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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S. Korean economy rebounds as consumer spending picks up
South Korea’s economy showed a slight sign of recovery, with 0.3 percent growth in the first three months of 2023 on the rebound of private consumption as the COVID-19 pandemic wanes. The country’s gross domestic product -- the value of all goods and services created -- grew 0.3 percent in the January-March period, showing signs of recovery from the minus 0.4 percent of the previous quarter. It showed a 0.8 percent increase from the same period of 2022, data from the Bank of Korea sh
April 25, 2023
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Korea Customs Week 2023 to go beyond borders for global cooperation
South Korea's customs agency Korea Customs Service said Tuesday that it will host an international conference in Seoul starting from Wednesday, under the theme of global cooperation and digital customs. Taking place between Wednesday to Friday, Korea Customs Week 2023 will be the first large-scale international customs conference held by the agency. The event will be attended by customs authorities from 75 countries, with 600 domestic and overseas entrepreneurs and officials, including the
April 25, 2023
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Korea reinstates Japan on fast-track trade 'white list'
South Korea reinstated Japan to its “white list” of trusted trading partners in more than three years in a push to revive economic cooperation between the two countries, the Ministry of Trade, Industry and Energy said Monday. The ministry released a notification on Japan’s restored status in an amendment of the export and import notification of strategic materials. With the change, Japan will be included the list of 28 other countries who are granted simplified procedures for
April 24, 2023
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S. Korea's whisky imports soar about 80% in Q1
South Korea's whisky imports shot up nearly 80 percent in the first quarter of this year on the liquor's surging popularity among young Koreans amid the coronavirus pandemic, data showed Monday. The volume of imported whisky came to 8,443 tons in the January-March period, up 78.2 percent from a year earlier, according to the data from the Korea Customs Service. It marks the highest first-quarter tally since 2000, when data tracking began. It is also the largest quarterly figure after 8
April 24, 2023
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Exports down 11% during first 20 days of April
South Korea's exports fell 11 percent on-year in the first 20 days of April, data showed Friday, amid the prolonged slump in the global chip industry. The country's outbound shipments stood at $32.4 billion in the April 1-20 period, compared with $36.3 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 11.8 percent on-year to $36.5 billion during the cited period, resulting in a trade deficit of $4.13 billion. In March, outbound shipments fell 13
April 21, 2023
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Hana Financial awards artists with disabilities
Hana Financial Group on Thursday held an award ceremony for the winners of its art contest for supporting and celebrating artists with developmental disorders. The ceremony of the contest dubbed “Hana Artverse” took place in commemoration of Korea’s 43rd National Day of People with Disabilities on Thursday. This is the second time the group hosted the multi-platform art contest to allow artists with developmental disabilities to showcase their talents and improve social awarene
April 20, 2023
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S. Korea cuts more than 10,000 employees at state-run firms in Q1
SEJONG-- South Korea's finance ministry said Thursday it has reduced the staff of state-run companies by more than 10,000 workers through voluntary retirement and sold assets to tighten its belt amid economic uncertainties. Around 290 state-run businesses let go of a combined 10,721 workers over the January-March period, according to the Ministry of Economy and Finance. Additionally, local state-run firms sold unnecessary assets worth 1.4 trillion won ($1 billion) over the same period. Th
April 20, 2023
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1st meeting to set 2024 minimum wage falls apart
The first negotiating session for next year's minimum wage fell through Tuesday, as public sector representatives stayed away from the meeting in protest of labor activists shouting slogans in the conference room. The tripartite Minimum Wage Commission, which is composed of nine members each from labor, business and public sectors, was scheduled to meet for its first plenary meeting at 3 p.m. Tuesday to determine the minimum wage for 2024. But public sector representatives, including Commis
April 18, 2023
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Korea extends tax cut on fuel for 4 more months
The Korean government will extend the current tax cut imposed on fuel until the end of August, the Finance Ministry announced Tuesday. Fuel tax reductions -- namely a 25 percent cut for gasoline, and 37 percent cuts for diesel and the liquefied petroleum gas butane -- which were to end in April, will last for another four months, considering the rising prices of oil, the ministry said. The cut pulls down gasoline prices by cutting tax worth 205 won ($0.16) from 820 won to 615 won per liter, di
April 18, 2023
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Imports of Japanese seafood jump 21 % in Q1 amid tainted water concerns
South Korean imports of Japanese seafood swelled nearly 21 percent in the first quarter of 2023 despite concerns over Tokyo's planned release of contaminated water from its crippled nuclear power plant, government data showed Tuesday. Seoul imported $48.6 million worth of fishery products from the neighboring country in the January-March period, up 20.9 percent from a year earlier, according to the data from the Korea Customs Service. It marked the largest first-quarter value of Japanese se
April 18, 2023
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China’s reopening has limited impact on S. Korea: BOK
China's reopening has shown limited effects on the South Korean economy, dampening expectations that it would reignite tourism and export industries, a report by the Bank of Korea showed Monday. The trade balance with China, which had been worsening since April last year due to China's lockdowns, failed to make a rebound despite the easing of COVID-19 measures in December, the report said. The trade deficit with China stood at $7.85 billion in the first three months of 2023, following
April 17, 2023
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Finance minister rules out extra budget
South Korea was not considering planning a supplementary budget, its finance minister has said, despite a looming decline in this year's tax income. "We are not mulling a supplementary budget at this point," Finance Minister Choo Kyung-ho said during a meeting with reporters in Washington on Thursday (U.S. time), where he attended the G20 Finance Ministers and Central Bank Governors' meeting. The comment came as South Korea's tax income declined 15.7 trillion won ($12 billion) as of Fe
April 16, 2023
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S. Korean finance minister to meet Japanese counterpart next month amid thawing relations
WASHINGTON -- South Korean Finance Minister Choo Kyung-ho has said he will meet with his Japanese counterpart, Shunichi Suzuki, next month, the first meeting between the finance ministers of the two neighbors in nearly seven years in the latest sign of a thaw in diplomatic relations. The agreement was made in Washington where the two attended the G20 Finance Ministers and Central Bank Governors' meeting, Choo said last Thursday. "Since the two leaders initiated a watershed moment (for
April 16, 2023
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BOK chief says don't expect a rate cut 'any time soon'
Bank of Korea Gov. Rhee Chang-yong underlined that is “too early” to discuss a rate cut, issuing a warning on growing expectations that the central bank may start to cut its base rate soon. With the BOK deciding to hold the rate at 3.5 percent for a second consecutive time on Tuesday, market expectations have grown that the rate hike cycle has ended and a pivot on the BOK’s rate stance could come within the year. Rhee, however, drew a line, saying it is premature to discuss a
April 14, 2023
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Uncertainties remain for S. Korean economy but conditions will improve from second half of year: finance minister
The South Korean economy continues to face uncertainties amid global price hikes but conditions are expected to improve from the second half of the year, the country's finance minister said Thursday. Choo Kyung-ho, who is double-hatted as deputy prime minister, also said the country will work to keep prices down. Economic conditions for South Korea "are believed to gradually show signs of improvement," Choo told reporters. The South Korean finance minister is currently on a trip t
April 14, 2023
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[Photo News] Snack binge
April 13, 2023
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[KH Explains] When will BOK pivot come?
Expectations on a base rate cut is growing as the Bank of Korea kept the benchmark rate steady for a second consecutive time Tuesday. The central bank’s decision to hold the rate at 3.5 percent in light of the eased inflationary pressure strengthened market expectations that the BOK’s rate hike cycle has ended and a pivot on its rate stance could come soon. Some even expect a rate cut to come within the year. “The Bank of Korea's terminal rate will stand at 3.5 percent. It
April 12, 2023
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Global investors welcome Seoul's efforts to revamp financial regulations
Global investors have hailed South Korea's latest efforts to revamp its financial regulations, such as the extension of trading hours, pointing out they will help the country attract more investment, the finance ministry said Wednesday. The assessment came during Finance Minister Choo Kyung-ho's meetings with representatives from major US investors, including Blackstone, the Bank of New York Mellon, and Goldman Sachs, earlier this week in New York on Monday and Tuesday, according to th
April 12, 2023
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BOK freezes rate once again
The Bank of Korea kept the base rate unchanged for a second consecutive time, as inflation appears to be somewhat on the wane while the economy remains slow. The central bank decided to hold the rate at 3.5 percent at its rate-setting meeting on Tuesday, matching market expectations that the BOK's rate hike cycle of 1 1/2 years has come to a halt. “Inflation is projected to continue slowing down although it will remain above the target level for a considerable time. Uncertainties su
April 11, 2023
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Big firms' borrowing costs soar in 2022 on high interest rates
Large South Korean firms saw their interest expenses spike more than 50 percent in 2022 from a year earlier due to rising interest rates, a corporate tracker said Tuesday. The combined interest cost of 377 out of the country's top 500 firms by sales stood at 39.9 trillion won ($30.2 billion) last year, up 50.2 percent from a year earlier, according to the Leaders Index. The surge came as South Korea's central bank has remained hawkish in an effort to curb persistently high inflation. T
April 11, 2023