Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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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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Gov't appears to shelve punitive measures against mass walkout by doctors
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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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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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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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[Herald Interview] 'Reunification could damage S. Korea’s sovereign rating'
North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i
Dec. 12, 2023
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Exports gain 3.3% from Dec. 1-10 on solid demand for cars, ships
South Korea's exports rose 3.3 percent on-year in the first 10 days of December despite the fall in sales of semiconductors, data showed Monday. Outbound shipments reached $15.79 billion in the Dec. 1-10 period, compared with $15.29 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports jumped 18 percent on-year to $2.26 billion. The number of working days during the cited period came to seven days, compared with eight days from a year earlier.
Dec. 11, 2023
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S. Korea to launch pan-govt commission on enhanced supply chain management
South Korea will establish a government-wide commission for the comprehensive management of supply chains of items necessary for major industries and the people's everyday lives amid growing supply chain risks, the finance ministry said Monday. The government also plans to create a fund to secure critical items and support investment in relevant facilities as the country seeks to reduce dependence on China and other nations to better ensure stable supply chains of key items, according to th
Dec. 11, 2023
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Banks mull W2tr in cash back for small-business owners
Local banks are considering a financial support program worth 2 trillion won ($1.52 billion) for owners of small businesses by giving back a part of their loan payments, amid prolonged inflation and high interest rates. The measure was discussed Thursday during a task force meeting of local financial institutions and regulatory bodies aimed at finding means to support the public livelihood, industry sources said Sunday. The first of the collective efforts is set to be a cash-back rewards scheme
Dec. 10, 2023
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S. Korea's exports of dried seaweed hit new record in 2023
South Korea's exports of dried seaweed hit a new record on the back of growing awareness of healthy food around the globe, data showed Sunday. Outbound shipments of dried seaweed, called "gim" in Korean, reached $670 million over the January-October period, up 20.4 percent from a year earlier, according to the Ministry of Oceans and Fisheries. The ministry noted the combined export volume came to $700 million as of Nov. 10, surpassing the previous record of $690 million for the en
Dec. 10, 2023
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China's consumer prices hit 3-year low with factory cost decline
China's consumer prices experienced their fastest decline in three years this November, while factory-gate deflation deepened, indicating increasing deflationary pressures as weak domestic demand casts doubt on the economic recovery The consumer price index dropped 0.5 percent both from a year earlier and compared with October, data from the National Bureau of Statistics (NBS) showed on Saturday. That was deeper than the median forecasts in a Reuters poll, which predicted 0.1 percent declin
Dec. 9, 2023
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S. Korea logs current account surplus for 6th month in October
South Korea logged a current account surplus for the sixth straight month in October on the back of a trade surplus, a reduction in the service deficit and increased dividend income from overseas, central bank data showed Friday. The country's current account surplus reached $6.8 billion in October, widening from the surplus of $5.42 billion the previous month, according to preliminary data from the Bank of Korea. October's surplus came as the country's trade balance has remained
Dec. 8, 2023
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S. Korea to support corporate emergency urea imports
The South Korean government will push to pay for part of urea imports when companies need to buy the chemical from nations other than China as part of efforts to prevent a supply shortage and ensure a longer-term stable supply, the industry minister has said. Industry Minister Bang Moon-kyu made the remarks during a meeting with reporters Wednesday, as China's recent suspension of customs procedures for urea shipments to South Korea has raised concerns about a supply crisis. "We have enough
Dec. 7, 2023
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Twitch plans to shut down in S. Korea over high network costs
Twitch, a popular U.S.-based live game streaming platform, said Wednesday it plans to shut down its South Korean service in February next year due to high network usage fees in the country. In an announcement posted on its corporate blog, Twitch Interactive Inc. CEO Dan Clancy said the company "made the difficult decision to shut down the Twitch business in Korea on February 27, 2024." Clancy said the cost to operate Twitch in South Korea was "prohibitively expensive" and sai
Dec. 6, 2023
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Korea, Britain finance chiefs discuss economic dialogue, investment ties
The finance ministers of South Korea and Britain on Tuesday discussed the establishment of a bilateral economic dialogue and investment cooperation channels as follow-up measures to last month's summit of their leaders, Seoul's finance ministry said. During a video conference with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt, South Korea's Finance Minister Choo Kyung-ho voiced expectations for stronger bilateral cooperation on energy, supply chains a
Dec. 5, 2023
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'Making economy more dynamic a top priority': finance minister nominee
South Korea's finance minister nominee on Tuesday said strengthening economic stabilization efforts for citizens' livelihoods while continuing the government's drive for reform would be the key priorities under his leadership. Choi Sang-mok, the nominee for the country’s top economic policymaker, made the remark during his first gathering with the local press Tuesday, following his nomination by the presidential office Monday. The former senior presidential secretary for eco
Dec. 5, 2023
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S. Korea's economy grows 0.6% in Q3, unchanged from earlier estimate
South Korea's economy grew 0.6 percent in the third quarter of the year, matching an earlier estimate, on the back of reviving exports and domestic demand, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.6 percent on-quarter in the July-September period, according to data from the Bank of Korea (BOK). The third-quarter expansion compares with the 0.6 percent on-quarter expansion in the second quarter and the
Dec. 5, 2023
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S. Korea's inflation slows in Nov., stays over 3% for 4th month
South Korea's inflation grew at a slower pace last month, though it stayed above 3 percent for the fourth consecutive month amid high prices of energy and farm goods, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.3 percent in November from a year earlier, compared with a 3.8 percent on-year increase the previous month, according to the data from Statistics Korea. It is the first time in four months that the annual price growth has eased. The on-year price growth fell bel
Dec. 5, 2023
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Yoon’s chief economist tapped as finance minister
Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday. Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985. He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic poli
Dec. 4, 2023
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Ex-LH CEO nominated as land minister
Park Sang-woo, the former CEO of the Land and Housing Corporation (LH), has been nominated as the new minister of land, infrastructure and transport, according to the presidential office on Monday. Having joined the ministry in 1983, Park boasts expertise in land and transport policy for decades. He is known to have played a role in shaping housing policies during the Lee Myung-bak and Park Geun-hye administrations. He also served as the head of the state-run housing agency between 2016 and 2019
Dec. 4, 2023
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About half of top 500 firms remain undecided on 2024 investment plans: poll
About half of big firms in South Korea remain undecided on their investment plans for next year, according to a survey released Monday, an indication of how many companies are going through economic uncertainties. In the survey conducted by polling agency Mono Research on the leading 500 companies in terms of sales from Nov. 16-24, 49.7 percent responded they remain undecided on next year's investment plans. Also, 5.3 percent of the respondents said they have no investment plans next year.
Dec. 4, 2023
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Short selling ban important for Korean market development: FSC
South Korea's recent temporary ban on stock short selling is aimed at reinforcing the Korean market's fairness and the advancement of the market system, a top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young made the remark as he addressed foreign correspondents in Seoul, acknowledging the rising fear among global investors following the country's comprehensive ban of all short selling trades. According to Kim, financial regulators disc
Dec. 1, 2023
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S. Korea, US discuss Inflation Reduction Act, chips subsidy rules
South Korea's Trade Minister Ahn Duk-geun met with the US White House Deputy National Security Advisor Mike Pyle on Thursday for talks on lingering uncertainties regarding the Inflation Reduction Act (IRA) and other trade issues of mutual concerns, Seoul's industry ministry said. Ahn asked the US official to pay close attention to South Korean firms' concerns about the potential impact of the IRA, which provides tax credits of up to $7,500 to buyers of electric vehicles (EVs)
Nov. 30, 2023
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BOK holds key rate steady, cuts 2024 growth outlook
The Bank of Korea kept the base rate unchanged at 3.5 percent for the seventh straight time on Thursday, unable to either cut or raise the rate as Korea stands the test of the shaky economy. The six members of the monetary policy board unanimously voted for a rate freeze at the last rate-setting meeting held this year, according to BOK Gov. Rhee Chang-yong. The BOK’s Monetary Policy Decision statement showed the board will “maintain a restrictive policy stance for a sufficiently long
Nov. 30, 2023
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Industrial output, retail sales, investment all fall in Oct.: data
South Korea's industrial output fell in October on a marked decline in the production of the semiconductor sector, data showed Thursday. Retail sales and facility investment also declined last month, and it was the first time in three months that the three major indicators on industrial activities logged an on-month fall, according to Statistics Korea. Industrial production dropped 1.6 percent on-month in October following two months of gains. It was the sharpest decline since April 2020, w
Nov. 30, 2023