Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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Korea's current account surplus widens to $5.97b in Nov.
South Korea's current account surplus grew from a year earlier in November as its service account deficit narrowed, while its primary income account surplus expanded, central bank data showed Tuesday.The country's current account surplus came to $5.97 billion in the month, up $840 million from the same month last year, according to preliminary data from the Bank of Korea.November marks the seventh consecutive month the country's current account has been in black. The figure, however, marks a dro
Jan. 7, 2020
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Financial watchdog to give more time to banks over dispute settlement
South Korea's financial watchdog said Monday that it will give more time to six banks to decide whether to accept a proposal meant to resolve disputes over currency-related derivatives.The move came two days before a deadline by which the six banks are required to decide whether to accept and honor the arbitration proposal by the dispute settlement board of the Financial Supervisory Service.The watchdog has said the deadline can be extended if requested by the relevant parties. So far, none of t
Jan. 6, 2020
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Debt of households, self-employed estimated to exceed W2,000tr
Debt incurred by households and self-employed businesses in South Korea is estimated to surpass 2,000 trillion won ($1,713 billion) as of September last year, according to central bank data on Sunday. Outstanding household loans came to 1,481 trillion won at the end of last September, up 13.6 trillion won from three months earlier, the Bank of Korea data showed. Debt incurred by self-employed businesses reached 670 trillion won at the end of last September, up 16.3 trillion won from three months
Jan. 5, 2020
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Finance minister urges financial firms to focus on risk this year
Finance Minister Hong Nam-ki on Friday called for banks and other financial firms to improve their risk management processes and channel more funds into the real economy. Hong made the remarks at a meeting for the new year with heads of economic and financial institutions, including Bank of Korea Gov. Lee Ju-yeol and Finance Services Commission Chairman Eun Sung-soo. "The trend of an economic recovery is anticipated for this year, but we must remain vigilant due to uncertainties over the gl
Jan. 3, 2020
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Demographic change will bring new, bigger challenges to financial sector: BOK chief
The head of South Korea's central bank on Friday called for efforts by the financial industry to prepare for the fourth industrial revolution, as well as imminent demographic changes that he said will increasingly become bigger and more serious."It is not easy to predict changes that will come over the next decade. But it is easy to expect that the impact of changes in population and technological developments will become much greater while this trend of a new normal continues," Bank o
Jan. 3, 2020
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BOK chief sees modest economic recovery in 2020
South Korea's economy is expected to experience a modest recovery this year, helped by the easing of trade tensions between the United States and China and rising global demand, the country's central bank chief said Thursday."I anticipate that growth and inflation could rebound this year, compared with last year," Bank of Korea Gov. Lee Ju-yeol told reporters, while adding that a sharp increase is unlikely due to global economic uncertainties.Hit by a lengthy US-China trade war and a c
Jan. 2, 2020
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Hyundai Mobis to select outside director for shareholders' rights
Hyundai Mobis Co., South Korea's biggest auto parts maker and a key affiliate of Hyundai Motor Group, said Thursday it will select an outside director dedicated to enhancing shareholder value.Hyundai Mobis plans to have shareholders recommend potential outside directors and select one of them who will be in charge of protecting shareholders' rights and interests, the company said in a statement. The move is aimed at strengthening the transparency of Hyundai Motor Group's governance structure and
Jan. 2, 2020
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Credit card use at restaurants declines for first time in 7 years
South Korea’s credit card spending in restaurants fell 0.3 percent on-year in September 2018, marking the first on-year decline in nearly seven years, data from the Bank of Korea showed Wednesday.The decline reflects a deterioration in consumer sentiment which plunged to a two-year low in August, a month before the latest drop observed in credit card spending. According to the nation’s central bank, the combined credit card spending for eating out here came to nearly 4.7 trillio
Jan. 1, 2020
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Financial chiefs look toward new growth momentum in 2020
Gearing up for the new year, South Korea’s top financial officials steeled themselves to face persistent external challenges and to spark new momentum for growth.Given the current trend toward low interest rates, which is likely to last for a while, policymakers vowed further efforts to steady the consequent overheating of the real estate market, saying this excessive liquidity needs to be diverted to innovative businesses. “We need to maintain an easing monetary policy as the domest
Dec. 31, 2019
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Korea's consumer prices rise 0.7% in December
South Korea's consumer prices rose 0.7 percent on-year in December, marking the fastest growth in six months, the statistics agency said Tuesday. The country's inflation also gained 0.2 percent on-month this month on the back of increased prices of agricultural and industrial products, Statistics Korea said in a statement. Core inflation, which excludes agricultural and petroleum products, rose 0.7 percent from a year earlier. Utility prices were unchanged on-ye
Dec. 31, 2019
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Fiscal chief expresses optimism on economic rebound in 2020
The government on Monday expressed confidence that the South Korean economy will rebound in 2020, dispelling market concerns on the various growth forecasts.It also assessed that the latest mortgage loan restrictions have already been effective in reining in the overheated housing market. “I am confident that our economy may rebound next year and I am not just saying this out of personal sentiments or wishful thinking,” said Deputy Prime Minister and Finance Minister Hong Nam-ki, in
Dec. 30, 2019
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S. Korea mobilizes extensive tax actions for economic momentum in 2020
In line with its all-out efforts to revitalize the economy by any means in the upcoming year, South Korea will introduce a set of new tax rules to reinforce sanctions for delinquent taxpayers and expand tax reduction benefits for innovative small-sized businesses, the Ministry of Economy and Finance said Monday.In a pan-government policy brochure titled “Things to change in 2020,” the government listed key policy changes that will take shape in 2020, many of them slated to take effec
Dec. 30, 2019
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Korea's industrial output gains 0.4% in November
South Korea's industrial output growth accelerated in November, supported by a modest gain in the service sector, data showed Monday. The November industrial output rose 0.4 percent from a year earlier, rebounding from a 0.4 percent decline in October, with both retail sales and facility investment growing from a month earlier in November, according to the data compiled by Statistics Korea. The data showed the production in the mining, manufacturing, gas and electricity industries declined
Dec. 30, 2019
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S. Korea expands benefits for IP-backed financing
In line with its policy initiative to boost innovative growth, South Korea will expand administrative and financial benefits for small companies with source technology and banks that approve loans based on intangible intellectual assets, the country’s intellectual property office said Sunday.Starting Tuesday, the Korean Intellectual Property Office will offer a 50 percent discount on its annual IP fees for banks that hold collateral in the form of patents, utility model rights or design ri
Dec. 29, 2019
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Housing rule violators to be forced to pay back mortgage loans
Starting as early as mid-January, home buyers caught breaking the government’s real estate regulations will immediately have to redeem their mortgage loans, financial authorities said Sunday.The Financial Services Commission is working on an additional set of measures to restrain speculative buying sprees in the housing market, focusing on jeonse loan borrowers, officials said Sunday.Under the forthcoming rules, jeonse loan borrowers who purchase a residence priced over 900 million won ($7
Dec. 29, 2019
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S. Korea picks 11 local, foreign banks for won-yuan FX trading in 2020
South Korea's finance ministry said Sunday it has selected 11 banks, including five foreign banks, as the lenders responsible for setting prices for direct won-yuan transactions next year.The banks will be also tasked with taking the lead in providing liquidity to the market, the Ministry of Economy and Finance said in a statement. The six South Korean banks are KB Kookmin bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, KEB Hana Bank and Korea Development Bank. And the five local
Dec. 29, 2019
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Korea's Dec. exports estimated to fall by slower pace: poll
South Korea's exports are widely expected to extend its slump to a 13th month in December, but its declining pace may slow down, on the back of a rebound in global chip prices amid progress in a trade deal between the United States and China, a poll showed Sunday.The country's exports are estimated to reach $45.9 billion this month, down 4.7 percent from a year earlier, according to the poll conducted on seven local financial organizations by Yonhap Infomax, the financial information service arm
Dec. 29, 2019
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Korea's inflation projected to grow 0.59% in Dec.: poll
South Korea's consumer prices are again expected to fall short of the target this month, mainly due to a fall in prices of agricultural products, a poll showed Sunday.In a recent survey by Yonhap Infomax, the financial news arm of Yonhap News Agency, seven local analysts predicted the country's consumer prices to grow 0.59 percent from a year earlier in December. In November, inflation gained 0.2 percent on-year.December would mark the 12th consecutive month the country's consumer prices have gr
Dec. 29, 2019
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BOK vows to maintain monetary easing stance in 2020
South Korea’s central bank said Friday that it plans to keep its monetary easing stance next year in a bid to support economic recovery. “We plan to maintain a monetary easing stance to support recovery in economic growth and stabilize inflation at the target level of 2 percent,” the Bank of Korea said in its report outlining the direction of its monetary policy for 2020. “We expect South Korea’s economic growth rate to fall short of the potential growth rate
Dec. 27, 2019
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Consumer sentiment slightly worsens in Dec.
South Korea's consumer sentiment slightly deteriorated from a month earlier in December but remained positive for a second consecutive month, central bank data showed Friday.The composite consumer sentiment index came to 100.4 in the month, compared with 100.9 in November, according to the data from the Bank of Korea.A reading above 100 means optimists outnumber pessimists. The index remained above 100 for a second-straight month after breaching the benchmark for the first time in the seven mont
Dec. 27, 2019