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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Pandemic left Korea more depressed than before: report
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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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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Sources of funding still unclear for KEPCO’s university
The state-run Korea Electric Power Corp., which is currently seeking to open its own university in South Jeolla Province in 2022, is expected to face hurdles in opening on time amid financial and administrative challenges, industry watchers said Monday.In January, KEPCO selected the Booyoung Country Club golf course in Naju, 355 kilometers south of Seoul, as the site of the planned university.Under KEPCO’s vision, the university will have some 1,000 students and 100 professors, with the op
Feb. 4, 2019
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Korea puts forth new ways to support new media startups
The Korean government is often referred to as an obstacle for startups here due to the heavy red tape. However, state-run Gyeonggi Content Agency is trying to buck that trend by supporting media startups that are trying to create new contents that can offer alternatives for newspapers, magazines and books. Last week, GCA launched its fifth G-hub in Goyang City, Gyeonggi Province. It has opened four such hubs over the past four years. “In the fourth industrial revolution era, media contents
Feb. 4, 2019
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Korean currency weakens to over 2-year low against yen in Jan.: data
The Korean currency weakened to an over two-year low against the yen last month as concerns about a global economic slowdown prompted investors to search for safer assets, central bank data showed Sunday. The local currency was traded at an average of 1,030.57 won per 100 yen in January, down 31 won from the previous month, according to the Bank of Korea.The January reading marked the lowest level since November 2016, when the won hit 1,076.82 against 100 yen.The US dollar serves as the ben
Feb. 3, 2019
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S. Korean gov't contribution to GDP growth hits nearly 20-year high in Q4
The contribution of government spending and investment to South Korea's economic growth reached a nearly 20-year high in the fourth quarter of last year amid sluggish private consumption and production, central bank data showed Sunday.According to the latest data by the Bank of Korea, South Korea's gross domestic product grew a surprising 1 percent in the October-December period from three months earlier. It helped meet the BOK's target of a 2.7 percent expansion for the whole of 2018.In the fou
Feb. 3, 2019
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Korea's default risk dips to lowest in 11 years: report
The possibility of South Korea defaulting on its credit loans has dipped to the lowest level in over 11 years, with its credit default risk shrinking to lower than those of other major economies such as China, Britain and France, the central bank said Saturday.According to the Bank of Korea, the country's Credit Default Swap premium on foreign exchange stabilization bonds with a five-year maturity came to 32 basis points, or 0.32 percent, as of Friday, down 9 basis points from 41 bp on Jan. 3.A
Feb. 2, 2019
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Korean consumer prices rise 0.8% on-year in January
South Korea's consumer prices rose 0.8 percent in January from a year earlier as agricultural products stabilized and oil products fell, government data showed Friday.The reading represents a decline from the previous month's 1.3 percent on-year gain, according to figures released by Statistics Korea. It marked the lowest tally in 12 months. From a month earlier, the index fell 0.1 percent.Prices of agricultural, livestock and fishery goods rose 2.5 percent on-year in January, compared with a 5.
Feb. 1, 2019
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Korea's exports fall 5.8% in Jan.
South Korea's exports moved down 5.8 percent in January from a year earlier, government data showed Friday, due mainly to weaker performances by chips and petrochemical goods. Outbound shipments came to US$46.3 billion for January, down from $49.2 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the second consecutive month to post an on-year drop.South Korea did not post an on-year decrease in exports for two straight m
Feb. 1, 2019
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S. Korea’s industrial output, investments mark 2-month fall in December
South Korea saw a decline in both production and investment, marking two consecutive months of downtrend amid slowing exports of key sectors, government data showed Thursday.The country’s industrial output fell 0.6 percent in December from a month earlier, reflecting the decreased exports of automobiles and semiconductors, according to data compiled and released by Statistics Korea. The production of semiconductors and cars -- the two primary exports for Asia’s fourth-largest economy
Jan. 31, 2019
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Korea's industrial output dips 0.6% on-month in December
South Korea's industrial output fell 0.6 percent in December from a month earlier due in part to decreased exports of cars and semiconductors, government data showed Thursday.The data compiled by Statistics Korea showed semiconductor output fell 4.5 percent in December from a month earlier as chip exports declined 5.9 percent during the same period.Production of cars declined 5.9 percent in December from a month earlier as overseas shipments of cars fell 10.5 percent during the same period.Semic
Jan. 31, 2019
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[Monitor] Korea vows to create new innovative cities
The South Korean government has decided to promote specific business interests by city and region for the sake of balanced regional development, injecting some 56 trillion won ($50.1 billion) over the next five years.To this end, new business clusters and zones utilizing the latest technologies will be designated, the government said. (khnews@heraldcorp.com)
Jan. 30, 2019
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Seoul studio apartment rent prices highest in December, lowest in April
The monthly rental price of one-room studio apartments in Seoul was highest in December and lowest in April last year, according to data released by South Korea’s real estate and housing listing site operator DaBang on Wednesday.The Seoul-based studio apartments under consideration were those less than 33 square meters in size, DaBang said. The results are based on monthly rent fees of 1 million studio apartments in Seoul that were listed on DaBang in 2018, after unilaterally fixing the de
Jan. 30, 2019
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Korea to come up with measures to boost exports
South Korea's finance minister said Wednesday that the government will come up with measures next month to boost exports amid concerns that overseas shipments would contract in January from a year earlier.Hong Nam-ki said measures to revitalize exports have gained urgency as uncertainties have deepened over slowing global growth and trade frictions between the United States and China. Hong made the comments in a meeting with relevant officials on how to boost the economy at a government building
Jan. 30, 2019
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Trade ministry to thoroughly prepare for Brexit uncertainties
South Korea's trade ministry said Wednesday it will thoroughly prepare for the anticipated departure of Britain from the European Union to minimize potential negative impacts on local exporters.The Ministry of Industry, Trade, and Energy hosted a seminar on the outlook of the European market to discuss ways to better prepare for Europe-related risks throughout 2019. The ministry said such preparations are needed as Britain plans to leave the EU, with looming protectionism and the planned impleme
Jan. 30, 2019
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President Moon to meet economic advisers amid looming slowdown
President Moon Jae-in was set to hold a meeting with his top economic advisers Wednesday as his government is apparently struggling to keep the local economy from slowing down.The meeting will be held over lunch at the presidential office Cheong Wa Dae, attended by Moon's new special adviser for science and economy Lee Jeong-dong and the new vice chair of the National Economic Advisory Council, Lee Jay-min. The luncheon comes one week after the president appointed the two, but it marks a very ra
Jan. 30, 2019
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Korea to start exports of Kyoho grapes to Australia
South Korea's agricultural ministry said Wednesday it has won approval from its Australian counterpart to ship Korean Kyoho grapes there starting this year.The Ministry of Agriculture, Food and Rural Affairs said it has paved the way for South Korean farms to ship Kyoho grapes, which are normally larger than typical breeds, to Australia under a simple procedure. The ministry has been requesting Australia ease regulations in terms of quarantines since 2017.Starting this year, the grapes can be sh
Jan. 30, 2019
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KOTRA withdraws Venezuela office amid turmoil
The state-run Korea Trade-Investment Promotion Agency has decided to withdraw from Venezuela amid the escalating political turmoil, sources said Wednesday.According to official insiders, KOTRA plans to shut down its Caracas-based office March 1. Its business center located in Panama will continue to oversee Venezuela-related affairs. Officials from KOTRA said the move came as the South American country has been facing political instability, threatening the safety of the staff."KOTRA maintai
Jan. 30, 2019
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Korea greenlights fast-track process for W24.1tr worth of state-led projects
The South Korean government on Tuesday approved the waiving of preliminary feasibility studies for 23 nonmetropolitan infrastructure projects worth 24.1 trillion won ($21.6 billion), as part of its mid- and long-term blueprint to encourage balanced regional growth.It also unveiled a five-year, 175 trillion won development plan that focuses on increasing the number of jobs in rural areas and the population of rural areas.“The government’s strategic investments are crucial in order to
Jan. 29, 2019
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[News Focus] World’s 6th-largest exporter faces hurdles in early 2019
SEJONG -- The government and the business sector are closely watching indexes related to exports amid signs that the nation’s export volume is going downhill.Though yearly exports hit a record of more than $600 billion in 2018, monthly export growth on-year suffered a slowdown in November (4.5 percent) and posted negative in December (minus 1.2 percent) after achieving a 22.7 percent increase in October, according to the Korea Customs Service.The decline has continued at the begi
Jan. 29, 2019
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[News Focus] Korea seeks to ease trade dependency on China, US, Japan
SEJONG -- South Korea began to seek free trade deals in 1999, when it started negotiations with Chile, its first partner for a free trade agreement that took effect in April 2004.Over the past 20 years, 15 FTAs between Korea and its counterparts have taken effect, with 52 partner countries in total. The 15 FTAs include those with three continental economic blocs: the European Free Trade Association (four countries), the Association of Southeast Asian Nations (10) and the European Union (28).Kore
Jan. 27, 2019
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[Monitor] Cigarette sales down due partly to higher prices
Sales of cigarettes in South Korea fell 1.5 percent in 2018 from a year earlier, data from the Ministry of Economy and Finance showed.A total of 3.47 billion packs were purchased last year, down slightly from 3.52 billion packs. One pack contains 20 cigarettes.Sales in 2018 also saw a 20.4 percent decline from 2014, the year before the government raised the prices of cigarettes 80 percent from 2,500 won ($2) per pack to 4,500 won. In December 2016, the government started requiring tobacco compan
Jan. 27, 2019