Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Yellow dust engulfs S. Korea, advisory alert issued
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Kia EV9 wins world car of year
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Lee Jong-sup resigns as envoy to Australia
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[Photo News] Most expensive land in Korea
The Ministry of Land, Infrastructure and Transport has revealed Tuesday that the most expensive real estate in South Korea is the Nature Republic cosmetics store located in Myeong-dong, Seoul, valued at 183 million won ($163,000) per square meter. This is the 16th consecutive year it has held the position, dating to 2004. The second and third most expensive lots were also located in the Myeong-dong vicinity: the Woori Bank headquarters (177.5 million won per square meter) and Uniqlo’s Chu
Feb. 12, 2019
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[Monitor] Samsung expected to pay $15b corporate tax this year
Samsung Electronics is expected to cough up some 16.8 trillion won ($15 billion) in corporate tax this year, its regulatory briefing showed. This is up 20.1 percent from the previous year, and 2.4 times the number from 2015.The record-high tax was attributable to its all-time high operating profit of 58.9 trillion won fueled by the memory chips sector boom last year, coupled with a revised tax code that raised the maximum tax rate from 22 percent to 25 percent for companies with over 300 billion
Feb. 12, 2019
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Korean sales-to-inventory ratio rising: data
Inventory of South Korean manufacturers has increased to its highest point in 10 years, data showed Monday, a likely sign of a dulled economy.Figures obtained from the Korea Center for International Finance and Statistics Korea put the inventory-to-sales ratio in December last year at 116 percent. The number is the highest since 122.9 percent in September 1998, when the country was struggling with the Asia-wide foreign exchange crisis. The ratio has been on the incline from late last year. After
Feb. 11, 2019
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[News Focus] 9 provinces invigorated by brisk agricultural exports
SEJONG -- South Korea’s nine provinces are competing to step up outbound shipments of agricultural products amid growing demand from a variety of overseas buyers, including Southeast Asian countries.South Chungcheong Province is drawing particularly close attention since diversifying its export markets last year. Whereas until then the province had mainly focused on Hong Kong, Taiwan and the US, it has expanded its export destinations to include Singapore, Cambodia and Vietnam.According to
Feb. 10, 2019
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[News Focus] Korea-China-Japan FTA still long way to go
SEJONG - The North American Free Trade Agreement is estimated to have much contributed to development of the commerce segment in the continent as one of the world’s main trade blocs.Though US President Donald Trump recently threatened to terminate the NAFTA contracts, expressing dissatisfaction with trade terms with Mexico and Canada, it is undeniable the three-member trade bloc has been a counterpart to the European Union.In Europe, apart from the EU there is the European Free Trade Assoc
Feb. 7, 2019
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[Monitor] Apartment transactions in Seoul hit 6-year low
Apartment transactions in Seoul sank to a six-year low in January from a year earlier, according to data from the land administration department of the Seoul Metropolitan Government. The number of apartments sold in the capital city plunged to 1,857 last month, down 81.8 percent from 10,198 in January 2018 and the lowest level for the month since 2013. Real estate experts noted that with increased supplies of new houses in the midst of fortified anti-speculative regulations, the lease
Feb. 7, 2019
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Korean exports expected to fall in 2019: observers
South Korean exports are forecast to decline in 2019, as outbound shipments contracted for two months in a row, economic organizations and observers said Wednesday.The poor export showings in December and January marked the first time in 27 months that shipments have fallen in consecutive months on an annual basis and are an indication of tougher times ahead for Asia's fourth-largest economy, experts here said. Data by the Korea Customs Service showed exports down 5.8 percent from a year earlier
Feb. 6, 2019
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Sources of funding still unclear for KEPCO’s university
The state-run Korea Electric Power Corp., which is currently seeking to open its own university in South Jeolla Province in 2022, is expected to face hurdles in opening on time amid financial and administrative challenges, industry watchers said Monday.In January, KEPCO selected the Booyoung Country Club golf course in Naju, 355 kilometers south of Seoul, as the site of the planned university.Under KEPCO’s vision, the university will have some 1,000 students and 100 professors, with the op
Feb. 4, 2019
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Korea puts forth new ways to support new media startups
The Korean government is often referred to as an obstacle for startups here due to the heavy red tape. However, state-run Gyeonggi Content Agency is trying to buck that trend by supporting media startups that are trying to create new contents that can offer alternatives for newspapers, magazines and books. Last week, GCA launched its fifth G-hub in Goyang City, Gyeonggi Province. It has opened four such hubs over the past four years. “In the fourth industrial revolution era, media contents
Feb. 4, 2019
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Korean currency weakens to over 2-year low against yen in Jan.: data
The Korean currency weakened to an over two-year low against the yen last month as concerns about a global economic slowdown prompted investors to search for safer assets, central bank data showed Sunday. The local currency was traded at an average of 1,030.57 won per 100 yen in January, down 31 won from the previous month, according to the Bank of Korea.The January reading marked the lowest level since November 2016, when the won hit 1,076.82 against 100 yen.The US dollar serves as the ben
Feb. 3, 2019
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S. Korean gov't contribution to GDP growth hits nearly 20-year high in Q4
The contribution of government spending and investment to South Korea's economic growth reached a nearly 20-year high in the fourth quarter of last year amid sluggish private consumption and production, central bank data showed Sunday.According to the latest data by the Bank of Korea, South Korea's gross domestic product grew a surprising 1 percent in the October-December period from three months earlier. It helped meet the BOK's target of a 2.7 percent expansion for the whole of 2018.In the fou
Feb. 3, 2019
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Korea's default risk dips to lowest in 11 years: report
The possibility of South Korea defaulting on its credit loans has dipped to the lowest level in over 11 years, with its credit default risk shrinking to lower than those of other major economies such as China, Britain and France, the central bank said Saturday.According to the Bank of Korea, the country's Credit Default Swap premium on foreign exchange stabilization bonds with a five-year maturity came to 32 basis points, or 0.32 percent, as of Friday, down 9 basis points from 41 bp on Jan. 3.A
Feb. 2, 2019
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Korean consumer prices rise 0.8% on-year in January
South Korea's consumer prices rose 0.8 percent in January from a year earlier as agricultural products stabilized and oil products fell, government data showed Friday.The reading represents a decline from the previous month's 1.3 percent on-year gain, according to figures released by Statistics Korea. It marked the lowest tally in 12 months. From a month earlier, the index fell 0.1 percent.Prices of agricultural, livestock and fishery goods rose 2.5 percent on-year in January, compared with a 5.
Feb. 1, 2019
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Korea's exports fall 5.8% in Jan.
South Korea's exports moved down 5.8 percent in January from a year earlier, government data showed Friday, due mainly to weaker performances by chips and petrochemical goods. Outbound shipments came to US$46.3 billion for January, down from $49.2 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the second consecutive month to post an on-year drop.South Korea did not post an on-year decrease in exports for two straight m
Feb. 1, 2019
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S. Korea’s industrial output, investments mark 2-month fall in December
South Korea saw a decline in both production and investment, marking two consecutive months of downtrend amid slowing exports of key sectors, government data showed Thursday.The country’s industrial output fell 0.6 percent in December from a month earlier, reflecting the decreased exports of automobiles and semiconductors, according to data compiled and released by Statistics Korea. The production of semiconductors and cars -- the two primary exports for Asia’s fourth-largest economy
Jan. 31, 2019
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Korea's industrial output dips 0.6% on-month in December
South Korea's industrial output fell 0.6 percent in December from a month earlier due in part to decreased exports of cars and semiconductors, government data showed Thursday.The data compiled by Statistics Korea showed semiconductor output fell 4.5 percent in December from a month earlier as chip exports declined 5.9 percent during the same period.Production of cars declined 5.9 percent in December from a month earlier as overseas shipments of cars fell 10.5 percent during the same period.Semic
Jan. 31, 2019
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[Monitor] Korea vows to create new innovative cities
The South Korean government has decided to promote specific business interests by city and region for the sake of balanced regional development, injecting some 56 trillion won ($50.1 billion) over the next five years.To this end, new business clusters and zones utilizing the latest technologies will be designated, the government said. (khnews@heraldcorp.com)
Jan. 30, 2019
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Seoul studio apartment rent prices highest in December, lowest in April
The monthly rental price of one-room studio apartments in Seoul was highest in December and lowest in April last year, according to data released by South Korea’s real estate and housing listing site operator DaBang on Wednesday.The Seoul-based studio apartments under consideration were those less than 33 square meters in size, DaBang said. The results are based on monthly rent fees of 1 million studio apartments in Seoul that were listed on DaBang in 2018, after unilaterally fixing the de
Jan. 30, 2019
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Korea to come up with measures to boost exports
South Korea's finance minister said Wednesday that the government will come up with measures next month to boost exports amid concerns that overseas shipments would contract in January from a year earlier.Hong Nam-ki said measures to revitalize exports have gained urgency as uncertainties have deepened over slowing global growth and trade frictions between the United States and China. Hong made the comments in a meeting with relevant officials on how to boost the economy at a government building
Jan. 30, 2019
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Trade ministry to thoroughly prepare for Brexit uncertainties
South Korea's trade ministry said Wednesday it will thoroughly prepare for the anticipated departure of Britain from the European Union to minimize potential negative impacts on local exporters.The Ministry of Industry, Trade, and Energy hosted a seminar on the outlook of the European market to discuss ways to better prepare for Europe-related risks throughout 2019. The ministry said such preparations are needed as Britain plans to leave the EU, with looming protectionism and the planned impleme
Jan. 30, 2019