Most Popular
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Inflation eases in April, continues bumpy ride
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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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Seoul alerts overseas missions to NK terror threats
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Public backlash against division of Gyeonggi Province under 'corny' name
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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S. Korea's money supply continues to grow fast in Aug.
South Korea's money supply continued to grow at a fast clip in August as household and corporate lending grew amid a long streak of low rates and the new coronavirus pandemic, central bank data showed Thursday. The country's M2 stood at 3,101.6 trillion won ($2.71 trillion) as of end-August, up 9.5 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It decelerated from a 10 percent on-year gain in July when the money supply grew at the fastest pace in nearl
Oct. 15, 2020
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Foreigners extend net sale of S. Korean securities funds for 2nd month in Sept.
Foreign investors extended a net sale of South Korean securities funds for the second straight month in September, led by an expansion in net offloading of stock funds, the central bank said Thursday. Foreigners offloaded a net $2.09 billion worth of local stocks and bonds last month, larger than a net sale of $220 million in August, according to the Bank of Korea (BOK). Foreign investors sold a net $2.08 billion worth of stocks last month on a one-off factor, higher than a net sale of $890 mi
Oct. 15, 2020
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ICT exports rise for 4th straight month on chips and displays in Sept.
South Korea's outbound shipments of information and communication technology (ICT) products rose 11.9 percent on-year in September, data showed Thursday, as global demand for semiconductors picked up amid the pandemic. Exports of ICT products stood at $17.63 billion last month, according to data compiled by the Ministry of Science and ICT, marking an on-year rise in exports for the fourth consecutive month. Meanwhile, imports of ICT products reached $9.56 billion in September, up 9 percent ove
Oct. 15, 2020
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S. Korea says G-20 debt relief to help poor nations achieve economic recovery
SEJONG -- An extension of debt relief programs by the Group of 20 major economies will help low-income nations achieve their economic recovery from the coronavirus pandemic, South Korea's finance minister has said. Finance Minister Hong Nam-ki and his counterparts of G-20 finance ministers agreed to extend the debt relief programs by another six months during their virtual meeting Wednesday. Under the Debt Service Suspension Initiative (DSSI), the G-20 gave debt relief to poor nations in Apri
Oct. 15, 2020
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Virus-hit S. Korean exporters pining hopes on ASEAN, China: poll
Nearly half of South Korean exporting companies expect Southeast Asian and Chinese markets to spearhead a recovery in their exports down the road, a poll showed Thursday. According to the survey of 1,051 local exporters, 25.2 percent of the respondents said trade conditions in the Association of Southeast Asian Nations (ASEAN) will improve the most among overseas markets in the fourth quarter of the year and thereafter. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Oct. 15, 2020
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S. Korea to lower market threshold for newlyweds, first-time homebuyers
South Korea will alleviate the requirements to qualify for housing subscriptions, in a move to lower the market entry barrier for young non-homeowners, Deputy Prime Minister and Finance Minister Hong Nam-ki said Wednesday. The government expects that the revised set of rules will allow up to 92 percent of newlyweds and first-time homebuyers to apply for newly built houses. “(The government) will seek to further alleviate the income rule in the special housing supply for first-time bu
Oct. 14, 2020
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Korean Air extends paid leave until December on pandemic
Korean Air Lines Co., South Korea's biggest carrier, said Wednesday it will have 70 percent of its employees go on unpaid leave until December due to the prolonged coronavirus impact on the airline industry. In April, the national flag carrier had 70 percent of its 18,000-strong workforce take paid leave for six months through Oct. 15 as part of self-help measures to overcome the unprecedented virus crisis. With no end in sight for the COVID-19 pandemic, Korean Air has decided to exten
Oct. 14, 2020
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High-income earners dodge national pension subscription
The amount of national pension premiums unpaid by high income-earners in South Korea totaled nearly 1 trillion won ($871 million) as of June this year, data showed Wednesday. According to a report from the National Pension Service submitted to the ruling Democratic Party Rep. Jung Choun-sook, a total of 198,399 high earners left their subscription fees to the state-run pension program unpaid, up around 20,000 from six months earlier. Of the accumulated amount, only 6.5 percent, or 71.33 billi
Oct. 14, 2020
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BOK keeps interest rate unchanged
South Korea’s central bank on Wednesday kept its benchmark interest rate anchored near 0.5 percent, hinting that it is treading cautious steps not to further aggravate the nation’s loan and housing markets, amid the coronavirus pandemic. The Bank of Korea’s seven-member monetary policy board unanimously voted to hold the base rate at a record low rate, maintaining the decision it had made in late May. The board slashed the rate by a whopping 0.5 of a percentage point to 0.75
Oct. 14, 2020
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S. Korea continues efforts to stabilize FX markets
SEJONG -- South Korea's vice finance minister said Wednesday that the government has continued efforts to stabilize foreign exchange markets, citing the "relatively speedy" strength of the Korean currency against the US dollar. Vice Finance Minister Kim Yong-beom made the remarks at a policy meeting, as the won has been recently trading at a level of 1,140 won against the US dollar, compared with a level of 1,180 won in mid-September. "The won's strength appears to be relative
Oct. 14, 2020
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S. Korea to hold population census this week amid pandemic
SEJONG -- South Korea will hold a national census this week, the statistics agency said Wednesday, amid the coronavirus pandemic. Statistics Korea asked people to use mobile phones, fixed-line telephones and computers to register their personal, family and other information in a move to stop the spread of COVID-19. The agency said about 27,000 census workers will carry out door-to-door visits from Nov. 1 to Nov. 18 for those who fail to respond to the non-contact survey from Oct. 15 to 31. So
Oct. 14, 2020
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BOK freezes key rate amid virus fallout and growing household debt
South Korea's central bank froze its key interest rate at a record low Wednesday amid heightened economic uncertainties over the protracted coronavirus outbreak and rising housing prices. The Bank of Korea (BOK) also voiced concerns about the fast growth of household debt as asset markets, such as the housing market, could become unstable due to excessive household loans. In a unanimous decision, the BOK's monetary policy board kept steady the benchmark seven-day repo rate, called the base rat
Oct. 14, 2020
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S. Korea seeks to supply more homes to newlyweds, first-time homebuyers
SEJONG -- South Korea plans to supply more homes to newlyweds and first-time homebuyers through public and private development projects, Finance Minister Hong Nam-ki said Wednesday. About 92 percent of newlyweds and first-time homebuyers will be eligible to purchase housing units as the government plans to ease some rules for them, Hong said in a meeting with property-related ministers. Currently, the government requires public and private construction firms to sell a certain amount of new h
Oct. 14, 2020
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IMF slightly upgrades S. Korea's growth forecast for this year
The International Monetary Fund said Tuesday that South Korea's economy will shrink 1.9 percent this year as the coronavirus pandemic ravaged exports and consumption. The IMF's latest forecast represented a slight upgrade from its previous prediction of 2.1 percent contraction in June. The IMF also painted a somewhat brighter picture of the global economy as advanced nations reopened their economies, although the pandemic has showed no signs of weakening. The global economy is expect
Oct. 13, 2020
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Korean shipbuilders likely to win more orders for LNG ships this year
South Korean shipbuilders are expected to win orders later this year to build liquefied national gas (LNG) ships in Africa, analysts said Tuesday. In the January-September period, local shipbuilders fell far short of achieving their annual order targets as the new coronavirus pandemic continued to affect the shipbuilding industry, according to their order data. Korea Shipbuilding & Offshore Engineering received $4.5 billion worth of orders in the first nine months, achieving 29 percent o
Oct. 13, 2020
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NTS returns W300b tax to overseas funds after losing lawsuits
South Korea’s tax agency has returned over 300 billion won ($260.89 million) of corporate tax to overseas funds over last five years, after losing lawsuits related to tax returns. According to data compiled by the National Tax Service, NTS had a total of 14 administrative litigation cases regarding overseas funds and lost six cases between 2015 and 2019. The tax authority reimbursed a total of 314 billion won of tax receipts over the period, according to the reports submitted to ruling
Oct. 13, 2020
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[News Focus] Korea No. 2 in OECD in growth of property taxes
SEJONG -- Compared with other members of the Organization for Economic Cooperation and Development, in recent years South Korea saw its property taxes grow at the second-fastest rate. Taxes levied on property in Korea -- including real estate and other wealth -- came to 3.3 percent of the gross domestic product in 2018, the latest year for which figures are available. By comparison, those taxes amounted to 3.144 percent of the nation’s GDP in 2017. The increase -- 0.156 percentage point
Oct. 13, 2020
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Banks' household loan growth still higher in Sept. on home-backed lending
South Korean banks' household loans continued to grow at a fast pace in September largely due to accelerated home-backed lending amid soaring home prices, central bank data showed Tuesday. Outstanding bank loans to local households came to 957.9 trillion won ($832.5 billion) as of end-September, up 9.6 trillion won from the previous month, according to the data from the Bank of Korea (BOK). It slowed from an all-time high of an 11.7 trillion-won gain in August but still marked the second-large
Oct. 13, 2020
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FDI pledges to S. Korea up 43.6% in Q3 despite pandemic
Foreign direct investment (FDI) pledges to South Korea shot up 43.6 percent in the third quarter of 2020 from a year earlier, data showed Tuesday, as the manufacturing segment drew a massive investment commitment. Asia's No. 4 economy received $5.23 billion worth of FDI commitments over the July-September period, compared with $3.61 billion logged the previous year, according to the Ministry of Trade, Industry and Energy. But in the first nine months of the year, the FDI pledges edged down 4.4
Oct. 13, 2020
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S. Korea seeks balanced regional development under New Deal projects
SEJONG -- South Korea plans to pursue balanced regional development under Korean-version New Deal projects that aim to boost growth of the coronavirus-hit economy, Finance Minister Hong Nam-ki said Tuesday. In a policy meeting chaired by President Moon Jae-in, Hong said the central government will give local governments more leeway in implementing the projects. In July, South Korea said it will invest 160 trillion won ($137 billion) by 2025 under the bold stimulus package that will create 1.
Oct. 13, 2020