Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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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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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Oil refiners face dim outlook after record Q1 losses
South Korean oil refiners' earnings are unlikely to bounce back in the second quarter of the year following record losses three months earlier, industry sources said Tuesday. Pounded by the triple whammy of the coronavirus pandemic, tumbling oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players posted a combined operating loss of 4.38 trillion won ($3.57 billion) in the January-March period. The first-quarter red ink represented their worst quarte
May 12, 2020
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Korea’s outstanding sovereign, state-backed bonds near W1,100tr
The outstanding amount of government and state-backed bonds increased by a combined 78.3 trillion won from the end of last year to a record high of 1,098.4 trillion won ($900 billion), data showed Monday, with the accelerating growth rate spurring concerns. Outstanding sovereign bonds increased by 65.7 trillion won to 753.5 trillion won and special bonds gained 12.6 trillion won to 344.9 trillion won, respectively, from the end of last year to Friday, data from the Korea Financial Investment
May 11, 2020
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Korea’s spending for unemployment allowances approaches W1tr in April
South Korea’s monthly spending for supporting unemployed workers hit another all-time high in April, as the fallout from the novel coronavirus is hampering efforts to remedy the damage done to the job market, data showed Monday. In April, when Korea’s virus spread peaked, the amount of unemployment benefits came to 993.3 billion won ($814.3 million), up 35 percent on-year, according to preliminary data from the Labor Ministry. This extended the record streak for the third consecuti
May 11, 2020
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S. Korea opens financial data exchange
South Korea on Monday opened its first exchange for financial data, the financial regulator said, in a move that could boost the data-driven economy. The exchange will serve as a key platform for buyers and sellers of financial, telecommunication and corporate data. It is meant to facilitate financial big data, according to the Financial Services Commission. "The government will ensure that the financial data exchange will take root as an innovative infrastructure of financial companie
May 11, 2020
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Korean Air to decide on W1tr stock offerings this week: sources
Korean Air Lines Co. will decide this week on whether to sell 1 trillion won ($820 million) worth of stocks as part of self-help measures amid the growing coronavirus impact on the airline sector, industry sources said Monday. Korean Air plans to hold a board meeting Wednesday to determine the exact size and the schedule of the rights issue, an airline official told Yonhap News Agency over the phone. Shareholders of the country's biggest carrier will be given the rights to buy the stocks to
May 11, 2020
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Online applications for virus relief money begin
An online application for the government's emergency coronavirus relief funds to all households began on Monday morning. The Ministry of the Interior and Safety said nine local credit card companies started receiving online applications through their websites or mobile phone applications. The application is available, first, for those who wish to receive the financial aid in the forms of credit or debit card points, which is scheduled to arrive two days after the application. For the first w
May 11, 2020
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S. Korea's May 1-10 exports dip 46.3% as pandemic cripples global demand
South Korea's exports sank 46.3 percent on-year in the first 10 days of May amid the shock from the coronavirus pandemic, customs data showed Monday. The nation's outbound shipments stood at $6.9 billion in the May 1-10 period, compared with $12.5 billion for the same period last year, according to the data from the Korea Customs Service. The daily average exports during the 10-day period slipped 30.2 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denti
May 11, 2020
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Foreigners jack up Korean bond exposure this year
Foreign investors have ramped up their investment in South Korean bonds this year amid the country's relatively favorable economic conditions, data showed Monday. Offshore investors held 140.9 trillion won ($115 billion) worth of listed government and corporate bonds as of end-April, up 17 trillion won from the end of last year, according to the data from the Financial Supervisory Service. It marks the first time that foreigners' holdings of South Korean bonds have surpassed the 140 trillion-
May 11, 2020
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Per capita national debt nears W15m
South Korea’s national debt per capita stood at 14.83 million won ($12,145) as of Saturday, data from the National Assembly showed Sunday, feeding concerns that the growing figure may take a toll on the nation’s economy amid sluggish growth projections. National debt held by Asia’s fourth-largest economy stood at 769.18 trillion won in the same period, according to the data provided in the form of a debt clock on the website of the parliament’s budget office. It has
May 10, 2020
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Subsidy registrations via credit cards start Monday
Credit card issurers will start receiving registrations of relief subsidies on Monday under governmental guidelines that could expand payment transaction volume by 10 trillion won ($8.2 billion). The news comes along with the central government’s move to distribute 14.3 trillion won among Korean citizens to help them fight the fallout from the coronavirus. Of the total, around 10 trillion won is expected to be spent via credit cards, according to market observers. Taking subsidies via cr
May 10, 2020
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S. Korea to tighten expenses to finance COVID-19 countermeasures
South Korea will save more than 300 billion won ($246 million) in 2021-2024 by aborting or merging state-subsidized projects, the Ministry of Economy and Finance said Friday. “We have made a rigorous assessment this year as an effective fiscal operation has become more crucial than ever in order to overcome the fallout of COVID-19,” said Vice Finance Minister Koo Yun-cheol in a state subsidy management committee meeting at Seoul Government Complex. Later in the day, Koo was name
May 8, 2020
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COVID-19 test kit exports jump 835% in April
Korean exports of novel coronavirus test kits jumped a whopping 835 percent in April from the previous month, as a result of growing global demand, customs data showed Thursday. According to the Korea Customs Service, test kits valued at $201.23 million were exported last month, as compared to $24.1 million worth of shipments a month earlier. Demand for made-in-Korea test kits is growing due to their accuracy and speed. The number of export destinations has increased rapidly, reaching 33 in F
May 8, 2020
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‘Korean New Deal’ aims to revive economy through digitalization
South Korea is seeking to reshape its economy in the post COVID-19 era by invigorating the convergence of new and old industries and creating more jobs, through its latest economic stimulus measures dubbed the “Korean New Deal,” the government said Thursday. Borrowing the policy concept from the New Deal -- a Great Depression-era set of government projects in the US in the 1930s -- Korea’s Finance Ministry pledged large-scale investments and a systemic overhaul for the packag
May 7, 2020
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S. Korea’s current account surplus widens in March
South Korea’s current account surplus reached an 11-month high in March, despite falling exports due to the novel coronavirus pandemic as the service account deficit sharply declined, data showed Thursday. According to preliminary data from the Bank of Korea, the nation’s current account surplus hit a record high of $6.23 billion in March, up $1.19 billion from a year earlier. The current account refers to the difference between the value of exports and imports. Compos
May 7, 2020
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S. Korea to pay out W1.5tr subsidy to workers hit by COVID-19
South Korea will provide 1.5 trillion won ($1.2 billion) in special subsidies to irregular workers who lost their income or suffered crucial blows amid the COVID-19 quarantines, the finance minister said Thursday. The move came in line with the government’s struggles to sustain the nation’s job market amid an economy that is set to contract this year. “Seeking to enhance the employment safety net for neglected underprivileged workers, (the government) will execute a 1.5 tril
May 7, 2020
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Average monthly household spending stands at W2.45m in 2019
SEJONG -- South Korean households spent an average of 2.45 million won ($2,003) per month in 2019, data showed Thursday. In 2018, South Korean households spent an average 2.53 million won, but an annual comparison may be inappropriate because Statistics Korea changed its method of compiling the data last year, the statistics agency said. Expenditures on food and nonalcoholic beverages came to 333,000 won last year, accounting for 13.5 percent of the total, according to the data. The data a
May 7, 2020
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Four out of 10 Koreans suffer pay cut amid pandemic
Over 40 percent of workers in South Korea have suffered a wage cut due to changes in their working conditions sparked by the coronavirus pandemic, a survey showed Wednesday. According to the survey conducted by Incruit, a job search website, some 42 percent of respondents said their paychecks were reduced after January when the novel coronavirus started to hit the country. Reasons for pay cuts varied, with some saying they were forced to take unpaid leave and others suffering wage freeze
May 7, 2020
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S. Korea to offer W1.5tr in subsidies to temporary workers affected by coronavirus
SEJONG -- South Korea will provide 1.5 trillion won ($1.2 billion) in subsidies to temporary workers who lost their jobs due to the coronavirus pandemic, Finance Minister Hong Nam-ki said Thursday. The move is the government's latest measure to protect the nation's job market as the pandemic is expected to force an economic contraction this year. Temporary or freelance workers who lost their jobs will be eligible for the subsidies, and they will receive a total of 1.5 million won each, Hong s
May 7, 2020
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S. Korea's current account surplus widens in March on investment gains
South Korea's current account surplus widened from a year earlier in March as a sharp increase in primary income helped offset a slight drop in its goods account surplus, central bank data showed Thursday. The country's current account surplus came to $6.23 billion in the month, compared with a $5.04 billion surplus the same month last year, according to preliminary data from the Bank of Korea (BOK). South Korea has posted a current account surplus for 11 consecutive months. Its goods accoun
May 7, 2020
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Ministries told to cut discretionary spending by 10% for 2021 budget
The Ministry of Economy and Finance on Wednesday asked all government ministries to cut discretionary spending by 10 percent in their requests for next year’s budget. The government aims to use the money saved to invest in new projects that could reinvigorate the economy amid signs of an economic downturn brought on by the latest coronavirus pandemic, according to the Finance Ministry. A task force formed of vice ministers and ranking officials will be launched to map out a strategic b
May 6, 2020