Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea votes in favor of Palestinian bid for UN membership
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S. Korea likely to miss growth target: finance minister
South Korea is unlikely to achieve its growth target this year, the finance minister said Wednesday, as exports slowed amid trade tensions with Japan and an ongoing trade conflict between the United States and China.When asked by a lawmaker whether South Korea can pull off its 2.4 percent or 2.5 percent growth target, Hong Nam-ki said in a parliamentary audit that "it appears difficult to achieve it."It is not the first time that Hong voiced skepticism about South Korea's economic grow
Oct. 2, 2019
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Online shopping hits record high in August
The total value of goods purchased via online shopping in South Korea hit a record high in August, government data showed Wednesday, in the latest sign that a growing number of people are using computers and mobile devices to buy things, ranging from clothes to electronic goods.The total value of online transactions reached 11.25 trillion won ($9.3 billion) in August, the highest level since Statistics Korea started collecting data on online shopping in January 2001. From a year earlier, the val
Oct. 2, 2019
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S&P cuts S. Korea's growth outlook to 1.8% this year
Global rating agency Standard & Poor's said Tuesday that it slashed its growth forecast for South Korea's economy this year to 1.8 percent amid the global economic slowdown.The latest estimate represented a downward revision from its previous 2 percent forecast in July. S&P said that the South Korean economy could grow 2.1 percent in 2020, also down from its previous forecast of 2.6 percent. The rating agency said eroding confidence in the outlook is intensifying the investment-led
Oct. 1, 2019
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S. Korea sees first negative inflation in September, denies deflation
South Korea saw its inflation drop for the first time in September due to weakened demand and decreased prices of agricultural and petroleum products, government data showed Tuesday.Though the latest figures rekindled concerns on long-term deflation and speculations on an imminent rate cut, policymakers argued that recent fluctuations were only temporary. Consumer prices slipped 0.4 percent in September from a year earlier, marking the first on-year decrease in inflation since the related data w
Oct. 1, 2019
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S. Korea logs first drop in inflation in September
South Korea's headline inflation dropped for the first time in September due to declines in prices of agricultural products and stabilizing petroleum prices, the statistics agency said Tuesday.South Korea's consumer prices fell 0.4 percent in September from a year earlier, marking the first on-year drop in inflation since Statistics Korea began compiling related data in 1965. The statistics agency said the record low consumer prices are blamed on a fall in prices of agricultural products, stabil
Oct. 1, 2019
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Korea's exports down for 10th month on trade rows, chips
South Korea's exports sank 11.7 percent in September from a year earlier, extending their slump to a 10th consecutive month, data showed Tuesday, hurt by still weak prices of semiconductors and the yearlong trade row between the United States and China. Outbound shipments reached $44.7 billion last month, compared with the $50.6 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports fell 5.6 percent on-year last month to $38.7 billion
Oct. 1, 2019
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S. Korea sees key industrial indexes rise in August
South Korea saw its production, consumption and investment rise last month, on the back of the launch of Samsung’s flagship smartphones and increased imports of semiconductor manufacturing equipment, government data showed Monday.This marked the first time in five months that all three industrial indexes climbed simultaneously but also came amid stalled exports and mounting external uncertainties.According to monthly industrial figures compiled by Statistics Korea, the industrial productio
Sept. 30, 2019
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Industrial output up for 2nd consecutive month in August
South Korea's industrial output advanced for the second straight month last month on the back of a rise in the service sector, government data showed Monday.The data compiled by Statistics Korea showed the country's overall industrial output rose 0.5 percent in August from a month earlier.Production in the mining, manufacturing, gas and electricity industries fell 1.4 percent last month from a month earlier due mainly to decreased output in cars. Meanwhile, the output of the service sector incre
Sept. 30, 2019
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[News Focus] Real estate mortgages hinder economic growth
SEJONG -- Household debt in South Korea has hogged the limelight in recent decades.The nation’s collective household debt has continued to rise in the wake of active credit card issuance, mortgage loans, student loans for college tuition and loans taken by the self-employed.Apart from first-tier commercial banks, secondary lenders -- such as capital services firms, credit card issuers and savings banks -- have engaged in cutthroat competition for household lending.Registered private moneyl
Sept. 29, 2019
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BOK chief admits growth challenges, denies deflation
The chief of South Korea’s central bank recognized the country’s challenges in achieving its modest 2.2 percent economic growth pace target for this year, but denied the possibility of deflation.While vowing to maintain the current monetary easing policy moves, he also stressed the need to stay “data dependent,” refraining from asserting the economic outlook for the second half and next year.“As major economies further ease their monetary policies, the concerns on g
Sept. 29, 2019
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S. Korea ranks 20th in Allianz wealth report
South Korea ranked 20th out of 53 countries surveyed by German insurer Allianz Group in terms of per capita financial assets last year, according to its report on Sunday.According to the recently released Allianz Global Wealth Report, Koreans' financial assets stood at an average of 39 million won ($33,000) per person in 2018, slightly up from a year earlier. Last year, the United States topped the list with per capita financial assets of 240 million won, followed by Switzerland with per capita
Sept. 29, 2019
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S. Korea's trade terms continue to worsen in Aug.
South Korea's trade terms continued to decline in August amid a continued drop in exports, central bank data showed Friday.The terms of trade index for products came to 89.94 in the month, down 4.6 percent from the same month last year, according to the data from the Bank of Korea .The reading marks 21 consecutive months of decline in the index. The trade terms index measures the amount of imports a country can purchase for each unit of exports. A reading below 100 means import prices are higher
Sept. 27, 2019
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S. Korea to sell 6.1t won in state bonds in Oct.
South Korea plans to sell 6.1 trillion won ($5 billion) in state bonds next month, the finance ministry said Thursday.The government will issue 1.2 trillion won in bonds with a maturity of three years and 1.2 trillion won in five-year bonds, according to the Ministry of Economy and Finance. It also intends to sell 1.4 trillion won in bonds with a maturity of 10 years and 500 billion won in 20-year Treasurys, while floating 1.4 trillion won and 400 billion won in bonds with a maturity of 30 years
Sept. 26, 2019
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Banks' lending rates dip to record low in Aug.
Lending rates on fresh bank loans dropped to new lows in August, central bank data showed Thursday, hinting at a further increase in the country's already record-high household borrowing.The average interest rate on fresh loans extended to households came to 2.92 percent in the month, down 0.20 percentage point from 3.12 percent the previous month, according to the data from the Bank of Korea. The average rate on fresh corporate loans also dropped by 0.20 percentage point to 3.32 percent over th
Sept. 26, 2019
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Korea's financial stability slightly worsens amid economic slowdown: BOK
South Korea's financial stability worsened slightly in August due to a rise in household and corporate debt in the face of an economic slowdown, a central bank report showed Thursday.The country's financial stability index came to 8.3 at the end of last month, breaching the 8-point mark for the first time since early 2016, according to the Bank of Korea.The 8-point mark is the lower boundary for a warning, while an index of over 22 means the country may be in a financial crisis, according to the
Sept. 26, 2019
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ADB cuts growth outlook for S. Korea to 2.1%
The Asian Development Bank has slashed its growth outlook for South Korea this year to 2.1 percent, the bank said in a report released Wednesday.The latest outlook marks a sharp drop from April's 2.5 percent forecast.The bank cited the country's poor economic performance and adverse external factors that apparently include the US-China trade dispute. The ADB also lowered its 2020 growth outlook for South Korea to 2.4 percent from the previous 2.5 percent.The South Korean econom
Sept. 25, 2019
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S. Korea’s producer prices fall in Aug.
South Korea’s producer prices dropped in August on-year, according to data released by the central bank Tuesday, marking the second consecutive month of decline and feeding concerns that it may lead to a prolonged state of weak consumer prices. According to the Bank of Korea, the producer price index dipped 0.6 percent to 103.73 on-year in August. The reading follows July’s corresponding figure of 103.5, which fell 0.3 percent on-year and marked the first on-year drop in 33 months.&n
Sept. 24, 2019
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S. Korea sees steep drop in merchandise exports among G-20
South Korea’s exports have plunged the most among G-20 nations due to the ongoing US-China trade conflict, data compiled by the World Trade Organization showed Monday.The country’s second-quarter exports dropped 8.6 percent on-year to $138.6 billion, marking the second-largest decline among G-20 members. Indonesia outranked Korea in terms of decline in exports with a 9.1 percent drop. By nation, outbound shipments of those heavily reliant on either the US and China saw the stee
Sept. 23, 2019
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[New Economic Non-order:3] G-7 loses prestige amid growing nationalism
The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of the fading liberalism and rise of trade protectionism and nationalism. This is the third installment. -- Ed.The liberal world order, or at least the belief that it could be sustained, has lasted for much of the 20th century, but is likely to fade away amid the rise of nationalism and protectionism across the world.This regression to state-centered policies naturally drove a
Sept. 22, 2019
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[Management in Korea] Why governance reform is key to make chaebol accountable
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders, offering management tips. -- Ed.Nearly every presidential candidate in South Korea over the past two decades has made the same campaign promise and failed to deliver on it: End the near-monopoly chaebol -- family-owned conglomerates -- hold in the country and give smaller companies an opportunity to thrive. To enact some semblance of contro
Sept. 22, 2019