arbitrary panel to resolve a long-standing dispute over its work environment and employee illnesses. According to industry sources Sunday, the global chipmaker on Saturday notified a mediation committee of its intent to accept the ...

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KBS WORLD Radio Sun, 22 Jul 2018 14:24:45 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138011
<![CDATA[S. Korea's Finance Minister Asks for Exemption from US Auto Tariffs]]> South Korea's Finance Minister Kim Dong-yeon has called on his United States counterpart to have Seoul exempt from America's planned auto tariffs. According to the Finance Ministry, Kim made the call on Saturday during his meeting with U.S. Treasury Secretary Steven Mnuchin in Buenos Aires ...

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KBS WORLD Radio Sun, 22 Jul 2018 13:34:43 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138009
<![CDATA[Gov't to Write off Long-overdue 480 Bln Won Debt Owed by Self-employed People]]> The government has decided to write off long-overdue debts for those who are incapable of reimbursement in a bid to support self-employed people. According to the Finance Ministry and the Financial Services Commission, the government is seeking the move to support small businesses facing difficulties from ...

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KBS WORLD Radio Sun, 22 Jul 2018 13:27:37 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138008
<![CDATA[No. of Long-Term Unemployed People Highest in 18 Yrs]]> The number of long-term unemployed people reached an 18-year high in the first half of this year. According to Statistics Korea data, people who have been searching for a job for over six months numbered an average 144-thousand every month between January and June, up by around 17-thousand from the same ...

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KBS WORLD Radio Sat, 21 Jul 2018 12:47:23 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=138000
<![CDATA[Samsung Electronics Places 12th on Fortune Global 500 List]]> Samsung Electronics is now the 12th largest company in the world.  U.S. business magazine Fortune announced on Friday the Fortune Global 500 rankings, which put the South Korean tech giant at its highest ever showing on the annual top companies list. Samsung's maiden entry to the Fortune ...

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KBS WORLD Radio Fri, 20 Jul 2018 18:41:48 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137994
<![CDATA['US Secretary Agrees on Exempting S. Korean Autos from High Tariffs']]> A ruling party lawmaker says the U.S. secretary of commerce has agreed with the view that South Korean automobiles should be excluded from stiff U.S. tariffs. Ruling Democratic Party floor leader Hong Young-pyo and the floor leaders of four other parties held talks with Commerce Secretary Wilbur Ross in ...

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KBS WORLD Radio Fri, 20 Jul 2018 16:58:56 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137987
<![CDATA[KOSPI Ends Friday Up 0.30%]]> South Korea's benchmark Korea Composite Stock Price Index(KOSPI) climbed on Friday as the dollar sagged following U.S. President Donald Trump's expression of concern about its strength and the Federal Reserve's interest rate hikes. The KOSPI gained six-point-90 points, or point-30 percent, to close the ...

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KBS WORLD Radio Fri, 20 Jul 2018 15:48:10 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137984
<![CDATA[Trump's 25% Auto Tariff Plan Faces Opposition at US Hearing]]> Anchor: The U.S. Department of Commerce is hosting two days of hearings on whether Washington should raise tariffs on imported cars and auto parts up to 25 percent. Dozens representing domestic and international companies and labor groups voiced their concerns along with officials from Korea, Japan and the ...

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KBS WORLD Radio Fri, 20 Jul 2018 13:19:56 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137974
<![CDATA[S. Korea's Producer Prices Flat in June ]]> South Korea's producer prices remained flat in June as a rise in crude prices was offset by cheaper farm products. According to the preliminary data by the Bank of Korea on Friday, the producer price index, a barometer of future consumer inflation, reached 104-point-41 last month, unmoved from May.  From ...

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KBS WORLD Radio Fri, 20 Jul 2018 09:28:38 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137964
<![CDATA[WSJ: Samsung to Release Foldable-Screen Smartphone in 2019]]> Samsung Electronics reportedly plans to release a foldable-screen smartphone early next year.  The Wall Street Journal(WSJ) on Wednesday quoted people familiar with the matter as saying the foldable-screen phone, being developed under the codename "Winner," has a screen that measures about ...

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KBS WORLD Radio Thu, 19 Jul 2018 17:16:06 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137953
<![CDATA[KOSPI Ends Thursday 0.34% Lower ]]> South Korean stocks drifted on Thursday as investors awaited further moves in global trade disputes. The benchmark Korea Composite Stock Price Index(KOSPI) lost seven-point-82 points, or point-34 percent, to close the day at two-thousand-282-point-29. The tech-heavy KOSDAQ fell 13-point-95 points, or ...

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KBS WORLD Radio Thu, 19 Jul 2018 15:50:40 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137948
<![CDATA[Over 130-thousand Public Non-regular Workers Awarded Regular Contracts]]> The Ministry of Employment and Labor says that 133-thousand non-regular workers at public organizations have been converted into regular employees over the past year under the government’s initiative to strengthen job security at workplaces.  The ministry released a casebook of job-status conversions in ...

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KBS WORLD Radio Thu, 19 Jul 2018 14:32:56 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137945
<![CDATA[Finance Minister, Pres. Chief Policy Adviser to Hold Regular Meetings]]> The presidential office says Finance Minister Kim Dong-yeon and presidential chief policy adviser Jang Ha-sung will hold biweekly meetings to discuss pending economic issues.  The announcement on Wednesday came as Kim and Chang appeared to show differences on economic policies, including increases to the ...

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KBS WORLD Radio Thu, 19 Jul 2018 14:21:04 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137942
<![CDATA[EU Announces Safeguard Measures on Steel Imports in Blow to S. Korean Steelmakers]]> Anchor: The European Union announced Wednesday that it would impose provisional safeguard measures on steel imports. The move, which came into effect on Thursday, is likely to deal a blow to South Korea’s steel industry.  Cho Sung-min has more.  Report: The European Union(EU) imposed ...

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KBS WORLD Radio Thu, 19 Jul 2018 13:45:13 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137939
<![CDATA[US Department of Commerce to Host Public Hearing on Auto Tariffs]]> The U.S. Department of Commerce will host a public hearing on its investigation to determine the effect of imports of automobiles and automotive parts on national security. The hearing, which is set to begin at 8:30 a.m. Thursday at the department in Washington, comes as the Trump administration is moving ...

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KBS WORLD Radio Thu, 19 Jul 2018 10:37:46 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137937
<![CDATA[EU to Slap Safeguard Measures on Steel Imports]]> The European Union(EU) will impose provisional safeguard measures on some steel imports. The measure was taken to guard against a flood of the products to the bloc resulting from U.S. protectionist measures, but could hit the South Korean steel industry.  The European Commission(EC) on Wednesday ...

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KBS WORLD Radio Thu, 19 Jul 2018 08:22:44 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137930
<![CDATA[Franchise Owners Oppose Gov't Investigation into Minimum Wage Measures]]> Franchise owners are strongly resisting the government’s plan to look into allegations that they are unfairly treating their subcontractors due to burdens caused by minimum wage hikes.  The Korea Franchise Association issued a statement Wednesday, accusing the government of trying to pass on to ...

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KBS WORLD Radio Wed, 18 Jul 2018 18:25:43 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137925
<![CDATA[S. Korea's Trade Surplus with EU Plummets ]]> South Korea’s trade surplus with the European Union(EU) has sharply declined from last year.  According to Eurostat on Wednesday, South Korea exported goods worth 20-point-nine billion euros to a total of 28 EU members in the first five months of this year, down by three-point-seven percent ...

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KBS WORLD Radio Wed, 18 Jul 2018 17:26:24 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137923
<![CDATA[Small Biz Owners Complain about Minimum Wage Hike]]> Small business owners have expressed their discontent with the hikes to the minimum wage, saying they are too steep for them to handle.  During a meeting with Finance Minister Kim Dong-yeon in Seoul’s Seodaemun district on Wednesday, small business owners in the area complained about the ...

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KBS WORLD Radio Wed, 18 Jul 2018 17:21:49 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137922
<![CDATA[Gov't Hears from Convenient Store Chains over Minimum Wage Hike]]> The government is hearing from convenient store chains to come up with possible measures to help them adjust to the minimum wage hike.  The Ministry of Trade, Industry and Energy said on Wednesday that a meeting was arranged early in the day between Moon Seung-wook, director general of the ministry, ...

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KBS WORLD Radio Wed, 18 Jul 2018 16:53:18 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137921
<![CDATA[KOSPI Closes Wednesday Down 0.34%]]> The benchmark Korea Composite Stock Price Index(KOSPI) traded slightly higher in the morning following upbeat remarks from Federal Reserve Chairman Jerome Powell, before ending the day down.  The KOSPI lost seven-point-81 points, or point-34 percent, to close the day at ...

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KBS WORLD Radio Wed, 18 Jul 2018 15:52:46 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137917
<![CDATA[Gov't to Cut Car Sales Tax to Ride Out Downturn]]> The government will temporarily cut sales taxes for cars until the end of this year.  While releasing a gloomy growth outlook for this year, the government on Wednesday revealed its plans to ride out the economic downturn.  In a bid to boost domestic consumption, sales taxes will be reduced ...

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KBS WORLD Radio Wed, 18 Jul 2018 15:13:02 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137915
<![CDATA[Gov't to Expand Tax Refunds for Low-income Households to 3.8 Tln Won]]> The government announced Wednesday it will expand the amount of tax refunds for low-income households threefold next year to three-point-eight trillion won. The decision to increase the earned income tax credit(EITC) came during a meeting of economy-related ministers in Seoul on ways to support low-income ...

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KBS WORLD Radio Wed, 18 Jul 2018 14:20:48 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=137913