Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Korean labor force to shrink by 10 million by 2044: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Doggy patrol team on the move to protect their cities
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Allegations surrounding BTS resurface, enraged fans demand apology
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Finance minister expresses concerns over COVID-19, economic impact in talks with Fitch
South Korea's top economic policymaker expressed concerns over the resurgence of the novel coronavirus in the country hurting growth and said efforts are under way to bolster the economy during an online meeting with a global credit appraiser, the finance ministry here said Saturday. The teleconference between Minister of Economy and Finance Hong Nam-ki and James McCormack, the general manager at Fitch Ratings, took place late Friday, with a focus on actions being taken by Seoul to stem the s
Sept. 5, 2020
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S. Korea sets aside W170b for COVID-19 vaccine development next year
The Ministry of Economy and Finance said Friday it has assigned a budget of 170 billion won ($142.8 million) for 2021 to develop a homegrown vaccine against the novel coronavirus. Designed to support local companies’ research and development of the COVID-19 vaccine, the government will inject 31.9 billion won into clinical trials of candidate materials for the drug and 7.4 billion won for non-human clinical trials, the ministry said. Also,131.4 billion won will be spent on a seri
Sept. 4, 2020
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S. Korea to provide selective cash relief to small biz to cushion COVID-19 impact
South Korea on Friday said it will implement a second round of state emergency relief funds targeted at small business operators and beleaguered families most affected by an explosive surge in COVID-19 cases. “Discussions are underway to identify the most damaged small business sectors. (The government) plans to announce a comprehensive plan for the second round of emergency relief grants as early as next week,” Vice Finance Minister Kim Yong-beom said Friday in an interview with
Sept. 4, 2020
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Easy recovery of Korea’s manufacturing unlikely: BOK
It might take longer than expected for South Korea’s manufacturing productivity to rebound to pre-pandemic levels, even if exports recover, the central bank said Thursday. “It has been found that a slowdown in manufacturing productivity is tied to a drop in exports, but we were unable to find a relationship between growth in exports and short-term improvement in manufacturing,” the Bank of Korea said in its regular economic report. “Even if the global economy recovers,
Sept. 3, 2020
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S. Korea's exports of agricultural goods up 5% through Aug.
South Korea's outbound shipments of agricultural products rose nearly 5 percent on-year in the first eight months of 2020, data showed Thursday, helped by the rising demand for instant products amid the new coronavirus pandemic. Exports of agricultural goods, which include processed foodstuffs, reached $4.8 billion in the January-August period, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Shipments of processed foodstuffs increased 6.2 percent over t
Sept. 3, 2020
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S. Korea's dependence on China for exports, investment increases amid coronavirus
South Korea's dependence on China for exports and foreign investments has increased since the outbreak of the novel coronavirus, a report showed Thursday. China accounted for 24.3 percent of South Korea's exports in the first seven months of this year, up 1.5 percentage points from a year earlier, according to the report from the top business lobby, the Federation of Korean Industries (FKI). The hike came despite a 10.6 percent plunge in South Korea's overall overseas shipments in the wake of
Sept. 3, 2020
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S. Korea needs to adopt Germany’s debt limit rules: think tank
In light of growing concerns about the nation’s fiscal soundness amid the coronavirus pandemic, South Korea should take a leaf from Germany’s debt-brake law to stabilize its debt ratio, a think tank here said Wednesday. Asia’s fourth-largest economy’s debt-to-gross domestic product ratio has so far shown moderate growth, but it could surge rapidly under the current circumstances, a report released by the Korea Economic Research Institute said. The debt-to-GDP ratio wa
Sept. 2, 2020
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BOK seeks to use deep learning for growth forecast
South Korea’s central bank said Wednesday it has launched research into adopting artificial intelligence deep learning to extract economic growth forecasts, amid growing uncertainties stemming from the coronavirus pandemic. The Bank of Korea expressed anticipations of predicting the nation’s gross domestic product readings and other key economic indexes by utilizing deep learning, which is a subset of AI technology, in its regular economic report. The research is still in its early
Sept. 2, 2020
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Corporate loans rise by record amount in Q2 amid pandemic
Loans extended to companies in South Korea jumped by the largest amount on record in the second quarter, as financial firms sharply increased lending to the service sector hit hard by the new coronavirus outbreak, central bank data showed Wednesday. The outstanding amount of corporate loans came to 1,328.2 trillion won ($1.12 trillion) at the end of June, up 69.1 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). It compared with a 51.4 trillion won ri
Sept. 2, 2020
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S. Korea's exports of eco-friendly cars up 23% in H1
South Korea's exports of eco-friendly automobiles rose nearly 23 percent in the first half of 2020 from a year earlier, data showed Wednesday. Outbound shipments of eco-friendly cars, including electric vehicles, reached $3.16 billion in the January-June period, taking up 20 percent of the country's total automobile exports, according to the data compiled by the Korea International Trade Association (KITA). Over the cited period, however, South Korea's overall exports of cars dipped 27.3 perc
Sept. 2, 2020
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Banks' credit loans spike in Aug.
South Korean banks' credit loans to individuals shot up by more than 4 trillion won in August from a month earlier, the largest-ever monthly gain, industry data showed Wednesday. Outstanding unsecured loans to individuals by five major lenders -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- totaled 124.3 trillion won ($105 billion) last month, up 4.1 trillion won from July. KB Kookmin registered the largest monthly hike of 1.06 trillion won, followed by Shinhan with 1.05 trillion won.
Sept. 2, 2020
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S. Korea's inflation increases 0.7% in August
SEJONG -- South Korea's consumer prices rose 0.7 percent on-year in August due to a rise in prices of agricultural goods, marking the second consecutive month of increase amid the coronavirus pandemic, data showed Wednesday. The August tally accelerates from a 0.3 percent on-year gain in July, according to the data released by Statistics Korea. The nation's inflation also climbed 0.6 percent on-month in August, the data showed. Core inflation, which excludes agricultural and petroleum pro
Sept. 2, 2020
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S. Korea drafts record-high budget of W555.8tr for 2021
South Korea on Tuesday unveiled a record-high state budget worth 555.8 trillion won ($469.87 billion) for 2021, up 8.5 percent from this year, in continued efforts to revitalize the economy amid the COVID-19 fallout. The expansionary policy road map and the consequent rise in sovereign debt, however, rekindled worries about the nation’s fiscal soundness. “Next year will be the golden time for our economy, when we should exert all efforts to overcome the COVID-19 crisis and brace
Sept. 1, 2020
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S. Korea's GDP drops 3.2% in Q2, worst since 2008
Asia’s fourth-largest economy shrank 3.2 percent on-quarter in the April-June period, central bank data showed Tuesday, slightly slower than the central bank’s previous estimate, but nonetheless showing its sharpest contraction since the 2008 global financial crisis. While the figure was an improvement from a 3.3 percent estimated contraction announced in July, it marked a sharp on-quarter decline from minus 1.3 percent for the January-March period. The economy also contracted 2.7
Sept. 1, 2020
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Korean Air's aircraft conversion plan approved
Korean Air Lines Co., South Korea's biggest carrier, said Tuesday it will convert two of its passenger jets into cargo planes upon government approval to meet growing demand amid the coronavirus pandemic. The Ministry of Land, Infrastructure and Transport has approved the national flag carrier's request to convert two B777-300ER jets into cargo planes, a Korean Air spokeswoman said over the phone. "The company may consider making another request to the ministry to con
Sept. 1, 2020
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S. Korean economy shrinks revised 3.2% on-quarter in Q2
South Korea's economy shrank at a slower-than-estimated pace in the second quarter from three months earlier amid the COVID-19 pandemic, central bank data showed Tuesday. The country's real gross domestic product (GDP) contracted 3.2 percent in the April-June period from the previous quarter, the biggest on-quarter drop since a 3.3 percent retreat posted in the last three months of 2008, according to preliminary data from the Bank of Korea (BOK). But the reading marks a slight increase
Sept. 1, 2020
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Export slump extends to 6th month; chips cushion virus fallout
South Korea's exports extended their slump to a sixth month in August as the resurgence of the new coronavirus around the globe continued to strain business activities, data showed Tuesday. But the retreat was in the single digits on a recovery in shipments of chips. Outbound shipments came to $39.6 billion last month, down 9.9 percent from $44 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The latest figures were slightly better t
Sept. 1, 2020
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Industrial output inches up, consumption dips in July
South Korea’s industrial output inched up in July but consumption slipped as the COVID-19 pandemic continued and disaster relief funds were mostly exhausted by June, data showed Monday. The overall industrial production for July increased 0.1 percent from a month earlier, extending the on-month rise for two months straight but slowing from the 4.1 percent on-month gain observed in June, according to data compiled by Statistics Korea. The latest figure, however, was down 0.7 percent fr
Aug. 31, 2020
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Authorities vow to bolster financial safety net for senior citizens
With the COVID-19 pandemic accelerating digitalization of the financial sector and magnifying risks for individual investors, financial authorities recently vowed to create a safe and friendly environment for senior citizens here. To help the elderly carry out smooth banking transactions, local lenders would be required to alert their customers when closing a brick-and-mortar branch with a high-proportion of senior customers, Deputy Prime Minister and Finance Minister Hong Nam-ki said during a
Aug. 31, 2020
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NTS vows full-scale probe into tax-dodging allegations against multinational companies
South Korea’s tax agency recently launched a full-scale investigation targeting 21 multinational companies suspected of evading taxes here. It is the agency’s first major task under its new leadership. While the tax agency declined to name the companies, several online platform operators and luxury fashion houses appear to be among its targets, according to local industry sources. The list includes Netflix Korea, Facebook Korea and Germany-based Delivery Hero, which owns two deliv
Aug. 30, 2020