Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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[News Focus] National debt up W56 trillion since late 2017: Assembly data
SEJONG -- Compared with past governments, the Moon Jae-in administration has been actively increasing public expenditure to benefit jobless people in their 20s and early 30s.However, many have cast doubt on the efficacy of its strategy of pouring dozens of trillions of won in taxpayer money into job creation over the past two years since May 2017.This year, the incumbent government is struggling to prevent the economic growth rate from falling sharply by proposing a supplementary budget bill, dr
June 2, 2019
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S. Korea's exports down 9.4 percent in May on chips, China
South Korea's exports dropped 9.4 percent in May from a year earlier, extending their on-year fall for the sixth consecutive month, data showed Saturday, due mainly to the sluggish shipments of chips and the weak Chinese economy. Outbound shipments came to US$45.9 billion for May, down from the $50.68 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports moved down 1.9 percent last month to $43.64 billion, the minis
June 1, 2019
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BOK freezes key rate at 1.75%
South Korea's central bank left its policy rate unchanged at 1.75 percent Friday amid lingering concerns over weaker economic growth. The monetary policy board of the Bank of Korea voted to leave the bellwether rate steady for the sixth straight month after raising it by a quarter percentage point in November last year. The BOK's wait-and-see stance had been widely expected as South Korea's economy shows some signs of a downturn in exports and tepid domestic demand amid protracted US-China trade
May 31, 2019
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[Monitor] S. Korea’s birthrate plunges to monthly low in March
The number of births in South Korea plunged to an all-time monthly low of 27,100 in March, according to Statistics Korea, reflecting the nation’s declining marriage and fertility rates. Data showed that 27,100 babies were born in March, down 9.7 percent on-year, marking the lowest figure for March since the agency began compiling related data in 1981. This is also the first time the birthrate in March has dropped below the 30,000 level. The number of marriages also dropped to 19,600 in the
May 30, 2019
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S. Korea remains on US ‘monitoring list’ for currency manipulation
The United States Treasury Department has kept South Korea on its monitoring list for currency manipulating countries, suggesting a possible removal in the next report, the Ministry of Economy and Finance said Wednesday.In a semiannual report submitted to Congress on Tuesday, the US Treasury also named eight other trading partners as those requiring attention regarding their currency practices. The list comprised China, Japan, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.Also, Korea
May 29, 2019
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S. Korea drops to 28th place in global competitiveness rankings
South Korea’s global competitiveness ranking dropped one place this year, amid an economic slowdown hit by reduced exports and capital investments, an annual report by a Switzerland-based international institute showed Wednesday.The International Institute for Management Development said in its report that Korea ranked 28th in terms of world competitiveness among the 63 countries surveyed. It was ranked 27th last year.The institute, since 1997, has been ranking economies based on four cate
May 29, 2019
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Seoul’s housing price hike stable among major cities: government
In an apparent move to advocate the incumbent government’s real estate measures, the Land Ministry said Tuesday that Seoul’s housing prices had grown at a stable rate for the past five years, compared to fluctuations observed in real estate transaction prices in other major cities. Seoul saw an average 18.9 percent rate fluctuation in its housing price from 2014 to 2018, according to the data, which was released as part of a seminar co-hosted by the ministry and the state-run Ko
May 28, 2019
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Korea’s consumer sentiment index dips to 6-month low
South Korea’s composite consumer sentiment index fell in May for the first time in six months, due to a slowing economy, volatile stock market and concerns over the escalating trade war between the US and China. The Bank of Korea said Tuesday that the CSI -- which measures consumers’ optimism about the economy -- came to 97.9 for May, down 3.7 points from the previous month.It marks the first decline in the index since November 2018, when it fell to 95.7. It had been on a five-month
May 28, 2019
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[News Focus] Online shopping expands more than 100% in 3 years
SEJONG -- South Koreans have sharply increased their shopping through computers and smartphones in recent years, which is taking up more than 20 percent of their total consumption.The rapid growth of online shopping transactions has been backed by systematic parcel delivery services, which send products to consumers across the country in one to three days.Almost every kind of product -- from drinking water, food and cosmetics to clothing, home appliances and furniture -- are available on online
May 26, 2019
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Moon meets farmers planting rice in Gyeongju
President Moon Jae-in visited a southeastern rural village Friday to encourage farmers who were busy planting rice. He briefly planted rice himself and attended the test operation of an agricultural drone and a self-driving rice-planting device in Oksan village in Gyeongju, 371 kilometers southeast of Seoul, according to his office, Cheong Wa Dae."Given the reality of rural areas suffering difficulties from the aging population and labor shortages, there's a desperate need to develop and sp
May 24, 2019
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Koreans’ overseas card spending down in Q1
Overseas card spending by South Koreans fell in the first quarter, despite the rising number of outbound tourists, as a weaker Korean won discouraged them from swiping cards overseas, central bank data showed on May 23. In the January-March period, Koreans spent $4.68 billion using cards abroad, down 3.3 percent from three months earlier, according to the data by the Bank of Korea. Quarterly card spending peaked at a record $5.07 billion in the first three months of 2018. But it declined for two
May 23, 2019
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Gender pay gap widens at large firms in Q1
The wage gap between male and female workers at large firms here widened in the first quarter from a year earlier, data showed Thursday.Women working for 202 major listed companies were paid an average 15.37 million won ($12,910) in the January-March period, or 63.5 percent of the median pay of 24.2 million won for male employees, according to the data by Yonhap Infomax, the financial news and information arm of Yonhap News Agency.It was slightly lower than the 64.6 percent ratio recorded during
May 23, 2019
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OECD cuts S. Korea’s growth outlook for 2019 to 2.4%
The Organization for Economic Cooperation and Development has slashed its growth outlook for the South Korean economy this year to 2.4 percent, amid the prolonging impact of US-China trade frictions, the Ministry of Economy and Finance said Tuesday.The domestic economy will grow 2.4 percent this year and 2.5 percent in 2020, according to the OECD Economic Outlook report. Previous estimates suggested in March were 2.6 percent, both for this year and next year, while the nation’s actual grow
May 21, 2019
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[News Focus] Manufacturers’ production capacity slides to mid-2016 levels: index
SEJONG -- The manufacturing industry has come to a standstill in output and productivity that could further weaken the nation’s already lackluster economic growth, which has suffered as a result of sagging exports and weak private consumption.According to Statistics Korea, the manufacturing production capacity index stood at 101.4 in February 2019 -- the lowest level in 33 months, since May 2016, when it posted the same figure. Though the index inched up to 101.6 in March 2019 (the la
May 21, 2019
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S. Korea ups guard against US-China trade tensions
South Korea’s fiscal chief on Monday warned that the economy may have become more vulnerable to the escalating trade conflicts between the United States and China, apparently shifting from his previous optimistic tone.He also vowed to take “appropriate measures” to stabilize the financial markets when necessary, hinting at the possibility that the government might expand its involvement in foreign exchange to defend the value of the local currency. “There is a possibility
May 20, 2019
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[News Focus] In efforts to curb apartment prices, rate hikes seemingly pushed aside
SEJONG -- The Moon Jae-in government has repeatedly expressed its commitment to lower housing prices in Seoul, amid an extraordinary situation in which many apartments surged in price more than 50 percent from late 2016 through 2018.Most of its anti-speculation measures have been mapped out by the Finance Ministry, the Land Ministry and the Financial Services Commission.But the presidential office has refrained from seeking to normalize apartment prices by normalizing interest rates. This is des
May 20, 2019
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Moon urges more active fiscal policy for growth, welfare
President Moon Jae-in called Thursday for an aggressive fiscal policy to cope effectively with a slew of "structural" problems in South Korea.He pointed out that Asia's fourth-largest economy is ridden with such pressing concerns as a widening income gap, unemployment, aging society and low childbirth rate."It's a time when the bold role of state finance is more necessary than any other time," the president said during a government meeting on fiscal strategies in the administ
May 16, 2019
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Jobless rate hits 19-year high in April, job creation slows
South Korea’s job market prolonged its downswing in April, with unemployment reaching its highest point in 19 years, government data showed Wednesday.The increasing pace of job creation also slowed further, especially in the retail and manufacturing sectors and among the economically active 30-40 age group.According to job figures released by Statistics Korea, the total number of jobless people surpassed 1.24 million as of April for the first time since the government started compiling the
May 15, 2019
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Jobless rate rises to 4.4% in April
South Korea's jobless rate rose to 4.4 percent in April, government data showed Wednesday, in the latest sign of a weak job market amid an economic slowdown in Asia's fourth-largest economy.The unemployment rate increased 0.3 percentage point from a year earlier, according to the data compiled by Statistics Korea.It also marked the highest level for any April since 2000, when the corresponding figure stood at 4.5 percent.The number of employed people reached 27.03 million in April, an increase o
May 15, 2019
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S. Korea to send rice to 4 countries facing famine
South Korea will provide food aid to four countries in the Middle East and Africa currently reeling under famine, the Ministry of Agriculture, Food and Rural Affairs announced Friday.At a ceremonial event held at a port in Mokpo, South Jeolla Province, Deputy Minister Kim Jong-hoon announced that a total of 50,000 tons of domestically grown rice will be distributed to Yemen, Ethiopia, Kenya, and Uganda. The shipments are expected to reach the countries by mid-May to June.Since Korea became a mem
May 13, 2019