Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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Gov't appears to shelve punitive measures against mass walkout by doctors
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Import prices up for second straight month in Oct. on energy costs, weak currency
South Korea's import prices rose for the second straight month in October on high energy prices and the weak local currency that drove up overall import bills, central bank data showed Tuesday. The import price index rose 1.5 percent in October from a month earlier, following a 3.4 percent on-month increase in September, according to the preliminary data from the Bank of Korea. Compared with a year earlier, the index jumped 19.8 percent. The BOK attributed the increase to high crude oil pri
Nov. 15, 2022
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Watchdog calls on banking giants for transparency
South Korea’s top financial watchdog said Monday that the local banking giants should seek more transparency in how they elect their chief executives, a week after the Financial Supervisory Service’s disciplinary move against one of the chiefs over “junk funds.” The chief of Woori Financial Group -- one of the five biggest banking groups -- is now banned from holding a job in finance for up to five years as part of punishment for having sold funds the regulator says shoul
Nov. 14, 2022
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[Newsmaker] S. Korea’s working hours decrease 10% over decade
South Koreans' working hours may have decreased by 10 percent compared to a decade ago, but the country still works longer hours than most of its OECD peers, ranking fifth among them, data found Monday. According to the recent OECD's data, Koreans worked 1,915 hours last year, the fifth-longest among 38 OECD member countries. The hours marked a 10.3 percent decline from 10 years earlier, when the country topped the list with 2,136 hours in 2011. Despite the decrease in average annual hours worke
Nov. 14, 2022
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BOK board member calls for 'simple, direct' communication on monetary policy
A monetary policymaker of the Bank of Korea on Friday underlined the need for "simple" and "direct" communication when the central bank tries to send signals to the market on its future policy directions. Park Ki-young, one of the BOK's seven-member monetary policy board that determines the key policy interest rate, also raised the need for more research for the central bank's effective communication with market participants. "Such practical restrictions as the
Nov. 11, 2022
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Auto exports jump 28% in October on solid demand for eco-friendly cars
South Korea's car exports jumped 28.5 percent on-year last month on brisk demand for eco-friendly cars, data showed Friday. The value of outbound shipments of automobiles came to $4.92 billion last month, the largest ever for any October, according to the data from the Ministry of Trade, Industry and Energy. In terms of volume, a total of 208,544 vehicles were sold last month, up 30.2 percent from the previous year, the data showed. By region, exports to North America jumped 60.2 percent to $2.3
Nov. 11, 2022
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BOK chief says continued monetary tightening necessary but worries about 'growing signs of stress'
South Korea's top central banker said Friday that it is a top priority to ensure price stability and reduce inflation pressure through monetary tightening but worried there are "growing signs of stress" in various sectors amid recent steep interest rate hikes. Rhee Chang-yong, governor of the Bank of Korea, also voiced worries over money moving from non-banking sectors to the banking sector due to fast-rising deposit rates, saying that it is an "important issue" to turn
Nov. 11, 2022
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Exports down 2.8 percent during first 10 days of Nov.
South Korea's exports slipped 2.8 percent on-year in the first 10 days of November due mainly to weak shipments of chips and mobile devices, data showed Friday. The country's outbound shipments stood at $17.7 billion in the Nov. 1-10 period, compared with $18.2 billion a year earlier, according to the data from the Korea Customs Service. Imports also went down 6.7 percent on-year to $19.8 billion during the cited period, resulting in a trade deficit of $2.05 billion. Outbound shipments
Nov. 11, 2022
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Mortgage rules to be loosened as slowing market threatens economy
South Korea will ease lending rules for those looking to buy their first home in the capital and in the greater Seoul area starting Dec. 1 to prevent a property market slowdown prompted by higher interest rates from hurting economic growth. According to an interagency government meeting led by the Finance Ministry on Thursday, such home buyers will be able to borrow up to 50 percent of the property value, up from as low as 20 percent currently approved, and take out mortgage loans on properties
Nov. 10, 2022
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Prices of food, daily necessities soar
Prices of major food items such as flour, cheese, tofu and chicken have risen over 20 percent in the past year, while prices of daily necessities such as detergents and shampoo have also jumped. Milk prices will surge again next week, which means the prices of bread, ice cream and coffee will also climb. According to the Korea Price Research Center on Thursday, the price of a 1-kilogram pack of flour (CJ Beksul all purpose flour) surged 37.7 percent from a year ago to 1,900 won in the second wee
Nov. 10, 2022
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Regulator proposes opening information-sharing channel with financial firms on overseas markets
South Korea's financial regulator on Thursday proposed opening an "information-sharing channel" with local financial institutions on overseas market conditions to better respond to offshore developments and minimize their impact on domestic markets. Lee Bok-hyun, head of the Financial Supervisory Service, made the proposal during a meeting in Seoul with officials of financial holding groups, banks, brokerages and insurers handling global businesses. "I propose building an inf
Nov. 10, 2022
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S. Korea to begin eased lending rules next month
South Korea will carry out eased lending rules for first-time homebuyers and owners of one home next month as the once red-hot housing market appears to be entering a downturn amid rising interest rates, the land ministry said Thursday. The government has adopted stricter lending rules and other regulations to help stabilize the country's real estate market in recent years. In response, the government came up with the latest measures amid growing concern about a possible failure of the prop
Nov. 10, 2022
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Top regulator, bank chiefs vow to cooperate in stabilizing debt market amid credit crunch woes
South Korea's top financial regulator on Wednesday asked for local banks' cooperation in stabilizing the corporate bond and short-term money markets and helping money flow to businesses and small merchants in need. Kim Joo-hyeon, head of the Financial Services Commission, made the request in a meeting with chiefs of major commercial banks amid worries over a credit crunch sparked by a series of market-destabilizing events, including the Legoland-linked debt default. "Concerns over
Nov. 9, 2022
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S. Korea's on-year job additions slow in October amid uncertainties
South Korea added jobs for the 20th straight month in October, data showed Wednesday, but the growth continued to slow for the fifth month in a row as the country braces for a possible recession amid high inflation and slowed growth. The number of employed people stood at 28.41 million last month, up 677,000 from a year earlier, according to the data compiled by Statistics Korea. It was the largest on-year growth for any October since 1999. The October figure marked a slight drop from the on-yea
Nov. 9, 2022
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KDI warns of zero growth in 2050 without structural reforms
SEJONG -- South Korea's state-run think tank warned Tuesday that the nation's economy could slow practically to a standstill in 2050 unless its falling productivity is elevated through structural reform efforts. The Korea Development Institute released a report on the long-term outlook of the Korean economy. According to the report, the nation's economic growth rate is likely to be just 1.3 percent in the 2030s and 0.7 percent in the 2040s per annum in the wake of a rapid decline in the workin
Nov. 8, 2022
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Itaewon businesses survey disaster's aftermath
Having lived in South Korea since 2005, Chris Truter set up a restaurant dedicated to celebrating the cuisine of his native country South Africa in central Seoul's Itaewon neighborhood soon after marrying his Korean wife and deciding to permanently settle in the country. His restaurant, Braai Republic, opened in hopes of offering home-style meals to the few, often marginalized South African immigrants living in South Korea, but it quickly gained popularity as it began to attract adventurous
Nov. 8, 2022
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MSCI chairman says S. Korea needs more 'action' to join MSCI's watch list of developed markets
South Korea needs to show significant action to make MSCI's watch list of countries with developed market status, the chief of the global index provider Morgan Stanley Capital International has said. Every June, the MSCI reclassifies its watch list of advanced markets, based on the countries' economic development, size and liquidity of equity markets, and market accessibility for foreign investors. If South Korea is added to this watch list, it would then be eligible for a review to jo
Nov. 8, 2022
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Sept. current account turns to surplus, sharply drops on-year amid high import, travel bills
South Korea posted a current account surplus in September, swinging from the previous month's shortfall, but it was much smaller than a year earlier as import bills remained high and outbound travel grew due to eased pandemic-related curbs, central bank data showed Tuesday. The country's current account surplus came to $1.61 billion in September, compared with a deficit of a revised $3.05 billion a month earlier, which marked the first shortfall since April, according to the preliminar
Nov. 8, 2022
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Digital capability guarantees stable tax revenue: NTS chief
SEJONG -- The chief of Korea’s tax administrative agency said Monday that the transition to a non-face-to-face economy during the COVID-19 pandemic further increased the importance of digital-based tax administration. National Tax Service Commissioner Kim Chang-ki stressed the digitization of tax administration during the second South Korea-South and Central Americas Digital Tax Administration Forum, which kicked off on the day and is scheduled to run through Thursday at a hotel in Seoul.
Nov. 7, 2022
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Core consumer inflation hits 21-year high
The core consumer price index, an inflation barometer that measures consumer prices excluding food and energy, has increased by the largest margin in 21 years. Statistics Korea’s all items index logged 106.09 as of October this year, up 3.5 percent from the previous year’s January-to-October period. It was also the largest jump on year in 14 years. The index is an OECD standard for core inflation, which excludes food and energy because those prices are more volatile due to seasonal a
Nov. 6, 2022
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Finance minister vows tax breaks for venture capitalists
SEJONG -- The nation’s top economic policymaker on Friday unveiled plans to help facilitate investments in cash-strapped startups, suggesting hefty tax benefits for both corporate and individual investors. At a ministerial meeting in Seoul, Deputy Prime Minister and Finance Minister Choo Kyung-ho pointed to the situation whereby the private sector’s investments in startups have contracted in the wake of externally and domestically unfavorable factors in the economy. “Venture
Nov. 4, 2022