Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Korea's daily FX turnover hits record high in Q1
The daily foreign exchange (FX) turnover by local and foreign banks in South Korea reached an all-time high in the first quarter of the year amid the coronavirus outbreak, central bank data showed Thursday. The daily FX turnover came to an average $59.37 billion in the January-March period, up 9.2 percent from the previous quarter, according to the data from the Bank of Korea (BOK). The amount marks the highest since 2008, when the central bank began tracking related data. The central bank s
April 23, 2020
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Finance minister warns coronavirus may have bigger impact on economy in Q2
Finance Minister Hong Nam-ki said Thursday the coronavirus pandemic is expected to have a bigger impact on the nation's economy in the second quarter, as the virus has crippled global supply chains and consumer demand. Hong made the remarks shortly after the Bank of Korea reported that South Korea's economy shrank 1.4 percent on-quarter in the first quarter of this year, marking the sharpest quarterly contraction since the fourth quarter of 2008. The first-quarter gross domestic product (GD
April 23, 2020
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S. Korean economy shrinks 1.4% in Q1 amid virus fallout, sharpest contraction since 2008
South Korea's economy shrank 1.4 percent on-quarter in the first quarter of this year, as the coronavirus pandemic crippled industrial output, consumer spending and job markets, the Bank of Korea (BOK) said Thursday. It marked the sharpest quarterly contraction since the fourth quarter of 2008, when the nation's economy sank 3.3 percent on-quarter. The first-quarter gross domestic product, however, was above market expectations. A survey conducted by Yonhap Infomax, the financial news arm of
April 23, 2020
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[Economy in Pandemic] With flattened curve, what’s ahead for S. Korean economy?
The signs of a slowing COVID-19 spread on the back of a strong state drive to contain the novel coronavirus are raising expectations of an early recovery of the South Korean economy. Despite the flattened curve of infection cases, it is premature for excessive optimism on Korea posting a V-shaped recovery, considering its heavy dependence on exports for growth, experts said Wednesday. “Given that Korea is quite an export-oriented economy, the slumping global demand is expected to hit th
April 22, 2020
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S. Korea to sharply increase aid package for virus-hit firms, job protection
South Korea's finance ministry said Wednesday it will sharply increase the size of the nation's aid package for coronavirus-hit companies and job protection. The aid package will rise to 135 trillion ($109 billion) won from 100 trillion won, which had been set previously, to supply more liquidity into companies hit by the COVID-19 pandemic, the Ministry of Economy and Finance said in a statement. Of the additional 35 trillion won, 20 trillion won will be used to buy more corporate bonds and 1
April 22, 2020
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S. Korea vows support for refiners amid virus fallout
South Korea said Wednesday it will spare no effort to support local petroleum firms hit hard by the new coronavirus outbreak coupled with plunging oil prices. Under the support measures, local refiners will be given discounts in rental fees at state-run reserve facilities, and they will be allowed to delay their payment of commissions for product quality tests, according to the Ministry of Trade, Industry, and Energy. "South Korea will continue making efforts to help the companies cushio
April 22, 2020
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S. Korea vows to support global food supply chains amid pandemic
South Korea has expressed its intention to support global efforts to maintain global food supply chains amid the new coronavirus pandemic, the agriculture ministry said Wednesday. Agricultural Minister Kim Hyeon-soo participated in a videoconference of the G-20 agricultural ministers a day earlier to discuss the global response against the COVID-19 pandemic in the food segment, according to the Ministry of Agriculture, Food and Rural Affairs. During the meeting, South Korea called for the glo
April 22, 2020
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Korea's producer prices dip 0.8% in March
South Korea's producer prices fell 0.8 percent from a month earlier in March due to tumbling international oil prices, central bank data showed Wednesday. The producer price index for all commodities and services came to 102.89 last month, compared with 103.74 in February, according to preliminary data from the Bank of Korea (BOK). From the same month a year earlier, the figure marked a 0.5 percent decrease. Producer prices serve as a key barometer of future inflation. South Korea's consumer
April 22, 2020
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Credit card loans soar 26% due to virus in March
Credit card loans in South Korea surged nearly 26 percent on-year in March as cash-strapped people rushed to borrow from card firms amid a prolonged coronavirus outbreak, industry data showed Wednesday. New loans extended by seven credit card firms -- Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte -- came to 4.3 trillion won ($3.5 billion) last month, up 25.6 percent from a year earlier. The figure compares with annualized increases of 1.6 percent in January and 16.6 percent in
April 22, 2020
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Korean insurers' overseas branches see net profit triple in 2019
Overseas branches of South Korean insurance firms saw their combined net profit triple from a year earlier to $69.9 million in 2019, data showed Tuesday. The figure accounted for 2 percent of the combined net profit of 10 insurance firms operating in South Korea last year, according to the data by the Financial Supervisory Service (FSS). The hike in net profit came on the back of life insurance firms' increased profit in the Asian region and a decrease in insurance claims from typhoons, hur
April 21, 2020
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S. Korea’s exports, industries to be hit by historic oil crash
With global oil prices tanking, South Korea’s exports and its key industries are projected to face more hurdles, according to market watchers Tuesday. The price of US crude oil plummeted from $18 a barrel to minus $38 within hours early Tuesday, as oil producers ran out of space to store the oversupply created by the ongoing pandemic. It rebounded into positive territory, above $1, around noon, but onlookers expect risks to linger for the time being. This has been spurring concer
April 21, 2020
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Coronavirus pandemic feared to accelerate population decline in S. Korea
The coronavirus pandemic could have a negative impact on births and marriages this year and is feared to accelerate population decline in South Korea, a senior finance ministry official said Tuesday. Vice Finance Minister Kim Yong-beom said in a meeting on the nation's population policy that the coronavirus outbreak has reshaped people's everyday lives, prompting people to work from home and students to take online classes. "There are worries that shocks from COVID-19 could have a negati
April 21, 2020
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BOK lends $2.1b more to banks via US currency swap
The Bank of Korea (BOK) delivered an additional $2.12 billion to local banks Tuesday under a currency swap deal with its US counterpart in a bid to stabilize the local foreign exchange market. The BOK held its fourth online auction to provide up to $4 billion in six-day debt and 84-day loans to commercial banks and state lenders. Bids undershot the central bank target of $3.5 billion in 84-day loans and $500 million in seven-day loans. No bids were placed for the six-day loans, the BOK said,
April 21, 2020
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S. Korea pledges sufficient forex liquidity for virus-hit exporters, importers
South Korea‘s finance ministry said Tuesday it will continue to supply sufficient foreign-exchange liquidity to exporters and importers hit by the coronavirus pandemic. Vice Finance Minister Kim Yong-beom made the remarks at a meeting with senior executives from major exporters and importers earlier in the day, the ministry said in a statement. Kim told the meeting that the global economy is expected to take a big hit by “unprecedented large-scale shocks” from the pandemic
April 21, 2020
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Sales of derivatives-linked securities dip 32% in Q1
The issuance of derivatives-linked securities (DLS) in South Korea plummeted in the first quarter of the year amid uncertainties over the new coronavirus, data showed Tuesday. In the January-March period, sales of DLS amounted to 5.3 trillion won ($4.3 billion), down 31.7 percent from the previous quarter, according to the data from the Korea Securities Depository (KSD). The reading also marks a 17.5 percent fall from a year ago. DLS tracks the performance of interest rates, currency values
April 21, 2020
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[Newsmaker] Devastating oil glut sends prices into negative
NEW YORK (AFP) -- US oil prices crashed to unprecedented lows Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the crude off their hands. With space to store oil scarce, US benchmark West Texas Intermediate for May delivery closed at -$37.63 a barrel. The futures contract for May closes Tuesday, meaning traders who buy and sell the commodity for profit needed to find someone to take physi
April 21, 2020
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Korea's exports sink 27% in first 20 days of April over virus pandemic
South Korea's exports sank 27 percent on year in the first 20 days of April amid the shock from the coronavirus pandemic, customs data showed Tuesday. The nation's outbound shipments dropped 26.9 percent in the April 1-20 period to $21.7 billion, according to the data from the Korea Customs Service. The daily average exports during the 20-day period also slipped 16.8 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denting exports by Asia's fourth-largest
April 21, 2020
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Foreign currency deposits increase the most in 16 months in March
Foreign currency deposits at banks in South Korea posted the biggest gain in 16 months in March on corporate preference for dollars amid the coronavirus crisis, data showed Monday. Outstanding foreign currency deposits at banks here reached $75.29 billion as of end-March, up $6.78 billion from a month before, according to the data from the Bank of Korea. It marks the largest on-month increase since the $6.94 billion rise recorded in November 2018. The figure covers deposits held by South Ko
April 20, 2020
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S. Korea's economy seen contracting 1.81% in Q1: poll
South Korea’s economy is expected to report a 1.81 percent on-quarter contraction in the first quarter of the year, a poll showed Monday, as the coronavirus pandemic crippled industrial output, consumer spending and job markets in Asia’s fourth-largest economy. It would be the sharpest quarterly contraction since the fourth quarter of 2008, when the nation’s economy contracted 3.3 percent on-quarter, according to the survey conducted by Yonhap Infomax, the financial news arm
April 20, 2020
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Govt. urged to take aggressive steps to stem virus-caused unemployment
The government should take aggressive measures to prevent a possible jump in unemployment due to the outbreak of the novel coronavirus, a private think tank said Monday. The Korea Economic Research Institute (KERI) said it has proposed a list of 10 labor policy tasks to the labor ministry in an effort to keep the COVID-19 outbreak from sparking massive joblessness in the country. The policy recommendations includes the payment of unemployment benefits to furloughed workers for three months an
April 20, 2020