Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Better-than-expected job additions continue in June on strong senior workforce
South Korea's job additions remained stronger than expected in June on the back of the senior workforce, data showed Wednesday, although the on-year growth slowed for the third consecutive month. The number of employed people came to 28.81 million in June, up around 333,000 from a year earlier, according to the data compiled by Statistics Korea. South Korea's on-year job additions slowed for nine consecutive months through February before rebounding in March, when they rose 469,000 on-
July 12, 2023
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S. Korea to host intl. statistics congress in 2027
South Korea's statistics agency said Tuesday the country has been selected as the host of an international statistics event scheduled for 2027, which will bring together experts and government officials from around the world to share knowledge in the field of statistics. South Korea will host the World Statistics Congress of the International Statistical Institute in 2027 in the southeastern port city of Busan, marking the second time for the country to host the biennial event, following it
July 11, 2023
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Exports down 14.8% during first 10 days of July
South Korea's exports fell 14.8 percent on-year in the first 10 days of July due to sluggish shipments of chips, data showed Tuesday. The country's outbound shipments reached $13.3 billion in the July 1-10 period, compared with $15.5 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports fell 26.9 percent on-year to $15.5 billion during the period, resulting in a trade deficit of $2.27 billion. In June, South Korea's outbound shipments fell 6
July 11, 2023
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M&A activity plummets 40% in H1
The total transaction volume of cross-border mergersand acquisitions involving Korean companies decreased by more than 40 percent in the first half of this year compared to the previous year, according to a major business lobby group, which called for the government support for deals with overseas tech companies. According to a report released by the Sustainable Growth Initiative, a think tank under the Korea Chamber of Commerce and Industry on Monday, the volume of transactions in domestic
July 10, 2023
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BOK likely to hold key rate steady as inflation eases
The Bank of Korea is expected to keep its key interest rate unchanged this week as recent economic indicators show signs of waning inflation. If the central bank maintains the policy rate at 3.5 percent at its rate-setting meeting scheduled to take place on Thursday, it would be its fourth consecutive freeze since February. Signs of inflation cooling have created room for the BOK to keep the rate at the same level. Korea’s consumer prices, a key gauge of inflation, rose by 2.7 percent in
July 10, 2023
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S. Korea's current account returns to black in May
South Korea's current account returned to the black in May on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Friday. The country's current account surplus reached $1.93 billion in May, swinging from a deficit of $790 million a month earlier, according to the preliminary data from the Bank of Korea. May's surplus came as the country logged a trade surplus and the service account deficit narrowed. The primary income account, which
July 7, 2023
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S. Korea removes tariffs on naphtha imports
South Korea has removed tariffs on imports of naphtha and crude oil used to produce the material, the finance ministry said Thursday, in line with efforts to support the local petrochemical industry. Under the measure, the tariffs on all naphtha imports will be lowered to zero through the end of 2023 immediately, compared with the current 0.5 percent, according to the Ministry of Economy and Finance. Those on crude oil used to produce naphtha will also be lowered to zero for the amount not excee
July 6, 2023
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S. Korea's overseas plant orders jump 40.2% in H1
Overseas orders for industrial plants won by South Korean builders spiked more than 40 percent on-year in the first half of 2023 on brisk demand from the Middle East and Africa, data showed Thursday. Local builders clinched $13.05 billion worth of plant orders from abroad in the January-June period, up 40.2 percent from a year earlier, according to the commerce ministry data. The first-half jump came as orders from Middle Eastern and African countries shot up from a year earlier. Plant orders fr
July 6, 2023
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[Photo News] Foreign reserves up in June
An official sorts dollar bundles at a Hana Bank branch in Seoul, Wednesday. As the US dollar weakens, Korea's foreign reserves amounted to $421.45 billion as of end-June, up $470 million from the previous month. The dollar's fall boosted the converted value of holdings denominated in other currencies such as the euro and pound. Financial institutions' foreign currency holdings also went up, the Bank of Korea explained.
July 5, 2023
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S. Korea, India discuss industry, economic cooperation
South Korea's top trade official met with an Indian industry delegation in Seoul on Wednesday for talks on ways to expand bilateral economic and industry ties, Seoul's industry ministry said. Trade Minister Ahn Duk-geun met with the visiting delegation led by Sanjiv Puri, president designate of the Confederation of Indian Industry, and discussed how to enhance cooperation on the overall economy and major industry sectors, according to the Ministry of Trade, Industry and Energy. Two-way
July 5, 2023
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Korea lowers growth outlook to 1.4% on slow recovery
The Korean government revised down its economic growth rate projection to 1.4 percent on Tuesday, as the exports sector struggles to rebound, delaying the economy's recovery to next year. The revision came as the Finance Ministry and other related ministries announced economic policy measures for second half of this year. The gross domestic product growth forecast was cut from the previous 1.6 percent to 1.4 percent. The ministry initially suggested that the Korean economy would see a rebou
July 4, 2023
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S. Korea's consumer prices up 2.7% in June, slow for 5th month
South Korea's consumer price growth slowed for the fifth straight month in June, falling below 3 percent for the first time in 21 months, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.7 percent last month from a year earlier, compared with a 3.3 percent increase tallied in May, according to the report from Statistics Korea. It also marked the first time for the on-year growth in consumer prices to fall below 3 percent since September 2021, the data showed. The price
July 4, 2023
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Korean investors snap up Japanese stocks amid yen weakness
Korean investors have poured money into Japanese stocks this year, taking advantage of a weaker yen and the roaring Japanese stock market, according to data from the Korea Securities Depository on Monday. In recent months, the Korean currency has been traded in the 900 won range against 100 Japanese yen, as the Bank of Japan continues to maintain negative rates to spur the local economy. Backed by the record low yen, more local investors are scooping up Japanese shares. The KSD data showed that
July 3, 2023
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Hana seeks to foster financial talent in Indonesia
Hana Financial Group said Monday it is working together with Binus University, a prestigious private university in Indonesia, to foster global talent in the financial sector. Under the partnership agreement signed in Seoul on Friday, Hana Financial Group will provide opportunities for Indonesian university students to work as interns at Hana offices starting in the second half of this year. Binus University plans to operate the International Talent Pool Management program, which provides credits
July 3, 2023
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S. Korea's exports to US up 5.5% per year for 10 years under KORUS FTA
South Korea's exports to the United States rose more than 5 percent per year on average over the past decade thanks to the 2012 bilateral free trade agreement, compared with a 1.5 percent increase in the country's overall exports, a think tank said Monday. South Korea's shipments to the US jumped to $96.3 billion in 2021 from $56.4 billion in 2011, marking a yearly 5.5 percent growth on average, according to the Korea Institute for International Economic Policy. During the period,
July 3, 2023
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[KH Explains] Korea’s economic recovery slower than hoped
Though Korea’s sluggish economy was initially expected to improve in the latter half of the year, the recovery is slowing, as the country struggles with a prolonged export slump. The Finance Ministry is likely to lower slightly the economic growth rate forecast for 2023 from the previous 1.6 percent when it announces economic policy measures for the second half of the year on Tuesday. The Korean economy was initially expected to rebound in mid-2023 when China’s economy reopened and t
July 2, 2023
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S. Korea swings to trade surplus in June; decline in exports eases
South Korea reported a trade surplus in June for the first time in 16 months, but its outbound shipments fell for the ninth consecutive month due mainly to weak demand for semiconductors, the industry ministry said Saturday. Outbound shipments fell 6 percent on-year to $54.24 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The decline came as exports of semiconductors, the country's key export item, sank 28 percent on falling demand and a
July 1, 2023
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BOK sells net $2.1 billion in market-smoothing operations in Q1
The Bank of Korea said Friday it sold a net $2.1 billion in the first quarter of the year to help ease the decline of the local currency against the US dollar. The first-quarter dollar selling marks the seventh straight quarter of dollar selling for market smoothing operations since the third quarter of 2021, according to the central bank. The selling of US dollars in the first quarter came as the US Federal Reserve’s rate hikes sharply depreciated the value of the local currency, accordin
June 30, 2023
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Tax revenue down W36.4tr through May
South Korea's tax revenue fell 36.4 trillion won ($27.6 billion) in the first five months of 2023 from a year earlier, data showed Friday, on weaker corporate performance and a slump in the local property market. Tax revenue amounted to 160.2 trillion won during the January-May period, down from 196.6 trillion won tallied a year earlier, according to the Ministry of Economy and Finance. In May alone, the government collected 26.2 trillion won in taxes, down 2.5 trillion won from the previou
June 30, 2023
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Industrial output up in May, along with private spending, facility investment
South Korea's industrial output rose 1.3 percent in May from a month earlier, data showed Friday, with retail sales and facility investment gaining ground as well. The latest growth marks a sharp turnaround from a 1.3 percent on-month drop tallied in April, according to the data from Statistics Korea. The output in the mining, manufacturing, gas and electricity industries moved up 3.2 percent over the period on the back of the robust performance of the automobile and chip segments, which ad
June 30, 2023