Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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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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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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Debate rages over ‘overly fatty’ samgyeopsal
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Naver will consider company benefits in deciding on selling Line shares: CEO
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[Weekender] Korean psyche untangled: Musok
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Woman dangling from power lines rescued by residents holding blanket
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(Edited)1 in 5 NK defectors see household debt top 100m won
1 in 5 NK defectors see household debt top 100m won Deck: Outstanding debt doubles in a year among defectors in 50s [News Focus] By Kim Yon-se SEJONG -- The burden of financial liabilities held by North Korean refugees was found to have aggravated, while their employment conditions were worse than the average of ordinary South Koreans, state data showed. According to Statistics Korea and the Korea Hana Foundation, the defectors from the North saw their outstanding debt per household reach an
July 23, 2020
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S. Korea pushes privately funded infrastructure projects worth W30tr
South Korea will push ahead with privately financed infrastructure projects worth more than 30 trillion won ($25.1 billion) this year, as part of its efforts to revive the coronavirus-battered economy, the Finance Ministry said Thursday. The projects include construction of highways as well as sewage systems, worth 4.5 trillion won and 2.3 trillion won, respectively, said Deputy Prime Minister and Finance Minister Hong Nam-ki in a meeting with economy-related ministers. The authorities
July 23, 2020
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Number of beef cattle in S. Korea hits new high in Q2
SEJONG -- The number of beef cattle in South Korea hit a record high in the second quarter of the year amid rising beef prices, government data showed Thursday. There were 3.33 million beef cattle, including Korean-bread cattle known as "hanwoo," in the country as of June 1, up 2.7 percent from a year earlier, according to the data by Statistics Korea. It marks the largest-ever tally since the statistical agency began tracking related data in 1986. The s
July 23, 2020
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S. Korea's economy shrinks 2.9% in Q2, worst since 1997 financial crisis
South Korea's economy contracted at a sharper rate than what had been expected in the second quarter, delivering the worst performance in over two decades, as the pandemic hammered outbound shipments and private spending in Asia's fourth-largest economy, central bank data showed Thursday. In the April-June period, the country's real gross domestic product (GDP) shrank 2.9 percent from the same period last year, marking the slowest growth since a 3.8 percent on-year contraction in the last thre
July 23, 2020
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S. Korea revises tax rules to respond to post-coronavirus economy
South Korea on Wednesday unveiled a set of revised taxation rules aimed at better dealing with the widening economic gap and altered tax realities under the COVID-19 context. Its measures will focus on alleviating the tax burden for struggling small businesses, enhancing income tax-paying duties of the affluent group and supporting retail investors. “Adding to its previous measures to respond to the COVID-19 crisis, (the government) has come up with tax law revision bills to fundamenta
July 22, 2020
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SME exports dip 13.4% in Q2 on coronavirus
Exports by South Korean small and medium enterprises (SMEs) sank at a double-digit rate in the second quarter of the year due to the coronavirus pandemic, government data showed Wednesday. Local SMEs' overseas shipments came to $22.5 billion in the April-June period, down 13.4 percent from a year earlier, according to the data from the Ministry of SMEs and Startups, marking a sharp turnaround from the 2 percent on-year increase in their exports in the first quarter, which were worth $24.2 bil
July 22, 2020
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More young people preparing for job exams in May amid pandemic
SEJONG -- The number of young South Koreans preparing for job exams rose in May this year, data showed Wednesday, as job markets are hit hard by the coronavirus pandemic. The data released by Statistics Korea showed that 804,000, or 17 percent, of 4.73 million economically inactive youths aged 15-29 prepared for exams in May to land jobs, up 1.7 percentage points from the same period last year. Among the 804,000 people, 28.3 percent were preparing for state exams to become low-ranking public
July 22, 2020
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Financial app users outpace e-commerce, game apps: data
The number of people using financial mobile apps, including for banking and stock trading, has surpassed users of apps for online shopping and games, industry data showed Wednesday. According to the data by mobile big data platform IGAWorks, a total of 31.16 million people with Android devices used financial applications in June, compared with 23.63 million people using e-commerce apps and 19.84 million mobile game users. "The number of financial app users greatly increased following the
July 22, 2020
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Buoyed by oil prices, producer prices see first growth in 5 months
Buoyed by the recovery of global oil prices, South Korea’s producer price index rose 0.5 percent on-month in June, ending a monthslong slide, the nation’s central bank said Tuesday. The producer price index for all commodities and services here inched up 0.5 percent on-month to 102.52, data released by the Bank of Korea showed. It had remained flat in May after extending a decline in the February-April period, weighed down by the coronavirus pandemic. “The recovery of global
July 21, 2020
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Growth of S. Korea's total assets slows in 2019
South Korea's overall wealth grew at a slightly slower pace than a year before in 2019, central bank data showed Tuesday, amid a prolonged decline in exports that also kept its economy growing at the slowest pace in a decade. The country's national assets came to 16,621.5 trillion won ($13.84 trillion) as of the end of last year, up 6.8 percent from a year earlier, according to the national balance sheet from the Bank of Korea (BOK). The rise marks a slowdown from an 8.2 percent on-year incre
July 21, 2020
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S. Korea to expand FTA network to overcome virus pandemic
South Korea said Tuesday it will speed up efforts to expand its free trade agreement (FTA) networks to overcome the economic jitters sparked by the new coronavirus pandemic. "South Korea will not only focus on opening markets but seek to build a sustainable partnership with developing nations on the back of FTAs," Industry Minister Sung Yun-mo said during a conference with business organizations and companies held in Seoul. The remark came amid concerns that the COVID-19 pandemic is
July 21, 2020
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S. Korea's exports drop 12.8% in first 20 days of July
SEJONG -- South Korea's exports dropped 12.8 percent on-year in the first 20 days of July amid the economic fallout from the new coronavirus, customs data showed Tuesday. The nation's outbound shipments stood at $24.6 billion in the July 1-20 period, according to the data from the Korea Customs Service. The daily average exports during the 20-day period also declined 7.1 percent. The coronavirus pandemic has disrupted trade and halted production around the globe, with a rising number of cou
July 21, 2020
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S. Korea’s household debt-to-GDP ratio is highest in the world: report
Taking impact from the COVID-19 fallout, South Korea’s household debt compared to its economic size has become one of the world’s highest, while its debt grew at one of the fastest paces during the first quarter this year, a report showed Monday. As of the end of March this year, Asia’s fourth-largest economy saw its household debt stand at 97.9 percent of its gross domestic product, which was the highest among the 39 countries reviewed by the US-based Institute of Internatio
July 20, 2020
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Multiplying zombie firms drag down manufacturers’ productivity: BOK
South Korea has been seeing an increase in zombie firms -- especially those who have been incapable of covering annual borrowing costs for more than two years –- and they have been dragging down the manufacturing sector’s labor productivity, a report by the nation’s central bank said Monday. The Bank of Korea defined zombie firms as at least 10 years old and unable to cover debt servicing costs from current profits due to struggling with an interest coverage ratio below 1 for
July 20, 2020
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Overseas securities investment hits new high in H1
South Koreans' overseas securities investment soared to a record high in the first half of the year on brisk stock purchases, data showed Monday. Local investors' transactions of overseas securities were valued at $142.4 billion in the January-June period, up 63.4 percent from the second half of 2019, according to the data from the Korea Securities Depository (KSD). The figure marks the highest half-year tally since data tracking began in 2011 and accounts for nearly 83 percent of last year'
July 20, 2020
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Employment rate for 40-somethings hits 21-year low amid pandemic
SEJONG -- The employment rate for people in their 40s in South Korea hit a 21-year low in June as the coronavirus pandemic hammered job markets, data showed Monday. According to the data from the nation's statistics agency, the employment rate for 40-somethings stood at 76.9 percent last month, marking the lowest rate since June 1999. An official at Statistics Korea attributed the decline to lackluster performances in the wholesale and retail sectors, which were hit hard by the coronavirus
July 20, 2020
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S. Korea's household debt highest in world in comparison with GDP
South Korean households' debt is one of the world's highest when compared to the country's economic size while its debt grew at one of the highest rates in the first three months of the year, a report showed Monday. As of end-March, South Korea's household debt came to 97.9 percent of its gross domestic product (GDP), the highest among 39 countries reviewed by the US-based Institute of International Finance (IIF). South Korea was followed by Britain with 84.4 percent, Hong Kong at 82.5 percen
July 20, 2020
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IBs maintain steady growth outlook for S. Korea
Major global investment banks (IBs) maintained their revised-up growth outlook for South Korea's economy, a report showed Sunday, despite a gloomier outlook recently portrayed by the country's central bank. In June, nine global investment banks forecast the South Korean economy to contract 0.4 percent from a year earlier in 2020, unchanged from their estimate tallied in May, according to the report from the Korea Center for International Finance (KCIF). In May, the nine investment ban
July 19, 2020
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Inter-family asset donation rises in 2019 to bypass inheritance tax: NTS
The amount of lineally donated assets marked over 30 trillion won ($25 billion), while the number of cases amounting to more than 100 million won also rose in 2019, the country’s tax agency said Friday. The National Tax Service made an early publication on 95 selected articles of data on national taxes -- which includes value added taxes, corporate taxes, inheritance and gift taxes. The early publication is being released biannually and its statistical yearbook is slated to be released i
July 17, 2020
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S. Korea asks Canada to support Seoul minister's bid for WTO chief
SEJONG -- South Korea's finance minister on Friday asked his Canadian counterpart to support a Seoul minister's bid to become the next director-general of the World Trade Organization (WTO). Finance Minister Hong Nam-ki held telephone talks with Canadian Finance Minister Bill Morneau earlier in the day during which Hong emphasized South Korea's role as an arbitrator among WTO members. Morneau said Canada will "seriously review" Hong's request, the ministry said in a statement. L
July 17, 2020