Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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US auto tariffs to hurt S. Korea's economic growth: Moody's
Potential tariffs by the United States on imported cars will drag down South Korea's economic growth this year by 0.3 percentage point, a global ratings agency said Tuesday.In a report released on the day, Moody's Investors Service said that the direct impact of the US tariffs is estimated "to account for around 0.2 percentage point deceleration in 2019 growth for Germany and around 0.3 percentage point for Japan and (South) Korea." The world's largest economy is moving to levy du
April 9, 2019
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S. Korea pays 2nd highest dismissal costs among OECD nations
South Korea ranked second among 36 OECD member countries in terms of the cost of dismissing workers last year, a local think tank said Tuesday.In 2018, Korean companies shouldered the second-highest burden in dismissing employees, or the equivalent of 27.4 weeks of salary, behind Turkey's 29.8 weeks of wages, the Korea Economic Research Institute said in a statement. The 36 OECD members paid an average of 14.2 weeks of salary to fire a worker last year, KERI said, citing data from the Worl
April 9, 2019
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S. Korea’s firms see exports drop, banks enjoy earnings boost in 2018
South Korea’s major companies saw their exports drop last year, amid sluggish global growth and US-China trade tension, but banks enjoyed record-high revenue on the back of interest earnings, data showed Sunday.The contrast was all the more conspicuous during the fourth quarter, when banks -- commercial, provincial and internet-only -- marked a record-high figure in net profit, while key exporters turned into the red. According to data compiled by the Financial Supervisory Service and the
April 7, 2019
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Govt to submit extra budget bill to curb fine dust, sluggish market
The South Korean government will submit a supplementary budget bill to the parliament by April in an effort to respond to fine dust, a slowing economy and a sluggish job market, the chief fiscal policymaker said Wednesday.It also pledged to reform the preliminary feasibility study for construction projects so as to reduce regional differences between metropolitan and nonmetropolitan areas and to curtail the average investigation period. “In order to maximize the impact of the extra budget,
April 3, 2019
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Global tensions to force trade slowdown in 2019: WTO
GENEVA -- Global trade growth is expected to be lower in 2019 than it was last year, the World Trade Organization forecast on Tuesday, citing widespread “tensions” and economic uncertainty. The WTO had in its preliminary estimates predicted a 3.7 percent expansion of trade for this year, but has revised that down to 2.6 percent, marking a decline on the three-percent growth recorded in 2018. “The fact that we don‘t have great news today should surprise no one who has
April 2, 2019
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S. Korea's consumer price growth hits nearly 20-year low in March
South Korea's consumer prices rose at the slowest pace in nearly 20 years in March on a drop in petrochemical products and a stabilization of prices of vegetables, government data showed Tuesday.The consumer price index rose 0.4 last month from a year earlier, marking the third straight month that the consumer price index has hovered below 1 percent, according to the data compiled by Statistics Korea. The March figure marks the lowest increase since July 1999, when the country's consumer prices
April 2, 2019
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[News Focus] New Trade Minister seeks breakthrough in FTA talks
SEJONG -- South Korea is in negotiations for four different free trade agreements involving 19 countries.The four are talks on a joint agreement with China and Japan (2 countries); with China, Japan, India, Australia, New Zealand and the 10-member Association of Southeast Asian Nations (15); with Ecuador (1); and with Israel (1).As a developed process, Korea has signed a preliminary pact with five Central American countries -- Honduras, El Salvador, Nicaragua, Costa Rica and Panama -- which made
April 1, 2019
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S. Korea sells $187 million in FX to stablize market in second half of 2018
South Korea sold $187 million worth of foreign currencies during the second half of last year in an effort to stabilize the market, the central bank said Friday.The Bank of Korea posted the related information on its website, explaining that the transactions were made in response to sudden fluctuations that could negatively effect the economy.The Korean won remained in the 1,000-1,150 won range against the US dollar during the given six months, data showed. In May last year, the government annou
March 29, 2019
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S. Korea's industrial output falls 1.9% on-month in February
South Korea's industrial output edged down 1.9 percent in February from a month earlier due in part to decreased production of cars and the service sector, government data showed Friday.The figure was the biggest decline since March 2013, when industrial output fell 2.1 percent.The data compiled by Statistics Korea showed the output of cars went down 3.2 percent in February from a month earlier, while production in the service sector declined 1.1 percent on-month. Retail sales fell 0.5 percent i
March 29, 2019
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S. Korea to push for joint study with Uzbekistan on free trade deal
SEJONG -- South Korea and Uzbekistan agreed Thursday to push for a joint study on forging a free trade agreement to further boost bilateral economic ties, South Korea's finance ministry said.The agreement was reached in talks between Hong Nam-ki, the minister of economy and finance, and his Uzbek counterpart, Deputy Prime Minister Elyor Ganiev. Hong also doubles as deputy prime minister for economic affairs."We should ponder over what the demands of both sides are and how to produce a win-w
March 28, 2019
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[News Focus] Weak won, rising crude prices pose threat to Korean economy
SEJONG -- Three major global rating firms have been relatively pessimistic on the outlook for South Korea’s economic growth this year, compared to projections from the Finance Ministry and the Bank of Korea.The rating firms -- Fitch Ratings, Standard & Poor’s and Moody’s Investors Service -- have estimated that the growth of gross domestic product this year will stay under 2.6 percent, the figure projected by the central bank. The Finance Ministry has forecast that the econ
March 28, 2019
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S. Korea’s budget to surpass W500tr next year amid sluggish growth
South Korea’s state budget is certain to surpass 500 trillion won ($441.7 billion) for the first time next year as the Cabinet has approved guidelines endorsing expansionary fiscal spending.While seeking measures to revitalize the economy and to enhance social overhead capital for people’s livelihood, the government also vowed to inject more public funds to tackle social problems such as low birth rate and fine dust pollution.The Cabinet on Tuesday approved the compilation guidelines
March 26, 2019
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[News Focus] Korean currency’s par value remains untouched for 57 years
SEJONG -- It has been 17 years since former Bank of Korea Gov. Park Seung proposed slashing the face value of the nation’s currency upon taking office in April 2002.Under Park, the central bank pushed for redenomination in a low-key manner, seeking to do away with 10,000 won, 5,000 won and 1,000 won notes and replace them with notes worth 10 hwan, 5 hwan and 1 hwan. The BOK project, initiated in the fifth year of the government of former President Kim Dae-jung, came to the fore d
March 26, 2019
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Presidential office not seeking to exploit property market as means for stimulating economy
South Korea's Moon Jae-in administration won't artificially boost the property market in a bid to stimulate the economy, a senior presidential official said Sunday.The local housing market, mainly apartment transactions, has been notably sluggish since the government's tough regulations on it became effective on Sept 13, 2018.The move was aimed at curbing apartment prices that had been skyrocketing at that time. Many agree that the market overheated as a result of a set of deregulations on
March 24, 2019
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S. Korea sees sharper drop in exports than OECD peers
South Korea has seen its exports decline at a steeper rate than other Organization for Economic Cooperation and Development member states, reflecting the contraction in outbound shipments of semiconductors, ships and petrochemical products, data showed Sunday.According to data from the OECD, Asia’s fourth-largest economy saw its exports volume dip 5.9 percent from a year earlier in January, standing 26th out of 32 member states that were subject to the latest survey.The country’s on-
March 24, 2019
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[News Focus] Will taxpayer-money be boon to Moon’s approval ratings?
SEJONG -- The chances are high that the Ministry of Economy and Finance will eventually propose a motion on a supplementary budget to the National Assembly in the coming weeks, according to recent remarks from ruling party lawmakers and Cheong Wa Dae officials.Moreover, market insiders say, a bigger interest could be the scale of the extra budget and policymakers’ position against possible backlash from the public and political oppositions.In June 2017, when an earlier supplementary budget
March 21, 2019
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BOK chief rules out rate cut for time being
Hours following the US Federal Reserve’s decision to leave its key interest rate unchanged, Bank of Korea Gov. Lee Ju-yeol ruled out the possibility of a policy rate cut in the near future, early Thursday.“The US’ current wait-and-see mode will help stabilize the global financial markets and has given us some room to maneuver regarding our monetary policy,” Lee told reporters at the headquarters of the nation’s central Bank in Seoul. “However, now is not the r
March 21, 2019
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S. Korea to provide loans worth 100 tln won to innovative firms, SMEs
South Korea's financial regulator said Thursday it will offer innovative firms and small- and medium-sized enterprises (SMEs) loans worth 100 trillion won($88.5 billion) over the next three years. The massive loan package is aimed at revitalizing the nation's sluggish economy at a time when the economy faces downward risks, including weaker domestic investment and global trade disputes. In a policy report to President Moon Jae-in, Financial Services Commission Chairman Choi Jong-ku said the FSC
March 21, 2019
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[Hydrogen Korea] Japan paves way for hydrogen future, but public unconvinced
The Korea Herald is publishing a series of articles on South Korea’s latest measures to support the hydrogen economy, the market drive for hydrogen-powered vehicles and the hurdles that stand in the way. This is the seventh installment. -- Ed.TOKYO -- Close to Shiba Park, just under the Tokyo Tower, one of the Japanese capital’s most famous landmarks, is a modern building plastered with a huge H2 symbol.It is a hydrogen refilling station operated by Iwatani Corp., a local gas company
March 20, 2019
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S. Korea’s export prices showed upturn in February
South Korea’s export prices increased for the first time in four months in February on higher prices of petroleum products, central bank data showed Friday.The export price index stood at 82.97 last month, up 0.2 percent from the previous month, according to data released by the Bank of Korea. This marked the first on-month rise since October.Steering the gain was the petroleum products and coal sector, which saw an 8 percent hike on-month.The country’s benchmark Dubai crude reached
March 15, 2019