Most Popular
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Yoon banned from leaving country
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[Exclusive] ‘Troops paused on way to Election Commission, felt something was up’
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Korean millennials, Gen Z make presence felt at protests
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Power struggle intensifies among investigative bodies over Yoon Suk Yeol’s martial law case
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'Orderly retreat' struggles to win support
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Next impeachment vote against Yoon to take place Saturday
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'Squid Game 2' will leave audience reflecting on social chaos of today
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Ruling party lawmaker to back impeachment motion
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Assembly to vote Tuesday on Yoon insurrection probe
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Cheaper Chinese chips hamper profit outlook for Samsung, SK hynix
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Czech bid paves way for S. Korea's advance into nuclear energy market in Europe: industry minister
South Korean Industry Minister Ahn Duk-geun said Thursday that the country's recent winning of a nuclear power project in the Czech Republic will pave the way for its active advance into the broader European nuclear energy market. On Wednesday, the state-run Korea Hydro & Nuclear Power was selected as a preferred bidder to build two reactors at the Dukovany power plant by beating France's EDF. "We were able to secure a bridgehead to export nuclear reactors to Europe, which is
July 18, 2024
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S. Korea, India hold fresh round of trade talks
South Korea's industry ministry said Wednesday it held a fresh round of trade talks with Indian officials to improve a bilateral partnership agreement. Director General of FTA Negotiations Ryu Peob-min and his Indian counterpart, Anant Swarup, started the three-day session in Seoul to discuss the agenda, including goods, services and investment, according to the Ministry of Trade, Industry and Energy. South Korea and India implemented the CEPA in 2010 and have been carrying out negotiations
July 17, 2024
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Govt. asks refiners for efforts to stabilize oil prices
The industry ministry said Tuesday it has asked the country's four major oil refiners to refrain from excessive price increases as part of efforts to combat lingering inflation. Second Vice Industry Minister Choe Nam-ho made the remark during his meeting with representatives from SK Energy Co., GS Caltex Corp., S-Oil Corp. and HD Hyundai Oilbank, according to the Ministry of Trade, Industry and Energy. "Although consumer prices have slowed to some extent since April, perceived inflatio
July 16, 2024
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Delinquency ratio on bank loans rises for 2nd month in May
The delinquency ratio on loans extended by banks in South Korea rose for a second consecutive month in May, data showed Tuesday. The delinquency ratio on banks' won-denominated loans stood at 0.51 percent at end-May, up 0.03 percentage point from a month earlier, according to the data from the Financial Supervisory Service. The rise follows a 0.05 percentage-point on-month increase in April. The May reading marks a 0.15 percentage-point rise from a year earlier. The amount of newly overdue
July 16, 2024
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Import prices rebound in June on rise in costs of petrochemicals, raw materials
South Korea's import prices rebounded in June as a rise in prices of petrochemical goods and raw materials offset a fall in oil prices, central bank data showed Tuesday. The import price index rose 0.7 percent last month from a month earlier following a 1.3 percent on-month dip the previous month, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, prices also rose 9.7 percent last month following a 4.7 percent on-year advance the previous month, the data sh
July 16, 2024
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Trump presidency won’t be a bane for Korean firms: FKI chief
The head of the Federation of Korean Industries, the country’s major business lobby has said another term for former US President Donald Trump would be favorable for Korean companies operating there, as he would not discriminate against foreign firms that invest in the country. Ryu Jin, the FKI chairman who also serves as the chairman of Poongsan Corp., suggested that Trump’s win in the November presidential election may offer a better business environment for Korean firms than tha
July 15, 2024
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HD Hyundai Marine Solution secures W3b stake in AI startup
HD Hyundai Marine Solution, a ship maintenance unit affiliated with Korean shipbuilding giant HD Hyundai, has joined hands with logistics solutions provider SeaVantage, aiming to advance its maritime transport network, the company announced Sunday. HD Hyundai Marine Solution said it signed a deal with SeaVantage, agreeing to strategically invest in the startup by acquiring a 3 billion won ($2.17 million) stake in the company. Lee Ki-dong, CEO of HD Hyundai Marine Solution, Song Hyung-jin, founde
July 14, 2024
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S. Korea's average export price of cars hits record high in H1
The average price of South Korean automobiles shipped overseas hit a new record high in the first half of 2024, data showed Sunday, following the growing demand for premium models. According to data compiled by the Korea Automobile & Mobility Association, the average price of car exports reached $25,224 over the January-June period, up 0.5 percent from $25,079 recorded a year earlier. The increase came amid growing demand for eco-friendly models, as well as SUVs and commercial cars, which ty
July 14, 2024
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South Korea faces existential issue: OECD
The South Korean economy is poised to continue its recovery in the latter half of this year, yet the country must address its "existential issue," which stems from problems such as low productivity, a declining population and climate change, the Organization for Economic Cooperation and Development said Thursday. "We publish surveys every two years, but this one is about an existential issue for Korea," said Vincent Koen, the OECD's country studies division chief in the
July 11, 2024
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BOK maintains key rate at 3.5% but hints at cut
The Bank of Korea kept its benchmark interest rate unchanged for the 12th consecutive time Thursday, while hinting at a future rate cut if the current path of disinflation continues. The central bank has maintained the rate at 3.5 percent for over one and half years, since the rate-setting decision made in January 2023. This is the longest rate freeze ever, surpassing the previous 17-month record in 2016-2017. All six members of the monetary policy board, excluding BOK Gov. Rhee Chang-yong, agre
July 11, 2024
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Exports soar 34% from July 1-10 on strong chip sales
South Korea's exports jumped 33.8 percent on-year in the first 10 days of July on strong global demand for semiconductors, data showed Thursday. Outbound shipments reached $17.75 billion in the July 1-10 period, compared with $13.26 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also gained 10.2 percent on-year to $2.09 billion. Imports grew 26.7 percent on-year to $19.7 billion during the period, resulting in a trade deficit of $2 bill
July 11, 2024
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[Herald Interview] TIAA-owned asset manager eyes Korean investors’ appetite for alternative assets
Nuveen, the investment manager of the US Teachers Insurance Annuity Association with $1.2 trillion in assets under management, is seeking to broaden its investor base in the Korean market from big institutions to retail investors by launching funds to invest in unlisted medium-sized companies. Retail investors are now seeking unconventional opportunities in the alternative market to expand their portfolios beyond their typical investment vehicles, such as stocks and bonds. Chang Jae-ho, Nuveen
July 10, 2024
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Govt. vows to boost housing supply amid real estate market volatility
Finance Minister Choi Sang-mok said Wednesday that the government will devise measures to increase housing supply if needed, as South Korea has seen growing volatility in the real estate market. "Volatility has risen in the real estate market as housing prices have gone up in Seoul and some adjacent regions, though overall industry indices remain stable," Choi said during a meeting of economy-related ministers in Seoul on the day. "The government will enhance the monitoring of the
July 10, 2024
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S. Korea, Thailand launch first round of talks for trade deal
South Korea's trade ministry announced Tuesday that it has launched the first round of negotiations with Thailand to seek an Economic Partnership Agreement aimed at bolstering bilateral trade and investment. The South Korean delegation, led by Deputy Minister for FTA Negotiations Roh Keon-ki, plans to discuss related matters with his counterpart, Chotima Iemsawasdikul, in Bangkok through Thursday, according to the Ministry of Trade, Industry and Energy. An EPA is intended to establish a mut
July 9, 2024
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4 in 10 Korean companies considering AI investment
Four out of 10 South Korean conglomerates are considering investing in artificial intelligence over the rest of the year, as they expect AI technology would drive production efficiency, a survey by a leading business lobbying group showed on Monday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that 10.6 percent said they set up capital investment plans tied to AI in the s
July 8, 2024
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[Photo News] Broadening Korean presence in Texas
Korea International Trade Association Chairman Yoon Jin-sik (right) receives a proclamation award celebrating the opening of KITA's new office in Dallas from Texas Gov. Greg Abbott during a business luncheon in Seoul on Monday. During the event, Yoon highlighted Korean companies’ contributions to the Texan economy in various areas, including steel, energy and semiconductors. Abbott called for close collaboration between Korean businesses and the US state for mutually beneficial econ
July 8, 2024
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LGES Q2 operating profit plunges 58% as EV sales slip
LG Energy Solution Ltd., South Korea's leading battery maker, said Monday its second-quarter operating profit plunged 58 percent from a year earlier due to slowing sales of electric vehicles. Operating profit for the three months ended in June is estimated to have plummeted to 195.3 billion won ($142 million) from 460.6 billion won in the same period of last year, LGES said in a statement. "Decreased lithium and other metal prices weighed on EV battery prices, and lower demand from aut
July 8, 2024
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Unionized workers at Samsung Electronics set to stage 3-day strike
Unionized workers of Samsung Electronics Co. are set to launch a three-day strike Monday, but the planned labor action is unlikely to disrupt production at the technology giant due to low participation. The National Samsung Electronics Union, the biggest labor union with 29,000 members, will kick off the strike with a rally at the entrance of the company's facility in Hwaseong, 45 kilometers south of Seoul, according to industry sources. The strike is scheduled to last through Wednesday. Th
July 8, 2024
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FSC chief nominee vows to keep tight rein on household debts
First Vice Finance Minister Kim Byoung-hwan, the nominee to head the Financial Services Commission, said he must put in all efforts to bring down the fast growth of household debts on Friday. Kim, a 53-year-old macroeconomics expert, was tapped to the post to lead the country's top financial policy-making unit, according to the presidential office's announcement made on the previous day. “With the prolonged high interest rates and inflation, risks are building up in the vulnerabl
July 5, 2024
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S. Korea's current account returns to surplus in May
South Korea logged the largest current account surplus in 32 months in May on the back of a sharp rise in the trade surplus and increased dividend income, central bank data showed Friday. The country's current account surplus reached $8.92 billion in May, a turnaround from a deficit of $290 million in April. The May surplus marks the largest since September 2021, when the surplus came in at $9.51 billion. In the first five months of the year, the country's current account surplus reach
July 5, 2024