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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Woman gets suspended term for injuring boyfriend with knife
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Yoon, Lee end first talks with differences, agree to meet more
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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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S. Korean firms urged to diversify into Malaysia
South Korean companies need to diversify their Southeast Asian exports and investments into Malaysia in a departure from their focus on Vietnam, a report said Monday. "Malaysia has been drawing attention as a promising destination for exports and investment as well as a supply source as the United States has opened the possibility of imposing tariffs on Vietnamese goods through a foreign exchange investigation," said the report from the Korea International Trade Association (KITA).&nb
Nov. 9, 2020
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[News Focus] Employment rate for 30-somethings hits 5-year low
SEJONG -- South Korea saw its employment rate slide to 60.3 percent in September, its lowest level in four months since it hit 60.2 percent in May. People in their 30s have been hit hardest, government data suggested. According to Statistics Korea, the employment rate for those aged between 30 and 39 recorded 74.1 percent. This was the lowest figure in more than five years (65 months), since April 2015, when it stood at 73.8 percent. The figure for September 2020 was 2.4 percentage points lo
Nov. 8, 2020
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Number of single-person households surpasses 6 million
The number of people residing alone hit more than 6 million as of this year as the prolonged coronavirus pandemic accelerated a stay-at-home trend while shifting interests towards stock investment from savings, an industry report showed Sunday. According to KB Financial Group’s report on single-person households in South Korea, the tally for one-person households reached 6.17 million, which accounts for 30.3 percent of all households. Relative to the entire population, the figure indica
Nov. 8, 2020
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S. Korean economy faces growing downside risks amid global flare-up in COVID-19: KDI
The South Korean economy is on a recovery path, aided by a mild improvement in the manufacturing sector, but it faces growing downside risks amid a global resurgence in new coronavirus cases, a state-run think tank said Sunday. The country's service industry has slackened as people refrained from making in-person contact and going outside, while the manufacturing sector has undergone a limited recovery on improving demand at home and abroad, according to a monthly economic assessment report by
Nov. 8, 2020
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Global IBs upgrade S. Korea’s growth outlook on recovery hopes
Global investment banking giants, including Goldman Sachs, JP Morgan and Citi have raised their 2020 average growth forecasts for South Korea’s economy, a report compiled by the Korea Center for International Finance showed Friday. The report came as the export-driven economy’s outbound shipments have been riding on a path to solid recovery. Korea’s current account surplus hit a two-year high in September as exports rebounded for the first time in seven months amid the global
Nov. 6, 2020
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S. Korea, Uzbekistan agree to push for launch of trade talks
South Korea and Uzbekistan agreed Friday to announce the launch of trade talks at an opportune time in an effort to expand bilateral trade, the government said. The agreement was made between South Korean Minister of Trade, Industry and Energy Sung Yun-mo and Sardor Umurzakov, Uzbekistan's deputy prime minister for investment and foreign economic relations, during a videoconference of a bilateral trade and economic committee, the trade ministry said. The meeting of the committee, the official
Nov. 6, 2020
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Manufacturers' domestic supply declines for 2nd straight quarter amid pandemic
South Korean manufacturers' domestic supply declined for the second straight quarter in the third quarter, as production remained sluggish amid the new coronavirus outbreak, data showed Friday. The manufacturing domestic supply index stood at 102.7 in the July-September period, down 0.3 percent from a year earlier, according to the data from Statistics Korea. The third-quarter tally compared with a 4.5 percent on-year drop in the second quarter, when the index fell at the sharpest pace since t
Nov. 6, 2020
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Major foreign IBs revise up S. Korea's growth outlook on recovery hopes
Major foreign investment banks (IBs) have upgraded their forecasts for South Korea's economic growth for 2020 on growing expectations for an economic recovery, a report showed Friday. As of end-October, nine major global IBs, including Barclays and Goldman Sachs, projected Asia's fourth-largest economy to shrink 1.2 percent this year, compared with their median outlook of a 1.4 percent contraction offered a month earlier, according to the report by the Korea Center for International Finance. T
Nov. 6, 2020
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Vice finance minister says US election has limited impact on local markets
South Korea's vice finance minister said Thursday uncertainties surrounding the US presidential election will have limited impact on the local financial and foreign exchange markets, vowing for swift countermeasures if market volatility increases. “The US presidential election risks have already been reflected in the local financial markets. Since the US government is likely to maintain its quantitative easing policies, there is a limited possibility of volatility in the local finan
Nov. 5, 2020
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[Herald Interview] ‘S. Korea to serve as model for innovation in post-pandemic int’l development’
While the prolonged COVID-19 pandemic has struck the global economy hard, it is developing countries with limited access to innovative solutions that are reeling the most. To provide a safety net for struggling economies and move toward common prosperity, it is crucial that innovation leaders such as South Korea share their experience and expertise, according to a senior international development expert. “Leveraging its expertise, experience, and knowledge will be the key for Korea to g
Nov. 5, 2020
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Current account surplus reaches two-year high in Sept.
South Korea’s current account surplus, a key barometer of the nation’s trade, surpassed $10 billion and hit a two-year high in September, the central bank said Thursday, feeding anticipations that it would easily top its 2020 outlook of $54 billion. On the back of improved exports, the surplus came to $10.21 billion in September, compared to $6.57 billion the previous month, the Bank of Korea said. This marked a surplus for Asia’s fourth-largest economy for five consecutive m
Nov. 5, 2020
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BAT Korea to up ratio of non-combustible cigarettes to 50%
British American Tobacco (BAT) Korea said Thursday it will increase the ratio of non-combustible cigarette products to 50 percent by 2030 to boost sales amid regulations and health concerns over smoking. The British tobacco company has sold the heat-not-burn glo tobacco heating product (THP) series in the Korean market since 2017 on top of its traditional cigarette products. Currently, traditional cigarette products account for 90 percent of BAT Korea's total sales, with the remaining 10 perc
Nov. 5, 2020
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S. Korea to offer $30m to local office of World Bank by 2023
South Korea pledged Thursday to provide U30 million to the local office of the World Bank by 2023 in an effort to promote cooperation with the international organization. South Korea's Ministry of Economy and Finance made the pledge in a conference in Seoul on innovative technology, which it hosted with the Korean office of the World Bank and the International Development Association. The conference was the first face-to-face forum held by the World Bank since the COVID-19 pandemic hit the glo
Nov. 5, 2020
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Builder sentiment hits yearly high in Oct.
South Korean builders' business sentiment surged to a yearly high in October on a recovery in housing orders despite the prolonged coronavirus crisis, a poll showed Thursday. The construction business survey index (CBSI) stood at 79.9 last month, up 4.6 points from the prior month, according to the survey by the Construction and Economy Research Institute of Korea. The October figure was the highest monthly tally for this year, but it was still below the benchmark level. A reading below 100 i
Nov. 5, 2020
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S. Korea's current account surplus hits 2-year high in Sept. on export recovery
South Korea's current account surplus hit a two-year high in September as exports rebounded for the first time in seven months on brisk shipments of chips and autos amid the new coronavirus outbreak, the central bank said Thursday. The current account surplus reached $10.21 billion in September, compared with $6.57 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. It marked the largest surplus since September 20
Nov. 5, 2020
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[KH Finance Forum] COVID-19 provides financial firms new opportunities to go digital, global
Despite the uncertainties posed by the pandemic, South Korea’s financial industries are met with fresh opportunities to accelerate digitalization in response to the major changes in financial consumers’ behavior, as more people turn to mobile phones instead of brick-and-mortar branches to use financial services in times of COVID-19, said speakers at The Korea Herald’s first finance forum Wednesday. At Korea Herald Finance Forum 2020, held under the tagline “Korean Econo
Nov. 4, 2020
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[KH Finance Forum] Korea-ASEAN’s strong ties to offer new opportunities for financial firms
Efforts should be made to support Korean financial companies’ entry to Southeast Asian markets to secure sustainable future growth and foster stronger financial ties, a senior researcher said Wednesday. The country’s financial competitiveness along with the development of its economy has grown at large, and it is the time for the local financial industry to seek new opportunities by bolstering economic cooperation with Southeast Asia, said Jeong Young-sik, senior researcher for inte
Nov. 4, 2020
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[KH Finance Forum] World Bank Korea to establish platform for Korean startups to participate in global projects
World Bank Group Korea Office plans to launch a platform that connects local startups with global projects designed and operated by the international financial institution, special representative to World Bank Group Korea Office said Wednesday. “We plan to establish an ‘Innovation Fund’ to connect global Bank projects and clients with Korean and East Asia Pacific suppliers of innovative and technology enabled solutions,” Soh Hoon Sahib said during the Korea Herald
Nov. 4, 2020
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Online shopping hits new high in Sept. on virus, Chuseok holiday
SEJONG -- Online shopping in South Korea soared to a new high in September due to the coronavirus pandemic and the Chuseok holiday, data showed Monday, The value of online transactions stood at 14.72 trillion won ($12.9 billion) in the month, up 30.7 percent from a year earlier, according to the data from Statistics Korea. It was also the largest monthly amount since the agency began tracking related data in 2001. The surge was attributed largely to the pandemic that prompted more shoppers t
Nov. 4, 2020
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Imported car sales rise 9.8% in Oct. amid pandemic
Sales of imported vehicles in South Korea rose 9.8 percent in October from a year earlier due to strong demand for German cars, an industry association said Wednesday. The number of newly registered foreign vehicles climbed to 24,257 units last month from 22,101 a year earlier despite the COVID-19 pandemic, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models were the Volkswagen Tiguan 2.0 TDI SUV, Volvo XC40 B4 AWD SUV and BM
Nov. 4, 2020