Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Will tug-of-war between doctors, government end soon?
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Yoon's approval rating plunges to all-time low
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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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[Graphic News] More Koreans say they plan long-distance trips this year
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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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N. Korea risk emerged as economic recovery confidence gained speed: BOK chief
The North Korea risk triggered by the country's nuclear and missile provocations emerged as confidence in South Korea's economy started to gain some momentum, the head of the central bank said Monday.Bank of Korea Gov. Lee Ju-yeol, after chairing an economic-financial assessment meeting, said that there is a need to carefully keep tabs on uncertainties surrounding Pyongyang. Local media has been pressing the BOK in regards to the overall health of the economy, which could allow the central bank
Oct. 9, 2017
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Construction industry in deepening slump
Korean builders are struggling with deteriorating conditions at home and abroad, raising concerns over the impact of the slumping construction industry on the country’s economy.Local construction orders dropped 3.4 percent from a year earlier in August, following a 33.6 percent decrease in the previous month, according to data from Statistics Korea. The value of accomplished construction works across the country also declined 2 percent on-month in August.This downward trend is set to
Oct. 9, 2017
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Korea's growth to hover under 1% range for two quarters: data
Slowdown in South Korea's economic recovery is expected to cause the country's growth rate to hover under 1 percent for the second quarter in a row, forecast data by the government, central bank and local think tanks showed Monday.According to the estimates, economic growth for the third quarter will likely be in the mid zero percent level, and be similar to the 0.6 percent numbers tallied for the April-June period of this year. The latest predictions based on data provided by the Bank of Korea,
Oct. 9, 2017
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Korean economy in slow expansion stage: budget office
The South Korean economy is currently in an expansionary stage that is notable for being very long and sluggish, the parliamentary budget office said Monday.The report by National Assembly Budget Office based on various official coincident composite and cycle of coincident indices, showed Asia's fourth-largest economy hit bottom in early 2013 and has been making a comeback ever since."The economy has effectively expanded for 52 months as of July," NABO said. It added this is the longes
Oct. 9, 2017
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One in three Koreans in debt as they borrowed by to buy houses: report
One in three South Koreans have borrowed money to buy houses, and they took a greater amount of loans than other debtors, becoming one of the main reasons behind the ballooning household debt in Asia's fourth-largest economy, a report showed Monday. A total of 18.57 million South Koreans, 36 percent of the total population, borrowed 1,439 trillion won ($1.2 trillion) from local lenders as of June, with each holding 77.47 million won of debt on average, according to the office of Rep. Chung Sye-k
Oct. 9, 2017
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Export of ramyun, beer, dried laver to China surge despite THAAD row
Exports of South Korean ramyun instant noodles, beer and dried laver to China have surged despite the diplomatic row over the deployment of an advanced anti-missile system here, government data showed Monday.According to data provided by the Ministry of Agriculture, Food Rural Affairs exports of the three products from January through August of this year reached to around $150 million. This is equivalent to 18 percent of the country's processed food and farm exports in the same period that was v
Oct. 9, 2017
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Number of Korea’s self-employed fourth-highest in OECD
The number of self-employed South Koreans who run businesses without any employees is the fourth-largest among the world’s major nations, according to data from the Organization for Economic Cooperation and Development on Sunday. According to the OECD’s Entrepreneurship at a Glance 2017 report, the number of self-employed workers in Korea was 3.98 million, the fourth-highest among all 35 OECD member countries as well as Lithuania, Romania and South Africa. The country’s numbe
Oct. 8, 2017
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Korean chaebol's overseas subsidiaries increase gradually in recent years: report
The number of local subsidiaries established abroad by South Korea's 30 biggest business groups rose gradually in recent years, a report said Sunday, as they actively made inroads into overseas markets to survive the keen competition.The figure surged to 3,332 last year from 2,650 in 2013 and 3,053 in 2015, according to market researcher Chaebol.com. Chaebol refers to South Korea's major business groups.By country, China accounted for the biggest share with 753 or 22.1 percent of the total. 
Oct. 8, 2017
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S. Korea, US agree to begin process to amend FTA
South Korea and the United States agreed Wednesday to begin a process to amend their free trade agreement at Washington's request, Seoul's trade ministry said.The agreement was reached during talks in Washington led by South Korean Trade Minister Kim Hyun-chong and US Trade Representative Robert Lighthizer, the ministry said in a statement. "The two sides shared an understanding of the need to amend the free trade agreement to further strengthen the mutual benefits of the Korea-US FTA,"
Oct. 5, 2017
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Prices of imported food soar over Chuseok
Driven by high demand for overseas products during the long Chuseok holiday, the import prices of certain food items soared, according to data compiled by the Korea Customs Service. According to KCS’ data, import prices of seafood and livestock products, such as US beef, saw a significant spike compared to last year, with the prices of some food items increasing by more than 100 percent. In particular, the import prices of king crab and croaker fish more than doubled in a year, the data sh
Oct. 3, 2017
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Growth policy refocused as economy weakens
Data released last week pointed to the deepening sluggishness of the Korean economy, strengthening the case for readjusting the new administration’s policy focused on expanding welfare benefits and guaranteeing higher wages and a more secure job status for employees.Retail sales and facility investment fell 1 percent and 0.3 percent, respectively, from a month earlier in August, according to the data from Statistics Korea.Accomplished construction work also recorded an on-month drop of 2 p
Oct. 2, 2017
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South Korea’s economy faces multiple challenges after Chuseok
South Korea’s hope upon this year’s 10-day Chuseok holiday was that the long break would boost consumption and revive the domestic market momentum, but external risks mean that the nation’s economic prospects for the last quarter of the year remain murky.The foreseeable challenges include the ongoing dissent between Korea and the US over their bilateral trade deal, the imminent expiration of the Korea-China currency swap agreement, and impact on the markets from escalating mili
Oct. 2, 2017
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More than 10 mln S. Koreans swipe credit cards overseas
More than 10 million South Koreans swiped their credit cards in foreign countries in 2016 on a sharp rise in overseas travelers, a report showed Monday.A total of 10.79 million people made overseas purchases worth 16.35 trillion won through credit cards in 2016, up from 9.19 million a year ago, according to the report by Rep. Park Kwang-on from the ruling Democratic Party. The number of overseas credit card users has been on a steady rise for years: 5.55 million in 2012, 6.36 million in 201
Oct. 2, 2017
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Rate hike possible, regardless of inflation: BOK chief
South Korea’s central bank suggested that a key interest rate hike is plausible in the near future in step with economic recovery, even if the inflation rate continues to remain slow.“We may consider some adjustment (in the interest rate) without being restrained by (slow) inflation, as long as economic recovery holds out in the midterm flow,” Bank of Korea Gov. Lee Ju-yeol said Friday during a workshop with the press.The central bank’s stance has remained unchanged from
Oct. 1, 2017
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Korea's exports soar 35% in Sept. reach all-time high
South Korea's exports soared 35 percent to reach an all-time high in September thanks to strong demand for semiconductors and displays, government data showed Sunday.Outbound shipments came to $55.1 billion for the month, up from $40.8 billion tallied a year earlier, according to data compiled by the Ministry of Trade, Industry and Energy, and the Korea Customs Service.The September figure marks the largest monthly total in South Korean history, eclipsing the earlier record of $51.6 billion set
Oct. 1, 2017
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S. Korean bourse struggles ahead of long Chuseok holiday
South Korea's bourse struggled ahead of this year's long Chuseok holiday as tensions between the United States and North Korea reached new heights causing jitters among investors, observers here said Saturday.According to the Korea Exchange (KRX), the country's KOSPI lost ground for seven straight sessions from Sept. 19 through Wednesday of this week. This is the longest losing streak for the main bourse since Sept. 25-Oct. 6 of 2014, it said. "The loss of momentum caused the KOSPI, which w
Sept. 30, 2017
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Finance minister expects Oct. economic data to deteriorate due to long holiday
Finance Minister Kim Dong-yeon said Friday he expects exports and other economic data for next month to deteriorate due to the 10-day Chuseok holiday.Kim made the remarks during a meeting with religious leaders earlier in the day. This year's Chuseok, or autumn harvest celebration, which falls next Wednesday, will be longest in decades because of its nearness to two other national holidays. The government even declared next Monday a one-off holiday to bridge the gap between this weekend an
Sept. 29, 2017
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Korea to ban digital currency offerings
South Korea's financial authorities said Friday they will ban all forms of initial coin offerings, joining a wave of global regulations against the popular fundraising scheme with cryptocurrencies. The decision came after a meeting of senior officials from relevant ministries, led by the Financial Services Commission, the regulator said in a statement. Initial coin offerings allow start-ups or individuals to raise funds by offering cryptocurrencies. It has fueled a surge in values of digital cur
Sept. 29, 2017
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Retail sales in Korea rise 4.3% in August
Retail sales in South Korea increased 4.3 percent in August from a year earlier, driven by strong sales posted by online malls and convenience stores, government data showed Friday.Sales of 13 major online stores and marketplaces jumped 13.1 percent on-year last month as more people bought airline tickets and travel packages, as well as clothing and fashion items via the Internet, according to the data from the Ministry of Trade, Industry and Energy.In contrast, sales of 13 offline-based retaile
Sept. 29, 2017
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Korea's current account surplus widens in August
South Korea's current account surplus widened last month from a year earlier thanks to brisk semiconductor exports, central bank data showed Friday.The country's current account surplus reached $6.06 billion in August, compared with a surplus of $5.03 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 66 months in a row. The current account is the biggest measure of cross-border trade. The goods account surplus widened to $9.
Sept. 29, 2017