News - English [KBS WORLD Radio] | Economy 15The latest news from home and abroad, with a close eye on Northeast Asia and the Korean Peninsula in particular en <![CDATA[6 Low-cost Carriers' Operating Profit Surge 130% in Q1]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136425 The nation’s low-cost carriers were estimated to have more than doubled their operating profit in the first quarter over the same period last year thanks to a diversification in their routes.  According to aviation and securities industries and the transportation ministry on Wednesday, six low-cost ...

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KBS WORLD Radio Wed, 23 May 2018 11:03:20 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136425
<![CDATA[Research: 1 in 2 Young S. Koreans Switch Jobs over 10 Years]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136408 A survey says that around half of young South Koreans have switched jobs at least for once over the past ten years.  The Korea Employment Information Service(KEIS) tracked seven-thousand-987 people who were aged 15 to 29 in 2007, and found that 53-point-two percent changed jobs in the ten years ...

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KBS WORLD Radio Tue, 22 May 2018 13:58:21 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136408
<![CDATA[Hyundai Motor Withdraws Mobis-Glovis Merger due to Investors' Opposition]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136405 Hyundai Motor Group has withdrawn a corporate restructuring plan centering on the merger of its two affiliates amid opposition from its investors, including U.S. hedge fund Elliott Management.  Hyundai Mobis said on Monday that it will stop the merger with Hyundai Glovis and cancel a temporary ...

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KBS WORLD Radio Mon, 21 May 2018 18:55:47 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136405
<![CDATA[Tech Shares Help Lift South Korean Stocks]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136391 South Korean stocks were lifted on Monday as gains in leading technology shares helped to offset losses in other major shares.   The benchmark Korea Composite Stock Price Index(KOSPI) added four-point-92 points, or point-two percent, to close the day at two-thousand-465-point-57.   The tech-heavy ...

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KBS WORLD Radio Mon, 21 May 2018 16:05:38 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136391
<![CDATA[Saudi Arabia Assures S. Korea of Stable Oil Supply]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136377 Saudi Arabian Energy Minister Khalid Al-Falih has promised to make efforts to provide a stable oil supply to South Korea amid the continuing increase in crude oil prices.  The Ministry of Trade, Industry and Energy said that Minister Paik Un-gyu and the Saudi minister discussed the latest developments in ...

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KBS WORLD Radio Mon, 21 May 2018 09:35:11 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136377
<![CDATA[S. Korea's Producer Prices Up in April]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136374 South Korea's producer prices rose slightly in April on increasing crude oil prices. According to data by the Bank of Korea(BOK) Monday, the producer price index -- a barometer of future consumer inflation -- came to 104-point-13 last month, up one tenth of a percent from a month earlier. The index rose ...

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KBS WORLD Radio Mon, 21 May 2018 08:20:31 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136374
<![CDATA[S. Korea's Exports Growth Rank 8th among Top 10 Exporters]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136371 South Korea's export growth slowed in the first quarter to rank it as the eighth fastest among the world's top ten exporters. According to data by the World Trade Organization Sunday, the country's outbound shipment totaled 145-point-four billion dollars from January to March, up ...

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KBS WORLD Radio Sun, 20 May 2018 14:19:04 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136371
<![CDATA[LG Group Chairman Koo Bon-moo Dies]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136367 LG Group Chairman Koo Bon-moo, who led South Korea's fourth-largest conglomerate, died on Sunday due to illness. He was 73. The firm said that Koo died peacefully at 9:52 a.m. while his family was watching, adding he was recently admitted to Seoul National University Hospital after his health took a ...

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KBS WORLD Radio Sun, 20 May 2018 13:05:40 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136367
<![CDATA[Nearly 458,000 People Given Up on Job Searching]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136359 The number of people in South Korea who have given up on looking for jobs has increased sharply this year.   Statistics Korea said Saturday that 457-thousand-700 people had stopped looking for work in April, a rise of 40-thousand-800 from a year ago.   This demographic refers to people who are willing ...

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KBS WORLD Radio Sat, 19 May 2018 13:59:34 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136359
<![CDATA[GM, KDB Finalize Negotiations on GM Korea]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136352 The state-run Korea Development Bank(KDB) and General Motors(GM) on Friday signed a Framework Agreement on the cash-strapped Korean unit of the U.S. automaker.  With the deal, GM Korea's two largest shareholders have finalized their negotiations over how to normalize the Korean unit’s ...

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KBS WORLD Radio Fri, 18 May 2018 18:30:29 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136352
<![CDATA[Gov't Slaps 2.8 Bln Won Fine on Korean Air over 'Nut Rage']]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136345 The government has slapped a two-point-eight billion won fine on Korean Air for the now-infamous "nut rage" incident involving the elder daughter of the carrier's chairman Cho Yang-ho. On Friday, the Transport Ministry said that the 2014 incident violated its aviation law and imposed the fine on the ...

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KBS WORLD Radio Fri, 18 May 2018 17:07:09 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136345
<![CDATA[South Korean Stocks Boosted by US-China Trade Talks]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136340 South Korean stocks were boosted on Friday as institutional buyers purchased large-cap shares following the news that the U.S. and China are stepping up efforts to avoid a trade war.   The benchmark Korea Composite Stock Price Index(KOSPI) added 12-point-two points, or point-five percent, to close the ...

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KBS WORLD Radio Fri, 18 May 2018 15:49:16 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136340
<![CDATA[China Approves Sale of Toshiba's Chip Unit]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136329 China has approved the sale of Toshiba's chip unit to a group of investors comprising businesses from South Korea, the U.S. and Japan, removing the final obstacle to the 20 trillion won deal.  NHK and other foreign media said Chinese antitrust authorities gave the green light to the sale on ...

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KBS WORLD Radio Fri, 18 May 2018 10:08:23 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136329
<![CDATA[Moon Calls for Faster Deregulation to Achieve Innovative Growth]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136318 President Moon Jae-in has emphasized deregulation as a way to boost his innovative growth initiative.  Speaking at an event in Seoul to discuss innovative growth on Thursday, Moon said drastic deregulation is needed.  The president in particular said the government, the ruling party and the ...

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KBS WORLD Radio Thu, 17 May 2018 17:18:16 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136318
<![CDATA[S. Korea to Launch Dumping Probe into Taiwan, Italian Stainless Steel Bars]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136308 The nation's trade commission says it will open an anti-dumping investigation into stainless steel bar products imported from Taiwan and Italy. According to the Korea Trade Commission on Thursday, local manufacturers, including Dongil Steel and SeAH Special Steel, requested the probe, claiming that ...

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KBS WORLD Radio Thu, 17 May 2018 16:36:17 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136308
<![CDATA[Gov’t to Promote Shorter Working-hour System ]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136307 The government has announced measures to promote a shorter working-hour system.    The Ministry of Employment and Labor and related ministries made the announcement at the Government Complex in Seoul on Thursday.  The government decided to further assist companies that have shortened working hours ...

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KBS WORLD Radio Thu, 17 May 2018 16:32:30 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136307
<![CDATA[KOSPI Closes 0.46% Lower on Thursday]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136306 The benchmark Korea Composite Stock Price Index(KOSPI) suffered losses on Thursday after foreign investors opted to dump shares amid growing uncertainties surrounding inter-Korean ties.  The KOSPI fell eleven-point-37 points, or point-46 percent, to close the day at two-thousand-448-point-45.   The ...

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KBS WORLD Radio Thu, 17 May 2018 15:55:27 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136306
<![CDATA[Consumer Agency Mulls Mediating Collective Dispute over Radioactive Mattresses]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136304 The nation’s consumer protection authority is considering mediating a collective dispute over mattresses made by Daijin Bed Company which were found to contain a radioactive substance.     The Korea Consumer Agency said that as of 11 a.m. Thursday, 990 consumers filed complaints about the mattresses ...

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KBS WORLD Radio Thu, 17 May 2018 15:26:26 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136304
<![CDATA[S&P Positive on Korea's Economy, Says Job Market Still an Issue]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136303 Global credit rating agency Standard & Poor's(S&P) made a positive assessment of the South Korean economy citing reduced risks over North Korea.  Finance Minister Kim Dong-yeon told reporters on Thursday after meeting with a delegation from the agency that S&P has a favorable view of the progress in ...

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KBS WORLD Radio Thu, 17 May 2018 15:16:39 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136303
<![CDATA[Gov’t to Promote Use of Electric, Hydrogen Vehicles ]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136301 Anchor: The government on Thursday held a meeting to review the achievements of eight major projects to boost innovative growth, which the government set as a key goal. It also discussed measures to further promote them. Environmentally-friendly vehicles were a key topic.  Moon Myeong-shin has the ...

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KBS WORLD Radio Thu, 17 May 2018 14:26:13 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136301
<![CDATA[S. Korea to Regularly Disclose FX Intervention Records]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136291 South Korea has unveiled plans on disclosing records of its currency market intervention as part of efforts to increase transparency of the nation's foreign exchange market.  The Finance Ministry announced on Thursday that it decided to reveal its records of currency market intervention every six ...

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KBS WORLD Radio Thu, 17 May 2018 09:52:51 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136291
<![CDATA[Land Ministry to Create 95,000 Jobs, 4,720 Startup Spaces by 2022]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136283 The government plans to establish about five-thousand assisting centers for startups and create nearly 100-thousand jobs in the country's land and transport sectors over the next five years.  The Ministry of Land, Infrastructure and Transport reported a plan to the presidential committee on job ...

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KBS WORLD Radio Wed, 16 May 2018 18:29:54 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136283
<![CDATA[Korean Air Raided over Alleged Foreign Exchange Law Violation]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136276 South Korea's customs authorities raided the headquarters of Korean Air on Wednesday over allegations the company violated foreign exchange laws in a widening probe into the chairman's family. The Korea Customs Service(KCS) said some 40 officials were dispatched to secure documents and hard disk ...

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KBS WORLD Radio Wed, 16 May 2018 16:59:25 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136276
<![CDATA[KOSPI Ends Slightly Higher amid Cancelled Inter-Korean Talks]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136271 The benchmark Korea Composite Stock Price Index(KOSPI) remained largely flat on Wednesday as investors held off from making transactions following North Korea’s decision to cancel talks with Seoul.   The KOSPI rose one-point-28 points, or point-05 percent, to close the day at ...

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KBS WORLD Radio Wed, 16 May 2018 16:12:58 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136271
<![CDATA[Naver to Not Show Comments on Political Articles Ahead of Local Elections]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136269 Anchor: South Korea's leading Web portal, Naver, has said that it will not display comments on political stories on the same page as the articles ahead of next month’s local elections. The move is the latest measure taken by Naver in response to the online opinion rigging scandal.  Our Laurence ...

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KBS WORLD Radio Wed, 16 May 2018 15:01:38 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136269
<![CDATA[S. Korea, US, and Japan Biz Lobby Groups Discuss Investment in N. Korea]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136265 The leading business lobby groups of South Korea, the U.S. and Japan held a series of meetings in Washington to discuss cooperation for possible private investment in North Korea.  Members of the Korean Federation of Industries(FKI), the U.S. Chamber of Commerce and the Japan Business Federation attended ...

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KBS WORLD Radio Wed, 16 May 2018 11:56:49 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136265
<![CDATA[Naver Will Not Expose Comments Ahead of Local Elections]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136261 South Korea's leading Web portal, Naver, says that it will ensure comments on stories related to politics will not appear on the same page as the articles, ahead of the June 13th local elections.  Such comments had been visible underneath the articles but users will need to click on a link to read them ...

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KBS WORLD Radio Wed, 16 May 2018 11:12:13 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136261
<![CDATA[AfDB Annual Meetings to Open in Busan Next Week]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136257 Leaders and finance ministers from about 80 countries will gather in South Korea's southern port city of Busan next week for annual meetings of the African Development Bank(AfDB).  Busan City said on Wednesday that the 2018 AfDB annual meetings will be held from next Monday to Friday at the Busan ...

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KBS WORLD Radio Wed, 16 May 2018 10:03:01 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136257
<![CDATA[S. Korea's Job Growth Below 200,000 for Third Straight Month in April]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136255 South Korea's job growth remained under 200-thousand for the third consecutive month in April.  According to data by Statistics Korea on Wednesday, the number of people with jobs stood at 26-point-nine million last month, up 123-thousand from a year earlier.  It was the first time since the global ...

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KBS WORLD Radio Wed, 16 May 2018 09:02:47 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136255
<![CDATA[PM Seeks Parliamentary Approval of Supplementary Budget Bill]]> http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136235 Prime Minister Lee Nak-yon has asked rival parties to approve the government’s supplementary budget proposal.  In a speech before the National Assembly on Tuesday, the prime minister explained that the supplementary budget is an emergency measure to address decreasing jobs for youths as well to aid ...

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KBS WORLD Radio Tue, 15 May 2018 15:50:30 +0900 Economy http://world.kbs.co.kr/english/news/news_Ec_detail.htm?No=136235