Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Gold prices hit 4-month high on geopolitical risks
Escalating geopolitical risks surrounding North Korea's nuclear and ballistic missile programs have caused gold prices to soar in South Korea and led to a surge in trade in the precious metal, the local exchange said Sunday.According to the Korea Exchange, a gram of gold changed hands at 47,210 won ($41.20) on Friday, the highest level since April 20, when speculation of a crisis on the peninsula swirled.Last week alone, gold prices jumped 3.18 percent from the previous week, marking the first t
Aug. 13, 2017
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Sales of gold bars rising amid rising tension on peninsula
Sales of gold bars, regarded as a safe haven for investors, are increasing in South Korea amid escalating tension with North Korea, industry sources said Saturday.The Korea Gold Exchange, a local trader, said the average daily sales of 100-gram gold bars reached 250 units since Wednesday, rising sharply from 50 units on average. Industry watchers said the demand for smaller gold bars is increasing as they are easier to carry compared to kilo-level products. A 10-gram gold bar is currently
Aug. 13, 2017
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BOK chief says closely watching tensions over N. Korea
The governor of South Korea's central bank said Thursday that he has been closely watching North Korea risks as Pyongyang and Washington traded harsh rhetoric.BOK Gov. Lee Ju-yeol said he remained alert on economic and financial fallout the latest standoff over North Korea's nuclear and missile program could have on Asia's fourth-largest economy.Lee made the comments in an opening ceremony of an exhibition of old books at Seoul National University. Escalating tensions between North Korea a
Aug. 10, 2017
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Asiana Q2 loss widens on FX losses
Asiana Airlines Inc. said Thursday its losses widened in the second quarter from a year earlier due to foreign currency-related losses.Net loss reached 74.7 billion won ($65.3 million) in the April-June period, compared to a loss of 26.7 billion won a year earlier, the company said in a statement. Operating income, on the other hand, surged 49 percent on-year to reach 42.8 billion won, with sales rising 8.5 percent to 1.49 trillion won over the cited period. The operating income and sales for th
Aug. 10, 2017
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Jeju sees 1st drop in retail sales in Q2 on THAAD fallout
Retail sales on the southern island of Jeju fell in the second quarter for the first time ever on a Sino-Korean row over the deployment of a US missile defense shield, government data showed Thursday.According to the data by Statistics Korea, retail sales on Jeju declined 3.2 percent in the April-June period from a year earlier.It represents the first on-year decline since the statistical agency started compiling related data in the first quarter of 2010.The agency attributed the decline to a pl
Aug. 10, 2017
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FTC slaps W796m fines on two bid rigging companies
South Korea's antitrust watchdog said Thursday that it has imposed a combined 796 million won ($699,000) in fines on two local electronics part suppliers for rigging bids for public railway construction projects.The two companies -- Yookyung Control Co. and Hyukshin Engineering Co. -- allegedly colluded to participate in five bids to supply electronic interlocking equipment arranged by state-run Korea Railroad Corp., according to the Fair Trade Commission. Interlocking equipment is a railway sig
Aug. 10, 2017
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BOK provides W4.6tr to small firms in assistance
South Korea's central bank said Thursday that it has decided to extend 4.6 trillion won ($4 billion) to small and medium-sized firms through commercial lenders in the latest move to boost potential growth numbers.The monetary policy board of the Bank of Korea said 3.6 trillion won will be provided to small and medium enterprises that are seeking to find new growth drivers and contribute to job creation.The decision comes as Asia's fourth-largest economy has been struggling to prop up growth and
Aug. 10, 2017
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Imported commercial vehicles drops in July
A total of 378 imported commercial vehicles, mostly trucks, were sold in South Korea last month, down 11.1 percent from the previous month, industry data showed Thursday.According to the data compiled by the Korea Automobile Importers and Distributors Association, Volvo topped the list with a total of 137 trucks sold, followed by 105 vehicles from MAN, 83 from Scania, 40 from Mercedes-Benz and 13 from Iveco.By type, bodybuilders accounted for 180 vehicles, followed by 131 tractors, 62 cargo truc
Aug. 10, 2017
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Korea's auto exports up in July
South Korea's auto exports continued to grow for six months in a row in July on rising demand from North America and Europe, government data showed Thursday.The total value of vehicles shipped overseas reached $3.65 billion last month, up 7.5 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.The figure has remained in positive terrain since February when it rebounded to a 5.3-percent rise from a 4.8-percent fall in the previous month.Total
Aug. 10, 2017
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Population aging, low birthrate to raise fiscal burden: report
South Korea's fiscal spending is expected to rise by about 3 trillion won ($2.63 billion) annually over the next five decades due to its rapid population aging and low birthrate, a report said Thursday.Asia's fourth-largest economy is estimated to fork up an additional 2.8 trillion won per year between 2016 and 2065 due to the country's demographic change, according to the report published by the Bank of Korea.The report is based on 2009-2013 data from the Organization for Economic Cooperation a
Aug. 10, 2017
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Korea's tax revenue rises in H1
South Korea's national tax revenue continued to rise in the first six months of the year amid a steady pace of growth in Asia's fourth-largest economy, the finance ministry said Thursday.The government collected 137.9 trillion won ($121.2 billion) in taxes in the January-June period, up 12.3 trillion won from a year earlier, according to the Ministry of Strategy and Finance.It accounts for some 54.9 percent of the tax revenue of 251.1 trillion won earmarked for 2017, including some 11 trillion w
Aug. 10, 2017
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Korea's trade surplus in chips soars through July
South Korea's trade surplus in chips more than doubled in the first seven months from a year earlier, data showed Thursday, casting concern over the country's excessive dependency on the industry.According to industry data, the country's semiconductor surplus through July came to $28.8 billion, rising sharply from $12.6 billion in the same period in 2016. The latest numbers already beat the combined surplus of $25.6 billion posted for 2016.By sector, memory chips accounted for $27.1 billion won,
Aug. 10, 2017
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[Monitor] Korea’s GDP ranks 11th
South Korea’s gross domestic product ranked 11th in the world in 2016, with its per capita income based on purchasing power remaining unchanged, data from the World Bank showed Wednesday.The country’s global standing remained unchanged from the previous year.GDP refers to the total value of goods and services produced within the economy. Aside from ranking 10th in 2005, Korea’s GDP had stayed below the 11th rank for 11 straight years.Korea’s gross national income per capi
Aug. 9, 2017
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New policies risk hurting fiscal soundness
Concerns have been raised that Korea’s long-term fiscal soundness will be undermined by President Moon Jae-in’s policies that are set to be accompanied by a sharp rise in government spending.His administration has made clear it will expand annual fiscal expenditure at a faster pace than the country’s nominal economic growth rate, which is equal to real growth rate plus inflation.On his campaign trail, Moon pledged to increase government spending by at least 7 percent annually t
Aug. 9, 2017
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Newly employed rises by over 300,000 for 6 consecutive months
Amid the government’s continued struggle to tackle Korea’s high unemployment rate, the number of newly employed individuals reached 26.9 million last month, up 313,000 from the previous month, according to data released by Statistics Korea on Wednesday. It was the sixth consecutive month that the newly employed figure exceeded more than 300,000 on-month. July’s figure was also 15,000 more than the same month last year. The number of newly employed surged by 243,000 in January,
Aug. 9, 2017
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Currency market volatility rises in July
Volatility in South Korea's currency markets rose in July from a month earlier, though the stability of the global financial markets continued, the central bank said Wednesday.The session-over-session changes in the dollar-won exchange rates averaged 0.42 percent in July, compared with 0.28 percent a month earlier, the Bank of Korea said in a statement. "The won has fallen slightly against the dollar since July due to geopolitical risks" stemming from North Korea's missile and nuclear
Aug. 9, 2017
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Korea's money supply up 5.9% in June: BOK
The money supply in South Korea jumped 5.9 percent in June from a year earlier, the central bank said Wednesday.The nation's M2 totaled 2,470.8 trillion won ($2.17 trillion) in June, compared to 2,334.2 trillion won a year earlier, the Bank of Korea said in a statement.The money supply gained 0.4 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply counting th
Aug. 9, 2017
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Household loans up 9.4% in July
South Korea's household loans extended by banks rose 9.4 percent in July from a year earlier due to increased mortgages, central bank data showed Wednesday.Outstanding household loans from lenders came to 737.7 trillion won ($650 billion) as of the end of last month, compared with 673.7 trillion won from a year earlier, according to the data from the Bank of Korea.Compared with June, the amount rose by 6.7 trillion won. Mortgages climbed 4.8 trillion won on-month to 554.6 trillion won in July du
Aug. 9, 2017
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Korea to require insurers to raise capital reserves from December
South Korea's top financial regulator on Wednesday unveiled details of upcoming ordinances that will require insurers to gradually increase their capital reserves from December to help them better cope with changes in global accounting rules.The Financial Services Commission will also ease some requirements on risk-based capital ratios for insurers to help them comply with the rules under the new ordinances, which will take effect from Dec. 1. South Korea is one of more than 100 nations th
Aug. 9, 2017
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Tax office launches probe into 286 real estate-related tax dodgers
South Korea's tax office said Wednesday that it has launched a probe into 286 people suspected of evading taxes through illegal real estate transactions as part of the government's drive to curb property market speculation.Last week, the government announced stricter measures to stabilize the country's overheated housing market around the capital city of Seoul and its surrounding areas. It imposed an effective ban on bank loans given to multiple-home owners and forbid people from reselling an ap
Aug. 9, 2017