Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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S. Korea committed to cultivating favorable business environment
South Korea's finance minister said Tuesday the government is committed to building a favorable business environment by revamping regulations and offering tax cuts as he asked local firms to proactively roll out investments. Finance Minister Choo Kyung-ho made the remark during a meeting with officials from the Federation of Korean Industries, one of South Korea's biggest business lobbies that speaks for large companies, according to the Ministry of Economy and Finance. "In genera
June 20, 2023
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BOK says inflation will bounce back
Consumer inflation is expected to come down to the 2 percent range mid-year and bounce back to the 3 percent range by the end of this year, while core inflation will be slow to ease off, according to the Bank of Korea on Monday. Consumer price growth has been slowing down after reaching its peak at 6.3 percent in July 2022. Price increases have cooled down in the last few months due to the base effect of a surge in international oil prices last year. Consumer prices came down to 3.3 percent last
June 19, 2023
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Inflation expected to soon slow to 2% level: Choo
South Korea's consumer prices are expected to grow at a 2 percent level around June or July, the finance minister said Sunday, amid signs of eased inflationary pressures. "In general, consumer prices are gradually finding stability," Finance Minister Choo Kyung-ho said during a program aired by KBS. "I think the inflation will hit the 2 percent level this month or the following one." Consumer prices, a key gauge of inflation, rose 3.3 percent in May from a year earlier,
June 18, 2023
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S. Koreans' purchase of Japanese yen up nearly fivefold in May
South Koreans' combined purchase of the Japanese currency at local banks jumped nearly fivefold in May from a year earlier, data showed Sunday, as more people took advantage of a weaker yen. The amount of Japanese currency sold at the country's four major banks came to 30.16 billion yen ($213 million) in May, soaring from 6.28 billion yen tallied a year earlier, according to the market data. The increase apparently came as more people took advantage of the weak yen in recent weeks, whi
June 18, 2023
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Finance ministry assesses 18 public firms as 'lackluster' or below
South Korea's finance ministry said Friday that 18 state-run companies were rated "lackluster" or below during its annual management assessment, noting it plans to order such firms to cut bonuses and take corresponding measures. Under the comprehensive performance evaluation of 130 state-run companies, which divides them into six tiers, 14 were labeled "lackluster," according to the Ministry of Economy and Finance. The other four, including the Korea Railroad Corporation
June 16, 2023
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Economic slowdown continues on weak exports, inflation weakens: government
South Korea's finance ministry said Friday that Asia's No. 4 economy has recently experienced weaker inflationary pressure, although it continued to suffer an economic slowdown. "Recently, the South Korean economy saw its price hikes continue to lose steam. The economic slowdown lingered due to exports and the manufacturing sector," the Ministry of Economy and Finance said in a report. The growth of South Korea's consumer prices slowed for the fourth consecutive month in
June 16, 2023
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S. Korea's H2 economy strategy to focus on rebound, livelihood stability
South Korea's economic strategy for the second half is set to focus on solidifying people's livelihoods and seeking a rebound, the finance ministry said Friday. The remark was made in light of the Ministry of Economy and Finance's ongoing efforts to prepare a report on the economic policy direction for the upcoming July-December period, which is set to be released in the near future. "Amid the lingering uncertainties in the global economy, exports and the manufacturing indust
June 16, 2023
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Twice as many millionaires to leave S. Korea in 2023: report
Amid the increasing trend for high-net-worth individuals to migrate to other countries, more than 800 Korean millionaires, which is double the amount compared to last year, are expected to migrate to foreign countries in 2023, a report said. According to a report released by English residence and citizenship investment advisory firm Henley & Partners, Korea's net outflow of high-net-worth individuals, or HNWIs, is estimated to jump from 400 to 800 in 2023. The number marks Korea as the
June 15, 2023
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BOK heeds possibility of US rate hikes later this year
The Bank of Korea said it would remain vigilant following the US Federal Reserve’s decision to pause its interest rate hike cycle for the first time in 15 months, noting the possibility of a further increase later this year. The Federal Open Market Committee unanimously kept its key borrowing target range at 5 percent to 5.25 percent, after 10 consecutive rate increases since March last year. The rate freeze was aligned with expectations in the market but the Fed also signaled that addit
June 15, 2023
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Container freight rates for US, EU up in May: data
Outbound container shipping costs for major destinations, including the United States and the European Union, rose in May from a month earlier, data showed Thursday. The average rate for a 40-foot container from Asia's fourth-largest economy to the US east coast came to 4.95 million won ($3,877), up 3 percent from a month earlier, according to the data from the Korea Customs Service. It marked the first time in 13 months for the rate to rise on-month, the agency said. Rates for the US west
June 15, 2023
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S. Korea's fiscal deficit expands on-year in April
South Korea's fiscal deficit expanded in the first four months of 2023 from a year earlier amid economic uncertainties, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 45.5 trillion won in the January-April period, larger than a shortfall of 37.9 trillion won a year earlier, according to the finance ministry. South Korea's tax revenue came to 134 trillion won during the cited period, down 33.9 trillion wo
June 15, 2023
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S. Korea, Ecuador seek stronger economic ties through envisioned trade deal
South Korea and Ecuador on Thursday discussed ways to expedite the establishment of a bilateral free trade deal to boost trade and investment and to deepen industry ties, Seoul's trade ministry said. Negotiations are underway between the two sides for the Strategic Economic Cooperation Agreement, a type of free trade pact, with nine rounds of talks having been held since 2016. On Thursday, Trade Minister Ahn Duk-geun met with his Ecuadorian counterpart, Julio Jose Prado, in Seoul and discus
June 15, 2023
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S. Korea's ICT exports fall for 11th straight month in May
South Korea's exports of information and communication technology products dropped for the 11th consecutive month in May on a lingering economic slowdown and waning demand for semiconductors, government data showed Wednesday. Outbound shipments of ICT products came to $14.5 billion last month, down 28.5 percent from $20.2 billion a year earlier, according to the data compiled by the Ministry of Science and ICT. The monthly ICT exports have been on the decline since July last year. The count
June 14, 2023
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S. Korea to unveil measures to fill job openings in vulnerable sectors
South Korea plans to announce additional measures next month to help industries facing labor shortages fill job vacancies, the finance ministry said Wednesday. The move came as some 216,000 job openings remained vacant in April, according to the Ministry of Economy and Finance, amid the country's falling unemployment rate. "Along with customized measures for each sector, we plan to beef up employment services, apply flexible rules to utilize the foreign workforce, improve the working e
June 14, 2023
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Import prices snap 3-month fall in May on falling oil prices
Import prices fell in May to end a three-month rise on the back of falling oil prices, central bank data showed Wednesday. The import price index for May stood at 135.54, down 2.8 percent from April's 139.45, according to the data compiled by the Bank of Korea. The index also fell 12 percent compared with a year earlier, marking the sharpest decline since May 2020, when the comparable figure was 13 percent. Import prices of coal and petrochemical goods dropped 5.8 percent on-month last mont
June 14, 2023
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Exports up 1.2% during first 10 days of June
South Korea's exports moved up 1.2 percent on-year in the first 10 days of June due to a greater number of working days, data showed Monday, although overseas sales of semiconductors continued to remain sluggish. The country's outbound shipments reached $15.3 billion in the June 1-10 period, compared with $15 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 20.7 percent on-year to $16.7 billion during the period, resulting in a trade de
June 12, 2023
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S. Korea, Saudi Arabia to form W208.4b joint investment fund
South Korea and Saudi Arabia will form a 208.4 billion won ($155 million) joint fund to help Korean startups attract investments and advance to the Middle Eastern market, government officials said Sunday. Saudi Arabia will inject 195.4 billion won into the fund and Korea Venture Investment Corp. will invest the remaining 13 billion won in it, according to the Ministry of SMEs and Startups. From Saudi Arabia, Saudi Venture Capital Co. and Public Investment Fund (PIF) Jada will make an investment
June 11, 2023
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Solar power emerging as major energy source in S. Korea
Solar power generation accounted for close to 40 percent of South Korea's overall electricity demand at one point in April, industry data showed Sunday, suggesting it has emerged as a major source of energy in the country. A total of 21,778 megawatts was generated through solar power between noon and 1 p.m. on April 9, accounting for 39.2 percent of the country's total power use of 55,577 megawatts, according to data from the Korea Power Exchange and state utility Korea Electric Power
June 11, 2023
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Samsung Electronics most preferred stock as gifts in May
South Korean tech giant Samsung Electronics Co. was the most preferred stock as gifts among domestic investors last month, a local brokerage analysis showed Sunday. Shares in Samsung Electronics topped gifting stock services of the home trading and mobile trading systems operated by the country's seven securities companies in May, according to the brokerages' analysis. The seven securities firms are NH Investment & Securities Co., Samsung Securities Co., Hana Securities Co., KB Sec
June 11, 2023
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S. Korea's current account returns to deficit in April
South Korea's current account returned to a deficit in April due to decreased dividend payments from overseas and a deficit in the travel-related account, central bank data showed Friday. The country's current account deficit reached $790 million in April, swinging from a surplus of $160 million a month earlier, according to the preliminary data from the Bank of Korea. In January, the country also suffered a record deficit of $4.21 billion amid an extended decline in outbound shipments
June 9, 2023