Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hankook Tire takes over control of Hanon Systems
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[Herald Interview] ‘Time to Be Strong’ follows retired K-pop idols’ self-discovery
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Samsung chief returns from Europe after meeting with Pope, business leaders
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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
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Korea to open up FX market to offshore firms
Financial authorities to push for allowing participation of offshore firms in forex market, while extending operating hours until 2 a.m. In hopes of conforming the Korean market to global standards, Korea is to push for changes in the foreign exchange market, including allowing the participation of offshore firms and extending market hours until 2 a.m. The Ministry of Economy and Finance and the Bank of Korea held a seminar on Tuesday in Seoul, announcing measures to be taken to elevate the st
Feb. 7, 2023
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BOK renews W9.6tr currency swap deal with Australia
South Korea and Australia have agreed to extend their currency swap agreement by another five years, in a bid to continue to increase trade and improve financial stability. Under the extension, the Bank of Korea and the Reserve Bank of Australia can exchange their local currencies up to 9.6 trillion won or 12 billion Australian dollars ($7.69 billion). The deal follows the previous agreement made in February 2020. The initial currency swap agreement between South Korea and Australia was sealed i
Feb. 6, 2023
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SK ecoplant renews North America push
SK ecoplant, the engineering and construction unit under SK Group, announced Monday that its North American unit has been renamed from BETEK to SK ecoplant Americas as part of efforts to renew its commitment to the all-important market. Under the new name, SK ecoplant Americas plans to ramp up efforts to expand its presence in environment and energy sectors, as well as existing fuel-cell businesses. Its core fuel-cell business, based on a value chain from product development to application techn
Feb. 6, 2023
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Export slump to continue through H1; inflation to slow in H2: finance minister
SEJONG -- South Korea's exports are anticipated to remain sluggish "at least" through the first six months of 2023, the finance minister said Friday, while inflation is expected to slow in the latter half. Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting with economy-related ministers, after South Korea reported sluggish export figures and worrisome inflation data for January earlier this week. "Exports have lost ground for four consecutive mont
Feb. 3, 2023
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S. Korea to sell W13tr won worth of Treasurys in February
South Korea plans to sell 13 trillion won ($10.6 billion) in state bonds this month, the finance ministry said Thursday. The ministry will issue 2.4 trillion won in Treasurys with a maturity of three years and another 2.1 trillion won in five-year government bonds in February, according to the Ministry of Economy and Finance. It also plans to sell 2.3 trillion won in bonds with a maturity of 10 years, 1 trillion won in 20-year Treasurys and float 3.1 trillion won in bonds with a maturity of 30 y
Feb. 2, 2023