Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Consumer sentiment improves, pessimism over housing market remains in August
South Korea’s consumer sentiment rose for the fourth consecutive month in August, boosted by optimism for economic improvement, but doubts that recent measures will cool the heated real estate market remained strong, data from the Bank of Korea showed Tuesday. The composite consumer sentiment index inched up 4 points on-month to 88.2 this month, hitting the highest since February, when the figure stood at 96.9, weighed on by the outbreak of the COVID-19. It has been slowly improving si
Aug. 25, 2020
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[Economy in Pandemic] ‘Second wave’ of COVID-19 casts shadow on S. Korea’s growth scenario
With the second wave of COVID-19 outbreak fast approaching amid reinforced social distancing measures, pessimism is mounting once again on South Korea’s economic growth outlook this year. According to previously suggested scenarios by key global institutes and local think tanks, the country could see its economy contract as much as 2 percent. Some market watchers and the central bank, however, also warned against excessive fear and pessimism, claiming that the latest turnouts will not
Aug. 24, 2020
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Finance minister hints at offering 2nd round of virus emergency handouts
Finance Minister Hong Nam-ki said Monday the government will review the need to provide a second round of emergency handouts if the recent resurgence of new coronavirus infections does not slow down. Hong told lawmakers that the government has not been having "in-depth discussions" over the possibility of offering a second round of emergency handouts. The government will make a decision on the matter as it is monitoring the resurgence's impact on the economy, Hong said. If the g
Aug. 24, 2020
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BOK to sharply lower economic growth outlook over spiking virus cases: chief
South Korea's central bank will sharply lower its economic growth outlook for this year, as downside economic risks have heightened amid a flare-up in virus cases, its chief said Monday. Bank of Korea (BOK) Gov. Lee Ju-yeol presented the grim prospect for Asia's fourth-largest economy, saying that the pace of economic recovery is expected to remain weak on spiking virus cases. "In May, the BOK's growth projection was a 0.2 percent contraction. But I think we will have to sharply lower th
Aug. 24, 2020
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S. Korea's net foreign assets contract in Q2
South Korea's net external assets in debt instruments shrank in the second quarter, according to government data on Saturday, with its external assets growing at a slower pace than its external debt. The nation's net external assets in debt instruments, which are considered reserve assets, stood at US$449.8 billion at the end of June, compared with $464.2 billion three months earlier, according to the data from the finance ministry. The figure refers to the difference between Korea's total ex
Aug. 22, 2020
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S. Korea to continue financial aid for cash-strapped small biz amid COVID-19 resurgence
In response to a deepening economic slump due to the recent resurgence of COVID-19 cases, South Korea on Thursday said it will keep providing financial lifelines for coronavirus-hit small business owners. “Due to a second wave of the coronavirus pandemic, a growing number of small business owners are likely to be in need of cash despite the government’s initial support programs,” Kim Yong-beom, first vice minister of finance, said in a meeting with related officials held at
Aug. 21, 2020
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S. Korea to set aside W20tr of 2021 budget for ‘New Deal’
South Korea has decided to set aside 20 trillion won ($16.8 billion) from next year’s budget to finance its “New Deal,” a policy package designed to boost the economy in the post-coronavirus era through digital transformation, the finance minister said Thursday. It also vowed to establish and operate an exclusive fund worth 400 billion won until 2024 to back up digital and tech startups. “Full execution of the 4.8 trillion won fund from the third supplementary budget wi
Aug. 20, 2020
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S. Korea to share economic progress with global community
South Korea will share its 20-year economic development history of overcoming the middle-income trap, government officials said Thursday. According to the Ministry of Economy and Finance, the World Bank Korea office and state-run Korea Development Institute will publish a collaborative research paper titled “Korea: Connecting Innovation and Technology to Development” early next year. The move came as the World Bank Group has requested the Korean government to share its hist
Aug. 20, 2020
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[News Focus] Since 2017, nearly 70 percent spike seen at some Gangnam apartments
SEJONG -- Some apartment complexes in Seoul were found to have renewed all-time high prices despite the measures introduced by the government on June 17 to cool the market. The record-breaking prices are have risen particularly in the wealthy Gangnam area, which comprises Gangnam-gu and Seocho-gu, two of the 25 administrative districts in Seoul. According to the data held by the Land Ministry, an 84-square-meter apartment in the Acro Riverpark complex in Banpo-dong, Seocho-gu, traded at 3.57
Aug. 20, 2020
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FSC pushes banks to sustain financial support for virus-hit market
South Korean authorities Wednesday urged banking circles to sustain their financial situation amid the prolonged epidemic crisis. “We should learn from the 2008 global financial crisis that individual actions by financial companies may affect the entire economic system,” Sohn Byung-doo, vice chairman of the regulator Financial Services Commission, said in a financial risk management meeting held at the Korea Federation of Banks in central Seoul. During an economic downturn, the
Aug. 19, 2020
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S. Korea needs to tread carefully with monetary policy in post-virus era: experts
To quell the market volatility that the coronavirus has caused, South Korea’s monetary policymakers took a number of steps -- some expected and others unprecedented -- to funnel liquidity and cushion the effects of the pandemic. But while the market may have dodged a bullet, experts warn that Korea needs to be cautious about monetary policy from now on, considering the potential adverse effects of quantitative easing. “The benefits of the use of QE in other countries in the
Aug. 19, 2020
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[Green & New] ‘Green deal’s success depends on private sector engagement’
The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. The COVID-19 crisis, as devastating as it is for the world today, has also served as a reminder for the global community to foster sustainable growth and build resilient economies. For the World Bank, which supports countries in the East Asia and Pacif
Aug. 18, 2020
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New COVID-19 lockdowns to add to economic burden on S. Koreans: BOK
The number of new coronavirus cases has surged sharply in recent days, feeding concerns about another round of lockdowns here, and the nation’s central bank said Wednesday that most South Koreans are likely to suffer economically if heavy restrictions are put in place once again. “If lockdown and social distancing measures are strictly enforced due to the resurgence of the virus, nonessential workers without the option of remote working will be extremely vulnerable to losing their
Aug. 18, 2020
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[News Focus] Korea behind Japan, Russia in Q2 employment
SEJONG -- South Korea lagged behind Japan, Russia and some Western countries this year in terms of employment among working-age people. According to the Organization for Economic Cooperation and Development, Korea posted a 65.4 percent employment rate for those aged 15-64 during the April-June period of 2020. In contrast, Japan -- also an OECD member -- saw the employment rate for its working-age population reach 77 percent over the corresponding period, though the country was also hit hard b
Aug. 17, 2020
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[67th Anniversary Special] Reshaping Korean economy in post-virus era
South Korea’s early response to the current pandemic crisis effectively contained its spread, minimizing economic damages in the first half, offering a rosy outlook. On Tuesday, the Organization for Economic Cooperation and Development lifted the country’s growth forecast this year to minus 0.8 percent from the previous minus 1.2 percent, propelling the country to No. 1 in terms of slowdown among member states. Highlighting the resilience of the Asia’s fourth-largest econom
Aug. 16, 2020
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Finance minister rules out 4th extra budget
South Korea's finance minister on Friday ruled out the possibility of a fourth extra budget as he held out the prospect of economic growth in the third quarter. "We can fully cover the costs of recovering from heavy rains through such measures as reserve fund without an extra budget," Hong Nam-ki said in a meeting with reporters from foreign media outlets at the government complex in the central city of Sejong. The government's reserve fund is currently worth about 2.6 trillion won
Aug. 14, 2020
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Consumption keeps improving amid signs of easing export slump: finance ministry
South Korea's consumption continues to improve amid signs of a slump in exports and industrial production easing, the finance ministry said Friday. In a monthly economic report, called the Green Book, the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the coronavirus pandemic and the annual monsoon season. "South Korea's indicators of domestic demand continue to take a turn for the better, despite uncertainty related to COVID-19 and the ra
Aug. 14, 2020
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Korea’s de facto jobless up 860,000 in 2020
Korea’s de facto jobless up 860,000 in 2020 Deck: In July, unemployed plus underemployed top 4 million [News Focus] By Kim Yon-se SEJONG -- South Korea saw the number of unemployed on an “extended” basis, which includes the underemployed, hover over 4 million for the fifth consecutive month. These are regarded as the “de facto” or “comprehensive” jobless. According to the Supplementary Index III for Employment, held by Statistics Korea, the tally for “the employed plus the underemployed” wa
Aug. 13, 2020
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S. Korea vows to shore up services sector amid sluggish job market outlook
The South Korean government announced Thursday it will create at least 50 new job categories in the upcoming years, while providing necessary legal and fiscal support to tide over the worsening employment situation. It also pledged to inject 4.6 trillion won ($3.89 billion) into export-oriented service industries and adjust the government’s fiscal support regulations which have been focused on the manufacturing sector. “We hope to raise the country’s service sector export
Aug. 13, 2020
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[Green & New] Financial circles rush to keep pace with ‘Green New Deal’
The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. “Green” has fast risen as the new buzzword for South Korea’s financial players as they strive to adapt to the Moon Jae-in administration’s “Green New Deal” initiative. They are striving to move away from thermal pow
Aug. 12, 2020