A magnitude-5.8 earthquake that occurred off North Korea's east coast Thursday (local time) was not caused by a nuclear test, the US Geological Survey said.The tremor occurred at 4:18 a.m. North Korean time at a depth of 537.6 km below the East Sea, 176 kilometers east-southeast of Hoemul-li, North Korea, the agency said on its website. The quake does not appear to have been caused by a nuclear test, a USGS official said. (Yonhap)"It occurred at 500 km below the seabed. There's no way it was cau

South Korea's household debt growth slowed slightly in June, data showed Wednesday, as the government moved to control fresh loans.Household debt rose by 7.8 trillion won ($6.8 billion) last month, down from 11.6 trillion won tallied for the same month last year, according to the data by the Financial Services Commission. In the first half of the year, household debt grew by 40.3 trillion won, compared with an expansion of 50.4 trillion won for the same period in 2016. The country's household de

Middle-aged South Koreans want to work longer and believe they need about half of their present salaries to enjoy a stable life after retirement, a local business lobby said Wednesday. In a survey of 1,136 Koreans aged 40 or older, the Federation of Korean Industries' Center for Large and Small Business Cooperation  said respondents said they need an average of2.79 million won ($2.43 million) per month and hope to work until the age of 69.4, which is over nine years more than the count

South Korea's effective corporate tax rate has remained at around 16 percent since 2010 due to various deductions and exemptions despite the nominal corporate tax rate marked at 22 percent, government data showed Wednesday.The effective corporate tax rate was 16.6 percent last year, up 0.5 percent from the previous year, according to the figures provided by the National Assembly Budget Office.The figures for last year reflect taxable corporate earnings in the previous year.The latest findings sh

South Korean exports of information and communication technology products increased for the eighth consecutive month in June on brisk overseas sales of semiconductors and displays, government data showed Wednesday.A total of $15.9 billion worth of Korean-made ICT products were shipped overseas last month, up 18 percent from a year earlier, according to the data compiled by the Ministry of Science, ICT and Future Planning.June's overseas shipments of ICT products marked a monthly record high for

South Korea's top economic policy chief said Wednesday that he will make all-out efforts to stave off any fallout from heightening external pressures, such as a potential US rate hike and spreading trade protectionism."We are facing Washington's tightening monetary policy and a trend toward trade protectionism," Finance Minister Kim Dong-yeon said in a policy meeting in Seoul. "We need concerted efforts to deal with such risks."In line with changes, he said the government wil

Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said Wednesday, in a move that significantly reduces commission fees on moving money. About 40 fintech firms are expected to launch international money transfer services from Aug. 15, according to officials at the Financial Supervisory Service. (Yonhap)The move is expected to intensify competition in the 10 trillion-won ($8.7 billion) international money transfer m

The number of franchise companies in South Korea rose nearly 10 percent in 2016 from a year earlier amid rising demand for self-employed businesses, government data showed Wednesday.(Yonhap)A total of 4,258 franchisors, a company that allows a third party to run a business under its brand name, were operating as of end-2016, up 9.2 percent from 3,910 tallied a year earlier, according to the data compiled by the Fair Trade Commission.They have a combined 5,273 brands in the eatery, wholesale and

Workers hired by South Korean shipbuilders, aircraft and train manufacturers plunged 24 percent last month amid sector-wide restructuring and low market demand, the labor ministry said Sunday. The number of workers who have employment insurance in the three major transportation sectors and equipment industries fell by 47,500 to 148,000 in June from 195,500 a month earlier, the Ministry of Employment and Labor said. (Yonhap)In May, the corresponding figure declined 22.2 percent from April largely

South Korea's national pension fund reported that its return rate exceeded 20 percent in the first half helped by the rally in information technology stocks, a market research firm said Sunday. At the end of June, the value of 227 company stocks in which the National Pension Service holds a 5 percent stake or more jumped to 114.64 trillion won ($99.3 billion), up from 95.14 trillion won at the end of December, according to FnGuide Inc.The 20 percent rate of return during the January-June period

South Korea's government is moving to raise taxes levied on the rich to fund various social welfare projects that are critical for balanced and sustainable growth, official sources said Sunday.Policymaking officials at the finance ministry and other government agencies said the Moon Jae-in administration is not contemplating raising income, corporate and value-added taxes but examining ways to adjust the tax bracket so the rich would be required to pay more dues. It also said the effective tax r

President Moon Jae-in has held his first talks with Canadian Prime Minister Justin Trudeau and agreed to work together to reduce tensions over North Korea's nuclear and missile programs.During the talks Saturday, Trudeau expressed deep concern about North Korea and said that Canada is ready to provide any help it can to reduce tensions on the Korean Peninsula, according to Seoul's presidential office Cheong Wa Dae.In response, Moon called the situation "the worst crisis" since the Korean War, an

President Moon Jae-in's approval rating further rose this week, a poll showed Friday, as he has stepped up diplomatic efforts to rein in North Korea's nuclear and missile threats and strengthen the alliance with the United States.(Yonhap)The approval rating on his job performance came to 83 percent, up 3 percentage points from a week earlier, according to a survey by Gallup Korea.Those that disapproved of his work stood at 9 percent, down four points from the previous week. Nine percent were uns

The Polish government is seeking ways to end North Korean embassies' illegal rental business in concert with other European Union member nations, a US broadcaster reported Friday. (Yonhap)"(Poland will) work out measures to block the North Korean regime from raking in profits from the illicit rental business by using its embassy buildings jointly with other EU nations, which are in the same situation with us," a Polish Foreign Ministry spokesman was cited as saying by Radio Free Asia. The North

South Korea said Friday it is considering proposing military and Red Cross talks to North Korea to follow up on President Moon Jae-in's offer to stop all acts of hostility on the border and hold reunions of separated families.Moon unveiled his broad vision for bringing peace to the Korean Peninsula during his speech in Berlin on Thursday, two days after the North test-fired an intercontinental ballistic missile. He proposed that the two Koreas mutually suspend hostile acts along their tense bord