Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[KH Explains] Why Korea's so tough on short selling
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Actors involved in past controversies return first via streaming service originals
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Seoul's export prices sink in Jan
South Korea's export prices fell slightly in January from a month earlier, central bank data showed Friday, largely due to the strengthening of the local currency against the US dollar. The export prices index, in terms of Korean won, came to 96.59 in the month, according to preliminary data from the Bank of Korea (BOK). The reading marks a 0.8 percent drop from a month earlier and a 2.8 percent drop from the same month last year. The BOK attributed the drop to the Korean won's appreciation
Feb. 14, 2020
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S. Korea to unveil measures to support exports amid virus fallout
SEJONG -- South Korea plans to unveil measures to support exports as early as next week as the coronavirus epidemic in China is expected to cast a shadow on the Korean economy, Finance Minister Hong Nam-ki said Thursday. Hong said the Korean economy is expected to face a bigger economic impact from the virus, COVID-19, than that of the Middle East Respiratory Syndrome (MERS) outbreak in 2015. However, Hong said, "Too much fear can hurt the (Korean) economy," urging people not to b
Feb. 13, 2020
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S. Korea steps up efforts to stabilize supply of face masks
SEJONG -- South Korea said Thursday it will step up efforts to stabilize supplies of face masks, as demand has soared over the spread of the novel coronavirus. Vice Finance Minister Kim Yong-beom told a meeting with relevant officials that the government will also take stern measures against those who hoard face masks or illegally ship them overseas. Currently, South Korean firms have enough materials to make about 10 million masks per day, Kim said. Earlier this month, the government app
Feb. 13, 2020
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Buyers of expensive homes face probe over alleged tax evasion
SEJONG -- South Korea's tax agency said Thursday that it will launch an investigation into buyers of expensive homes over alleged tax evasion. The National Tax Service said it will start the probe into 361 people who are suspected of evading taxes or illegitimately raising money to buy homes. For instance, a 30-something person, who recently purchased a home in Seoul's affluent Gangnam district, is suspected of illegally receiving money from his or her mother. In the toughest steps ever to
Feb. 13, 2020
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S. Korea to speed up private sector infrastructure projects
SEJONG -- South Korea will speed up its implementation of privately funded infrastructure projects this year in a bid to spur economic recovery through investment, the finance ministry said Thursday. Vice Finance Minister Koo Yun-cheol made the remarks at a meeting on infrastructure projects with relevant officials earlier in the day. A total of 62 infrastructure projects worth 5.2 trillion won ($4.4 billion) will be implemented this year. The government aims to start 50 percent of the pro
Feb. 13, 2020
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S. Korea’s job indexes progress in Jan., likely to falter in Feb.
South Korea saw its jobless rate fall with job additions hitting the highest level in more than five years in January, on the back of the government’s continued fiscal efforts to expand the job market for the elderly, data showed Wednesday. But as the improved figures did not properly reflect the latest impact of the new coronavirus COVID-19, the government suggested a pessimistic outlook for this month. The nation’s unemployment rate fell 0.4 percentage point on-year to 4.1 pe
Feb. 12, 2020
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FSC, Seoul City join hands to cultivate fintech specialists
A graduate school aimed at nurturing digital finance specialists will be launched in Seoul’s financial district of Yeouido in September, in a joint project between the Financial Services Commission and the city government, officials said Wednesday. Stressing that the financial service sector is going through a major transformation with information technology, the two will fund 19 billion won ($16.1 million) for the project that is designed to provide a two-year graduate and six-month non
Feb. 12, 2020
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Fitch affirms S. Korea's credit rating at 'AA-'; outlook stable
SEJONG -- Global credit appraiser Fitch Ratings said Wednesday it has kept South Korea's foreign currency credit ratings unchanged at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level on its sovereign ratings table, since 2012, when the rating agency upgraded it from A+. "Korea's rating balances robust external finances, steady macroeconomic performance, and a record of sound fiscal management against evolving geopolitical risks
Feb. 12, 2020
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ICT exports down for 15th consecutive month in Jan.
SEJONG -- South Korean exports of information and communication technology products dropped for the 15th straight month in January due to sluggish shipments of chips, displays, and mobile devices, data showed Wednesday. Outbound shipments of related goods moved down 7.2 percent on-year to reach $13.4 billion last month, according to the data compiled by the Ministry of Science and ICT. Asia's No.-4 economy imported $8.82 billion worth of ICT products in January, resulting in a trade surplus
Feb. 12, 2020
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Online credit card use up 44.5% over coronavirus fears
Online credit card spending by South Korean consumers rose 44.5 percent in the fourth week of January, amid fears of the novel coronavirus outbreak, industry data showed Tuesday. According to data compiled by eight credit card issuers -- Shinhan, Samsung, KB Kookmin, Hyundai, BC, Lotte, Woori and Hana -- the combined online spending reached some 2.5 trillion won ($2.1 billion) following the Lunar New Year holiday. The total online spending in the same week last year amounted to 1.73
Feb. 11, 2020
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S. Korea expanding efforts to normalize supply chain amid coronavirus spread
South Korea said Tuesday it is making efforts to minimize the economic fallout of the new coronavirus as local manufacturers' production lines have been partially disrupted due to shortages of Chinese parts. "South Korea will continue to look closely at the global supply chain and help local industries better cope with external risks," Industry Minister Sung Yun-mo said in a meeting with local businesses. Production lines at China-based suppliers have been partially or fully shut do
Feb. 11, 2020
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Household debt growth sharply decelerates in Jan.
The household debt extended by banks in South Korea slowed sharply in January from a month earlier due to a seasonal factor, central bank data showed Tuesday. Fresh bank loans extended by banks to local households came to 3.7 trillion won ($3.1 billion) in the month, compared with a 7.2 trillion won increase the previous month, according to the data from the Bank of Korea. The amount marks a sharp rise from a 1.1 trillion won increase in the same month last year, however. "The rate of i
Feb. 11, 2020
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Korea's exports jump 69.4% in first 10 days of Feb.
SEJONG -- South Korea's exports jumped 69.4 percent in the first 10 days of February, mainly due to rising shipments of cars and semiconductors, customs data showed Tuesday. The country's exports stood at $10.7 billion in the Feb. 1-10 period, compared with $4.38 billion in the same period last year, according to the Korea Customs Service. By product, exports of cars and semiconductors soared 114.5 percent and 37.8 percent, respectively. However, the average daily exports -- which reflect
Feb. 11, 2020
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S. Korea eyes further economic cooperation with India
A senior South Korean trade official left for India on Monday as part of the country's drive to forge deeper ties with emerging countries, the trade ministry said. Yeo Han-koo, deputy minister for trade negotiations, is set to meet with India's Commerce Secretary Anup Wadhawan in Delhi on Tuesday to discuss ways to bolster economic ties of the two countries, according to the Ministry of Trade, Industry and Energy. "As India is the key partner of the country's New Southern policy, we need
Feb. 10, 2020
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S. Korea logs budget surplus for 5th straight year in 2019
SEJONG -- South Korea posted a budget surplus for the fifth year in a row in the 2019 fiscal year, despite a slight decline in tax revenue, the finance ministry said Monday. The gross revenue the government brought in last year came to 402 trillion won ($337.3 billion), while its expenditures totaled 397.3 trillion won, according to the Ministry of Economy and Finance after closing its books for fiscal year 2019. With 2.6 trillion won worth of the balance carried forward to this year, the su
Feb. 10, 2020
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S. Korea, Mercosur bloc hold 5th round of FTA talks
South Korea on Monday held the fifth round of free trade talks with a group of South American countries, including Brazil, with a goal of striking the deal this year. The two parties kicked off the five-day talks in Montevideo, Uruguay, to exchange ideas on ways to achieve a mutually beneficial bilateral pact, according to the Ministry of Trade, Industry and Energy. The previous meeting was held in South Korea's southern port city of Busan in October last year. South Korea agreed with the f
Feb. 10, 2020
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Foreigners buy Seoul stocks for 2nd straight month in Jan.
Foreign investors became net buyers of South Korean stocks for the second straight month in January and increased their investment in local bonds, data showed Monday. Foreigners bought a net 408 billion won ($342 million) worth of local stocks in January, according to the data from the Financial Supervisory Service. As of end-January, local stocks held by foreign investors came to 581.5 trillion won, accounting for 33.8 percent of the country's market capitalization. By country, investors fr
Feb. 10, 2020
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Korea’s growth outlook hit hard as coronavirus outbreak prolongs
The new coronavirus outbreak that originated in China is affecting South Korea as global investment banks and research institutes are drastically lowering their economic growth outlook for this year. While the government still maintains its forecast of 2.4 percent growth, some skeptical research institutes have slashed the figure -- with the lowest estimate at 1.5 percent. According to the latest survey conducted by Bloomberg on key investment banks and institutes, respondents predicted that
Feb. 9, 2020
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[News Focus] Korea’s economy underperforms among emerging nations
SEJONG -- South Korea’s economy advanced only 2 percent in 2019, despite the government’s pump-priming measures coupled with the central bank’s monetary easing policies. The figure stayed below the economic growth rates, posted by two of the world’s largest. The US and China marked 2.3 percent and 6.1 percent economic growth, respectively, last year. Korea also lagged behind major emerging countries in Europe in GDP growth -- Poland (4 percent), Lithuania (3.9 percent)
Feb. 9, 2020
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S. Korea strengthens crackdown on smuggling face masks out of country
South Korea has strengthened its crackdown on travelers' attempts to smuggle out face masks in bulk to fight the new coronavirus, officials said Saturday, with the customs office confiscating the protective goods and imposing fines when perpetrators are found. Since Thursday, people who seek to take face masks from the country for purposes beyond that of their own use are required to report to the customs office at airports and seaports. The strict rule is aimed at preventing travelers and me
Feb. 9, 2020