Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Will China's self-sufficient dream in HBM come true?
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Man stabs woman and her son amid financial dispute, killing 1
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Korea, Japan to expedite trade talks after summit
South Korea and Japan are accelerating their efforts to break down bilateral trade barriers induced by a historical row and to push for revival of economic cooperation. As early as this week, Japan will wrap up procedures to lift restrictions on exports of key semiconductor materials to Korea, while Korea will withdraw its complaint filed with the World Trade Organization against the export curbs, Minister of Trade, Industry and Energy Lee Chang-yang said during a press briefing Wednesday. W
March 22, 2023
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Finance ministers of Korea, Japan may meet after 7 years
Top financial policymakers of Korea and Japan may hold a one-on-one meeting for the first time in seven years, following the recent easing of tensions between South Korea and Japan. The Finance Ministry is looking into launching talks between its minister Choo Kyung-ho and his Japanese counterpart Shunichi Suzuki, following President Yoon Suk Yeol’s state visit to Japan. With the Korean government announcing that a Seoul-backed foundation would compensate victims of wartime forced labor ea
March 21, 2023
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OECD slashes S. Korea's 2023 growth outlook to 1.6 percent
The Organization for Economic Cooperation and Development (OECD) on Friday revised down South Korea's growth outlook for 2023 to 1.6 percent, as the global economy continues to stand on "fragile" grounds amid uncertainties. The latest outlook, released through the Paris-based organization's interim report, marked a 0.2 percentage-point drop from a 1.8 percent growth projection in November. The downward revision is in line with the Bank of Korea's assessment released
March 17, 2023
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Tokyo lifts export curbs; Seoul withdraws WTO complaint
South Korea and Japan's easing of trade tensions has spurred hope among Korean businesses, as the two agreed to bolster economic ties on the sidelines of the summit talks held in Tokyo on Thursday. Earlier in the day, Japan announced it would lift restrictions on exports of key semiconductor materials to Korea, while Korea in return decided to withdraw its complaint filed with the World Trade Organization against the export curbs. Both countries also plan to continue talks to reinstate each
March 16, 2023
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Number of marriages in Korea hits new low
Amid changing social norms, more Koreans tie the knot at an older age The number of marriages in Korea dropped to an all-time low in 2022, government data showed on Thursday. According to a report shared by Statistics Korea, the number of Koreans getting married came to a record low of 192,000 last year, down 0.4 percent on-year. It marked the lowest reading since 1970, when the government statistics agency first began compiling the data, and is the 11th straight year the figure has decreased. T
March 16, 2023
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[KH Explains] SVB collapse eases pressure on BOK
The abrupt fallout from the Silicon Valley Bank collapse has led to raised bets that the US Federal Reserve will be less aggressive in raising interest rates, lifting the burden on the Bank of Korea, which was under pressure from the widening key rate gap. Prior to the banking crisis that hit the financial market on Friday, the market had been expecting the Fed to raise the base rate by 50 basis points this month. Fed chair Jerome Powell had been giving hawkish guidance in past weeks, war
March 15, 2023
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Job additions smallest in 2 years in Febuary amid economic slowdown
South Korea's monthly job additions slowed for the ninth consecutive month in February, data showed Wednesday, amid forecasts the job recovery will lose steam this year amid the economic slowdown. The number of employed people came to 27.71 million in February, up around 312,000 from a year earlier, according to the data compiled by Statistics Korea. Excluding those aged 60 and above, however, the figure moved down 101,000 over the period. The February figure marked a decrease from 411,000
March 15, 2023
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Finance Minister says Korea will keep close eye on SVB collapse
Finance Minister Choo Kyung-ho said the government will closely monitor the collapse of Silicon Valley Bank, which has been sending shock waves across the world for the past few days, amid efforts to calm the local financial market. SVB, a major US bank largely focused on startup loans, went bankrupt on Friday. Signature Bank, one of the main banks in the cryptocurrency industry, also closed following concerns of a spreading banking crisis. Choo said that the SVB crisis stemmed from financial in
March 14, 2023
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Fitch keeps S. Korea's credit rating unchanged at 'AA-,' outlook stable
Global credit appraiser Fitch Ratings said Monday it has reaffirmed South Korea's sovereign rating at "AA-" with a stable outlook, while suggesting an economic growth of 1.2 percent this year. Fitch's rating for South Korea has been AA-, the fourth-highest level on the agency's table, since September 2012. "Korea's rating balances robust external finances, resilient macroeconomic performance and a dynamic export sector against geopolitical risks related to Nort
March 13, 2023
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How will SVB collapse affect Korea?
President Yoon Suk Yeol said Monday that uncertainty in the financial market is growing due to the bankruptcy of Silicon Valley Bank, one of the largest banks in the United States. “The cause of the SVB collapse, the progress of the situation, the US authorities’ response, as well as their impact on the domestic financial market and the real economy should be closely examined by the deputy prime minister of economy and others,” he said at a meeting with senior secretarie
March 13, 2023
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BOK closely monitoring impact of SVB collapse on financial markets, economy
The Bank of Korea said Monday that it will closely monitor any impact of last week's collapse of a US tech startup-focused lender on domestic financial market and economic conditions, though it dismissed worries that the issue could turn into a systemic risk. On Friday, US banking regulators shut down Silicon Valley Bank and took control of its customer deposits in the largest failure of a US bank since the 2008 financial crisis. It was followed by the collapse of another US bank, Signature
March 13, 2023
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Exports down 16% during first 10 days of March
South Korea's exports fell 16.2 percent on-year in the first 10 days of March, data showed Monday, due to sluggish shipments of chips. The country's outbound shipments stood at $15.8 billion in the March 1-10 period, compared with $18.8 billion a year earlier, according to the data from the Korea Customs Service. Imports advanced 2.7 percent on-year to $20.8 billion during the cited period, resulting in a trade deficit of $4.9 billion. In February, the country's outbound shipments
March 13, 2023
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S. Korea posts record current account deficit in Jan. as exports slump amid recession woes
South Korea posted the largest ever current account deficit in January as exports sharply dwindled amid growing worries over a global economic recession, central bank data showed Friday. The country's current account shortfall came to $4.52 billion in January, swinging from a surplus of $2.68 billion a month earlier, according to the preliminary data from the Bank of Korea (BOK). It marked the largest monthly current account deficit since relevant data started to be compiled in January 1980
March 10, 2023
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Fed’s hawkish stance leaves Korea under pressure
Korean won weakens against dollar following Powell’s remarks forecasting further rate hikes The US Federal Reserve's signaling of further rate hikes weighs on the Korean economy sparking fears of a widening gap between the key rates of the two countries that could cause capital outflow and increase market volatility. US Fed Chair Jerome Powell on Tuesday hinted at a possible rate increase of 50 basis points in the Federal Open Market Committee meeting scheduled for later this month.
March 8, 2023
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S. Korea to spend 70% of budget for job creation in H1: finance minister
South Korea plans to speed up spending the employment-related budget in the first half of 2023 amid signs of a slowdown in the job market, the finance minister said Wednesday. The remark came after Asia's No. 4 economy reported the largest number of job additions in more than 20 years in 2022 at around 820,000, while the figure is expected to rise at a narrower margin of just 100,000 on-year in 2023 amid economic uncertainties and the country's falling population. "Considering the
March 8, 2023
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Finance Minister confident inflation will soon cool off
South Korea's efforts to combat high inflation are showing signs of progress as consumer prices marked their smallest on-year increase in February in nearly 10 months, according to Statistics Korea on Monday. The consumer price index, a key indication of inflation, rose by 4.8 percent on-year last month, marking a drop of 0.4 percentage point from 5.2 percent in January. It is the first time since April 2022 (4.8 percent) that the figure has fallen below 5 percent. “The consumer pri
March 6, 2023
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Imported car sales rise 11% in March on improved supplies
Sales of imported vehicles in South Korea rose 11 percent last month from a year earlier on improved supplies and new models, an industry association said Monday. The number of newly registered foreign vehicles stood at 21,622 units last month, up from 19,454 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. "Some brands' vehicle supplies and their launches of new models helped boost sales last month," KAIDA Vice Chairman Jung Yoo
March 6, 2023
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S. Korea's consumer prices up 4.8% in Feb.; hike in utility costs hits record high
South Korea's on-year growth in consumer prices fell below 5 percent for the first time in 10 months, data showed Monday, although the hike in utility costs hit yet another fresh high. Consumer prices, a key gauge of inflation, rose 4.8 percent last month from a year earlier, compared with 5.2 percent growth posted in January, according to the data from Statistics Korea. Inflation stayed above 2 percent -- the central bank's inflation target over the medium term -- for the 23rd straigh
March 6, 2023
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Weak chip demand pushes economy recovery off track
Sluggish demand for chips, the country’s key export item, continues to hinder Korea from getting the economy on a recovery track, the finance minister said Thursday, Asia’s fourth-largest economy logged a fall in exports for a fifth month in a row in February due to weak global demand for semiconductors amid an economic slowdown. “Without a rebound in the semiconductor industry, limits on export recovery are inevitable for the time being,” Finance Minister Choo Kyu
March 2, 2023
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Industrial output up 0.5% in January; retail sales down for 3rd month
South Korea's industrial output edged up 0.5 percent on-month in January, while retail sales extended losses to a third month, data showed Thursday. The latest rise in the industrial production came after the figure remained unchanged the previous month, according to the data from Statistics Korea. The industrial output earlier shed 1.2 percent and 0.4 percent on-month in October and November, respectively. The rebound came as the combined output in the mining, manufacturing, gas and electr
March 2, 2023