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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[Kim Seong-kon] Democracy and the future of South Korea
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Why is Apple Pay struggling to get purchase in Korea?
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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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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
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President Moon to meet economic advisers amid looming slowdown
President Moon Jae-in was set to hold a meeting with his top economic advisers Wednesday as his government is apparently struggling to keep the local economy from slowing down.The meeting will be held over lunch at the presidential office Cheong Wa Dae, attended by Moon's new special adviser for science and economy Lee Jeong-dong and the new vice chair of the National Economic Advisory Council, Lee Jay-min. The luncheon comes one week after the president appointed the two, but it marks a very ra
Jan. 30, 2019
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Korea to start exports of Kyoho grapes to Australia
South Korea's agricultural ministry said Wednesday it has won approval from its Australian counterpart to ship Korean Kyoho grapes there starting this year.The Ministry of Agriculture, Food and Rural Affairs said it has paved the way for South Korean farms to ship Kyoho grapes, which are normally larger than typical breeds, to Australia under a simple procedure. The ministry has been requesting Australia ease regulations in terms of quarantines since 2017.Starting this year, the grapes can be sh
Jan. 30, 2019
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KOTRA withdraws Venezuela office amid turmoil
The state-run Korea Trade-Investment Promotion Agency has decided to withdraw from Venezuela amid the escalating political turmoil, sources said Wednesday.According to official insiders, KOTRA plans to shut down its Caracas-based office March 1. Its business center located in Panama will continue to oversee Venezuela-related affairs. Officials from KOTRA said the move came as the South American country has been facing political instability, threatening the safety of the staff."KOTRA maintai
Jan. 30, 2019
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Korea greenlights fast-track process for W24.1tr worth of state-led projects
The South Korean government on Tuesday approved the waiving of preliminary feasibility studies for 23 nonmetropolitan infrastructure projects worth 24.1 trillion won ($21.6 billion), as part of its mid- and long-term blueprint to encourage balanced regional growth.It also unveiled a five-year, 175 trillion won development plan that focuses on increasing the number of jobs in rural areas and the population of rural areas.“The government’s strategic investments are crucial in order to
Jan. 29, 2019
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[News Focus] World’s 6th-largest exporter faces hurdles in early 2019
SEJONG -- The government and the business sector are closely watching indexes related to exports amid signs that the nation’s export volume is going downhill.Though yearly exports hit a record of more than $600 billion in 2018, monthly export growth on-year suffered a slowdown in November (4.5 percent) and posted negative in December (minus 1.2 percent) after achieving a 22.7 percent increase in October, according to the Korea Customs Service.The decline has continued at the begi
Jan. 29, 2019
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[News Focus] Korea seeks to ease trade dependency on China, US, Japan
SEJONG -- South Korea began to seek free trade deals in 1999, when it started negotiations with Chile, its first partner for a free trade agreement that took effect in April 2004.Over the past 20 years, 15 FTAs between Korea and its counterparts have taken effect, with 52 partner countries in total. The 15 FTAs include those with three continental economic blocs: the European Free Trade Association (four countries), the Association of Southeast Asian Nations (10) and the European Union (28).Kore
Jan. 27, 2019
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[Monitor] Cigarette sales down due partly to higher prices
Sales of cigarettes in South Korea fell 1.5 percent in 2018 from a year earlier, data from the Ministry of Economy and Finance showed.A total of 3.47 billion packs were purchased last year, down slightly from 3.52 billion packs. One pack contains 20 cigarettes.Sales in 2018 also saw a 20.4 percent decline from 2014, the year before the government raised the prices of cigarettes 80 percent from 2,500 won ($2) per pack to 4,500 won. In December 2016, the government started requiring tobacco compan
Jan. 27, 2019
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Seoul shares to see moderate gains next week
South Korean stocks are expected to make a modest upswing next week following relief rallies in recent sessions amid optimism over decent corporate performances this year, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,177.73 points Friday, up 3.35 percent from a week earlier, to reach its highest point since Oct. 10, 2018. The index started the week on a shaky note as investors took a breather on concern
Jan. 26, 2019
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Korea's consumer sentiment rises for second straight month in Jan.
South Korea's consumer sentiment rose for the second month in a row in January as hopes are high for the government's economic stimulus measures for the new year, a central bank poll showed Friday.The composite consumer sentiment index for this month stood at 97.5, up 0.6 point from a month earlier, according to the Bank of Korea. A reading below the long-term average of 100 means pessimists outnumber optimists.Last month, the index gained 1.2 points from a nearly two-year low of 95.7. The BOK s
Jan. 25, 2019
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BOK freezes base rate, inches down growth forecast
South Korea’s central bank on Thursday nudged down its forecast for the country’s economic growth this year, while keeping the policy rate steady amid lingering uncertainties in the domestic and global financial markets.The Bank of Korea, in its first Monetary Policy Board meeting of the year, decided unanimously to keep the base rate at 1.75 percent, prolonging the status quo since November, when it raised the rate by a quarter percentage point.The economic growth for this year was
Jan. 24, 2019
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Land prices gain 4.6% in 2018
Land prices in South Korea rose nearly 4.6 percent in 2018 from a year earlier, the fastest clip in 12 years, government data showed Thursday.The country's land prices increased 4.58 percent on-year last year, compared with a 3.88 percent gain in 2017, according to the Ministry of Land, Infrastructure and Transport.The figure represents the largest on-year increase since the 5.61 percent expansion recorded in 2006.Land prices in Seoul and the adjacent Gyeonggi Province expanded 5.14 percent, up
Jan. 24, 2019
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[Monitor] Lotto sales hit record high in 2018
Sales of Lotto tickets in South Korea reached an all-time high in 2018 at 3.97 trillion won ($3.5 billion), up 4.4 percent from the previous year, the Korea Lottery Commission said. But the growth rate was less than 6.5 percent in 2017 and 9.5 percent in 2016, due to a lack of new sales outlets.The previous record was in 2003, when 3.82 trillion won worth of Lotto tickets were sold on a buying frenzy sparked by a winner who took home a record prize of 40.7 billion won in April of the same y
Jan. 23, 2019
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Korea to turn unused land into public houses, innovative business space
The South Korean government will turn unused state-owned land equivalent to 2.4 times the size of Yeouido into sites for public houses and business space for innovative companies, the nation’s chief fiscal policymaker said Wednesday.To back the plans, the government decided to spend 65 percent of its yearly social overhead capital within the first half of the year, in a pump-priming effort to resuscitate the slowing domestic economy at all costs. “(The government) has selected 11 uni
Jan. 23, 2019
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Govt. to offer financial support for overseas construction, plant orders
The government will provide financial support for overseas construction and plant orders to shore up exports that are showing signs of weakening, Finance Minister Hong Nam-ki said Wednesday. Global trade disputes and China's economic slowdown are casting a shadow on South Korea's export-reliant economy. Exports dropped 14.6 percent on-year in the first 20 days of January. "The government will actively offer financial support for firms to significantly increase their orders for oversea
Jan. 23, 2019