Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Pandemic left Korea more depressed than before: report
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Korea’s consumer sentiment index dips to 6-month low
South Korea’s composite consumer sentiment index fell in May for the first time in six months, due to a slowing economy, volatile stock market and concerns over the escalating trade war between the US and China. The Bank of Korea said Tuesday that the CSI -- which measures consumers’ optimism about the economy -- came to 97.9 for May, down 3.7 points from the previous month.It marks the first decline in the index since November 2018, when it fell to 95.7. It had been on a five-month
May 28, 2019
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[News Focus] Online shopping expands more than 100% in 3 years
SEJONG -- South Koreans have sharply increased their shopping through computers and smartphones in recent years, which is taking up more than 20 percent of their total consumption.The rapid growth of online shopping transactions has been backed by systematic parcel delivery services, which send products to consumers across the country in one to three days.Almost every kind of product -- from drinking water, food and cosmetics to clothing, home appliances and furniture -- are available on online
May 26, 2019
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Moon meets farmers planting rice in Gyeongju
President Moon Jae-in visited a southeastern rural village Friday to encourage farmers who were busy planting rice. He briefly planted rice himself and attended the test operation of an agricultural drone and a self-driving rice-planting device in Oksan village in Gyeongju, 371 kilometers southeast of Seoul, according to his office, Cheong Wa Dae."Given the reality of rural areas suffering difficulties from the aging population and labor shortages, there's a desperate need to develop and sp
May 24, 2019
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Koreans’ overseas card spending down in Q1
Overseas card spending by South Koreans fell in the first quarter, despite the rising number of outbound tourists, as a weaker Korean won discouraged them from swiping cards overseas, central bank data showed on May 23. In the January-March period, Koreans spent $4.68 billion using cards abroad, down 3.3 percent from three months earlier, according to the data by the Bank of Korea. Quarterly card spending peaked at a record $5.07 billion in the first three months of 2018. But it declined for two
May 23, 2019
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Gender pay gap widens at large firms in Q1
The wage gap between male and female workers at large firms here widened in the first quarter from a year earlier, data showed Thursday.Women working for 202 major listed companies were paid an average 15.37 million won ($12,910) in the January-March period, or 63.5 percent of the median pay of 24.2 million won for male employees, according to the data by Yonhap Infomax, the financial news and information arm of Yonhap News Agency.It was slightly lower than the 64.6 percent ratio recorded during
May 23, 2019
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OECD cuts S. Korea’s growth outlook for 2019 to 2.4%
The Organization for Economic Cooperation and Development has slashed its growth outlook for the South Korean economy this year to 2.4 percent, amid the prolonging impact of US-China trade frictions, the Ministry of Economy and Finance said Tuesday.The domestic economy will grow 2.4 percent this year and 2.5 percent in 2020, according to the OECD Economic Outlook report. Previous estimates suggested in March were 2.6 percent, both for this year and next year, while the nation’s actual grow
May 21, 2019
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[News Focus] Manufacturers’ production capacity slides to mid-2016 levels: index
SEJONG -- The manufacturing industry has come to a standstill in output and productivity that could further weaken the nation’s already lackluster economic growth, which has suffered as a result of sagging exports and weak private consumption.According to Statistics Korea, the manufacturing production capacity index stood at 101.4 in February 2019 -- the lowest level in 33 months, since May 2016, when it posted the same figure. Though the index inched up to 101.6 in March 2019 (the la
May 21, 2019
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S. Korea ups guard against US-China trade tensions
South Korea’s fiscal chief on Monday warned that the economy may have become more vulnerable to the escalating trade conflicts between the United States and China, apparently shifting from his previous optimistic tone.He also vowed to take “appropriate measures” to stabilize the financial markets when necessary, hinting at the possibility that the government might expand its involvement in foreign exchange to defend the value of the local currency. “There is a possibility
May 20, 2019
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[News Focus] In efforts to curb apartment prices, rate hikes seemingly pushed aside
SEJONG -- The Moon Jae-in government has repeatedly expressed its commitment to lower housing prices in Seoul, amid an extraordinary situation in which many apartments surged in price more than 50 percent from late 2016 through 2018.Most of its anti-speculation measures have been mapped out by the Finance Ministry, the Land Ministry and the Financial Services Commission.But the presidential office has refrained from seeking to normalize apartment prices by normalizing interest rates. This is des
May 20, 2019
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Moon urges more active fiscal policy for growth, welfare
President Moon Jae-in called Thursday for an aggressive fiscal policy to cope effectively with a slew of "structural" problems in South Korea.He pointed out that Asia's fourth-largest economy is ridden with such pressing concerns as a widening income gap, unemployment, aging society and low childbirth rate."It's a time when the bold role of state finance is more necessary than any other time," the president said during a government meeting on fiscal strategies in the administ
May 16, 2019
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Jobless rate hits 19-year high in April, job creation slows
South Korea’s job market prolonged its downswing in April, with unemployment reaching its highest point in 19 years, government data showed Wednesday.The increasing pace of job creation also slowed further, especially in the retail and manufacturing sectors and among the economically active 30-40 age group.According to job figures released by Statistics Korea, the total number of jobless people surpassed 1.24 million as of April for the first time since the government started compiling the
May 15, 2019
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Jobless rate rises to 4.4% in April
South Korea's jobless rate rose to 4.4 percent in April, government data showed Wednesday, in the latest sign of a weak job market amid an economic slowdown in Asia's fourth-largest economy.The unemployment rate increased 0.3 percentage point from a year earlier, according to the data compiled by Statistics Korea.It also marked the highest level for any April since 2000, when the corresponding figure stood at 4.5 percent.The number of employed people reached 27.03 million in April, an increase o
May 15, 2019
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S. Korea to send rice to 4 countries facing famine
South Korea will provide food aid to four countries in the Middle East and Africa currently reeling under famine, the Ministry of Agriculture, Food and Rural Affairs announced Friday.At a ceremonial event held at a port in Mokpo, South Jeolla Province, Deputy Minister Kim Jong-hoon announced that a total of 50,000 tons of domestically grown rice will be distributed to Yemen, Ethiopia, Kenya, and Uganda. The shipments are expected to reach the countries by mid-May to June.Since Korea became a mem
May 13, 2019
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[News Focus] Weak currency prompts fears of capital flight
SEJONG -- The South Korean won has lost ground against “reserve currencies” such as the euro and the Japanese yen over the past month, in addition to the US dollar.The euro was worth 1,323.25 won as of May 10, 2019, up 3.08 percent (or 39.65 won) from 1,283.60 won on April 10. That’s the euro’s strongest position in seven months, ever since it recorded 1,323.35 on Oct. 11, 2018. The Korean currency also showed weakness vis-a-vis the Asian reserve currency, the y
May 13, 2019
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Buoyed by BTS, trade surplus of music-related sectors recovers to pre-2016 level
South Korea’s balance of payments surplus for industries linked to K-pop businesses has recovered to levels seen before China’s 2016 ban on domestic cultural contents over soured diplomatic relations, tracking data showed Sunday. According to the Bank of Korea Economic Statistics System, Korea recorded a BOP surplus of $114.7 million for music, video and related services in the first quarter of this year -- highest surplus for the category since $132.4 million recorded in the third q
May 12, 2019
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Uncertainties grow amid US-China trade talks: BOK chief
The chief of South Korea’s central bank said Friday that uncertainties have grown concerning the prospects of trade talks between the United States and China, after US President Donald Trump warned of imposing extra tariffs on Chinese goods.“It is true that uncertainties have grown further over the US-China trade talks” Bank of Korea Gov. Lee Ju-yeol said at a meeting on financial and economic status. “But we need to calmly keep watch as there are considerable expectation
May 10, 2019
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Deputy PM urges swift passage of extra budget amid growing downside risks
South Korea’s top fiscal chief Wednesday urged the National Assembly to pass the government’s 6.7 trillion won ($5.7 billion) supplementary budget, citing the growing downside risks weighing on the economy.His remark came amid a weeks-long paralysis of the assembly’s legislative functions as the conservative main opposition party embarked on a nationwide protest against a set of fast-track reform bills. “The supplementary budget bill is all about timing and speed,”
May 8, 2019
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S. Korea's current account surplus narrows in March
South Korea's monthly current account surplus narrowed in March from a year earlier amid slowing exports, central bank data showed Wednesday. The country's current account surplus came to $4.8 billion in March, down from $5.1 billion a year earlier, according to the preliminary data from the Bank of Korea. But the surplus widened from the previous month's $3.6 billion. The current account has been in the black for 83 straight months.In the first three months of this year, the country's current a
May 8, 2019
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BOK board members skeptical over economic recovery in second half: minutes
Some board members of the Bank of Korea expressed concerns that a much-coveted recovery in Asia's fourth-largest economy may not take place in the second half of the year, making it more difficult for South Korea to meet its growth target, when they made a rate-freezing decision last month, according to meeting minutes released Tuesday.In an April policy rate-setting meeting, the BOK's seven-member monetary policy committee unanimously decided to hold the policy rate steady at 1.75 percent. It h
May 7, 2019
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Ministry unveils final new town project to add 110,000 homes in Seoul area
South Korea’s government on Tuesday presented an urban development plan that will supply 110,000 homes in Seoul and the surrounding metropolitan areas, part of its mid- and long-term moves to stabilize the housing market.In addition to 52,500 new residences in Seoul and conventional housing sites in Gyeonggi Province, the government will also develop two large residential zones in Seoul’s suburban areas where 58,000 new homes will be built, according to the Ministry of Land, Infrastr
May 7, 2019