Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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Medical profs at top hospitals suspend surgeries, clinics
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Police to open alleged stalking probe over pastor over Dior bag scandal
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Land owned by foreigners up 2.3% last year
The total amount of South Korean land owned by foreigners increased 2.3 percent in 2016 compared to a year earlier, the government said Sunday.At the end of 2016, foreign investors owned a total of 234 million square meters of land worth 32.31 trillion won ($28.5 billion), accounting for 0.2 percent of the country's overall territory, the Ministry of Land, Infrastructure and Transportation said in a statement. In the previous year, foreigners held 32.57 trillion won worth of land estimated
May 7, 2017
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Korean finance minister urges measures against unfair trade practices
South Korea's chief economic policymaker has called for bold measures against unfair trade practices, expressing worries over growing protectionism by advanced economies.At an annual gathering of the Asian Development Bank in Yokohama, Japan, on Saturday, South Korean Finance Minister Yoo Il-ho also said Asian countries should raise their guard against short-term downside risk in order to regain their recovery momentum. "We need to take stern measures against unfair trade practices, which w
May 7, 2017
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Jobless rate among inexperienced 20s, 30s hits record in Q1
SEJONG (Yonhap) -- The unemployment rate for the age group of 20s and 30s with no career experience hit a record high in the first quarter, due largely to a sluggish recruitment market and preference for hiring experienced workers, government data showed Saturday.The tally on the unemployed aged 20-39 who have never had a job came to 95,000 in the January-March period, recording the highest level since the government began to track related data in 1999, according to Statistics Korea. The number
May 6, 2017
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Korean economy to gain further momentum after election: BOK chief
YOKOHAMA, Japan (Yonhap) -- The South Korean economy will gain further momentum after the presidential election set to take place early next week, central bank governor said Saturday, citing strong exports and improved consumer sentiment amid signs of recovery in global economies.“In the past, domestic consumption tended to gather momentum on positive anticipation over the economy in the first year of the new administration, since the new government had pushed its drive for boost measures,
May 6, 2017
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Korea, Japan, China vow to resist protectionism
Chief financial policymakers of South Korea, Japan and China have vowed to fight against "all forms of protectionism" amid growing concerns of US President Donald Trump's protectionist policies. Finance ministers and central bank governors of the three nations made the pledge Thursday after their meeting on the sidelines of an annual gathering of the Asian Development Bank, according to their joint statement. The Northeast Asian powers agreed that "trade is one of the most importa
May 5, 2017
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Korea preparing for every possibility, including renegotiation of Korea-US FTA
South Korea's trade minister said Thursday that the government is preparing for every possible scenario, including the renegotiation of a free trade deal with the United States."Seoul is studying every aspect of the pact and getting ready to deal with each case, including the renegotiation of the South Korea-US free trade agreement," Trade Minister Joo Hyung-hwan said in a meeting with experts and researchers from state-run think tanks and private institutions. "We will keep close
May 4, 2017
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Korea, China, Japan finance ministers to hold talks in Yokohama
Finance ministers and central bank governors of South Korea, China and Japan will hold talks to coordinate policies and strengthen cooperation in the emergence of trade protectionism, Seoul's finance ministry said Thursday.The trilateral meeting will be held Friday in the Japanese city of Yokohama, with South Korea's Finance Minister Yoo Il-ho to be the chairperson, according to the Ministry of Strategy and Finance. Bank of Korea Gov. Lee Ju-yeol will also attend the gathering.The policymakers f
May 4, 2017
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Services deficit hits record high amid THAAD fallout
South Korea’s chronic deficit in its services account hit a new high in the first quarter, as Chinese tourists shunned the country in the wake of Beijing’s apparent retaliation against the deployment of a US anti-missile system, the central bank said Thursday.According to the Bank of Korea, Asia’s fourth-largest economy saw its current account surplus halve to $5.9 billion in March from $10.5 billion a year earlier, mainly due to a widened deficit in its services account and a
May 4, 2017
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Korea's current account surplus narrows to $5.93b in March
South Korea's current account surplus narrowed in March from a year earlier due to an increased deficit in the service balance, central bank data showed Thursday.The country's current account surplus reached $5.93 billion in March, compared with a surplus of $10.55 billion a year earlier, according to the preliminary data from the Bank of Korea.The figure represents a surplus for 61 months in a row. The current account is the biggest measure of cross-border trade.The BOK said the widened deficit
May 4, 2017
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Korea's FX reserves up in April
South Korea's foreign exchange reserves rose slightly in April from a month earlier due to a hike in the value of non-dollar currencies when converted into the US greenback, central bank data showed Thursday.As of the end of April, the country's foreign exchange reserves came to $376.57 billion, up $1.27 billion from the previous month, the Bank of Korea said in a statement.Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as International M
May 4, 2017
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Trade policies missing from presidential pledges
Conspicuously missing from the five major presidential candidates’ campaign pledges is how they would address increasing external trade pressures on the country, particularly the protectionism pursued by US President Donald Trump, upon winning next week’s election.During their debate on economic issues last week, the audience was apparently let down by their unfocused approaches to a rising US demand for renegotiating the bilateral free trade agreement that took effect in 2012.A day
May 3, 2017
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Return of 50,000 won notes hits four-year high this year: BOK
The return of high denomination 50,000 won notes hit a four-year high early this year, the Bank of Korea (BOK) said Wednesday.The central bank said it retrieved 4.59 trillion won ($4.06 billion) worth of the notes in the first quarter of this year, while printing 6.96 trillion won in new bills.This represents a return rate of roughly 66 percent, up from 57.5 percent in the last three months of last year.The return rate of the notes first issued in June 2009 has been on the decline since 2013 fal
May 3, 2017
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Korea central bank chief to attend global meetings in Japan
The head of Korea's central bank will attend three major policy meetings set to take place in Japan later in the week, the Bank of Korea (BOK) said Wednesday.BOK Gov. Lee Ju-yeol plans to participate in the 20th ASEAN-plus-three finance ministers and central bank chiefs meeting Friday, the 50th ADB annual gathering Saturday and the BIS meeting from Sunday to Monday, the bank said. At the meetings, Lee is expected to discuss pending issues in the financial markets and touch on measures to expand
May 3, 2017
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S. Korea, China to be affected by THAAD fallout: think tank
South Korea and China will both be hurt economically by the fallout caused by the deployment of the advanced US missile defense system on the Korean Peninsula, a local think tank said Wednesday.According to the Hyundai Research Institute (HRI), Beijing's retaliation against Seoul's decision to station a Terminal High Altitude Area Defense (THAAD) battery here could cost Asia's fourth-largest economy 8.5 trillion won ($7.5 billion) in losses in 2017. This translates into the country's gross domes
May 3, 2017
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Stock prices to hit record levels under new president: market watchers
Korea's incoming president is expected to help push up the country's stock prices to record high levels, local market watchers, citing past trends, said Wednesday.Analysts said the prediction is based on the recent rise in share prices fueled by generally good earnings reports by big name companies in the first quarter and forecasts that the global economy is on the mend. They also said that the country's stock market has almost always moved up during the first two years of a new president's ter
May 3, 2017
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Foreign investors' holdings of Korean stocks hit new high
Offshore investors' holdings of Korean stocks hit an all-time high last week, as the nation's benchmark index has gained on better-than-expected corporate earnings, according to the Korea Exchange on Wednesday. Foreign investors' holdings of Korean stocks stood at 522.8 trillion won ($463.1 billion) as of last Friday, compared with 408.3 trillion won on May 2, 2011, when the index closed at an all-time high of 2,228.96.Foreign holdings accounted for 36.5 percent of the KOSPI's market capitalizat
May 3, 2017
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[Graphic News] Korea likely to suffer $17b loss if FTA with US is revised
South Korea’s exports to the United States are expected to suffer losses of as much as $17 billion over five years if the two nations renegotiate their bilateral free trade deal, according to a report. The Korea Economic Research Institute, a private think tank in Seoul, said in the report that South Korea’s auto, machine and steel sectors would suffer the most if tariff rates are revised upon renegotiation.In another possible scenario, if the two agree to delay the tariff eliminatio
May 2, 2017
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Korea’s trade surplus with US under Trump down 34 percent
South Korea’s trade surplus with the US fell roughly 34 percent on-year in the first four months of 2017, amid the new US administration’s repeated threats to rewrite a bilateral trade deal with Seoul. According to the Ministry of Commerce, Industry and Energy on Tuesday, the country’s trade surplus with the US totaled $6.03 billion from January to April. The figure is down by $3.11 billion, or 34 percent, from $9.15 billion surplus a year earlier. While exports to the US showe
May 2, 2017
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Korea to ease customs clearance to boost exports
South Korea will simplify customs clearance process to help local exporters do business more easily in a way to give further momentum to the country's exports which seems to have entered an upside cycle, the customs agency said Tuesday.The Korea Customs Service said those who sell goods to foreign customers through an online platform will face easier and faster customs regulations, as only 27 items will be subject to mandatory declaration, down from the current 57 items. The businesses will also
May 2, 2017
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Korea's consumer prices up 1.9% in April
South Korea's consumer prices continued their rise in April, going up nearly 2 percent amid high-flying oil prices, government data showed Tuesday.The country's consumer price index gained 1.9 percent last month from a year earlier, slowing down from the previous month's 2.2 percent rise, according to the data compiled by Statistics Korea. Consumer prices have been hovering around 2 percent since the first month of 2016 due to a sharp gain in oil prices, following a 1.3 percent on-year gain in D
May 2, 2017