Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Pandemic left Korea more depressed than before: report
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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[News Focus] Since 2017, nearly 70 percent spike seen at some Gangnam apartments
SEJONG -- Some apartment complexes in Seoul were found to have renewed all-time high prices despite the measures introduced by the government on June 17 to cool the market. The record-breaking prices are have risen particularly in the wealthy Gangnam area, which comprises Gangnam-gu and Seocho-gu, two of the 25 administrative districts in Seoul. According to the data held by the Land Ministry, an 84-square-meter apartment in the Acro Riverpark complex in Banpo-dong, Seocho-gu, traded at 3.57
Aug. 20, 2020
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FSC pushes banks to sustain financial support for virus-hit market
South Korean authorities Wednesday urged banking circles to sustain their financial situation amid the prolonged epidemic crisis. “We should learn from the 2008 global financial crisis that individual actions by financial companies may affect the entire economic system,” Sohn Byung-doo, vice chairman of the regulator Financial Services Commission, said in a financial risk management meeting held at the Korea Federation of Banks in central Seoul. During an economic downturn, the
Aug. 19, 2020
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S. Korea needs to tread carefully with monetary policy in post-virus era: experts
To quell the market volatility that the coronavirus has caused, South Korea’s monetary policymakers took a number of steps -- some expected and others unprecedented -- to funnel liquidity and cushion the effects of the pandemic. But while the market may have dodged a bullet, experts warn that Korea needs to be cautious about monetary policy from now on, considering the potential adverse effects of quantitative easing. “The benefits of the use of QE in other countries in the
Aug. 19, 2020
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[Green & New] ‘Green deal’s success depends on private sector engagement’
The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. The COVID-19 crisis, as devastating as it is for the world today, has also served as a reminder for the global community to foster sustainable growth and build resilient economies. For the World Bank, which supports countries in the East Asia and Pacif
Aug. 18, 2020
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New COVID-19 lockdowns to add to economic burden on S. Koreans: BOK
The number of new coronavirus cases has surged sharply in recent days, feeding concerns about another round of lockdowns here, and the nation’s central bank said Wednesday that most South Koreans are likely to suffer economically if heavy restrictions are put in place once again. “If lockdown and social distancing measures are strictly enforced due to the resurgence of the virus, nonessential workers without the option of remote working will be extremely vulnerable to losing their
Aug. 18, 2020
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[News Focus] Korea behind Japan, Russia in Q2 employment
SEJONG -- South Korea lagged behind Japan, Russia and some Western countries this year in terms of employment among working-age people. According to the Organization for Economic Cooperation and Development, Korea posted a 65.4 percent employment rate for those aged 15-64 during the April-June period of 2020. In contrast, Japan -- also an OECD member -- saw the employment rate for its working-age population reach 77 percent over the corresponding period, though the country was also hit hard b
Aug. 17, 2020
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[67th Anniversary Special] Reshaping Korean economy in post-virus era
South Korea’s early response to the current pandemic crisis effectively contained its spread, minimizing economic damages in the first half, offering a rosy outlook. On Tuesday, the Organization for Economic Cooperation and Development lifted the country’s growth forecast this year to minus 0.8 percent from the previous minus 1.2 percent, propelling the country to No. 1 in terms of slowdown among member states. Highlighting the resilience of the Asia’s fourth-largest econom
Aug. 16, 2020
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Finance minister rules out 4th extra budget
South Korea's finance minister on Friday ruled out the possibility of a fourth extra budget as he held out the prospect of economic growth in the third quarter. "We can fully cover the costs of recovering from heavy rains through such measures as reserve fund without an extra budget," Hong Nam-ki said in a meeting with reporters from foreign media outlets at the government complex in the central city of Sejong. The government's reserve fund is currently worth about 2.6 trillion won
Aug. 14, 2020
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Consumption keeps improving amid signs of easing export slump: finance ministry
South Korea's consumption continues to improve amid signs of a slump in exports and industrial production easing, the finance ministry said Friday. In a monthly economic report, called the Green Book, the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the coronavirus pandemic and the annual monsoon season. "South Korea's indicators of domestic demand continue to take a turn for the better, despite uncertainty related to COVID-19 and the ra
Aug. 14, 2020
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Korea’s de facto jobless up 860,000 in 2020
Korea’s de facto jobless up 860,000 in 2020 Deck: In July, unemployed plus underemployed top 4 million [News Focus] By Kim Yon-se SEJONG -- South Korea saw the number of unemployed on an “extended” basis, which includes the underemployed, hover over 4 million for the fifth consecutive month. These are regarded as the “de facto” or “comprehensive” jobless. According to the Supplementary Index III for Employment, held by Statistics Korea, the tally for “the employed plus the underemployed” wa
Aug. 13, 2020
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S. Korea vows to shore up services sector amid sluggish job market outlook
The South Korean government announced Thursday it will create at least 50 new job categories in the upcoming years, while providing necessary legal and fiscal support to tide over the worsening employment situation. It also pledged to inject 4.6 trillion won ($3.89 billion) into export-oriented service industries and adjust the government’s fiscal support regulations which have been focused on the manufacturing sector. “We hope to raise the country’s service sector export
Aug. 13, 2020
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[Green & New] Financial circles rush to keep pace with ‘Green New Deal’
The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. “Green” has fast risen as the new buzzword for South Korea’s financial players as they strive to adapt to the Moon Jae-in administration’s “Green New Deal” initiative. They are striving to move away from thermal pow
Aug. 12, 2020
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S. Korea to ban 'backdoor online advertising' from Sept.
South Korea will ban social media influencers from pitching a new product or service on their online platforms without disclosing their business ties with corporate sponsors, officials said Wednesday. The move comes amid controversy over some famous social media influencers' involvement in the shady practice called "backdoor online advertising." The Fair Trade Commission (FTC), the country's antitrust watchdog, said its revised advertising guidelines for social media platforms will
Aug. 12, 2020
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Korea's gold market turnover hits record high in July
The daily turnover of South Korea's gold market hit a record high in July amid a surge in trade in the precious metal, the local exchange said Wednesday. The market's daily turnover averaged 13.1 billion won ($11.1 million) in July, more than double the amount of 5.2 billion won the previous month, according to the Korea Exchange (KRX). It marks the largest-ever turnover since March 2014, when the KRX gold market opened, and far exceeds the previous record of 9.7 billion won set in August 201
Aug. 12, 2020
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S. Korean trade minister promotes campaign pledges as new WTO head online
South Korean Trade Minister Yoo Myung-hee, a candidate for the next head of the World Trade Organization (WTO), has accelerated her online electioneering as the new coronavirus pandemic has limited face-to-face campaigning. "I want to rebuild trust in the multilateral trading system by making it more relevant, resilient and responsive," Yoo posted on her Twitter account, while sharing other visions and campaign pledges. The South Korean candidate recently opened up her official webs
Aug. 12, 2020
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Job losses extend into July amid pandemic, unemployment rate up to 4%
South Korea lost about 277,000 jobs in July, marking a decline in the number of the employed for a fifth consecutive month, as the new coronavirus pandemic strained business activities, data showed Wednesday. The country's jobless rate rose by 0.1 percentage point on-year to 4 percent in July, with the number of employed people falling to 27.1 million, according to the data compiled by Statistics Korea. It marked the longest fall since the eight months of decline posted in 2009 amid the globa
Aug. 12, 2020
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Debates on 4th extra budget bill mount amid flood damages
After approving several sets of additional fiscal injections so far this year to deal with the fallout of the COVID-19 pandemic, South Korea is facing mounting calls for yet another extra budget amid the recent flood damages. While political parties unanimously called for an additional budget injection, the finance minister expressed disapproval over what he saw as reckless spending amid growing deficits. The government, the ruling Democratic Party of Korea and the presidential office Cheo
Aug. 11, 2020
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S. Korea tops OECD’s growth rate forecast for 2020
South Korea’s economy is expected to shrink minus 0.8 percent this year, the Organization for Economic Cooperation and Development said Tuesday, lifting it from the previous forecast of minus 1.2 percent and propelling the country to No. 1 in terms of growth rate. Asia’s fourth-largest economy became the first among OECD’s 37 member nations to have its growth forecast adjusted upward from the international organization’s earlier projections announced in June, a biannua
Aug. 11, 2020
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Exports fall 24% in first 10 days of August
South Korea's exports fell 24 percent on-year in the first 10 days of August amid the fallout from the new coronavirus outbreak, customs data showed Tuesday. The country's outbound shipments stood at $8.7 billion from Aug. 1-10, down from $11.4 billion during the same period of last year, the Korea Customs Service said in a statement. The daily average exports during the 10-day period declined 13 percent on-year to $1.25 billion from $1.43 billion, it said. The pandemic has disrupted trade
Aug. 11, 2020
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Imports of Japanese tobacco, beer, automobiles plummet amid boycott
South Korea’s inbound shipments of Japanese consumer goods -- especially tobacco, beer and automobiles shrank considerably in July -- amid the continuing nationwide boycott, data showed Monday. The boycott spread like wildfire across the country since July last year, when Japan said it would regulate exports of three key materials needed for Asia’s fourth-largest economy’s chip and display manufacturing. The nation’s import of Japanese goods overall dropped 23.4 perc
Aug. 10, 2020