Most Popular
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Yoon sorry for shortcomings but insists policies were right
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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US 'incredibly concerned' about suspected NK-Iran military ties
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Korean won weakens amid heightened uncertainty
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1 in 3 Koreans live alone, family types becoming diverse
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Sewol victims commemorated on tragedy's 10th anniversary
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Seoul says will cut power to porn festival planned on Han River
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Chanel, Louis Vuitton see muted growth in Korea
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Conservative bloc divided over Han’s role in election defeat
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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S. Korea’s 2020 economic growth to depend on Q2 output: vice finance minister
As South Korea is likely to face a severe economic shock in the second quarter under the novel coronavirus pandemic, the quarterly performance will determine the nation’s growth for the entire year, Vice Finance Minister Kim Yong-beom said Friday. “Shocks are expected to be concentrated in the second quarter,” Kim said during a meeting with senior ministry officials. “As the risks stemming from (the pandemic) prolong, it could evolve into a bigger risk that could sha
May 22, 2020
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S. Korea readies for upcoming ADB annual meeting, chairs online pre-session
Preparing for the Asian Development Bank’s annual meeting to be held in Songdo in September, South Korea’s government on Friday chaired a pre-session to handle key agendas in advance. During the 30-minute teleconference, presided by Korean Deputy Prime Minister and Finance Minister Hong Nam-ki, the board of directors approved the ADB’s annual financial report and reiterated joint efforts for regional prosperity according to the Ministry of Economy and Finance. Earlier in Mar
May 22, 2020
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OLED TV market may post relatively small growth this year: report
The global OLED TV market, led by South Korea's LG Electronics Inc., is expected to post relatively small growth this year, compared with the QLED TV sector, following a disruption in panel supply caused by the novel coronavirus pandemic, a market report showed Friday. The global OLED TV shipment is expected to increase 7.8 percent on-year to 3.375 million units this year, according to display market tracker WitsView, a research division of TrendForce. The figure was a 26.1 percent decrease f
May 22, 2020
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Consumption, small merchants' revenues rise as people use emergency handouts
South Korea's provision of emergency relief funds began to boost private consumption, raising revenues of small merchants hit hard by the new coronavirus pandemic in the first week of the payout, data showed Friday. In a one-off aid program, the government began offering the relief funds totaling 14.3 trillion won ($11.6 billion) to all households last week to help them cope with the economic fallout of the COVID-19 outbreak. Mom-and-pop shops still are suffering from business setbacks due to
May 22, 2020
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S. Korea's Q1 exports of new-industry goods soar despite virus
South Korea's first-quarter exports of eight new-industry goods jumped despite a drop in overall exports due to the new coronavirus pandemic, data showed Friday. Overseas shipments of those products came to $21 billion in the January-March period, up 17 percent from a year earlier, according to the data from the Korea International Trade Association (KITA). They include next-generation semiconductors, biohealth products, electric vehicles, new-energy goods, robots, aviation products and drone
May 22, 2020
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S. Korea to examine FX trading rules to ensure dollar liquidity
SEJONG -- South Korea plans to comprehensively examine its rules on foreign exchange trading as it seeks to ensure dollar liquidity amid lingering uncertainties in global markets over the coronavirus pandemic, Vice Finance Minister Kim Yong-beom said Thursday. Measures to help banks inject more dollars into local markets, including an eased rule on the foreign exchange liquidity coverage ratio (LCR), will be put into place for the time being, Kim said during a meeting with senior officials fr
May 21, 2020
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Producer price index falls for third consecutive month in April
South Korea’s producer price index, which serves as a yardstick for inflation, slipped 0.7 percent on-month in April, extending its decline for the third consecutive month, data from the central bank showed Thursday. The index, which reflects how domestic producers receive price changes regarding their outputs, came to 102.08 last month, which fell from the corresponding and revised figure of 102.82 in March. The figure slipped 1.5 percent on-year. The Bank of Korea said that the index
May 21, 2020
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S. Korea should enhance protection for local industries amid ‘global investment protectionism’: KIEP
While the global market dwindled and corporate assets depreciated amid the COVID-19 pandemic, the limited range and number of companies and assets with growth momentum have gained popularity from investors across borders. In order to keep the balance between economic revitalization and protection of “strategic business assets,” policymakers should raise the threshold for aspiring foreign investors here, according to a state-affiliated think tank. “The preliminary screening pr
May 21, 2020
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Household income grows, but wealth gap widens in Q1
SEJONG -- South Korea's household income rose in the first quarter from a year earlier, but the income gap between the haves and have-nots widened, as the employment situation of the low-income bracket worsened amid the coronavirus pandemic, a report showed Thursday. The average household earned 5.35 million won ($4,357) per month in the first quarter, up 3.7 percent from the previous year, according to the report by Statistics Korea. Household income earned through wages rose 1.8 percent on
May 21, 2020
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W3.5tr post-pandemic recovery plan aims to create at least 550,000 jobs
South Korea’s government vowed Wednesday to swiftly create at least 550,000 new jobs in the public sector as soon as it secures an additional budget of 3.5 trillion won ($2.8 billion). The move came in line with the country’s efforts to brace for economic recovery after the ongoing COVID-19 pandemic. “It is now time to gear up for economic recovery, while maintaining thorough everyday quarantine rules,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in a me
May 20, 2020
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Corporate tax revenue to fall in 2020 for first time in 6 years: think tank
South Korea's corporate tax revenue is expected to decline this year for the first time in six years due to the coronavirus impact on major industries, a local think tank said Wednesday. The country's corporate tax revenue rose in the past five years to 72 trillion won ($59 billion) in 2019 from 45 trillion won in 2015, according to the Korea Economic Research Institute (KERI). This year, however, corporate tax revenue could reach an estimated 56.5 trillion won, 12 percent lower than
May 20, 2020
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FX deposits hit 4-month high in April amid volatility
Foreign currency deposits at banks in South Korea reached a four-month high in April, central bank data showed Wednesday, amid market fluctuations caused by the new coronavirus outbreak. Foreign currency deposits here came to $78.18 billion as of end-April, up $2.89 billion from a month earlier, according to the data from the Bank of Korea (BOK). The reading marks the highest since $79.94 billion tallied at end-December. The monthly increase, however, marks a sharp slowdown from a $6.78 billi
May 20, 2020
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Service output dips in Q1 over virus pandemic
SEJONG -- Service output declined in 14 provinces and cities in South Korea in the first quarter of this year as the coronavirus pandemic took a heavy toll on the service industry, data showed Wednesday. However, service output in Seoul -- home to one-fifth of South Korea's 51 million-strong population -- rose 2.3 percent on-year in the first quarter, helped by robust gains in the financial and property sectors, Statistics Korea said in a report. The southern res
May 20, 2020
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Q1 household debt growth slowest in 1 year due to virus outbreak
South Korea's household debt grew at the slowest pace in one year in the first quarter, central bank data showed Wednesday, amid a sharp decline in spending apparently caused by the new coronavirus outbreak that is expected to hurt the whole economy. Outstanding household credit came to 1,611.3 trillion won ($1.31 trillion) as of the end of March, up 11 trillion won from a revised 1,600.2 trillion won tallied three months earlier, according to preliminary data from the Bank of Korea (BOK). Th
May 20, 2020
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S. Korean economy will expand 0.2% in 2020, 3.9% in 2021: KDI
As the global economy marks a sharp decline amid the persisting COVID-19 pandemic, South Korea will see its economy expand 0.2 percent this year before rebounding to 3.9 percent growth level next year, according to a state-affiliated think tank. But this modest figure, which is higher than the outlook suggested by other international institutions and private think tanks, is anticipated to face challenges down the road due to global economic uncertainties. “Our economy will grow 0.2 per
May 20, 2020
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S. Korea to step up efforts for post-pandemic economic recovery
SEJONG -- South Korea will step up efforts for an economic recovery after the coronavirus pandemic as the nation is returning to normal activities, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks at a meeting with economy-related ministers as schools reopened for high school seniors, about 80 days later than the original semester start day of March 2. Unlike other nations, South Korea has not enforced lockdown measures to combat the virus. Instead, the nation implemented
May 20, 2020
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S. Korea to drastically ease rules for stalled local liquor industry
South Korea plans to alleviate liquor regulations to assist struggling manufacturers and distributors, officials said Tuesday. The new rules, if approved by the National Assembly, will allow alcoholic drink companies to partly consign their production to original equipment manufacturers and also to produce non-alcoholic by-products at their facilities. When it comes to minor changes in products, the current approval process would be replaced by a simple reporting requirement for efficiency.
May 19, 2020
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Home transactions dip over 30% in April amid slump, virus fallout
SEJONG -- Home transactions in South Korea sank more than 30 percent in April from the prior month due to tougher property rules and the coronavirus impact, government data showed Tuesday. The number of homes changing hands nationwide stood at 73,531 last month, down 32.3 percent from the previous month, according to the data from the Ministry of Land, Infrastructure and Transport. Yet the figure was up roughly 29 percent from the same month a year earlier, when housing transactions were ane
May 19, 2020
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S. Korea develops ASF test kits
South Korea said Tuesday it has developed a new test kit for the African swine fever (ASF) that can pave the way for the country to speed up its battle against the fatal animal disease and reduce its dependency on imported tools. The state-run Animal and Plant Quarantine Agency has completed the development of a kit that can test acute forms of ASF, under the cooperation with the Korea Research Institute of Bioscience & Biotechnology and Korea University. The country, which has been depen
May 19, 2020
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Global TV market sinks 16% in Q1 on virus impact
The global TV market shrank nearly 16 percent in the first quarter of the year due to the coronavirus pandemic, with only South Korean makers reporting slight growth, a market tracker said Tuesday. Worldwide TV shipments stood at 43.29 million units in the January-March period, down 16.4 percent from a year earlier, according to Omdia, formerly IHS Markit. TCL and other Chinese TV manufacturers saw their sales dip 14.4 percent to 15.13 million, with those of Sony and other Japanese players tu
May 19, 2020