Most Popular
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Allies face test with return of Trump’s transactional diplomacy
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Korea on alert over reshaped global economy during Trump's 2nd term
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‘Trump may seek surprise NK deal at expense of Seoul’
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Yoon apologizes but denies wife's role in state affairs
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Sought by prosecutors: Key man in Yoon presidential couple’s political drama
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Poster of Kim Jong-un behind bars launches S. Korean groups' anti-NK campaign in Geneva
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First lady to keep low profile as Yoon’s ratings hit new low
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Police clear Jessi of charges in fan assault case
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Murder charge sought over death of mentally disabled student who was pushed into sea
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Korean auto, battery firms buckle up for second Trump term
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Exports fall 13.4% from March 1-10; chip sales jump over 20%
South Korea's exports fell more than 13 percent on-year in the first 10 days of March due mainly to fewer working days and weak demand for vehicles, but sales of semiconductors jumped more than 20 percent, data showed Monday. Outbound shipments reached $13.54 billion in the March 1-10 period, compared with $15.64 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, gained 8.2 percent on-year to $2.26 billion. The number of working d
March 11, 2024
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Portion of foreign buyers hits record high in S. Korean real estate market in 2023: data
The portion of foreigners who bought real estate in South Korea last year hit a record high, led by Chinese buyers, court data showed Sunday. A total of 15,600 foreign nationals completed property purchases in 2023, accounting for a record 0.9 percent of the total land acquisitions, according to the data from the online real estate registry service run by the Supreme Court. The percentage of foreign buyers in the South Korean real estate market has been on a steady increase since the South Korea
March 10, 2024
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S. Korea, Japan discuss economic cooperation during vice-ministerial talks
South Korea and Japan held a vice-ministerial meeting Friday to discuss ways of cooperating on a wide range of economic and financial issues, Seoul's finance ministry said. South Korea's Deputy Finance Minister Choi Ji-young met with Japanese Vice Finance Minister Masato Kanda in Tokyo earlier in the day for the vice-ministerial finance dialogue, the second of its kind, according to the Ministry of Economy and Finance. During the meeting, the two sides discussed issues of mutual concer
March 8, 2024
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S&P cuts outlook on Mirae Asset Securities, Korea Investment & Securities
S&P Global Ratings on Thursday lowered the outlook for two major Korean asset management firms, Mirae Asset Securities and Korea Investment & Securities, from "stable" to "negative." The agency kept their long-term issuer credit ratings at BBB and short-term ratings at A-2. The negative outlook reflects the agency's concern that property risks could strain the asset quality and profitability of Korean securities firms over the next one to two years. "Headwin
March 8, 2024
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Moody's turns negative on Korean banks' ratings outlook
Ratings agency Moody's downgraded the outlook on the South Korean banks' credit rating to "negative" from "stable" Thursday, predicting their asset quality and profitability will weaken. The agency released a report on the Korean banking system and lowered the credit ratings outlook for the local banking sector to "negative." In its assessment, Moody's anticipated a deterioration in the business environment for domestic banks over the next 12 to 18 mo
March 8, 2024
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Fitch keeps S. Korea's 'AA-' credit rating, eyes 2.1% growth
Global credit appraiser Fitch Ratings said Wednesday it has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook. It is the fourth-highest level on the agency's sovereign ratings table, and Fitch has maintained AA- for South Korea since September 2012 when it upgraded the rating by one notch from A+. "(South) Korea's rating balances robust external finances, resilient macroeconomic performance and a dynamic export sector against geopolitical ri
March 6, 2024
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Korea on guard against inflation
Consumer price growth resurged to above 3 percent in February, showing that Korea may be facing stickier-than-expected inflation, data suggested Wednesday. Consumer prices, a key gauge of inflation, advanced 3.1 percent on-year last month, according to data from Statistics Korea. Though price growth fell to 2.8 percent in January, dipping into the 2 percent range for the first time in six months, it rebounded to above 3 percent within a month. The uptick marks the first time in four months that
March 6, 2024
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S. Korean economy grows 1.4 % in 2023, unchanged from earlier estimate: BOK
South Korea's economy grew 1.4 percent last year, matching an earlier estimate, amid sluggish exports and tightening monetary policies around the globe, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.4 percent last year, in line with the central bank's earlier estimate in January, according to preliminary data from the Bank of Korea. But last year's economic expansion marked a slowdown from a 2.6
March 5, 2024
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[From the Scene] Staying 'senior-friendly': Next normal of banking
Orange, green and blue -- the mixture of these vibrant colors is not something you would commonly expect to see at a commercial bank's branch in Korea. Yet welcoming customers into Shinhan Bank's Sillim-dong branch are color-coded floor lines guiding customers to their respective services. For instance, following the green line leads to desks handling simple tasks like deposits and withdrawals. This Sillim-dong branch, situated in southern Seoul's Gwanak-gu district, is among Shin
March 4, 2024
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Industrial output rises for 3rd month amid weak investment in January
South Korea's industrial output rose for the third consecutive month in January despite the marked fall in semiconductor production, data showed Monday. Retail sales also gathered ground for the second month, while facility investment and construction orders tumbled amid weak domestic demand, according to the data compiled by Statistics Korea. Industrial output gained 0.4 percent on-month in January, following a 0.3 percent increase in November last year and 0.4 percent growth in December.
March 4, 2024
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KEPCO, Korea Gas report combined liabilities of nearly W250tr last year: data
Korea Electric Power Corp. and Korea Gas Corp., two major state-run companies, have reported combined liabilities of nearly 250 trillion won ($187.1 billion) as of end-2023 due to hikes in global energy prices, data showed Sunday. KEPCO has said in a regulatory filing its total debt reached 202.4 trillion won last year, up 9.6 trillion won from a year earlier. Korea Gas' total debt came to 47.4 trillion won, down from 52 trillion won in 2022, according to the company's regulatory filin
March 3, 2024
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Eximbank’s capital increase to pave way for Polish arms export
The National Assembly passed the revision bill to raise the Export-Import Bank of Korea's capital limit from the current 15 trillion won to 25 trillion won ($12.24 billion to $15 billion) on Thursday, giving the policy lender some extra room to level up its financing for the arms export deal to Poland. The revision of the Export-Import Bank of Korea Act was passed as a total of 209 lawmakers voted in favor of the bill, while 29 voted against it. There were 34 abstentions. Under the revision
Feb. 29, 2024
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Inflation to bounce back to over 3% in February: finance ministry
Inflation could rise over 3 percent in South Korea in February on high prices of global oil and fresh food items, the finance ministry said Thursday, vowing all-out efforts to curb inflation. In January, consumer prices, a key gauge of inflation, rose 2.8 percent on-year, marking the first fall below the 3 percent level in six months. The country has experienced a gradual easing of inflationary pressure, but uncertainties have grown, centering on prices of farm produce and petroleum products, Fi
Feb. 29, 2024
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South Korea’s fertility rate drops to new low
South Korea's fertility rate continued its steep fall last year as it hit a record low of 0.72, darkening prospects for the country that already has the world's lowest fertility rate, data showed Wednesday. The country's fertility rate -- the average number of children a woman has during her lifetime -- came to 0.72 last year, down from 0.78 in the previous year, according to the preliminary data presented by Statistics Korea. It is the lowest level since 1970 when the state-run s
Feb. 28, 2024
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Financial regulator reaffirms efforts to address risks of short-term property loans
The head of the country's financial regulator vowed continued efforts Wednesday to quickly address risks related to real estate project financing loans. Lee Bok-hyun, governor of the Financial Supervisory Service, stressed that such efforts will help end the capital crunch caused by PF loans related risks. "We are witnessing signs of a capital crunch as excessive amounts of money invested in real estate PF remain tethered," he told a meeting with the heads of financial think tanks
Feb. 28, 2024
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[KH explains] Why Korea has been so quick to adopt ‘global minimum tax’
South Korea has become one of the first countries to implement the so-called “global minimum tax rule” this year, which aims to ensure companies pay at least 15 percent tax on corporate income, regardless of where they operate. The initiative aligns with international efforts to tackle tax avoidance by major corporations, as they often seek refuge in low-tax jurisdictions. Korea is one of about 20 nations to adopt the new rule so far, while some countries, including the US, are still
Feb. 27, 2024
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Retail sales rise 8.2% in Jan. on robust online performance
Retail sales in South Korea advanced 8.2 percent on-year in January following the robust performance of online platforms, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 15.7 trillion won ($11.78 billion) last month, compared with 14.5 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Offline store sales edged down 0.3 percent last month, as the Lunar New Year holiday fell in February
Feb. 27, 2024
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[KH Explains] Will Yoon's 'value-up' drive end Korea discount?
South Korean authorities on Monday introduced a set of measures encouraging listed companies to boost their valuation as a part of efforts to shake off the so-called “Korea discount” which has been haunting the local capital market for decades. Under the “corporate value-up program,” firms listed on the Korean stock market will be advised to disclose their plans to enhance corporate value and shareholder returns while releasing related financial metrics for better communi
Feb. 26, 2024
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Regulators warn of possible risks from foreign real estate investment
South Korean regulators warned Thursday of increasing risks in the domestic financial sector due to overseas real estate investments, with around 2.46 trillion won ($1.85 billion) exposed to potential risk, while also aiming to reassure the public that the impact on the overall industry will be limited. The Financial Supervisory Service issued the statement following its assessment of local financial institutions' investments in real estate overseas, amid some concerns about the cooling of
Feb. 22, 2024
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Eximbank to bolster ties with German counterpart
The Export-Import Bank of Korea, or Eximbank, said Thursday it signed a memorandum of understanding with its German counterpart, KfW IPEX-Bank, pledging to cooperate in financing projects related to strategic technologies and supply chain networks. KfW IPEX-Bank is a specialist bank for export and project financing owned by Germany's main development bank Kreditanstalt fur Wiederaufbau, which translates as Credit Institute for Reconstruction. Eximbank Chairman Yoon Hee-sung met with Velibor
Feb. 22, 2024