Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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FTA renegotiation issue remains open upon summit
South Korean President Moon Jae-in flew back to Seoul on Sunday with a reaffirmed US alliance and renewed momentum to resolve the North Korea impasse, but he left open the controversial issue of Washington’s push to renegotiate a bilateral free trade agreement. Upon their talks Friday, President Moon and his US counterpart Donald Trump each adopted different tones toward the Korea-US FTA, with Moon emphasizing their joint statement that did not include phrases regarding renegotiation and T
July 2, 2017
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S. Korea's exports jump 13.7 ercent in June
South Korea's exports extended their winning streak for the eighth month in a row by expanding 13.7 percent last month on recovering global commerce, the trade ministry said Saturday.Outbound shipments came to US$51.4 billion in June, up from $45.2 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The latest number marked the second-largest monthly volume since October 2014, when shipments reached $51.6 billion, while it posted double-digit growth for six mo
July 1, 2017
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Foreign investors trading on Korean bourse up slightly in May
The number of foreign stock investors registered in South Korea rose slightly in May, with Americans accounting for the lion's share, the country's financial watchdog said Friday. The number of overseas investors who were registered in the Financial Supervisory Service reached 43,943 as of end-March, up 646 from end-December, according to the watchdog.Among them, retail and institutional investors totaled 10,883 and 33,060, respectively, as of March, up 120 and 526 from the end of December.By co
June 30, 2017
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Think tank raises Korea's growth outlook
The South Korean economy will likely grow at a faster pace this year than initially estimated on resilient exports and corporate capital spending, a private think tank said Thursday.In its second-quarter economic report, the Korea Economic Research Institute upgraded its 2017 growth outlook for Asia's fourth-largest economy to 2.9 percent from an earlier 2.5 percent.KERI, affiliated with the nation's big business lobby Federation of Korean Industries, attributed the upward revision to increased
June 29, 2017
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Rates for household loans inch up in May
Bank lending rates on new household loans inched up in May and interest rates paid by banks on new deposits remained unchanged, central bank data showed Thursday.The average interest rates on fresh household loans extended by local banks came to 3.47 percent in May, up 0.06 percentage point from the previous month, according to the Bank of Korea.The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt stood at 1,359.7 trillion won ($1.2 trillion)
June 29, 2017
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Electronic payments hit record high in Q1
The amount of payments made electronically hit a record high in the first quarter, central bank data showed Thursday, in the latest sign that a growing number of South Koreans are using online means to conduct financial transactions.The daily average amount of electronic financial transactions came to 432.6 billion won ($379.8 million) in the January-March period, up 11.7 percent from the previous quarter, according to the data from the Bank of Korea.The figure is the highest reached since the c
June 29, 2017
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Korea's retail sales up 6.3% in May on online growth
Sales of key retailers in South Korea grew 6.3 percent last month from a year earlier, led by the strong performance in the online sector, government data showed Thursday.The combined revenue of 26 online and offline retailers reached 10.29 trillion won ($9 billion) in May, compared with 9.68 trillion won the previous year, according to the data from the Ministry of Trade, Industry and Energy. Of the total, 13 offline-based retailers, including department stores, discount chains and convenience
June 29, 2017
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Debt burden of Korean young adults soars over 3 years
The debt burden of South Koreans in their 20s and 30s has grown at the fastest pace among all age groups over the past three years amid a spike in household debt, central bank data showed Thursday.The so-called loan-to-income ratio for 20-somethings and 30-somethings has risen 36.2 percent over the three years, meaning their debt has gained at an annual average rate of 12 percent amid stalled income growth, according to the data from the Bank of Korea. Yet the LTI for the young Koreans came to 1
June 29, 2017
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Korea's manufacturing sentiment worsens for July
South Korean manufacturers' business sentiment for July worsened from this month as local companies expect a slight decline in domestic demand and exports, central bank data showed Thursday.The business survey index of manufacturing firms came to 80 for next month, down from 84 in June, according to the Bank of Korea. A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite.An index measuring local firms' sentiments toward exports came to 8
June 29, 2017
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Korea needs to address inevitabilities of household debt: economists
South Korea does not face an imminent crisis over its growing household debt, but it needs to address some inevitabilities, foreign economists said Wednesday.South Korea's household debt stood at 1,359.7 trillion won ($1.2 trillion) as of end-March, a dramatic increase from 665 trillion won at the end of 2007, according to the Bank of Korea.The ratio of South Korea's household debt to gross domestic product came to 92.8 percent as of end-2016, up 4.7 percentage points from a year earlier, accord
June 28, 2017
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Cooperation trumps restrictions for sustainable reform: Herald forum
South Korea needs to address chronic problems in its economic structure in order to achieve sustainability in economic reforms, including those of family-run business groups known as chaebol by the new government, experts voiced at a forum on Wednesday. Around 300 government officials including Deputy Prime Minister for Economic Affairs Kim Dong-yeon, executives of major businesses, and economic scholars gathered at the 2017 Herald Business 氣UP Forum, a business policy conference, held at the Fo
June 28, 2017
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Corporate internal reserves on rise
The rising level of internal reserves at Korea’s large corporations is drawing attention again, as the new administration is moving to levy heavier taxes on them.According to Chaebul.com, an online corporate tracker, total internal reserves held by 178 listed companies affiliated with the country’s 30 largest conglomerates stood at a record high of 691.5 trillion won ($606.5 billion) as of the end of March.Internal reserves include profit reserves and capital surpluses. A high level
June 28, 2017
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Govt. urged to exempt taxes on income earned abroad: KERI
A private think tank urged the government Wednesday to exempt taxes on income earned by South Korean multinationals abroad so they can easily repatriate funds that can fuel investment in the country."The core of the new US administration's tax reform revealed in April is centered on the country moving away from an extraterritorial or residence tax regime to that of a source base system so that dues are only levied on income incurred domestically," Lim Dong-won, a researcher at the Kore
June 28, 2017
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Korean households' net lending shrinks in Q1
Net lending by South Korean households fell in the first quarter from a quarter earlier due to the increased purchase of houses, central bank data showed Wednesday.The net lending, which reflects available funds and takes into account savings, the value of acquisitions and capital used, came to 14.1 trillion won ($12.3 billion) as of end-March, compared to 19.2 trillion won from three months earlier, according to preliminary data from the Bank of Korea. The numbers are for local households and n
June 28, 2017
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Seoul stocks start lower tracking Wall Street
South Korean shares opened weak Wednesday, tracking a decline on Wall Street after a key vote on US President Donald Trump's health care plan was delayed.The benchmark Korea Composite Stock Price Index slipped 9.47 points, or 0.4 percent, to 2,382.48 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics falling 0.83 percent.Top automaker Hyundai Motor rose 1.25 percent, and top steelmaker POSCO gained 1.45 percent.The local currency was tra
June 28, 2017
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Korea's toy imports hit record high through April: data
The amount of toy imports in South Korea rose to a record level in the first four months of this year on robust demand for character robots, government data showed Wednesday. The inbound shipment of kids' toys reached a record $276 million in the January-April period, up 3.1 percent from $267 million the previous year, according to the data compiled by the Ministry of Culture, Sports and Tourism and its affiliated Korea Culture Information Service Agency. The purchase of character toys, in
June 28, 2017
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Korea's stock funds shine on bull market
South Korea's stock funds returned nearly 17 percent in the first half of the year as the equity market soared on improving corporate earnings and an economic recovery, a fund evaluator said Wednesday.The average return of local stock funds with net assets of 1 billion won or more, excluding exchange traded funds, came to 16.9 percent as of Monday, according to KG Zeroin.In contrast, local bond funds returned an average 0.76 percent in the first half amid greater risk appetite across the wo
June 28, 2017
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Eland targets W400b online sales from Korea, China this year
Eland Group, a major South Korean outlet mall operator, is seeking to log over 400 billion won ($351 million) in sales from its local and Chinese e-commerce platforms, industry sources said Wednesday. The company entered the Chinese market in 1996 and had since focused on expanding the offline stores until opening its first e-commerce store on Tmall in 2014. Tmall is China's largest online shopping mall operated by Alibaba Group.The company's online sales in the neighboring country, which stood
June 28, 2017
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Consumer sentiment index hits 6-year high
The Composite Consumer Sentiment Index in South Korea hit a new high for the last six years and five months, data showed Tuesday. The CCSI reached 111.1 in June, up 3.1 points from the previous month, according to data from the Bank of Korea. This marked the highest since it recorded 111.4 in January 2011. The index surged for five consecutive months after dropping for three straight months to hit about an eight-year low in January, at 93.3.For nearly six years, the CCSI hovered at around 100, w
June 27, 2017
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Think tank revises up 2017 growth forecast for Korean economy to 2.8%
A state-run think tank on Tuesday revised up its 2017 growth forecast for the South Korean economy by 0.3 percentage point to 2.8 percent on the strength of global trade and eased uncertainties at home and abroad."The South Korean economy will likely see the upbeat pace of its exports and investment slow down to some extent, but private consumption should make a slight upturn in the second half," the Korea Institute for Industrial Economics and Trade said in a report. It said such deve
June 27, 2017