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Samsung’s Q4 operating profit tumbles 28.7% on tepid memory demand

Samsung Electronics Co. said Tuesday its operating profit plunged 28.7 percent in the fourth quarter compared with a year ago due to weak memory demand, falling far short of market expectations. Operating profit came to 10.8 trillion won ($9.66 billion) ... Read More

EU to impose 25% duty on quota-exceeding steel imports from Feb.

The European Commission has informed the World Trade Organization of its decision to adopt a 25-percent duty on imports of steel into the European Union above a certain level from Feb. 2, the foreign ministry said Friday. In the notice ... Read More

Government to finalize minimum wage restructuring plan within January

Within this month the renewed calculation method for the legal minimum wage will be finalized, Deputy Prime Minister and Finance Minister Hong Nam-ki said Friday. “The government will announce its draft next week and confirm the final plan within January,” ... Read More

S. Korea’s foreign reserves hit record high in Dec.

South Korea’s foreign exchange reserves reached a record high level in December, amid a weakening US dollar trend, the central bank said Friday. The total amount of foreign currency holdings stood at $403.69 billion as of the end of December, ... Read More

Ministry takes legal action against whistle-blowing official

The Ministry of Economy and Finance said Wednesday it will level criminal charges against a former official for making public remarks accusing the Moon Jae-in government of forcing bond issuance and interfering in corporate personnel affairs. But the high-profile figures ... Read More

Korea’s industrial output falls 0.7% in Nov

South Korea's industrial output fell 0.7 percent in November from a month earlier due to a decline in production in the mining and manufacturing, and service sectors, government data showed Friday. The data compiled by Statistics Korea showed production in ... Read More

Moon stresses need for industrial innovation

President Moon Jae-in again highlighted the importance of industrial innovation Wednesday, calling it the only way to ensure sustainable growth of the economy. "Industrial innovation of the Republic of Korea is today's topic," the president said while meeting with the ... Read More

Korea to raise monetary benefits for paid paternity leave

South Korea said Wednesday that it will raise the monthly benefits for paid parental leave from Jan. 1 onward as part of its efforts to boost the country's chronic low birthrate. The maximum amount of monthly payment for those who ... Read More