Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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Korea spends 48% of 2017 budget through May
The South Korean government has used nearly half of its planned budget in the first five months of the year as part of its efforts to frontload spending to prop up the economy, the finance ministry said Thursday.Budget spending by the government and public institutions for the January-May period stood at 135.3 trillion won ($118.7 billion), up 5.5 trillion won from the earlier target of 129.8 trillion won, according to the Ministry of Strategy and Finance.It accounted for 48 percent of the 281.7
June 22, 2017
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Whisky sales drop amid change in drinking culture
Sales of whisky products in South Korea continued to fall in the first five months of this year, mainly due to a protracted economic slump and a change in the drinking culture, industry data showed Thursday.According to the data, whisky product sales in the January-May period fell 6.8 percent to 619,341 boxes from 664,310 tallied in the same period last year. A box contains 18 0.5-liter bottles. Sales of whisky in the Korean market reached their peak in 2008 with 2.84 million boxes and have sinc
June 22, 2017
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Korea's economic policymakers vow to create more jobs, spur investment
South Korea's top economic leaders vowed on Wednesday that they will make concerted efforts to create quality jobs and stir up investment and innovation in the private sector.Finance Minister Kim Dong-yeon, Fair Trade Commission Chairman Kim Sang-jo and presidential chief of staff for policy Jang Ha-sung had trilateral talks in Seoul earlier in the day, their first since the inauguration of President Moon Jae-in on May 10, according to the Ministry of Strategy and Finance.The three policymakers
June 21, 2017
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Most Koreans who live alone are married: survey
The number of single households is continuing to spike as more Koreans live away from their families, while the country’s marriage rate continues to nose-dive. According to a survey released by Statistics Korea on Wednesday, the number of single-person households in the second half of 2016 reached roughly 5.27 million as of October last year, up 3.3 percent from the previous year. The data showed that the number of married people living alone hit 3.12 million or 59.1 percent of all singl
June 21, 2017
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Public sector net lending hits record W44tr in 2016
South Korea's public sector net lending hit a record high last year, thanks to a robust gain in tax revenues and lower oil prices, data showed Wednesday. Net lending, which refers to total revenue minus total expenditures, came to 43.9 trillion won ($38.4 billion) in 2016, compared with 32.9 trillion won from a year earlier, according to preliminary data from the Bank of Korea.It was the highest annual net lending since the central bank began compiling statistics on the public sector account. La
June 21, 2017
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Korea's exports soar 24.4% so far in June
South Korea's exports jumped 24.4 percent in the first 20 days of June from a year earlier on robust overseas demand for semiconductors and ships, customs data showed Wednesday.Total outbound shipments reached $31.9 billion in the June 1-20 period, up from $25.7 billion tallied over the same period last year, according to numbers compiled by the Korea Customs Service. The increase was led by a 111.4 percent on-year surge in exports of vessels and a 51.1 percent gain in semiconductors.Exports to
June 21, 2017
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Exports of functional foods to China surge: report
The exports of South Korean functional foods to China have grown at an annual rate of 41 percent for the past four years, with their market share doubling over the cited period, a report showed Wednesday.According to the report compiled by the Korea International Trade Association, a total of $90 million worth of South Korean health functional foods were shipped to China in 2016. This made up 6.2 percent of China's imported health functional food market. The US came in first with 23.4 percent, f
June 21, 2017
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SME loans from nonbank lenders grow at fast pace
South Korean nonbank financial institutions' lending to smaller firms surged nearly 10 trillion won ($8.8 billion) in the first four months of the year amid tighter government control on household loans, data showed Wednesday.Nonbank lenders' outstanding loans to small and medium enterprises came to 90.7 trillion won as of the end of April, up 9.9 trillion won from the end of last year, according to according to the data from the Bank of Korea. It marks the first time in history that the a
June 21, 2017
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[Herald Interview] ‘Stronger, flexible IP protection system needed'
A forum of the world’s five largest intellectual property offices, known as IP5, emphasized its new vision for a stronger and more flexible intellectual property system that can adapt to the fourth industrial revolution at an event marking 10 years of global cooperation.The heads of IP5, including Lee Young-dae, acting commissioner of the Korean Intellectual Property Office, gathered together in Valletta, Malta on May 31 and June 1 to take stock of all the achievements made by the offices
June 20, 2017
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Korea firms urged to expand presence in Africa
South Korean companies are urged to redouble efforts to expand into Africa's rapidly growing consumer goods markets to secure a new growth driver, a state-run trade promotion agency said Tuesday.In a report, the Korea Trade-Investment Promotion Agency said domestic trading companies need to forge ties with African sales networks and online shopping malls to develop localized products and promote them to woo local customers. "The African population, currently at 1.2 billion, will likel
June 20, 2017
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Exporters upbeat on Q3 business outlook: poll
A majority of South Korean exporters expect their business conditions to improve in the third quarter from three months earlier thanks to a global economic recovery, a poll showed Tuesday.The Korea International Trade Association said its export business survey index of 833 exporting companies reached 116.6 for the July-September period, up from 106 for the current quarter.It marks the second consecutive quarter that the EBSI has exceeded the benchmark 100 level. A reading above 100 means optimi
June 20, 2017
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Korea's current account surplus declined in 2016
South Korea's current account surplus dropped slightly in 2016 from a year earlier due mainly to decreased exports, data by the central bank showed Tuesday.The current account surplus came to $98.68 billion in 2016, compared with $105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea.By country, South Korea's current account surplus with the United States fell to $31.15 billion in 2016 from $33.03 billion a year earlier. The 2016 figure marked the lowest
June 20, 2017
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Creditors issue ultimatum over Kumho Tire brand dispute
South Korea's state-controlled banks issued an ultimatum Tuesday urging Kumho Asiana Group to make a concession to resolve a dispute over the usage fee of the Kumho Tire brand with China's Qingdao Doublestar Co. At a meeting of shareholders, creditors threatened to "reconsider" financial ties with the group if a deal to sell Kumho Tire to the Chinese company falls through. Creditors, including the Korea Development Bank, also plan to force Kumho Asiana Chairman Park Sam-koo to revoke t
June 20, 2017
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Fruit prices rise to highest level in 4 yrs amid sweltering heat: data
The fruit price index soared to the highest level in four years last month, government data showed Tuesday, caused by unseasonably high temperatures that affected output.The index of the prices of 15 major fruits, including apples, pears, grapes, strawberries and tangerines, surged to 118.15 in May, the highest since May 2013, when the figure stood at 118.18, data by Statistics Korea showed. The index is calculated by comparing the prices with a base figure of 100 set in 2015. The number has mov
June 20, 2017
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ICT ministry pushes to expand discount rate of mobile fees
The ICT ministry said Monday it is pushing to expand the discount rate of household communication fees, such as mobile phone rates, as the expenditures on telecommunication services are viewed as a burden for many South Korean consumers.The plan by the Ministry of Science, ICT and Future Planning was announced during a regular briefing to President Moon Jae-in's policy advisory panel, the State Affairs Planning Advisory Committee.The two sides discussed ways to expand the discount rate from the
June 19, 2017
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Korea tightens lending rules to curb property speculation
The government said Monday it would apply stricter lending regulations on homes in Seoul and parts of Busan to curb real estate speculation and reduce household debt. The announcement was made jointly by the Ministry of Strategy and Finance, the Financial Services Commission and the Ministry of Construction and Transportation. The new regulations, which are set to take effect on July 3, stipulates that the loan-to-value ratio in Seoul, Gyeonggi Province, Sejong and selected areas in Busan are t
June 19, 2017
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Big screen TV panels to exceed 50% of global market in 2017
TVs with 50-59 inch display panels are expected to account for more than 50 percent of the global TV market this year, industry data showed Monday, indicating an industry trend toward larger-sized TV panels.According to the data compiled by industry tracker IHS, the share of such big-screen TVs is forecast to reach 51.7 percent this year, exceeding the estimated share of 35.3 percent by models with 40-49 inch panels.After the 50-59 inch segment, 60-69 inch TV panels have great potential to becom
June 19, 2017
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AIIB may finance projects for North Korea
SEOGWIPO, Jeju Province -- The Asian Infrastructure Investment Bank may finance infrastructure projects for North Korea, if its board of directors agree to it, the head of the China-led multinational lender said Saturday.According to the bank’s articles of agreement, it will invest in its member countries, and whether there is any need or necessity to invest in a nonmember country is the decision of the board of governors, said AIIB President Jin Liqun at a press conference held to wrap up
June 18, 2017
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Korea's exports to China increase for 6th straight month: KOTRA
Led by memory chips, petrochemical products and machineries, South Korea's exports to China increased in April for the sixth consecutive month despite Beijing's apparent import restrictions over a diplomatic row, according to data released Sunday.The Korea Trade-Investment Promotion Agency (KOTRA) said that the nation's shipments to the neighbor country jumped 10.2 percent in the month from one year before. Its imports from China also increased 14.4 percent year-on-year. Bilateral trade has cont
June 18, 2017
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Korea's chicken exports virtually suspended amid bird flu
The export of South Korean chickens has effectively come to a halt this year, apparently hit by the spread of avian influenza, government data showed Saturday. The outbound shipment of chickens reached only 139 tons between January and May, down 98.8 percent on-year, according to the Ministry of Agriculture, Food and Rural Affairs. It means the country's chicken exports have virtually been suspended. The value of total exports over the five months plunged 97.6 percent to $300,000, from $12.67 mi
June 17, 2017