Most Popular
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Same day, different holiday: Mid-autumn festivals across East Asia
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N.Korea could use nuclear weapons at any stage of conflict: Pentagon
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Yoon hosts luncheon meeting with Korean atomic bomb victims in Hiroshima on Chuseok
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Swimmer, gamers celebrate Chuseok with gold medals
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Memorials commemorating Itaewon crowd crush to be erected at accident site
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The many regional flavors of songpyeon, a Korean holiday dessert
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Opposition leader proposes meeting with Yoon amid growing party feud
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With teammate's help, inconsolable shooter regroups in time to win bronze
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NewJeans hits 1 bln streams mark on Spotify with debut album
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Whisky imports surge 40% through August, suggesting record-breaking year
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S. Korea's consumer prices up 3.4% in Aug.
South Korea's on-year consumer price growth surpassed 3 percent in August after falling below the mark for two consecutive months amid higher prices of agricultural and manufactured goods, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 3.4 percent last month from a year earlier, compared with a 2.3 percent increase in July, according to the data from Statistics Korea. It was the highest on-year rise since the 3.7 percent growth tallied in April. In June, inflation fell
Sept. 5, 2023
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S. Korea's economic growth gathers pace in Q2; outlook still murky
South Korea's economy grew at a slightly faster pace in the second quarter of this year than three months earlier despite a slump in exports, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.6 percent on-quarter in the April-June period, matching an earlier estimate, according to the Bank of Korea. The second-quarter expansion is higher than the 0.3 percent expansion in the first quarter. Asia's fourth-l
Sept. 5, 2023
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NFT tech expands realm of future art
With the rapid advancement of artificial intelligence technology, the role of NFT technology goes beyond protecting the copyrights of digital art collectibles, and into expanding the realm of art, with diverse implications for the future art world. Throughout the NFT 2023 Seoul Conference, held at Coex in southern Seoul on Friday, the future roles of NFT technology were illuminated. Dedicated to the theme, “the Utilization and Role of NFT Art in the Future Art,” the second part of th
Sept. 4, 2023
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Experts explore NFT applications, STO market dynamics
The NFT 2023 Seoul Conference on Friday focused the connection between non-fungible tokens (NFTs) and Web3 infrastructure as well as the role of Security Token Offerings in fundraising. Patrick Yoon from cryptocurrency exchange company Crypto.com Korea opened the sessions by talking about the the growth trajectory Web3. He predicted a $50 trillion-$60 trillion Web3 valuation by 2030, with NFTs poised to claim 10 to 15 percent of the digital asset valuation by that time. "NFT creators have m
Sept. 4, 2023
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Conference highlights unlimited potential of NFT
The NFT 2023 Seoul Conference, held Friday at Coex in southern Seoul, explored the future of non-fungible tokens, discussing how the decentralized technology would innovate diverse fields from blockchain to finance and art in the near future. The one-day event was organized by The Korea Herald, the nation’s largest English daily, together with ArtToken, a Seoul-based digital art platform, and Soongsil University. “Even at this moment, the world is evolving at a fast pace,” Kore
Sept. 4, 2023
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S. Korean economy on verge of recovery: finance minister
The South Korean economy is on the verge of recovery despite some monthly volatility, the finance minister said Monday, with exports showing continued signs of improvement. "South Korea's economy has recently witnessed some monthly fluctuations, but in general, it is building ground at an entryway of recovery," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. While South Korea's industrial output lost ground on-month in July, Choo attribute
Sept. 4, 2023
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S. Korea's exports down for 11th month in Aug. on weak chip demand
South Korea's exports fell for the 11th consecutive month in August due mainly to weak demand for semiconductors and petroleum products, but the country reported a trade surplus for the third straight month, the industry ministry said Friday. Outbound shipments fell 8.4 percent on-year to $51.87 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The decline came as exports of semiconductors, the country's key export item, sank 21 percent o
Sept. 1, 2023
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Industrial output, retail sales, facility investment lose ground in July
South Korea's industrial output, retail sales and facility investment lost ground from a month earlier amid growing concerns of an economic slowdown, data showed Thursday. The industrial output fell 0.7 percent in July from a month earlier after standing still in June, according to the data from Statistics Korea. The three indicators lost ground at the same time for the first time since January. The output in the mining, manufacturing, gas and electricity industries decreased 2 percent due
Aug. 31, 2023
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Korea likely to designate Oct. 2 as temporary holiday
Finance Minister Choo Kyung-ho said the government was positively considering the ruling party's proposal to designate Oct. 2 as a one-off public holiday to allow people to have six consecutive days off work. "The ruling party made the suggestion to ensure the people's right to rest and to stimulate domestic consumption. The government agrees with the ruling party," Choo said in an interview held by a local broadcasting station Tuesday. Designating a temporary holiday on
Aug. 30, 2023
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Over 50% of Korean firms missing earnings target in China this year: survey
China’s disappointing economic recovery has led more than half of Korean companies to miss their earning targets in the market, with abounding downside risks hampering the path to a rebound in the second half of the year, Korea’s major business lobby group said Wednesday. The Korea Chamber of Commerce and Industry raised concerns over the factors causing financial instability in China which could further drag Korean companies down, including its real estate market crisis, contracti
Aug. 30, 2023
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Korea slams brake on budget growth
The Cabinet on Tuesday approved the 2024 budget proposal worth 656.9 trillion won ($497 billion), marking the lowest on-year growth in nearly two decades as the country suffers from sluggish tax revenue. The size of the second budget proposal drawn up by the Yoon Suk Yeol administration has increased by 2.8 percent from this year’s 638.7 trillion won, the smallest proposed increase since 2005. The budget for this year was 5.1 percent up on the previous year. “Due to the past administ
Aug. 29, 2023
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S. Korea, S&P begin annual consultation meetings
South Korea on Monday began annual consultation meetings with global rating appraiser Standard & Poor's Global Ratings (S&P) to discuss the country's credit valuation and economic circumstances, the finance ministry said. The delegation, led by Kim Eng Tan, senior director of Asia-Pacific sovereign ratings at S&P, is visiting South Korea for three days of consultations through Wednesday, according to the Ministry of Economy and Finance. The delegation paid a courtesy visit
Aug. 28, 2023
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[Photo News] Soaring fuel prices
Gasoline and diesel prices are displayed at a gas station in Seoul on Sunday, as diesel averaged over 1,600 won ($1.2) per liter, marking a six-month high following seven continuous weeks of rising gas prices. (Yonhap)
Aug. 27, 2023
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Inflation fears grow on high fuel costs
The on-year growth in consumer prices is likely to bounce back to the 3 percent range from this month due to the spike in international oil prices. While inflation in Korea has been easing off this year, the Finance Ministry expects it to climb back, reaching the 3 percent range before coming down again in October. Korea's on-year growth in consumer prices has been showing signs of slowing down this year. It came down to 4.8 percent in February from 5.2 percent in January, and stayed in the
Aug. 27, 2023
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Exports of fisheries products fall 12% this year: data
South Korea's exports of fisheries products fell more than 10 percent on-year during the first seven months of 2023, data showed Sunday. Outbound shipments of marine products came to $1.75 billion in the January-July period, down 11.5 percent from a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. (aT). Global sales of major fisheries goods suffered a decline, with exports of tuna skidding 21.1 percent to $322 million and those of pollack sinking 82.8 p
Aug. 27, 2023
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How will China's lifting of group travel ban affect Korea's GDP?
China’s lifting of group tours to South Korea is estimated to lead to 800,000 more travelers and raise Korea’s gross domestic product by 0.06 percent this year, the Bank of Korea said Friday. The resumption of group tours is expected to have a significant impact on the recovery of Chinese tourists visiting Korea, considering that about 40 percent of all Chinese tourists were group tourists before the restrictions were put in place, according to an economic outlook report released b
Aug. 25, 2023
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BOK extends rate pause amid mounting US, China pressure
The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, maintaining it a fifth consecutive time amid growing China fears and a widened rate gap with the US. In a rate-setting meeting presided over by BOK Gov. Rhee Chang-yong, the six-member monetary policy board unanimously voted to maintain the current policy rate, which has stayed at 3.5 percent since February. “The board decided to hold the rate, projecting it would take significant time for the inflation rate, whic
Aug. 24, 2023
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BOK holds rate at 3.5% amid China fears
The Bank of Korea on Thursday kept its policy rate unchanged at 3.5 percent, holding it for the fifth consecutive time since February. Recent economic indicators show inflation could rebound within this year as the base effect from last year’s dip in international oil prices wears off. Oil prices have been on the rise recently, too, adding to the growing inflationary pressure on the Korean economy, which heavily dependent on energy imports. Chinese deflation and default risks from its real
Aug. 24, 2023
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Biz outlook hits 6-month low in August amid uncertainties
South Korea's business sentiment fell to the lowest level in six months in August amid continued uncertainties over the economy and monetary tightening here and abroad, a central bank poll showed Wednesday. Manufacturers' business sentiment index for August came to 67, down from 72 tallied for the previous month, according to the survey by the Bank of Korea. The index marks the lowest since February this year, when the comparable reading was 63. The index measures corporate prospects f
Aug. 23, 2023
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Corporate direct financing down 32.8% in July
Corporate direct financing in South Korea contracted 32.8 percent in July from the previous month, data showed Wednesday. Local companies raised a combined 16.07 trillion won ($12.03 billion) by selling stocks and bonds last month, down 7.85 trillion won from June, according to the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and other financial institutions. Stock sales shot up 58.6 percent on-month
Aug. 23, 2023