Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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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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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Weak chip demand pushes economy recovery off track
Sluggish demand for chips, the country’s key export item, continues to hinder Korea from getting the economy on a recovery track, the finance minister said Thursday, Asia’s fourth-largest economy logged a fall in exports for a fifth month in a row in February due to weak global demand for semiconductors amid an economic slowdown. “Without a rebound in the semiconductor industry, limits on export recovery are inevitable for the time being,” Finance Minister Choo Kyu
March 2, 2023
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Industrial output up 0.5% in January; retail sales down for 3rd month
South Korea's industrial output edged up 0.5 percent on-month in January, while retail sales extended losses to a third month, data showed Thursday. The latest rise in the industrial production came after the figure remained unchanged the previous month, according to the data from Statistics Korea. The industrial output earlier shed 1.2 percent and 0.4 percent on-month in October and November, respectively. The rebound came as the combined output in the mining, manufacturing, gas and electr
March 2, 2023
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S. Korea's exports down for fifth month in Feb. on falling chip demand
South Korea's exports fell for the fifth consecutive month in February due mainly to weak global demand for semiconductors amid an economic slowdown, the industry ministry said Wednesday. Outbound shipments fell 7.5 percent on-year to $50.1 billion in February, according to the data compiled by the Ministry of Trade, Industry and Energy. Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to curb inflation. It is also the first
March 1, 2023
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Finance minister urges close attention to China's reopening
South Korea's chief economic policymaker on Tuesday called for more attention to the reopening of the Chinese economy in order to address the prolonged downturn in the country's outbound shipments. At a Cabinet meeting, Finance Minister Choo Kyung-ho pointed out challenges facing South Korea, such as high inflation, higher borrowing costs and the strong US dollar amid the war between Russia and Ukraine. The finance minister added each ministry should especially keep a watchful eye
Feb. 28, 2023
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Intensive probe launched into liquor prices amid inflation woes
The South Korean government has launched an intensive probe into liquor prices in an apparent move to tackle further price hikes for soju and beer, the two most popular alcoholic drinks in Korea, amid deepening inflation woes among consumers. With prices of beer products expected to go up following a tax hike in April, the local liquor industry is widely expected to raise the prices of soju, too. With concerns over the price hikes adding to the burden of consumers, the Finance Ministry is uppi
Feb. 26, 2023
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Top 0.1 pct of wealthy S. Koreans made 70 times more than median income earners in 2021
The top 0.1 percent of wealthy individuals in South Korea earned nearly 70 times more than the median income earners in 2021, data showed Saturday. Statistics from the National Tax Service cited by Rep. Yang Kyung-sook of the opposition Democratic Party also showed the share of the total income held by the top bracket had increased to 4.8 percent that year from 4.2 percent in 2018. The per capita annual income of the richest 0.1 percent was 1.85 billion won (US$1.4 million) in 2021, 69.5 times m
Feb. 25, 2023
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KEPCO suffers record operating loss in 2022 on high fuel costs
The state-run utility Korea Electric Power Corp. said Friday its operating loss more than quintupled on-year to hit a record high last year due to higher fuel costs and limited electricity rate hikes. Its operating loss came to 32.63 trillion won ($25.02 billion) in 2022, compared with 5.85 trillion won a year earlier, the company said in a regulatory filing. It is the largest ever yearly figure the company has logged so far, and the previous record was set in 2021. Sales grew 17.5 percent on-ye
Feb. 24, 2023
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BOK freezes rate, forecasts fading inflation
The Bank of Korea left the key interest rate unchanged at 3.5 percent Thursday on expectations that inflation has peaked. It, however, stressed the freeze does not signal an end of its rate hike stance. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. Over the past 1 1/2 years, it has raised the base rate by 300 basis points to 3.5 percent. However, projecting that inflation has passed its peak and will slowly tail off throughou
Feb. 23, 2023
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BOK freezes rate, ending hike cycle
The Bank of Korea kept its key interest rate unchanged at 3.5 percent Thursday, putting on hold a rate-raising policy that has lasted 1 1/2 years. The central bank began a series of rate hikes in August 2021 to tamp down soaring prices amid the pandemic recovery. The BOK raised the benchmark interest rate seven consecutive times. The bank’s decision falls in line with market expectations which projected it would end the hike considering the slowing global economy. The US Federal Bank has s
Feb. 23, 2023
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South Korea’s fertility rate drops to all-time low
South Korea's total fertility rate hit an all-time low last year, government data showed Wednesday, darkening prospects for one of the world's most aged countries. In 2022, the country saw 249,000 newborns, down 4.4 percent, or 11,500 less, than that of the year before. The fertility rate, the average number of children women aged 15-49 have, fell to 0.78, down 0.03 from the 0.81 of the previous year, according to Statistics Korea. The figure hit an all-time low since the statistics
Feb. 22, 2023
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BOK likely to freeze base rate after 18 months of hikes
With the Bank of Korea set to hold its rate-setting meeting on Thursday, the market is expecting a freeze to the base interest rate for the first time in a year and half, marking an end to its rate hike cycle. The central bank, with its base rate standing at 3.5 percent, has been leading an aggressive monetary tightening policy, continuously raising the key rate since August 2021 to tamp down soaring prices. The market, however, expects the central bank to take a pause this month, considering th
Feb. 20, 2023
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Hana Bank to offer energy expense support
Hana Bank announced Sunday that it has raised 30 billion won ($23.07 million) through a joint labor-management fund to provide energy expense support for the financially vulnerable. The funds raised are enough to cover cash subsidies for the energy expenses of 150,000 people, including users of financial products for the working class and borrowers who are adversely affected by high interest rates. The fund was put together with donations and proceeds from the management’s additional volun
Feb. 19, 2023
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Economic slowdown to continue on slumping exports, higher inflation: Finance Ministry
South Korea's Finance Ministry said Friday the country's economy has slowed amid higher inflation and sluggish exports. "South Korea's inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn," the Ministry of Economy and Finance said. The Finance Ministry had been mentioning the possibility of an economic slowdown in its monthly economic assess
Feb. 17, 2023
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S. Korea sends economic delegation to Austria, Croatia for World Expo bid
South Korea sent an economic delegation involving Samsung Electronics Co., LG Energy Solution Ltd. and other major companies to Austria and Croatia for talks on ways to enhance economic and investment ties, and to drum up support for Busan's bid to host the 2030 World Expo, the industry ministry said Thursday. The delegation, led by Trade Minister Ahn Duk-geun, began a three-day visit to the two European nations Wednesday as part of South Korea's plan to send a delegation to 13 Europea
Feb. 16, 2023
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Korea logs smallest job gain in 2 years
Korea saw the smallest increase in the number of additional jobs in nearly two years in January, a sign of the toll the economic downturn has taken on the labor market. The pace of increase has slowed for eight months in a row since May last year, indicating a shrinking labor market. According to data released by the Statistics Korea on Wednesday, the number of employed people came in at 27.36 million last month, up 1.5 percent or 411,000 from a year ago. It was the lowest on-year growth
Feb. 15, 2023
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Import prices down in January on stronger local currency
South Korea's import prices fell for a third straight month in January despite oil price hikes, largely due to the local currency's rise against the US dollar, central bank data showed Tuesday. The import price index stood at 134.95 in January, down 2.3 percent from a month earlier, according to the preliminary data from the Bank of Korea. The index dropped 5.5 percent in November and 6.5 percent in December. Compared with a year earlier, the January index rose 1.7 percent, growing at
Feb. 15, 2023
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[KH Explains] Korea pins high hopes for MSCI index upgrade
Over the years, South Korea has been making continuous efforts to win the top grade of the one of the world's most recognizable stock indices developed by Morgan Stanley, in hopes to attract more global investors and prove the growing international credibility for the economy. The assets under management benchmarked to the Morgan Stanley Capital International indices, which widely tracks global equity benchmarks for stock market performances, has mounted up to $13.5 trillion. Listed on the Emerg
Feb. 14, 2023
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Exports up 12% during first 10 days of Feb. on more working days
South Korea's exports increased 11.9 percent on-year in the first 10 days of February, data showed Monday, due to stronger shipments of automobiles and more working days. The country's outbound shipments stood at $17.6 billion in the Feb. 1-10 period, compared with $15.7 billion a year earlier, according to the data from the Korea Customs Service. The daily export volume, on the other hand, dipped 14.5 percent on-year, the data showed. The number of working days came to 8.5 days over t
Feb. 13, 2023
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Hana Financial vows $300,000 for Turkey aid
Hana Financial Group announced Wednesday that it has delivered a total of $300,000 in emergency relief to help victims of a deadly earthquake in Turkey and Syria and the ongoing rescue and restoration efforts there. Hana, which has 206 regional branches in 25 regions worldwide, is the only local commercial bank to operate a regional office in Istanbul. The group said it decided to send the emergency support, delivered through the Community Chest of Korea and other global charities, out of sympat
Feb. 8, 2023
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S. Korea's current account turns to black in Dec. but sharply smaller than prior year
South Korea's current account swung back to the black in December from the previous month, but the amount was quite smaller than a year before as exports dwindled amid growing global recession woes, central bank data showed Wednesday. The country's current account surplus came to $2.68 billion in December, compared with a shortfall of $220 million a month earlier, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.
Feb. 8, 2023