Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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BOK chief pledges to build economic resilience to counter pandemic
The chief of South Korea’s central bank on Friday vowed all-out efforts to speed up the country’s economic recovery amid the prolonged coronavirus pandemic, raising the possibility of further monetary easing policies. In a speech to celebrate the 70th anniversary of the central bank’s founding, Bank of Korea Gov. Lee Ju-yeol said monetary easing policies needed to be implemented until signs of an economic recovery appear. To prompt credit flows in local financi
June 12, 2020
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State agencies request 6% increase for 2021 budget
SEJONG -- South Korea's government ministries and state agencies have requested a 6 percent hike in their budgets for next year, as they want to spend more on welfare, research and development, the finance ministry said Friday. Ministries and state agencies have asked the government to set aside a combined 542.9 trillion won ($448 billion) for the budget for next year, up 30.7 trillion won from this year's 512.3 trillion won, according to the Ministry of Economy and Finance. To cope with post
June 12, 2020
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S. Korea says downside risks to economy slightly recede
South Korea's finance ministry said Friday that downside risks to the nation's economy have slightly receded but warned that risks of global recession have weighed on an economic recovery. In a monthly report, called the "Green Book," the Ministry of Economy and Finance painted a somewhat positive picture of the economy, compared with its May report. "With a decline in domestic consumption showing signs of easing and employment indices recovering, downside ri
June 12, 2020
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Vice finance minister sees 'relatively good' sign of recovery in exports
SEJONG -- South Korea's vice finance minister said Friday the nation's exports showed a "relatively good" sign of recovery in the first 10 days of this month, but warned of risks over a second wave of coronavirus infections. Vice Finance Minister Kim Yong-beom made the remarks a day after South Korea reported a 20.2 percent jump in exports for the June 1-10 period. The sharp rise was mainly attributed to a calendar effect because there were more working days, but it raised hopes fo
June 12, 2020
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Finance minister warns against housing prices amid COVID-19 countermeasures
While continuing efforts to activate investments and create jobs amid the COVID-19 crisis, South Korea’s top fiscal policymaker once again vowed to stabilize the real estate market, viewing the country’s overheated housing costs as a key economic challenge. The warning tone hinted that the current Moon Jae-in administration prolonging its tight grip over the bubble-prone housing market, regardless of the separate struggle to stimulate the economy at all means. “The regula
June 11, 2020
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[Economy in Pandemic] US Fed’s rate freeze to affect S. Korea’s monetary policy, stock market
The US Federal Reserve on Wednesday decided to keep its interest rates near zero, adding that it doesn’t expect to raise it until at least 2022, as the economy recovers from the repercussions of the novel coronavirus. As the Fed’s rate decision has fundamentally sent ripples across the global economy including South Korea in the past -- with the US being the world’s largest economy -- the latest move is also expected to have mixed effects on Asia’s fourth-largest econo
June 11, 2020
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Korean economic policies for tackling COVID-19 impact explained in English
The Ministry of Economy and Finance said Thursday it has published an English-language version of a booklet explaining its countermeasures against the economic shock due to the COVID-19 pandemic for the international community. Titled “Safeguarding Economic Resilience,” the booklet introduces a number of fiscal measures that the government has implemented as well as some preliminary policies set up to prepare for the post-COVID-19 era, officials said. Since February, when co
June 11, 2020
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Insurers' lending rises 1.6% in Q1
Loans extended by South Korean insurance companies rose 1.6 percent in the first quarter, but the loan default rate remained unchanged, the financial regulator said Thursday. Insurers' outstanding loans totaled 238.4 trillion won ($200.4 billion) as of the end of March, up 3.7 trillion won from the end of December, the Financial Supervisory Service (FSS) said in a statement. Their loans to households increased 0.1 percent to 121.3 trillion won in the first quarter, while lending to companie
June 11, 2020
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S. Korea's exports outdo rivals but still face slump: BOK
South Korea's exports and imports will likely outperform those of major economies this year but face a slump due to sluggish demand in major economies caused by the new coronavirus pandemic, the country's central bank said Thursday. "Global demand for imports is expected to greatly drop this year due to the stronger-than-anticipated impact of the COVID-19 pandemic," the Bank of Korea (BOK) said in a report submitted to the National Assembly. "However, when considering better-th
June 11, 2020
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S. Korea's June 1-10 exports jump 20% on more working days
SEJONG -- South Korea's exports soared in the first 10 days of June from a year earlier, mainly due to a calendar effect but raised hopes for a recovery in global trade as more nations eased coronavirus lockdown measures. The country's outbound shipments jumped 20.2 percent to $12.3 billion in the June 1-10 period from the same period last year, according to the data from the Korea Customs Service. The daily average exports during the 10-day period, however, fell 9.8 percent on-year. Compared
June 11, 2020
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S. Korea to help create more jobs in private sector: finance minister
South Korea will help private firms create more jobs, Finance Minister Hong Nam-ki said Thursday, in the latest effort to protect jobs that have vanished due to the coronavirus pandemic. The move came after the government has pushed to create 550,000 jobs in the public sector as the nation's job market remained grim due to falling exports and consumption. The government will encourage private firms to open 50,000 jobs for young people in July, and smaller firms will be given benefits for jo
June 11, 2020
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State COVID-19 relief funds used mostly for dining out, grocery shopping: ministry
The state coronavirus relief funds have been spent mostly on dining out and grocery shopping, the interior ministry said Wednesday, based on an analysis of credit card data. The Ministry of Interior and Safety analyzed credit and debit card transactions from May 11-31 from eight financial firms to find out about spending behavior with the relief money. As of May 31, a total of 5.67 trillion won in relief money was spent, and restaurants were the biggest spending dest
June 10, 2020
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S. Korea’s economy will face less contraction than peer economies: OECD
Despite the unprecedented economic crisis triggered by COVID-19, the contraction of South Korea’s economy will remain limited due to its effective strategy to contain the spread, according to the Organization for Economic Cooperation and Development. Also, while recognizing the record-low performances anticipated for the second quarter, the Paris-based organization predicted that the global economy will enter a slow and gradual recovery by the latter half of this year. “Th
June 10, 2020
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S. Korea suffers steepest job losses in 10 years amid pandemic
The number of unemployed in South Korea in May hit the highest level in more than a decade as businesses continued to freeze jobs amid the coronavirus pandemic, data showed Wednesday. According to data released by Statistics Korea, the number of employed totaled at 26.93 million last month, shedding 392,000 jobs compared with a year earlier, which marked the third consecutive monthly loss. This was the first occurrence since the country reported job losses for four s
June 10, 2020
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Household debt grows, but rise in corporate loans slows in May
South Korea's household debt continued to grow at a steady pace in May, but the rise in corporate loans sharply slowed from a month earlier, possibly reflecting ample liquidity for local firms, central bank data showed Wednesday. Fresh bank loans extended to local households came to 5 trillion won ($4.17 billion) in the month, slightly up from 4.9 trillion won the month before, according to the data from the Bank of Korea (BOK). The rise in home-backed loans slowed to 3.9 trillion won from 4.
June 10, 2020
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Korea's money supply grows by record amount in April
South Korea's money supply grew by the largest amount ever in April on a sharp increase in funds held by local companies apparently seeking to prepare for the shock from the new coronavirus pandemic, central bank data showed Wednesday. The country's M2 came to 3,018.6 trillion won ($2.51 trillion) as of end-April, according to preliminary data from the Bank of Korea (BOK). The reading marks a 1.1 percent, or 34 trillion won increase from a month before, which is the largest on-month gain sinc
June 10, 2020
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Authorities closely monitoring property market
SEJONG -- South Korea's financial authorities are closely monitoring the property market as ample liquidity could fuel a rise in home prices, Vice Finance Minister Kim Yong-beom said Wednesday. South Korea has promised to spend some 270 trillion won ($225 billion) to cushion the economic blow from the coronavirus pandemic, with the Bank of Korea (BOK) cutting its key rate to a historic low. "The government will closely monitor the market to prevent asset prices from excessively rising
June 10, 2020
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S. Korea's jobless rate surges to 10-year high amid pandemic
SEJONG -- South Korea's jobless rate surged to a 10-year high in May as the coronavirus pandemic hammered job markets, data showed Wednesday. The seasonally adjusted unemployment rate stood at 4.5 percent in May, marking the highest level since January 2010, according to the data compiled by Statistics Korea. The number of employed people fell by 392,000 to 26.93 million in May, marking the third consecutive monthly decline. It was the first time that the nation lost jobs for the third str
June 10, 2020
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World Bank names S. Korea ‘COVID-19 safe spot’
The World Bank has added South Korea to the list of countries that are providing efficient emergency medical services to its employees, Seoul’s Finance Ministry said Tuesday. The multilateral agency’s decision is seen as its recognition of Korea’s successful handling of the COVID-19 pandemic. “The World Bank has decided to name Korea as a medical evacuation destination to take care of the emergent medical needs of its employees located in the East Asia and Pacific reg
June 9, 2020
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Vice finance minister urges National Assembly to swiftly approve 3rd extra budget
SEJONG -- Vice Finance Minister An Il-whan called Tuesday for the National Assembly to swiftly approve the third extra budget to help revive an economic recovery as the coronavirus pandemic resulted in contractions across industrial sectors. Last week, South Korea proposed its third extra budget worth 35.3 trillion won ($29 billion) meant to help key industries cushion the economic blow from the coronavirus pandemic and protect jobs. "The effectiveness of this extra budget depends on it
June 9, 2020