Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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US Fed hike, inflation create rate-setting challenge for BOK
Market expectation of a Bank of Korea rate freeze is growing, after the US Federal Reserve slowed its pace of interest rate increases for the second straight meeting on Wednesday. The US base interest rate climbed to 4.5-4.75 percent per annum as the Fed raised the key rate by 0.25 percentage point from the previous 4.25-4.5 percent at the Federal Open Market Committee meeting on Wednesday. The hike was in line with market expectations that projected the Fed would raise rates more slowly, afte
Feb. 2, 2023
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S. Korea closely monitoring financial market over US rate hike
South Korea's financial minister said Thursday the overnight rate-hike decision by the US Federal Reserve has eased market uncertainties, although the government will continue to keep a watchful eye on potential volatility. Earlier in the day, Finance Minister Choo Kyung-ho and other officials, including Bank of Korea Gov. Rhee Chang-yong, held an emergency meeting on macroeconomic situations. The meeting came hours after the Federal Reserve raised its benchmark rate by 25 basis points to a
Feb. 2, 2023
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S. Korea's consumer prices up 5.2 % in January on higher energy costs
South Korea's on-year growth in consumer prices accelerated from the previous month in January as energy costs shot up to a record level, data showed Thursday, amid expectations inflation will gradually slow throughout 2023. Consumer prices, a key gauge of inflation, rose 5.2 percent last month from a year earlier, compared with 5 percent growth estimated in December, according to the data from Statistics Korea. Inflation rose by 5 percent or higher for the ninth month in a row. It increased at
Feb. 2, 2023
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Geopolitical conflicts pose risk to chip, battery industries: BOK
Central bank warns of negative impact of US-China relations, geopolitical conflicts on Korea's key export industries Korea's export-oriented economy could face threats because of its heavy reliance on raw material imports amid rising geopolitical tensions, a senior researcher at the country's central bank said during a seminar Wednesday. The Bank of Korea stressed a fragmented global trade regime could harm the country's key export sectors such as semiconductors, electric veh
Feb. 1, 2023
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S. Korea's trade balance set to improve gradually: finance minister
Finance Minister Choo Kyung-ho said Wednesday that South Korea recorded a trade deficit last month due to higher energy imports, but its trade performance is anticipated to gradually improve down the road on the back of China's reopening. The remark came after the export-reliant economy suffered the largest-ever monthly trade deficit in January, with outbound shipments logging an on-year decline for the fourth consecutive month. "The increased trade deficit in January was blamed on sea
Feb. 1, 2023
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S. Korea's exports down 16.6% in January; trade deficit hits record high
South Korea's exports logged an on-year decline for the fourth consecutive month in January on weak global demand for semiconductors and other items amid an economic slowdown, the industry ministry said Wednesday. The country also suffered the largest ever monthly trade deficit on high energy prices last month, deepening concerns over the country's economic growth momentum. Outbound shipments fell 16.6 percent on-year to come to $46.27 billion in January, following a 9.5 percent on-year fall the
Feb. 1, 2023
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Base taxi fare in Seoul rises by 1,000 won to 4,800 won
The basic taxi fare in Seoul rose by 1,000 won ($0.8) to 4,800 won on Wednesday, marking the first hike in nearly four years. The Seoul metropolitan government raised the base rate for midsized sedan cabs operating in the capital city starting 4 a.m. The last hike was carried out in February 2019. The distance covered in the basic fare was shortened to 1.6 kilometers from the previous 2 km, and an additional 100 won is charged for every 131 meters of travel distance, changed from the previous 13
Feb. 1, 2023
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Yoon calls for 'innovative approach' to make best of $30b UAE investment
South Korean President Yoon Suk Yeol vowed Tuesday to make good of the United Arab Emirates' $30 billion investment pledge with two new consultative bodies, and called on the public and private sector to come up with mutually beneficial, innovative partnership projects. Stressing that the UAE’s decision for the investment was based on trust in Korea, the president said the country should “respond by discovering innovative investment partnership projects that serve the interests
Jan. 31, 2023
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[NPS in Action] Korea's pension fund, under pressure, hunts for gains in foreign stocks
This is the second part of a series on South Korea’s largest investor National Pension Service, analyzing its current status and identifying tasks that lie ahead. -- Ed. South Korea’s public pension fund has been stepping up investments in foreign stocks as it faces mounting pressure to enhance returns, amid concerns that the fund would run out sooner than expected due to rapid demographic changes. On Friday, a budget committee of the pension service announced in an updated forecas
Jan. 30, 2023
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Exports of passenger cars hit record high in 2022
South Korea's exports of passenger cars rose 15 percent on-year in 2022 to reach a record high, data showed Monday, on the back of robust shipments of eco-friendly models. Carmakers shipped passenger cars worth a combined $49 billion in 2022, up from $42.6 billion tallied a year earlier, according to the data compiled by the Korea Customs Service. The number of cars shipped reached 2.31 million units, also rising 10.1 percent on-year, the agency added. South Korea's imports of passenge
Jan. 30, 2023
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Transport costs to climb after steep rise in utility bills
As South Koreans are still trying to process the shocking heating bills they received this month, taxi and public transport fare hikes await. In some regions, water and sewer fees, as well as volume-based waste disposal fees, are also slated to rise. In Seoul, the base fare for a midsized sedan cab will jump by 1,000 won (81 cents) to 4,800 won from 4 a.m. on Wednesday, the first hike in four years. The distance covered with the initial fare will be reduced from the current 2 kilometers to 1.6 k
Jan. 29, 2023
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Hana to seek more M&As overseas
Hana Financial Group has announced plans to strengthen the company's global and digital sectors, while improving financial services in 2023. The financial holding firm, whose business spans from bank and card services to securities, shared its vision for the new year at an event held at Kyung Hee University in Seoul on Saturday. More than 4,000 employees from 15 affiliates -- including Hana Bank, Hana Securities, Hana Card and Hana Capital -- took part in the event, with Chairman Ham Young-
Jan. 29, 2023
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Banks' working hours to return to normal
With the Korean government lifting the indoor mask mandate, major banks are to normalize their operating hours to 9 a.m. to 4 p.m. from Monday. Major commercial banks, including KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup, are to normalize their operating hours from the current 9:30 a.m. to 3:30 p.m. to 9 a.m. to 4 p.m. as the government has lifted the indoor mask mandate, one of the last remaining pandemic restrictions. Major savings banks have also joined the move. Ban
Jan. 29, 2023
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Inflation expectations inch up in January amid continued monetary tightening
South Korea's inflation expectations inched up in January from a month earlier amid the Bank of Korea's continued monetary tightening to bring price growth under control, a central bank survey showed Thursday. Ordinary people predicted that consumer prices will grow 3.9 percent over the next one year, up 0.1 percentage point from what was surveyed the previous month, according to the poll conducted by the BOK early this month. It was the first on-month rise since November 2022. The fig
Jan. 26, 2023
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New NPS CIO on mission to make critical shift
NPS In Action is a series of articles and interviews on South Korea’s largest investor National Pension Service to analyze its current state and identify tasks that lie ahead. This is the first installment. -- Ed. Seo Won-joo took the reins as the new chief investment officer of the National Pension Service in the time when he has to wear multiple hats to run the world’s third largest pension fund. With a career path that wound through life insurance companies and a pension fund
Jan. 25, 2023
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Seoul subway, bus fares to rise by W300 or W400
The Seoul city government will additionally consider raising its subway and city bus fares by 400 won ($0.32), besides its earlier 300-won hike proposal, city officials said Wednesday. The municipal government plans to hold a public hearing next month with the goal of raising public transportation fares in April after a freeze for eight years. It will prepare two fare hike proposals -- 300 won or 400 won -- to listen to the opinions of various public hearing participants, including experts, city
Jan. 25, 2023
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Exports fall 2.7% during first 20 days of January
South Korea's exports fell 2.7 percent on-year in the first 20 days of January, data showed Saturday, due mainly to weak semiconductor shipments. The country's outbound shipments stood at US$33.6 billion in the Jan. 1-20 period, compared with $34.5 billion a year earlier, according to the data from the Korea Customs Service. Imports rose 9.3 percent on-year to $43.8 billion during the cited period, resulting in a trade deficit of $10.2 billion. Outbound shipments of chips, a mainstay e
Jan. 21, 2023
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Korea rolls up sleeves for global bond index inclusion
The Korean government will make a fresh attempt to get its sovereign bond to be included in the top grade of global market indices, the country’s top economic policymaker told global investors Friday. Finance Minister Choo Kyung-ho revamped local financial rules to adhere to “global standards” so that Asia’s fourth-largest economy could attract more foreign investors. “Starting this year, we will reform the Korean capital market in a way that is foreign investor-f
Jan. 20, 2023
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KB Financial recognized as global sustainability leader
KB Financial Group on Thursday announced that it has made the Global 100 Most Sustainable Corporations in the World list in recognition of its environmental, social, and corporate governance (ESG) efforts. It was ranked 68th on the list by Canada-based global research firm Corporate Knights. “Making the top 100 global sustainable companies list is the result of all executives and employees putting their minds into practicing ESG management for a sustainable future,” a KB Financial Gr
Jan. 19, 2023
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Number of fake banknotes hits record low
The number of counterfeit South Korean banknotes touched a record low in 2022, amid a surge in cashless transactions fueled by the coronavirus pandemic, the Bank of Korea said Monday. The number of counterfeit banknotes identified stood at 150 last year, down from the previous record low of 176 a year before. Last year’s number was the lowest ever since the central bank started compiling related data in 1998. The BOK attributed the drop to a decline in face-to-face transactions via non-cas
Jan. 16, 2023