Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Q1 household debt growth slowest in 1 year due to virus outbreak
South Korea's household debt grew at the slowest pace in one year in the first quarter, central bank data showed Wednesday, amid a sharp decline in spending apparently caused by the new coronavirus outbreak that is expected to hurt the whole economy. Outstanding household credit came to 1,611.3 trillion won ($1.31 trillion) as of the end of March, up 11 trillion won from a revised 1,600.2 trillion won tallied three months earlier, according to preliminary data from the Bank of Korea (BOK). Th
May 20, 2020
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S. Korean economy will expand 0.2% in 2020, 3.9% in 2021: KDI
As the global economy marks a sharp decline amid the persisting COVID-19 pandemic, South Korea will see its economy expand 0.2 percent this year before rebounding to 3.9 percent growth level next year, according to a state-affiliated think tank. But this modest figure, which is higher than the outlook suggested by other international institutions and private think tanks, is anticipated to face challenges down the road due to global economic uncertainties. “Our economy will grow 0.2 per
May 20, 2020
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S. Korea to step up efforts for post-pandemic economic recovery
SEJONG -- South Korea will step up efforts for an economic recovery after the coronavirus pandemic as the nation is returning to normal activities, Finance Minister Hong Nam-ki said Wednesday. Hong made the remarks at a meeting with economy-related ministers as schools reopened for high school seniors, about 80 days later than the original semester start day of March 2. Unlike other nations, South Korea has not enforced lockdown measures to combat the virus. Instead, the nation implemented
May 20, 2020
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S. Korea to drastically ease rules for stalled local liquor industry
South Korea plans to alleviate liquor regulations to assist struggling manufacturers and distributors, officials said Tuesday. The new rules, if approved by the National Assembly, will allow alcoholic drink companies to partly consign their production to original equipment manufacturers and also to produce non-alcoholic by-products at their facilities. When it comes to minor changes in products, the current approval process would be replaced by a simple reporting requirement for efficiency.
May 19, 2020
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Home transactions dip over 30% in April amid slump, virus fallout
SEJONG -- Home transactions in South Korea sank more than 30 percent in April from the prior month due to tougher property rules and the coronavirus impact, government data showed Tuesday. The number of homes changing hands nationwide stood at 73,531 last month, down 32.3 percent from the previous month, according to the data from the Ministry of Land, Infrastructure and Transport. Yet the figure was up roughly 29 percent from the same month a year earlier, when housing transactions were ane
May 19, 2020
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S. Korea develops ASF test kits
South Korea said Tuesday it has developed a new test kit for the African swine fever (ASF) that can pave the way for the country to speed up its battle against the fatal animal disease and reduce its dependency on imported tools. The state-run Animal and Plant Quarantine Agency has completed the development of a kit that can test acute forms of ASF, under the cooperation with the Korea Research Institute of Bioscience & Biotechnology and Korea University. The country, which has been depen
May 19, 2020
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Global TV market sinks 16% in Q1 on virus impact
The global TV market shrank nearly 16 percent in the first quarter of the year due to the coronavirus pandemic, with only South Korean makers reporting slight growth, a market tracker said Tuesday. Worldwide TV shipments stood at 43.29 million units in the January-March period, down 16.4 percent from a year earlier, according to Omdia, formerly IHS Markit. TCL and other Chinese TV manufacturers saw their sales dip 14.4 percent to 15.13 million, with those of Sony and other Japanese players tu
May 19, 2020
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S. Korea to provide $53m to Latin America in coronavirus-related ODA
South Korea will deliver a combined $53 million to Central and South American countries to help them deal with COVID-19, as part of efforts to promote the country’s esteemed quarantine model globally, officials said Monday. The Ministry of Economy and Finance has decided to deliver $50 million to Paraguay in the form of joint financing between the Inter-American Development Bank and the Economic Development Cooperation Fund. Established in 1959, the IDB is the largest source of develo
May 18, 2020
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Offline applications begin for virus relief fund
The application process for the government's emergency fund to ease economic pain from the novel coronavirus became available offline Monday morning. Applicants can now visit community service centers or banks to apply for the money regardless of the forms of the state aid, be it credit or debit card points, regional gift certificates or prepaid cards. For the last week, only online applications were allowed. Those who apply for the last two forms of the payment can get them immediately on-si
May 18, 2020
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Food makers enjoy two-digit profit hike amid social distancing
South Korean giant food manufacturers boasted two-digit profit growth in the first three months of this year on brisk demand for instant home meal products amid coronavirus-led social distancing, data showed Monday. In the January-March period, earnings of food conglomerate CJ Cheiljedang Corp. were 28 percent higher than brokerages' consensus. The company's operating profit jumped 54.1 percent on-year to 275.9 billion won ($223.9 million), according to its regulatory filing. Sales increased
May 18, 2020
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Authorities slash subsidies for foreign banks over ‘passive’ approach toward low-rate lending program
South Korea’s financial authorities have slashed government subsidies for foreign banks that they view as “passive” toward the need to support small businesses hit by COVID-19, officials said Sunday. The amounts withheld from foreign banks will be reallocated to five major local lenders to maximize the availability of state-funded low-rate loans for cash-strapped business owner-operators. Starting Monday, seven major banks here are accepting loan applications from owner-oper
May 17, 2020
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OECD leading index for S. Korean economy edges up in April
A leading economic index for South Korea inched up in April, with Asia's fourth-largest economy being the only country among OECD member states to see such a trend, data showed Sunday. The composite leading indicator (CLI) of economic activity for South Korea stood at 99.9 last month, up 0.1 percentage point from the previous month, marking the rise for eighth consecutive month, according to the data from the Organization for Economic Cooperation and Development (OECD). A reading below 100 me
May 17, 2020
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[News Focus] De facto jobless up 800,000 in South Korea since Feb. 1
SEJONG -- The official number of unemployed in South Korea, compiled by the government, stood at 1.172 million in April, inching up only 19,000 from 1.153 million in January, despite the outbreak of the novel coronavirus that has slammed the country’s economy. But the situation is far more critical when it comes to the extended definition of unemployment, taking “underemployed” people as the de facto unemployed. According to the Supplementary Index III for Employment from S
May 17, 2020
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S. Korea seeks to ease factory regulations for more reshoring
South Korea is reviewing an option to ease regulations on the establishment of factories in the country's metropolitan area as part of efforts to woo more firms with overseas plants return home, the finance ministry said Sunday. Currently, strict regulations are in place on the construction of new plants and their expansion in the metropolitan area, which the business community has cited as a hurdle. The ministry said it is reviewing measures to finance the cost of reshoring, provide tax ince
May 17, 2020
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Finance ministry set to slash economic outlook amid coronavirus pandemic
South Korea's finance ministry is working to sharply cut this year's economic growth outlook due to growing fallout from the coronavirus pandemic, sources familiar with the matter said Sunday. Late last year, the ministry predicted a 2.4 percent on-year expansion for Asia's fourth-largest economy this year, but given the toll of the coronavirus outbreak on the economy, it may drastically cut this year's growth estimate. South Korea's economy shrank 1.4 percent on-quarter in the first quarte
May 17, 2020
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Firms to cut workforce if virus fallout continues: poll
One in three companies in South Korea may trim workers in the future if the economy does not show signs of a significant recovery from the new coronavirus pandemic, a poll showed Sunday. In the poll conducted by the Korea Economic Research Institute, about 30 percent of the surveyed 120 companies said that they will not be able to maintain the current level of employment if the COVID-19 pandemic not mitigate over the next six months. To batten down the hatches for the economic fallout from t
May 17, 2020
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Moon gearing up for key projects on economy, peace process in June
For President Moon Jae-in, June will be a crucial month in preparations for the post-coronavirus era and efforts to jump-start inter-Korean ties. He is setting his sights on a string of major projects in the coming month related to the economy and inter-Korean cooperation, while quarantine authorities here are struggling to contain COVID-19 amid concerns about new cluster infections in Seoul's nightlife district of Itaewon. Moon and his aides hope that the number of daily confirmed cases will
May 16, 2020
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Korea's export prices down for 2nd straight month in April
South Korea's export prices dropped for a second consecutive month in April, central bank data showed Friday, apparently adding to woes over a slump in outbound shipments by Asia's fourth-largest economy amid the new coronavirus pandemic. The export prices index, in terms of local currency, came to 94.54 in the month, down 1.6 percent from the revised 96.08 the previous month, according to preliminary data from the Bank of Korea. From a year earlier, the reading marks a 5.9 percent drop. Apri
May 15, 2020
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G-20 members vow to sustain global supply chains amid virus pandemic
South Korea said Friday it has adopted an action plan with other Group of 20 members that centers on maintaining the global supply chains and refraining from implementing new trade barriers as the new coronavirus pandemic continues to put great strains on business activities. South Korean Trade Minister Yoo Myung-hee discussed with her counterparts from the group of 20 advanced and emerging economies on late Thursday how to expand global cooperation in the face of the COVID-19 pandemic, accord
May 15, 2020
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S. Korea to add 1.56 million new jobs in public sector
South Korea’s government aims to create 1.56 million jobs mostly in the public sector, hoping it will eventually trigger the private sector to follow suit and hire more, according to the nation’s fiscal chief Thursday. “The ongoing pandemic has triggered not only immediate job losses but also long-term quantitative and qualitative shocks to the employment market,” Deputy Prime Minister and Finance Minister Hong Nam-ki said in an economic policy headquarters meeting he
May 14, 2020