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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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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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
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Construction projects worth W12.6tr to break ground this year: govt
South Korea’s government will expand support for private investors so that ongoing infrastructure projects worth 12.6 trillion won ($11.1 billion) can break ground within the year, according to the Ministry of Economy and Finance on Wednesday.The 13 projects, most of which were originally slated to kick off in 2020 or later, include the construction of a sewage treatment facility in the southern city of Gumi and a highway to connect Pyeongtaek with Iksan. “The government will activel
March 13, 2019
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[Advertorial] Eximbank hosts meeting of inter-Korean advisory committee
The Export-Import Bank of Korea held a meeting of its advisory committee on inter-Korean exchanges on Wednesday, the agency said, to discuss the outcome of the recent US-North Korea summit in Hanoi. A panel of eight experts gathered to discuss how the summit last month -- which ended without an agreement -- would affect inter-Korean economic cooperation as well as other matters surrounding the Korean Peninsula. Wednesday’s meeting was the 10th of its kind. Eximbank Chairman Eun Sung-s
March 13, 2019
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S. Korea's jobless rate rises to 4.7% in February
South Korea's jobless rate rose to 4.7 percent in February despite the increased pace of hiring, government data showed Wednesday, in the latest sign of an economic slowdown in Asia's fourth-largest economy.The unemployment rate marked the highest level for any February since 2017, when the corresponding figure stood at 4.9 percent, according to Statistics Korea.The South Korean economy added 263,000 jobs in February from a year earlier, the biggest since January 2018, when employers added 334,0
March 13, 2019
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EU confirms S. Korea’s exclusion from tax haven blacklist
The European Union confirmed its decision to exclude South Korea from its tax haven blacklist, acknowledging the country’s efforts throughout last year to improve transparency in foreign investment, Seoul’s Ministry of Economy and Finance said Tuesday.The Economic and Financial Affairs Council, consisting of economic and finance ministers of EU member states, made its final decision to rule Korea out of the EU List of noncooperative jurisdictions for tax purposes.In December 2017, th
March 12, 2019
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S. Korean economy can meet 2.6-2.7% growth target in 2019: IMF
The South Korean economy should be able to grow 2.6-2.7 percent this year if the government maintains expansionary fiscal policies, the International Monetary Fund said Tuesday."The government's growth target of 2.6-2.7 pct is feasible this year, provided that there is a large supplementary budget," Tarhan Feyzioglu, the head of the IMF delegation, said at a press conference held in Seoul.The IMF mission visited Seoul to hold annual discussions with South Korean policymakers. The Seoul
March 12, 2019
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[Feature] Tycoons let their hair down, but is it more style than substance?
On early Monday morning last week, an unthinkable scene unfolded in the lobby of Hyundai Motor’s headquarters in Yangjae, southern Seoul. Employees wearing sweat shirts, sneakers and blue jeans marched into the office, with some seniors in hiking tops and pants receiving morning greetings from younger ones, awkwardly, as if they came to realize at that instant that they were a bit off from what business casual really meant.For the first time in the carmaker’s half-a-century history,
March 12, 2019
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IMF team voices concerns about pace of S. Korea’s minimum wage hikes
SEJONG -- A team from the International Monetary Fund on Monday expressed concerns over the pace of minimum wage hikes in South Korea, the Ministry of Economy and Finance said.The delegation led by Tarhan Feyzioglu, Korea mission chief at the IMF, shared the concerns in a meeting with Finance Minister Hong Nam-ki as part of its annual meeting with South Korean policymakers.In 2017, the minimum wage spiked 16.4 percent on-year to 7,530 won ($6.60) per hour in the biggest hike in nearly two decade
March 11, 2019
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[Issues in IP] Is S. Korea losing the IP game to China?
The Korea Herald publishes a series of articles to review South Korea’s position in the intellectual property sector per industry, in the light of mounting challenges. This is the first installment. -- Ed.South Korea’s initiative in computer and mobile game contents has long been cited as a major growth engine backing the country’s advanced position in the global intellectual property sector.After decades of neglecting the value of IP rights, however, Asia’s fourth-larges
March 10, 2019
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S. Korea's goods trade surplus with U.S. falls to below $20b mark in 2018
South Korea's trade surplus with the United States fell sharply to below the $20 billion mark last year for the first time in six years, U.S. data showed Saturday.The world's largest economy posted a deficit of $17.9 billion in trade with South Korea in 2018, down from a deficit of $23.1 billion a year earlier, according to the data released by the U.S. Census Bureau. It is the first time that the numbers have fallen this low since 2012, when the U.S. reported a $16.6 billion trade deficit with
March 9, 2019
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Samsung heir departs for Mumbai to attend Akash Ambani’s wedding
Samsung Electronics Vice Chairman Lee Jae-yong on Friday departed for Mumbai, India, to attend the wedding ceremony of the son of the owner of an Indian telecom giant, confirmed The Korea Herald.Samsung heir Lee has been invited to the wedding of Akash Ambani, the son of Reliance Industries Chairman and Managing Director Mukesh Ambani, to be held at the Jio World Center in Mumbai on Saturday. Reliance Jio, the No. 1 telecom group in India with over 200 million subscribers, is the largest cu
March 8, 2019
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Seoul shares finish lower on economic woes, trade war uncertainties
South Korea's main bourse closed lower Thursday as investor sentiment was dampened by concerns over the global economic slowdown and uncertainties over trade frictions between the United States and China, analysts said. The local currency weakened against the greenback.The benchmark Korea Composite Stock Price Index shed 9.81 points, or 0.45 percent, to finish at 2,165.79. Trading volume was slim at 278.9 million shares worth 4.6 trillion won ($4.22 billion), with losers outnumbering gainers 623
March 7, 2019
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[Weekender] Coworking space on the offensive
Upon entering the 30th floor of the 123-story Lotte Tower, the tallest building in Korea, visitors encounter a spacious and sleek office with people working on laptops on sofas, at desks or in glass-walled private rooms.Boasting a stunning panoramic view of Seoul, the venue has an atmosphere that is both relaxing and business-like -- unlike traditional offices. It is called Workflex, a premium coworking space launched in February by construction firm Lotte E&C with the aim of providing a snu
March 7, 2019
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OECD lowers economic forecast amid slowing growth
The Organization for Economic Cooperation and Development on Wednesday inched down its forecast for the global economy, as well as for the South Korean economy, citing slowing trades, weakened growth and other downside risks.In its half-year interim outlook report, the OECD lowered the global economic growth forecast for 2019 to 3.3 percent from the 3.5 percent previously suggested in the November report, the Ministry of Economy and Finance said. The outlook for 2020 was also reduced to 3.4 perc
March 6, 2019
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Govt. announces measures to foster kimchi industry
South Korea's agricultural ministry on Wednesday announced a set of measures to promote the country's kimchi industry, which has been facing challenges from increasing production in China.Kimchi is a traditional Korean side dish, normally made of fermented cabbage, salt and hot peppers and eaten with almost all meals.The Ministry of Agriculture, Food and Rural Affairs said South Korea's exports of kimchi reached a record-high in January, at $9.1 million, up 30.5 percent on-year. The spike comes
March 6, 2019
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S. Korea’s per capita income crosses $30,000 milestone
South Korea’s economy grew 2.7 percent in 2018, marking a six-year low amid sluggish investments, but its per capita income exceeded the $30,000 mark for the first time, central bank data showed Tuesday.The latest figures are considered crucial for Asia’s fourth-largest economy amid the prolonged slow economic growth, as the $30,000 mark is generally considered an entry line for top-tier economies.According to the revised estimates released by the Bank of Korea, the country’s g
March 5, 2019
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S. Korean economy grows 2.7% in 2018: BOK
The South Korean economy grew by a six-year low of 2.7 percent last year due to sluggish corporate investment, but its per capita income surpassed US$30,000 for the first time, preliminary data by the central bank showed Tuesday.The revised 2018 reading by the Bank of Korea (BOK) is on par with its earlier estimate of 2.7 percent growth released in January.But it is the slowest on-year gain since 2012, when the country pulled off 2.3 percent annual growth.For the fourth quarter of 2018, the econ
March 5, 2019