Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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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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Woman dangling from power lines rescued by residents holding blanket
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Naver will consider company benefits in deciding on selling Line shares: CEO
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S. Korea braces for impact as US delivers fourth big rate hike
South Korea’s financial authorities said Thursday they would closely monitor for any signs of increasing volatility in the financial markets following a big US rate hike -- the fourth consecutive 75-point increase since June amid persistent inflation. “Uncertainties are certainly growing and we’ll be extra vigilant in our response to what may come in our way,” Finance Minister Choo Kyung-ho said at a meeting he called to discuss Wednesday’s rate increase with the co
Nov. 3, 2022
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Economic sentiment in news hits worst since onset of pandemic
The economic sentiment among South Koreans shown in news reports has hit its worst since the beginning of the COVID-19 pandemic, amid growing market concern over US-led interest rate hikes and the Korean won’s descent against the greenback. The Bank of Korea said on Thursday that the News Sentiment Index has fallen 7.72 points from a month ago to 81.25 in October, the lowest since 79.16 in April 2020. The NSI is a machine learning-based indicator of econominc sentiment expressed in news re
Nov. 3, 2022
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Korea sees inflation expand on hikes in public utility bills
SEJONG -- South Korea’s consumer price growth, a key indication of inflation, posted a higher figure in October compared to the previous month in the wake of sharp hikes in public utility charges despite decelerated growth in energy prices, state data showed Wednesday. According to Statistics Korea, consumer prices grew 5.7 percent on-year in October. This tied with the figure for August, and was higher than the 5.6 percent recorded in September. Though consumer price growth somewhat dec
Nov. 2, 2022
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Banking giants to inject W95tr to ease liquidity strain
The leaders of South Korea’s five banking giants on Tuesday agreed to provide 95 trillion won ($67 billion) in liquidity by year-end to shore up local financial markets, rocked by a recent credit default, in what many see as a response to the government’s request for the financial groups’ support. Early in October, a state-backed local developer missed a bond payment, freezing bond and short-term money markets in a blow to market expectations for a government guarantee. The gov
Nov. 1, 2022
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Consumer spending likely to weaken like it did after ferry sinking in 2014
South Korea’s consumer spending is expected to weaken further as the nation reels from the crowd surge tragedy in Itaewon that took over 150 lives, similar to over eight years ago after the Sewol ferry sinking that killed over 300 people, mostly teenagers on a school trip. As the economy is already projected to post zero percent growth or shrink in the last quarter of this year amid sluggish exports, some observers say the Itaewon disaster could hasten a recession. In the weeks following t
Nov. 1, 2022
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S. Korea's exports down 5.7% in October, first on-year decline in 2 years
South Korea's exports logged an on-year decline in October for the first time in two years on sluggish global demand amid high inflation and an economic slowdown, the trade ministry said Tuesday. The country also suffered a trade deficit for the seventh consecutive month on high global energy prices, sparking concerns over its growth momentum. Outbound shipments fell 5.7 percent on-year to come to $52.48 billion last month, according to the data compiled by the Ministry of Trade, Industry a
Nov. 1, 2022
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Corporate bank loans surge amid liquidity concerns
Loans taken out by South Korean companies this month from major local banks increased by 8.8 trillion won ($6.18 billion), the biggest monthly rise in 13 months, sparking concerns over fresh liquidity strains amid global headwinds sapping business confidence. Data from the five lenders -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- showed conglomerates or large companies holding at least 10 trillion won in assets accounted for 66 percent of the 8.8 trillion won surge in borrowing as of Thur
Oct. 31, 2022
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Inflation, lack of children's support and pension: reasons why more Korean retirees work, says BOK
SEJONG -- The number of seniors engaging in economic activities has increased, seemingly due to their worsened living conditions involving lower-than-expected annuity income as well as reduced cash support from their children, a central bank report showed Monday. According to an analysis on factors of rising employment rate among seniors from the Bank of Korea, the tally for employed people aged 60 or over increased by 2.66 million during the period of 2010-2021. This made up 82 percent of the
Oct. 31, 2022
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Tax revenue up W43.1t through Sept.
South Korea's tax revenue grew 43.1 trillion won ($30.3 billion) in the first nine months of 2022 from a year earlier, data showed Monday, due to improved corporate income tax. Tax revenue amounted to 317.6 trillion won in the January-September period, compared with 274.5 trillion won tallied the previous year, according to the Ministry of Economy and Finance. In September, the government collected 28.3 trillion won in taxes, up 2.1 trillion won from a year earlier. The ministry attributed
Oct. 31, 2022
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S. Korean job market faces bleak outlook next year: KCCI
South Korea’s employment elasticity to GDP growth is expected to fall drastically next year amid a widespread of recession fears and corporate belt-tightening across industries, a report found Sunday. According to the report released by the Korea Chamber of Commerce and Industry, the nation’s employment elasticity -- the percentage change in employment associated with a 1 percent growth in GDP -- posted a record high this year. Based on Bank of Korea estimates, this year Korea is exp
Oct. 30, 2022
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Halloween disaster dims Itaewon's hopes of revival
Restaurants, cafes and clubs in Seoul's popular nightlife district of Itaewon seemed to be on a smooth road to recovery at last after years of pandemic disruptions -- before Saturday. But now its hopes of revival have been set back again following a disastrous overnight crowd surge. The neighborhood -- once mainly the realm of expats and American soldiers -- has transformed into a culturally diverse and trendy area beloved by locals and visitors alike in recent years. Its “Brooklyn-type&r
Oct. 30, 2022
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Real estate speculation by foreigners on rise in S. Korea
South Korea will continue to look into suspicious real estate transactions by foreigners as a recent investigation found increasing illegalities involving foreigners' home purchases, the land ministry said Friday. The portion of suspicious home purchases by foreigners rose to 1.21 percent, or 6,772 cases, out of the country's total 560,000 suspicious cases this year through September, the Ministry of Land, Infrastructure and Transport said in a statement. The portion is already higher
Oct. 28, 2022
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BOK announces rate-setting meeting schedule for next year
The Bank of Korea will hold its rate-setting meeting a total of eight times in 2023, with the year's first gathering of monetary policymakers set for Jan. 13, the central bank said Friday. The meeting will also be held Feb. 23, April 13, May 25, July 13, Aug. 24, Oct. 19 and Nov. 30, according to the schedule uploaded on the website of the BOK. The BOK's rate-setting meeting draws keen attention as it determines the level of its key policy rate that serves as a benchmark for market rat
Oct. 28, 2022
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S. Korean GDP growth sags as exports falter
The South Korean economy grew at its slowest pace in a year in the third quarter despite beating market expectations, as poor net exports offset consumption and investment, the Bank of Korea’s advance estimate showed Thursday. The country’s gross domestic product -- the value of all goods and services created -- grew 0.3 percent in July-September from the previous quarter, slowing from a 0.7 percent gain in April-June. Annually, the economic output posted a 3.1 percent increase in Ju
Oct. 27, 2022
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Home prices fall to continue into 1st half of 2023: KDI
SEJONG -- Negative growth in the nation’s home prices expanded during the third quarter, compared to the previous quarter, in the wake of rapid rate hikes, the Korea Development Institute said Thursday. The state-run think tank, in its recent report, predicted the decline in home prices will continue through the first half of next year. But it raised a possibility of a different phase starting from the second half of 2023. It said the average trading price of homes in the Greater Seoul a
Oct. 27, 2022
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Korea, ADB agree to launch ‘climate innovation hub’ in Korea
SEJONG -- South Korea and the Asian Development Bank agreed to expand cooperation on global issues, including climate change, on the occasion of Korea taking the chair for the upcoming meeting of the global development bank set to be held in Songdo, west of Seoul, next year, the Finance Ministry said Wednesday. At a meeting in Seoul, Korea’s Deputy Prime Minister and Finance Minister Choo Kyung-ho signed a memorandum of understanding with ADB President Masatsugu Asakawa to collaborate for
Oct. 26, 2022
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South Korea well positioned to cope with economic shocks: IMF official
South Korea is well positioned to fight off any economic shock because it maintains “strong economic fundamentals and ample buffers,” a senior official at the International Monetary Fund said Tuesday, amid growing recession worries prompted by surging borrowing costs seen globally to corral inflation. Krishna Srinivasan, director of the Washington-based lender’s Asia and Pacific department, said that the country’s current account surplus and net foreign assets -- which ac
Oct. 26, 2022
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[Newsmaker] Dashed dreams: Young Koreans' leveraged investments backfire
When stock and crypto markets were hot and borrowing costs were cheap, many younger South Koreans, who typically had strong risk appetite but little capital to invest, dabbled in leveraged investing, known as “bittoo” in Korean. Many of these young investors had dreamed of getting rich quick and retiring young to become a new member of “FIRE tribe” -- the acronym standing for financially independent, retire early. But many are now suffering, as markets have tanked and int
Oct. 25, 2022
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Eximbank kicks off annual development cooperation workshop
The Export-Import Bank of Korea (Eximbank) kicked off its 26th Economic Development Cooperation Fund Annual Workshop on Tuesday, in which 14 government officials from 14 different developing countries are participating. The EDCF Annual Workshop is hosted by Eximbank to introduce development officers from developing countries to Korea’s Economic Development Cooperation Fund. The fund was created in 1987 as part of the South Korean government’s official development assistance initiativ
Oct. 25, 2022
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Inflation expectations inch up in October amid interest rate hikes: Bank of Korea survey
South Korea's inflation expectations edged up on-month in October amid the Bank of Korea's aggressive rate hikes to bring price growth under control, a central bank survey showed Tuesday. Ordinary people expected consumer prices will grow 4.3 percent over the next one year, up 0.1 percentage point from 4.2 percent polled the previous month, according to the poll conducted by the BOK. This represented the first on-month rise in three months. Those polled cited possibly rising public fee
Oct. 25, 2022