Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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S. Korea to set up task force to put rising prices under control
The South Korean government will set up a task force to focus on price controls for key food items, such as milk and coffee, in response to the recent spike in food prices, officials said Sunday. Under the TF, government officials will be responsible for monitoring the prices of each of the seven price-sensitive food items to keep a close eye on their prices, according to the Ministry of Agriculture, Food and Rural Affairs. The items comprise instant noodles, bread, snacks, coffee, ice cream, su
Nov. 5, 2023
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Woori Bank establishes Bangladesh regional headquarters
Woori Bank, one of South Korea’s top four commercial banks, announced Friday that it has opened a new regional headquarters in Bangladesh that will be in charge of managing six other branches in the country. The Korean bank said it has turned the Dhaka branch into the country's main headquarters on Tuesday, with the purpose of serving as a control tower of financial management, internal control and risk management, marketing, and consulting service for Korean companies seeking to expa
Nov. 3, 2023
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Asiana to sell cargo biz to help Korean Air win EU approval for takeover
Asiana Airlines Inc., South Korea's second-largest air carrier, said Thursday its board approved a plan to sell the company's cargo business, in a decision that could help Korean Air Co. win antitrust approval from European Union regulators for its takeover of the rival. In a regulatory filing, Asiana announced the board's decision, noting it as a part of remedial measures for Korean Air to be submitted to the European Commission to win approval for the merger. The decision came t
Nov. 2, 2023
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BOK breathes sigh of relief after Fed pauses rate hikes
The US Federal Reserve’s second consecutive decision to maintain its key rate has lifted some of the weight off the Bank of Korea, which has been in a standstill amid rising economic uncertainties. The Federal Open Market Committee on Wednesday decided to hold the rate steady between 5.25 percent and 5.5 percent, continuing a rate freeze from September. "With the FOMC’s decision meeting market expectations, the global financial market remained calm in the early morning,"
Nov. 2, 2023
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Industry ministry checks supplies of oil, gas over Middle East conflict
South Korea's industry ministry said Thursday it held a meeting with relevant authorities to check supplies of oil and gas as concerns grow over price volatility due to the widening Israel-Hamas war. "There have been concerns over prices in the early stages of the conflict, but no disruptions have been reported so far," Yoo Beop-min, director general of the ministry's resources policy, told the meeting. Prices of gasoline and diesel currently remain "relatively stable,&q
Nov. 2, 2023
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S. Korea's inflation grows faster, stays over 3 pct for third month in Oct.
South Korea's inflation grew at a faster pace in October, staying above 3 percent for the third consecutive month, due to higher prices of energy and farm goods, data showed Thursday. Consumer prices, a key gauge of inflation, rose 3.8 percent last month from a year earlier, compared with a 3.7 percent on-year increase the previous month, according to the report from Statistics Korea. It is the third month in a row that the annual price growth has picked up pace, though inflation has genera
Nov. 2, 2023
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US Fed keeps key lending rate unchanged for second consecutive time
The US Federal Reserve held its benchmark lending rate steady at a 22-year high for a second consecutive time during a monetary policy meeting on Wednesday, as it keeps striving to bring down inflation to its 2-percent target. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to keep the rate between 5.25 and 5.50 percent. But it left open the possibility of a rate change later to achieve "maximum" employment and its inflation target. In t
Nov. 2, 2023
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Exports log first rise in 13 months in sign of trade recovery for Korea
South Korea's exports are showing signs of recovery, as the country’s outbound shipments in October rose on-year for the first time in 13 months. The country’s exports in October stood at $55.09 billion, a 5.1 percent increase from the same month last year. Imports declined by 9.7 percent to $53.5 billion, resulting in a trade surplus, according to preliminary data compiled by the Ministry of Trade, Industry and Energy and Korea Customs Service. Daily trade volume, taking into c
Nov. 1, 2023
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AmCham reaffirms Korea-US alliance in Washington
The American Chamber of Commerce in Korea said Wednesday that its delegation successfully concluded the three-day trip to Washington from Oct. 24-26, as part of its annual business promotion program it calls “Doorknock.” Over the course of three days, the delegation reaffirmed bilateral ties the two countries have established over the last seven decades, convening with key government officials of the Joe Biden administration as well as members of the US Congress. It also held over 30
Nov. 1, 2023
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Industrial output, retail sales, investment all rise in September: data
South Korea's industrial output rose for the second consecutive month in September on the back of the turnaround in the semiconductor sector, data showed Tuesday. Retail sales, a gauge of private spending, and facility investment also logged an on-year growth last month, signaling a gradual economic recovery, according to Statistics Korea. It was the first time since May that the country reported an increase in the three major indicators on industrial activities. Industrial output advanced
Oct. 31, 2023
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Retail sales up 9.5 pct in Sept. on strong online demand
Retail sales in South Korea advanced 9.5 percent on-year in September amid the strong performance of online platforms coupled with the Chuseok holiday, data showed Monday. The combined sales of 25 major offline and online retailers came to 15.3 trillion won ($11.2 billion) last month, compared with 13.9 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online platforms saw their sales advance 12 percent to 7.46 trillion won on the back of
Oct. 30, 2023
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Exports of passenger cars up 16 pct in Q3 on eco-friendly models
Exports of passenger cars moved up 16 percent in the third quarter of 2023 from a year earlier following robust demand for eco-friendly models, data showed Monday. South Korean carmakers shipped $14.6 billion worth of passenger cars over the July-September period, rising from $12.6 billion tallied a year earlier, according to the Korea Customs Service. The number of cars shipped reached 610,000, also advancing 2.9 percent over the period. Exports of eco-friendly models especially shot up 35.6 pe
Oct. 30, 2023
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Asiana Airlines deliberating on sale of cargo biz for EU approval of Korean Air's takeover
The board of Asiana Airlines Inc., South Korea's second-largest air carrier, convened Monday to decide whether to sell its cargo business, as Korean Air Co. seeks to win antitrust approval from European Union regulators for its takeover of the rival. The EU antitrust regulators have raised concerns that Korean Air's acquisition of Asiana may restrict competition in the markets for passenger and cargo air transport services between the EU and South Korea. The board meeting, which has co
Oct. 30, 2023
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Korean economy continues slow, steady recovery in Q3
The Korean economy grew 0.6 percent in the third quarter from the previous three months, continuing a slow yet steady recovery with both exports and private consumption inching up. The country’s gross domestic product, a key measure of economic growth, grew 0.6 percent on-quarter in the July-to-September period, according to the Bank of Korea's preliminary data released Thursday. The local economy has been on a recovery path since its lowest when it contracted by 0.3 percent in the fo
Oct. 26, 2023
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Eximbank holds workshop on development financing
The 27th Economic Development Cooperation Fund Annual Workshop, hosted by the state-run Export-Import Bank of Korea (Eximbank), kicked off Tuesday, inviting a total of 15 government officials from 14 developing countries. The EDCF Annual Workshop, a four-day event, aims to introduce South Korea’s EDCF financing to public officials around the world. The EDCF, an aid loan funded by the Korean government, was launched in 1987 under an official development assistance initiative. Eximbank is in
Oct. 25, 2023
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Business sentiment falls in S. Korea over Middle East tensions: poll
South Korea's business sentiment index fell in November amid concerns that tensions in the Middle East stemming from the Israel-Hamas conflict may add to inflationary pressure and production costs here, a poll showed Wednesday. The business survey index for 364 out of the country's top 600 companies by sales stood at 90.1 for next month, down 0.5 point from October, according to the monthly poll by the Federation of Korean Industries. A reading below 100 means pessimists outnumber opti
Oct. 25, 2023
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Consumer sentiment slides for 3rd month in October amid slowdown woes
South Korea's consumer sentiment slid for the third straight month in October amid woes over an economic slowdown, slumping exports and weakened spending power, a central bank poll showed Wednesday. The composite consumer sentiment index stood at 98.1 in October, down from 99.7 the previous month, marking the lowest since May this year, when the comparable figure was 98, according to the survey conducted by the Bank of Korea. A reading below 100 means pessimists outnumber optimists. The cen
Oct. 25, 2023
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S. Korea formally accepts WTO deal on fisheries subsidies
South Korea's industry ministry said Tuesday the government has formally accepted an agreement by the World Trade Organization aimed at banning subsidies for illegal fishing. The agreement centers on prohibiting subsidies that contribute to overfishing and other illegal, unregulated fishing so as to ensure the sustainability of fish stocks and the industry. Following South Korea's approval, the total number of WTO members that have formally endorsed the rule reached 51, taking up 46 pe
Oct. 24, 2023
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AmCham delegation to visit Washington this week
The American Chamber of Commerce in Korea said Monday its delegation will travel to Washington this week to meet with key US government officials and lawmakers. The three-day trip to the United States starting Tuesday is part of the annual business-promotion program it calls “Doorknock.” The delegation will meet with officials of the Joe Biden administration as well as members of the US Congress to share insights about US-South Korea economic ties. The AmCham Korea delegation is expe
Oct. 23, 2023
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BOK chief says to keep restrictive policy for considerable time
The chief of South Korea's central bank said Monday that the bank needs to maintain its restrictive monetary policy for a considerable time as uncertainties over inflation are rising. During a parliamentary inspection, Bank of Korea Gov. Rhee Chang-yong said consumer price growth is expected to slow, but remain above the target rate of 2 percent amid increased volatility in global oil prices and currency rates following the Israel-Hamas conflict. "Given these situations, uncertainties
Oct. 23, 2023