Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Debate rages over ‘overly fatty’ samgyeopsal
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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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[Graphic News] Overseas card spending continues to grow on soaring outbound travel
South Koreans’ overseas card spending continued to grow in the third quarter as outbound travel spiked bolstered by eased pandemic curbs, central bank data showed. The amount of money spent overseas by South Koreans with cards, including credit and debit cards, came to $3.81 billion in the July-September period, up 4.1 percent from the previous quarter, according to the data from the Bank of Korea. Compared with a year earlier, consumption jumped 32.6 percent. The latest data marked the se
Dec. 9, 2022
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FSS chief vows continued efforts to monitor short-term money market, take timely action against volatility
South Korea's financial regulator will keep up its monitoring on short-term money and remain ready to take action in case market volatility spikes amid lingering worries over a liquidity crunch, its chief said Wednesday. "The bond market has been stabilized more or less as a result of taking market stabilization measures in cooperation with relevant agencies, such as the finance ministry, the Financial Services Commission and the Bank of Korea," Lee Bok-hyun, head of the Financial
Dec. 7, 2022
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Moody's cuts S. Korea's 2023 growth outlook to 2%
Moody's Investors Service on Tuesday lowered its outlook for South Korea's economic growth for next year to 2 percent from the previous 2.4 percent. The credit ratings agency said the revision came as South Korea is facing multiple external risks from China's slowdown, global inflationary pressure and aggressive monetary tightening by major economies. It also pointed to the country's rising household and corporate debts as one of major reasons for liquidity shortage to hamper
Dec. 6, 2022
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[Herald Interview] More Korean staff will empower World Bank to deliver change
The World Bank Group seeks to hire more Koreans, especially women, in climate, energy, agriculture and economy in this post-pandemic era, Diarietou Gaye, the organization’s vice president for human resources told The Korea Herald in a recent interview. Gaye noted that the WBG is looking for young Koreans who could bring their experience and contribute to helping other countries end extreme poverty, in an exclusive interview with The Korea Herald in Seoul on Nov. 18. Gaye visited Seoul to
Dec. 5, 2022
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S. Korea's 2022 exports likely to mark on-year growth but pace to slow down
South Korea is expected to post a growth in 2022 exports from a year earlier, but it is unlikely to meet its yearly target of $700 billion in outbound shipments due to sluggish sales of key items, like mobile devices and ships, government data showed Sunday. Exports of 15 major products, including semiconductors, ships, cars and petrochemicals, for the first 11 months of 2022 amounted to $490.6 billion, up 7.6 percent from the same period last year, according to the data compiled by the Ministry
Dec. 4, 2022
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Exports of agro, food goods hit new high in 2022
South Korea's exports of agricultural and food products jumped to touch a new record high in the first 11 months of this year, government data showed Sunday. Outbound shipments of agricultural and food goods came to $8.08 billion in the January-November period, up 4 percent from the same period a year earlier, according to the agriculture and fisheries ministries. Exports of instant noodles surged 14.5 percent on-year to $696 million in the cited period, the ministry said. Outbound shipment
Dec. 4, 2022
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S. Korea's consumer prices up 5% on-year in November, lowest in seven months
South Korea's on-year growth in consumer prices sharply slowed in November from a month earlier at the lowest level in seven months, data showed Friday, hinting the country's inflationary pressure has passed its peak. Consumer prices, a key gauge of inflation, rose 5 percent last month from a year earlier, compared with a 5.7 percent growth tallied in October, according to the data from Statistics Korea. It marked the lowest on-year increase since 4.8 percent tallied in April. Consumer
Dec. 2, 2022
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S. Korea's exports log steeper on-year fall in November
South Korea's exports fell for the second consecutive month on-year in November and the decline accelerated from the previous month due to the global economic slowdown and logistics disruptions over a truckers' strike, the trade ministry said Thursday. The country also suffered a trade deficit for the eighth straight month on high global energy prices, ringing an alarm over its growth momentum. Outbound shipments fell 14 percent on-year to come to $51.91 billion last month, following a
Dec. 1, 2022
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Finance minister renews call for truckers to return to work
Finance Minister Choo Kyung-ho on Thursday reiterated his call for local truckers to return to work, stressing that their strike is causing severe damage to the country's economy, already hurt by uncertainties. The remark came after South Korea invoked a return-to-work order on truckers of the cement industry earlier on Tuesday, as thousands of truckers have been on strike since last week, demanding the government guarantee what they call a "wage for safe operation." "If (the
Dec. 1, 2022
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Foreign investors snap up tech shares
Foreign investors purchased a net of more than 6 trillion won ($4.5 billion) worth of shares on South Korea's stock market in October and November as they picked up chips and other related tech shares, the Korea Exchange's data showed Wednesday. According to the securities exchange operator, foreign investors purchased net 6.78 trillion-won worth of shares on the benchmark Kospi from Oct. 1 to Nov. 29, while they sold 30 billion won on Kosdaq. The Kospi purchase was heavily focused on
Nov. 30, 2022
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Industry minister, BOK chief discuss economic situation
Industry Minister Lee Chang-yang met with Bank of Korea Gov. Rhee Chang-yong on Monday and discussed the economic situation amid high inflation and interest rates, the industry ministry said. During their first one-on-one meeting, the officials reviewed difficulties in the real economy weighed down by high prices, interest rates and the weak local currency, and agreed on close consultations to help overcome challenges, according to the Ministry of Trade, Industry and Energy. South Korean compani
Nov. 28, 2022
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S. Korea to reduce bond issuance of state-run firms, stabilize market
South Korea plans to reduce the issuance of bonds by state-run companies, the finance ministry said Monday, in line with the country's efforts to stabilize the bond market hit by uncertainties. The plan was announced during an emergency meeting of economy-related ministers in Seoul earlier in the day, presided over by Finance Minister Choo Kyung-ho, according to the Ministry of Economy and Finance. "Under cooperation with the banking sector, we will seek to have state-run organizations
Nov. 28, 2022
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Bank of Korea flags growth, credit fears as it reins in interest rate hike
The Bank of Korea raised its policy rate by 25 basis points Thursday, returning to its usual pace of tightening as growth and credit markets falter in the face of 24-year-high inflation running close to three times the central bank’s 2 percent target. The unanimous decision the seven-member board reached to put the current rate at 3.25 percent -- a rise of 275 basis points since August last year -- underscored the central bank’s commitment to more increases despite their impact on gr
Nov. 24, 2022
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Inflation expectations down in Nov. ahead of BOK's rate decision
South Korea's inflation expectations edged down on-month in November ahead of the Bank of Korea's widely-anticipated rate increase this week aimed at bringing price growth under control, a central bank survey showed Tuesday. Ordinary people predicted that consumer prices will grow 4.2 percent over the next year, down 0.1 percentage point from 4.3 percent surveyed the previous month, according to the poll the BOK conducted early this month. The figures are closely watched as their upwar
Nov. 22, 2022
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Exports down 16.7% during first 20 days of Nov.
South Korea's exports fell 16.7 percent on-year in the first 20 days of November due mainly to weak outbound shipments of chips and mobile devices, data showed Monday. The country's monthly exports stood at $33.2 billion in the Nov. 1-20 period, compared with $39.8 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 5.5 percent on-year to $37.6 billion during the cited period, resulting in a trade deficit of $4.4 billion. South Korea had
Nov. 21, 2022
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S. Korea to foster service, entertainment industries amid economic challenges
South Korea plans to draw up a five-year development plan for the country's service industry in line with its efforts to foster new growth engines amid protracted economic challenges, the finance minister said Friday. "Recently, various cultural and entertainment content, such as BTS and 'Squid Game,' have gained popularity around the globe, emerging as new growth and export engines," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers. &q
Nov. 18, 2022
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Singapore, Germany forge stronger ties to bolster supply chains
SINGAPORE -- Germany and Singapore bolstered their partnership for supply chain diversification, stressing pipeline expansion instead of decoupling with China. The move comes as the European Union member nation, among many other key economies, has been burdened with the task of cutting back their reliance on China. “Reducing risky, one-sided dependencies when it comes to certain raw materials or critical technologies will play an important role in the National Security Strategy that we a
Nov. 16, 2022
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S. Korea's kimchi imports hit new high in Oct.
South Korea's imports of kimchi touched an all-time monthly high in October amid runaway inflation in the country, government data showed Wednesday. Inbound shipments of the spicy Korean traditional side dish stood at a record $17.02 million last month, up 50.9 percent from a year earlier, according to the data from the Korea Customs Service. It was also up 16.2 percent from the previous month and marked the first time for South Korea's monthly kimchi imports to surpass the $17 million
Nov. 16, 2022
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Import price growth slows as BOK readies rate hike
South Korea’s import prices rose annually at their slowest pace in 15 months in October, fueling speculation over an inflation peak ahead of the central bank’s rate hike next week -- the last one for the year in the face of 24-year-high inflation. Preliminary data from the Bank of Korea showed Tuesday that import prices rose 19.8 percent, at the slowest rate since July 2021, though they edged up for the second straight month in October on higher energy import costs. The depreciating
Nov. 15, 2022
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Import prices up for second straight month in Oct. on energy costs, weak currency
South Korea's import prices rose for the second straight month in October on high energy prices and the weak local currency that drove up overall import bills, central bank data showed Tuesday. The import price index rose 1.5 percent in October from a month earlier, following a 3.4 percent on-month increase in September, according to the preliminary data from the Bank of Korea. Compared with a year earlier, the index jumped 19.8 percent. The BOK attributed the increase to high crude oil pri
Nov. 15, 2022