Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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Recovery in job market weakened by protracted pandemic: vice finance minister
South Korea's vice finance minister said Thursday that recovery momentum in the job market appears to be losing steam amid the protracted new coronavirus outbreak, after the country reported the largest job loss in six months in October. The number of employed people reached 27.09 million last month, 421,000 fewer than a year earlier and marking the sharpest on-year decline since April, according to data from the statistics agency. "The country has seen the labor market recover somewhat s
Nov. 12, 2020
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S. Korea, Indonesia discuss stronger bilateral trade
South Korea and Indonesia on Thursday agreed to cooperate in overcoming the economic fallout from the new coronavirus pandemic by maintaining trade ties and improving the business environment. Industry Minister Sung Yun-mo met his Indonesian counterpart Bahlil Lahadalia in Seoul, sharing ideas on expanding trades and investment between the two nations, according to the Ministry of Trade, Industry, and Energy. The two also discussed improving the business environment for South Korean steel, che
Nov. 12, 2020
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Banks' loan delinquency rate edges down in September
The delinquency rate for South Korean banks' won-denominated loans inched down in September from the previous month and remained stable, the financial watchdog said Thursday. The rate for bank loans more than 30 days overdue stood at 0.3 percent at the end of September, down 0.07 percentage point from August, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was down 0.14 percentage point. The delinquency rate for corporate loan
Nov. 12, 2020
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S. Korea's export prices fall for 3rd consecutive month in October
South Korea's export prices fell for the third straight month in October as oil costs declined and the local currency gained against the US dollar, central bank data showed Thursday. The country's export price index, in terms of the local currency, dropped 2.6 percent in October from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the third consecutive month of on-month decline after the index rose for a third month in a row in July. Fro
Nov. 12, 2020
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Online credit card spending jumps 35% on pandemic in Sept.
Online credit card spending in South Korea spiked more than 35 percent in September as consumers avoided going out due to the spread of the novel coronavirus, data showed Thursday. Online and telemarketing credit card purchases came to 10.29 trillion won ($9.2 billion) in September, up 35.1 percent from a year earlier, according to the data from the Bank of Korea. It marks the first time for the monthly tally to surpass the 10 trillion won mark since December 2009 when the central bank began t
Nov. 12, 2020
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KDI cuts 2021 growth outlook, citing sluggish domestic recovery
South Korea’s economy will contract 1.1 percent this year amid the COVID-19 fallout and rebound to 3.1 percent growth in 2021, state-run think tank Korea Development Institute said Wednesday. In its latest revision, KDI maintained its outlook for this year at its previous September figure but cut the prospect for next year’s growth by 0.4 percentage point, citing the slower-than-expected recovery pace of the domestic market. “Our economy is expected to expand 3.1 percent (
Nov. 11, 2020
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S. Korea’s household debt surges at fast pace in Oct.
South Korea’s household debt extended by local banks surged at a rapid pace in October, gaining more than 10 trillion won ($9 billion) on-month, central bank data showed Wednesday, despite government vows to put a brake on the momentum. Outstanding bank loans extended to local households gained 10.6 trillion won on-month to 968.4 trillion won as of end-October, propelled by home-backed lending, according to the Bank of Korea. The gain is the highest for an October reading since
Nov. 11, 2020
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Exports rise 20.1% in first 10 days of Nov.
South Korea's exports rose 20.1 percent on-year in the first 10 days of November, customs data showed Wednesday, amid the new coronavirus outbreak. The country's outbound shipments stood at $14.1 billion in the Nov. 1-10 period, compared with $11.7 billion a year earlier, according to the data from the Korea Customs Service. Per-day exports also gained 12.1 percent on-year during the cited period. Imports increased 7.8 percent on-year to $13.3 billion in the 10-day period, according to the dat
Nov. 11, 2020
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S. Korea's trade volume feared to miss $1tr mark this year
South Korea's trade volume is unlikely to pass the $1 trillion mark in 2020 due to the fallout from the coronavirus pandemic and a Sino-US trade row, sources said Wednesday. The gloomy projection comes as South Korea's trade fell sharply in the first 10 months of the year from a year ago, pounded by the double whammy. South Korea's exports and imports totaled $798 billion in the January-October period, down 8.4 percent from the same period a year earlier, according to data from the industry an
Nov. 11, 2020
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S. Korea's Oct. job loss largest in 6 months amid pandemic
South Korea reported the sharpest on-year fall in jobs in six months in October, extending its job losses to an eighth month amid the protracted pandemic, data showed Wednesday. The number of employed people reached 27.09 million last month, 421,000 fewer than a year earlier, according to the data compiled by Statistics Korea. Job losses increased from an on-year fall of 392,000 in September. The tally marked the sharpest on-year decline since April, when the country shed 476,000 jobs due to
Nov. 11, 2020
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Creditors invite bidders for STX Offshore
Mid-sized shipyard STX Offshore & Shipbuilding Co. said Tuesday that its creditors led by the Korea Development Bank (KDB) have invited preliminary bidders to sell their stake in the shipbuilder. On Monday, the company made public its plan on its website to woo investors. Ernst & Young Han Young, the sale manager for the deal, will finalize the bidding by Nov. 23. The KDB-led creditors wholly own the shipyard after debt-for-equity swaps and a debt rescheduling program. STX Offshore
Nov. 10, 2020
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S. Korea to remove ‘pro-colonial Japan’ artist’s work from coins, banknotes
South Korea is working on replacing its frequently used 100-won coins as the design includes a portrait drawn by an artist who was pro-Japanese during the colonial period, the country’s central bank said Tuesday. The historical figure whose face will be removed or redrawn is Admiral Yi Sun-sin, whose statue stands permanently in Seoul’s downtown Gwanghwamun Square. The naval hero from the Joseon Dynasty who scored dramatic victories against Japanese invaders in the southern seas
Nov. 10, 2020
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S. Korea to decide on Delivery Hero's acquisition of Woowa next month
SEJONG -- South Korea's antitrust regulator plans to decide next month whether to approve a $4 billion deal by Germany's Delivery Hero to acquire the nation's top food delivery app operator, Woowa Brothers, officials said Tuesday. The Korea Fair Trade Commission (KFTC) said it has sent documents about an antitrust review to the German food delivery company. If Delivery Hero submits its opinion on the documents to the KFTC, the Korean regulator will make a decision on the deal on Dec. 9, KFTC
Nov. 10, 2020
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S. Korean shipyards rank 1st in new orders for 4th straight month
South Korean shipbuilders ranked first in new global shipbuilding orders in October for a fourth straight month, far outpacing their Chinese rivals, industry data showed Tuesday. According to the data provided by global market researcher Clarkson Research Service, Korean shipyards clinched new orders totaling 720,000 compensated gross tons (CGTs), taking up 69 percent of the 1.04 million CGTs ordered globally in October. The South Korean shipbuilders were followed by Chinese shipbuilders wit
Nov. 10, 2020
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Demand for processed meat rising in sync with single-member households
South Korea's market for processed meat products, such as sausages, has been growing steadily in recent years amid rising demand from single-member households, data showed Tuesday. The country's processed meat market was estimated at 5.6 trillion won ($5 billion) in 2018, up 2.4 percent from the previous year, according to the Ministry of Agriculture, Food, and Rural Affairs. The market has grown an average of 8.9 percent since 2015. The ministry attributed the growth to rising demand for read
Nov. 10, 2020
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Tax revenue tallied at W36.6tr in September
SEJONG -- South Korea collected 36.6 trillion won ($32.7 billion) in taxes in September, up 3.6 trillion won from a year earlier, the finance ministry said Tuesday. Income tax revenue amounted to 6.7 trillion won in September, up 4.2 trillion won from a year earlier, according to the Ministry of Economy and Finance. Dues collected from companies, on the other hand, reached 8.3 trillion won in the month, down 1.2 trillion won from a year earlier due to the lackluster earnings of local firms.
Nov. 10, 2020
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US likely to restore multilateralism, free trade under Biden: KIEP report
Following the presidential election victory of Joe Biden, the United States is expected to “partly” revive its former free trade policies in the multilateral frame, while maintaining some protectionist actions against China, according to South Korea’s state-run think tank. The incoming Democrat administration is especially likely to bolster the US’ solidarity with South Korea and other allies on the trade front in order to regain its standing within the World Trade O
Nov. 9, 2020
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What strong won on back of Biden victory means for S. Korea
South Korea’s currency surged to a 22-month high against the US greenback on Monday as Joe Biden’s election victory sent waves across the global financial market. After opening at 1,120 won against the US greenback, it was quoted at 1,113.9 won at Monday’s closing -- its highest level since Jan. 31, 2019. The won is projected to grow stronger and breach the 1,100 won mark this year and even the 1,050 won level next year, the chiefs of the five major commercial banks here told
Nov. 9, 2020
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Korea ranks 9th out of 23 for recovery pace: KCIF
South Korea has fared well among the world’s major economies, with a related economic indicator showing a mid-level performance, the Korea Center for International Finance said Monday. According to the Tracking Indices for the Global Economic Recovery, an index designed to measure global economic recovery by the think tank Brookings Institution and Financial Times, Asia’s fourth-largest economy posted minus 0.76. The figure marked 9th place among 23 leading economies,
Nov. 9, 2020
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S. Korea mulls toughening rules on overdrafts: finance minister
South Korea is considering tightening rules on overdrafts as a sharp rise in such lending adds to concerns over the country's already-high household debt, the finance minister said Monday. As the financial regulator toughened rules on mortgage lending to curb rising housing prices, people heavily took out overdrafts in recent months to meet demand for property-related costs and invest in stocks amid low interest rates. At a parliamentary session, Finance Minister Hong Nam-ki said the governmen
Nov. 9, 2020