Most Popular
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Controversy rekindled over when to name criminals, suspects
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Seoul transit pass for travelers to be available starting July
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Prosecutors to summon pastor who allegedly gave Dior bag to first lady
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‘Monk’ DJ spreading Buddhism goes global
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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Court's ruling set to shape path of medical school expansion
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FM Cho says he will have 'frank, in-depth' talks with Wang
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Loans of self-employed swell 50% in four years
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Tax revenue falls W49tr through Nov. on weak corporate performance
South Korea's tax revenue fell 49.4 trillion won ($38.41 billion) during the first 11 months of 2023 compared with a year earlier due mainly to weak corporate activities and the prolonged slump in the property market, the finance ministry said Friday. But the shortfall had decreased for the second month in a row thanks to the increase in last month's tax revenue. Tax revenue came to 324.2 trillion won during the January-November period, down 13.45 percent, or 49.4 trillion won, from th
Dec. 29, 2023
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Consumer prices grow 3.6% in 2023 amid high inflationary pressure
South Korea has continued to experience high inflationary pressure this year following the highest price growth in decades the previous year, but inflation in December ticked down for a second consecutive month in signs that price pressure is easing, data showed Friday. Consumer prices, a key gauge of inflation, rose 3.6 percent on-year in 2023, slowing from a 5.1 percent gain in 2022, according to the Statistics Korea. Last year's figure marked the steepest on-year rise since 1998, when co
Dec. 29, 2023
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[Photo News] Last trading day
Hana Bank's dealers monitor stock markets at the bank's headquarters in Seoul on Thursday. The benchmark Korea Composite Stock Price Index closed at 2,655.28, up by 41.78 points, or 1.6 percent, from the previous day. (Yonhap)
Dec. 28, 2023
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Industrial output rebounds in November on rising chip production
South Korea's industrial output inched up in November on a solid increase in the production of the semiconductor sector, data showed Thursday. Industrial production rose 0.5 percent on-month last month after a 1.8 percent decline logged a month earlier, according to the data compiled by Statistics Korea. Compared with a year earlier, industrial output rose 2.5 percent last month. November's increase came as the production of the semiconductor sector advanced 12.8 percent on-month in No
Dec. 28, 2023
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40-something working population hits 20-year low
The number of 40-somethings with employment as surveyed in the month of November dropped to the lowest point since 2003, data showed Tuesday. According to Statistics Korea, 6.25 million people in their 40s in Korea were employed, down 62,000 from the same month last year. The figure has been on a downward trend after peaking at 6.94 million in 2014. The drop in working South Koreans in their 40s is in direct correlation with the decrease in the general population in the age group. South Koreans
Dec. 26, 2023
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External risks, weak domestic demand stand in way of S. Korea's exports-led recovery in 2024
The South Korean economy is expected to be on track for a recovery in 2024 on rising exports, but sluggish growth looms large as higher-for-longer interest rates and sticky inflation could further hamper global growth and domestic demand, experts said Tuesday. South Korea has faced multiple economic challenges in 2023 posed by the global economic downturn caused by aggressive monetary tightening by major economies to curb inflation and geopolitical risks stemming from the Middle East conflict an
Dec. 26, 2023
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Envisioned rules revision to reduce number of capital gains tax payers by 70%
The planned relaxation of rules on the capital gains tax is expected to reduce the number of large stockholders subject to the taxation by 70 percent, data showed Sunday, amid criticism it is a tax cut for the rich amid a fall in state revenue. Last week, the finance ministry announced the decision to raise the capital gains tax threshold for shareholders from 1 billion won ($767,459) to 5 billion won in an effort to minimize year-end market volatility caused by investors' stock selling to
Dec. 24, 2023
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Farewell to credit cards: Cash-only trend surges as young Koreans tackle overspending
Despite digital progress and surging online transactions, a notable consumption trend is emerging among South Koreans in their 20s and 30s, as an increasing number of them are opting to use physical cash over credit card transactions in their daily lives. Referred to as "cash stuffing," the budgeting method involves withdrawing cash from a bank account and segregating it into designated envelopes for different categories, such as groceries, travel, dining out and more. Gaining popula
Dec. 24, 2023
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National Assembly approves historic 15% cut to R&D budget
The South Korean National Assembly concluded a contentious decision to reduce the national research and development budget to 26.5 trillion won ($20.4 billion) on Thursday, a 15 percent reduction from this year and marking the first R&D budget cut in 33 years. The reduction of 4.6 trillion won is a slight adjustment from the government's initial proposal of a 5.2 trillion won cut, a concession in response to significant backlash and criticism from both the scientific and political com
Dec. 22, 2023
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Sales of derivatives-tied securities fall in Q3 as investor sentiment ebbs
Sales of derivatives-linked securities in South Korea fell in the third quarter, as investor sentiment weakened on bearish markets, data showed Friday. The combined value of equity-linked securities and derivatives-linked securities issued in the quarter came to 13.2 trillion won ($10.1 billion), down 3.1 trillion won from a quarter ago, according to the data from the Financial Supervisory Service. The products are structured to track the performance of underlying assets, not guarantee the princ
Dec. 22, 2023
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S. Korea's fiscal deficit, debt to rise further in 2024: ministry
South Korea's fiscal deficit is projected to rise to nearly 4 percent of gross domestic product (GDP) next year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, is expected to post a deficit of 91.6 trillion won ($70.19 billion) in 2024, or 3.9 percent of the country's GDP, according to the Ministry of Economy and Finance. The amount was 400 billion won smaller than what the government expected earlier, as the N
Dec. 21, 2023
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National Assembly passes W656tr budget for 2024
The National Assembly on Thursday passed the government budget for 2024 amounting to 656.6 trillion won ($502 billion). The final package showed a 2.8 percent gain from that of last year’s, marking the smallest on-year increase for the government budget. It was down 300 billion won from the government proposal of 656.9 trillion won submitted in September. The government's fiscal soundness will continue to face challenges next year, as the proposed tax revenue stands at 612.2 trillion
Dec. 21, 2023
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[KH Explains] What's at stake in Korea's digital currency push
The Bank of Korea is proactively pushing for the introduction of a central bank digital currency to maintain its grip on the sovereign currency amid the continued digital transformation of the finance sector. The BOK has developed a two-track system for Korea's CBDC: a retail CBDC for individuals and a wholesale CBDC for institutions. It will first test out the wholesale CBDC by having banks issue tokenized deposits to some 100,000 people in the fourth quarter of 2024. “Digitalizati
Dec. 21, 2023
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Banks draw up largest-ever support plan for small businesses
Local banks rolled out 2 trillion won ($1.53 billion) in cash funding to relieve individuals and small businesses having trouble paying back loans or debts amid the prolonged economic downturn. The measure comes in a month since the commercial banking sector and the financial authorities put their heads together to find means to reduce the burden for small companies and share the banks' profit gained from excessive interest rate. The biggest part of the new plan is the 1.6 trillion won inte
Dec. 21, 2023
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Big 5 banks brace for losses from foreign real estate projects
South Korea’s top commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- are facing a potential risk of suffering losses in overseas real estate investments amid a slowdown in the global property market following persistent high rates. The balance of overseas real estate funds sold by the five banks stands at 753.1 billion won ($580 million), according to financial authorities. Of the amount, fund products worth 257.1 billion won are set to expire next year. With the global r
Dec. 18, 2023
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Industry minister nominee vows to address concerns about supply chain disruptions
Industry Minister nominee Ahn Duk-geun said Monday he will focus on securing key industrial materials to safeguard local industries from global supply chain disruptions. "I will promptly stabilize issues surrounding the supply chain and further solidify the latest signs of export recovery," Ahn told reporters, a day after President Yoon Suk Yeol announced his nomination. "I will also bolster energy security, the most critical pillar of fostering cutting-edge industries, and enhanc
Dec. 18, 2023
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IMF chief warns against premature monetary easing
International Monetary Fund Managing Director Kristalina Georgieva said it is too early for central banks to go easy on inflation control despite signs of recovery. “We have seen through history that at this very last moment of controlling inflation, some countries prematurely declare victory,” the IMF chief said during a press conference held in Seoul Friday. Georgieva’s remarks come on the heels of the US Federal Reserve’s monetary policy meeting Wednesday, during which
Dec. 15, 2023
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Closing gender gap will boost Korea's national income: IMF chief
Empowering women in economic activities is needed to help South Korea increase its national income and birth rate while making workplaces more equitable for women will result in higher growth and financial stability for businesses, the International Monetary Fund chief said during a forum held in Seoul on Thursday. “Korea has recently made significant progress in increasing women’s economic participation, but it still has among the highest gender gaps for rich countries,” IMF
Dec. 15, 2023
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Food exports rise 2.1% through Nov.
South Korea's exports of foodstuffs and related industrial products gained 2.1 percent on-year through November, data showed Friday, on the back of stronger demand for kimchi and instant noodles. Exports in the food segment have reached $10.9 billion as of November, according to the Ministry of Agriculture, Food and Rural Affairs. Over the period, exports of kimchi, a traditional Korean side dish typically made from fermented cabbage, climbed 9.9 percent to $142.4 million. Exports of instan
Dec. 15, 2023
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IMF chief calls for regulatory efforts to control crypto assets
Regulating digital currency is a major priority on the global agenda, International Monetary Fund Managing Director Kristalina Georgieva said at an international conference held in Seoul on Thursday. "We must consider the effects if crypto assets become widespread. The scenario is not far-fetched," Georgieva said in her opening speech at the event co-hosted by the Ministry of Finance, Bank of Korea, Financial Service Commission, and the International Monetary Fund. The event was held u
Dec. 14, 2023