Most Popular
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Yoon vetoes bill for special probe into young Marine's death
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SNU alums nabbed for digital sex crimes
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Dog days are over? Popular dog trainer embroiled in workplace bullying dispute
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[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
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[Exclusive] LACMA admits it needs further research on donated Korean paintings
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AI Seoul Summit adopts declaration on safe, innovative, inclusive AI
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Samsung replaces semiconductor chief amid heightened AI race
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Russia likely offering N. Korea technology aid to expand threats to US, others: Pentagon official
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[Up close in Yeouido] Trump hinting at US troop removal in South Korea ‘election-time talk’
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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Trade concerns push S. Korea’s consumer sentiment to 31-month low
South Korea’s consumer sentiment came to 92.5 in August, the lowest indicator readout since January 2017, data released by the Bank of Korea showed Tuesday as global trade issues continued to weigh on the economy. According to the central bank, the composite consumer sentiment index dipped 3.4 points on-month to well below the baseline of 100, which means consumers are decidedly pessimistic compared with average readings between 2003 and 2018. The BOK cited a number of risks to explain the
Aug. 27, 2019
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Eximbank inks $86m EDCF loan agreement for Ethiopia
The Export-Import Bank of Korea said Tuesday it had signed a loan agreement to provide $86 million from the Economic Development Cooperative Fund for Ethiopia’s project involving a university. The ceremony was attended by Eximbank Chairman Eun Sung-soo and Ethiopia’s State Minister of Finance Admasu Nebebe during Ethiopian Prime Minister Abiy Ahmed Ali’s state visit to Korea.The EDCF offers long-term low-interest loans to developing countries, set up and managed by the Korean g
Aug. 27, 2019
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S. Korea to expand financial support for firms hit by Japan's export curbs
South Korea's top financial regulator said Tuesday the government will expand financial support for companies hit by Japan's export restrictions if needed, as Tokyo's decision to drop Seoul from its list of trusted trading partners is set to take effect this week. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a meeting with senior executives of banks, a day before South Korea is officially dropped from Japan's so-called whitelist. Japan, which tightened e
Aug. 27, 2019
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S. Korea to insert W2tr to industries next year amid trade woes
South Korea’s government said Monday that it will insert more than 2 trillion won ($1.64 billion) of the budget next year to help local industries respond to Japan’s economic retaliations and consequent challenges on trade fronts.Also, President Moon Jae-in subscribed to an equity fund that invests in local materials and parts makers, in a supportive gesture for such aggressive fiscal actions.“(The government) will play its due fiscal role, even at the cost of temporary fiscal
Aug. 26, 2019
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US-China trade row developing into worst-case scenario: report
The ongoing US-China trade war is developing into a worst-case scenario, according to a report published by a local brokerage on Monday, citing that China has begun settling into a trade war of attrition. According to Hana Financial Investment analyst Kim Kyung-hwan, the global market is now exposed to further uncertainties stemming from the trade feud, as it is on the verge of entering a new stage, while negotiations between the two largest economies remain largely stalled. “With Ch
Aug. 26, 2019
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Seoul to max out fiscal easing next year: minister
South Korea's finance minister said Monday the country will implement a "greater and aggressive" fiscal policy next year to deal with a series of economic headwinds, such as an escalating trade row between the United States and China, and another trade tussle with Japan.Hong Nam-ki, the minister of economy and finance, said the government has drafted an expansionary budget next year, although a temporary fiscal deficit is likely. "An aggressive fiscal role is more important than e
Aug. 26, 2019
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S. Korea's tax-GDP ratio nears 27% in 2018
South Korea's tax-to-gross domestic product ratio reached nearly 27 percent in 2018, but it was lower than that for other major economies, a report showed Monday.The country's tax-to-GDP ratio came to 26.8 percent last year, up 1.4 percentage points from the prior year, according to the report from the National Assembly Budget Office. It was the steepest on-year increase in 10 years, and last year marked the fifth consecutive year of rise.The ratio refers to a country's tax revenue and social se
Aug. 26, 2019
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Does 52-hour workweek rule create more jobs?
Despite the government’s efforts to create more jobs by mandating companies to cut their employees’ maximum weekly work hours to 52 hours, it has not contributed to creating more jobs, a report claimed Sunday. According to a survey by corporate research firm CEO Score, those who adopted the 52-hour workweek rule last year saw their annual hiring increase by up to 1.8 percent compared to a year earlier. But the growth was almost the same as the time when the policy was not implemented
Aug. 25, 2019
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Moody's cuts S. Korea's 2019 growth outlook to 2%
International ratings agency Moody's on Friday slashed its forecast for South Korea's 2019 economic growth to 2 percent from the previous 2.1 percent. In a report, Moody's also cut its outlook for South Korea's economic growth for next year to 2.1 percent from 2.2 percent. "The weaker global economy has stunted Asian exports, and the uncertain operating environment has weighed on investment," Moody's said in the report. "In particular, softer capital formation has mirrored the w
Aug. 23, 2019
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S. Korea vows to minimize negative economic impact from GSOMIA termination
A day after South Korea announced its decision to scrap a military intelligence-sharing pact with Japan, Deputy Prime Minister and Finance Minister Hong Nam-ki said Friday that the government will make efforts to minimize any negative impact this might have on the economy. On Thursday, Seoul announced it would terminate the General Security of Military Information Agreement amid an ongoing trade dispute with Japan. Hong said the “pact was deemed not beneficial to the country.”Wi
Aug. 23, 2019
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S. Korean stocks open lower on tech losses
South Korean stocks opened lower Friday as investors waited to see clues for the future direction of US rates.The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.15 points, or 0.37 percent, to 1,943.86 in the first 15 minutes of trading. The drop came despite overnight gains on Wall Street ahead of the Jackson Hole Fed meeting, where US Federal Reserve Chairman Jerome Powell is widely expected to hint at a rate reduction down the road.The Dow Jones industrial average added 49.51 point
Aug. 23, 2019
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[News Focus] Korea marks 20th anniversary of FTA talks across globe
SEJONG -- It has been two decades since South Korea took its first steps into the free trade market, seeking bilateral deals with major world economies in hopes of enjoying tariff benefits.Since launching negotiations toward a free trade agreement with its first partner, Chile, in 1999, Korea has put 15 FTAs in place with three continental trade blocs (that involve 42 countries collectively) and 12 countries.The three trade blocs are the 28-member European Union, the 10-member Associat
Aug. 22, 2019
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S. Korea strikes FTA with Israel
South Korea has struck a free trade deal with Israel as part of efforts to strengthen economic ties with the Middle Eastern country and cope with the growing protectionism around the globe, Seoul’s Trade Ministry said Wednesday.In Jerusalem, Trade Minister Yoo Myung-hee and her counterpart, Eli Cohen, declared their bilateral free trade agreement around three years after the two held the first round of negotiations in 2016.The deal is expected to take effect in the first half of 2020, as i
Aug. 21, 2019
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Top 3 memory chip makers' sales fall over 30% in H1
The world's big three memory chip makers saw their revenues decline over 30 percent in the first half of the year due to weak demand and steep price declines following a two-year boom, a report said Wednesday. The Big 3 memory suppliers -- Samsung Electronics and SK hynix of South Korea and Micron of the United States -- grappled with slumping sales in the first six months of the year compared with a year ago amid weak memory chip markets, according to the report from IC Insights. Samsung and SK
Aug. 21, 2019
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Signs of global recession haunt S. Korean economy
A shadow of global recession looms over key economies as major markets have been dealing with some of their worst days in recent weeks. This is sparking concerns that chances of recession may also be growing on home turf, in South Korea. Last week, the yields on US 10-year Treasurys fell below two-year yields for the first time since 2007 – a phenomenon known as an inverted yield curve. Investors and experts alike are regarding such trend with wariness -- every recession in the last 60 yea
Aug. 18, 2019
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Thavma thrives on patriotic marketing
Amid the ongoing boycott of Japanese products in the midst of the South Korea-Japan trade row, a Korean brand is gaining recognition for its “Yes. We are a Korean brand” campaign. Thavma, a luxury bag brand known for its simple designs, variety of colors, quality materials and reasonable prices, has succeeded in making itself stand out from other foreign name brands, according to industry sources. The most popular model is Christa.Thavma products are currently sold at the company&rsq
Aug. 18, 2019
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Samsung Electronics accounts for 20% of S. Korea's exports in H1
Samsung Electronics Co. was responsible for 20 percent of South Korea's total exports in the first half of this year, showing its heavy influence on the national economy, its financial report showed Sunday. The South Korean tech giant raised 75.2 trillion won ($62 billion) in sales in the first six months of this year, with 86 percent coming from abroad, its semiannual report said. The overseas revenue accounted for 20.6 percent of total exports of Asia's fourth-largest economy that
Aug. 18, 2019
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S. Korea voices willingness to talk with Japan over its 'whitelist' move
South Korea has notified Japan in advance of its plan to remove Tokyo from its list of trusted trading partners and is willing to talk with Japan further if needed, the trade minister said Saturday.South Korea decided on Monday to remove Japan from its "whitelist" of countries that receive preferential trade status amid a bilateral trade row sparked by Tokyo's July export curbs against Seoul and its subsequent removal of the South from a list of trusted buyers. "The governmen
Aug. 17, 2019
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[Weekender] The life and death of Korean won
South Korean banknotes and coins begin life at a factory in Gyeongsan, just outside Daegu. They are then transported to the Bank of Korea’s vault in Seoul, heavily guarded by armed security officers, to enter the money circulation cycle. In its lifespan as a medium of exchange, the banknotes and coins travel around at varying speeds, with some -- 1,000 won bills in particular -- changing hands numerous times before exiting circulation. However, some coins spend most of their time sitt
Aug. 16, 2019
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S. Korea begins process of excluding Japan from whitelist
South Korea on Wednesday started the legislative process to exclude Japan from its list of preferential trading partners, as part of the snowballing trade row between the two neighbors.The Ministry of Trade, Industry and Energy has posted an advance legislative notice to revise its whitelist of trade partners, removing Japan from the top-tier list.Feedback will be accepted until Sept. 2, after which it will be put through a regulatory screening and legal review, before taking effect. Earlier thi
Aug. 14, 2019