Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Actor Yoo Ah-in accused of sexual attack
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Man who let his father die due to financial difficulties to be released on parole
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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Household loans from 5 major banks expand for 2nd consecutive month in May
Household loans extended by five major lenders in South Korea rose for the second straight month in May on a rise in mortgage and credit loans, industry data showed Sunday. Household loans extended by the five top lenders added 4.7 trillion won ($3.39 billion) from a month earlier to 702.7 trillion won as of end-May, according to data compiled by Yonhap News Agency. It marked the second consecutive on-month growth from 4.4 trillion won in April, following a 2.2 trillion-won drop in March. The ga
June 2, 2024
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Exports extend gains to 8th straight month in May
South Korea's exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors, data showed Saturday. Outbound shipments rose 11.7 percent on-year to $58.1 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South Korea has been maintaining a trade surplus for 12 consecutive months. It was
June 1, 2024
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NPS targets 5.4% return from fund operations over next 5 years
The government has set a target return rate of 5.4 percent for the National Pension Service fund operations over the next five years. On Friday, the NPS announced that its Fund Management Committee had approved the midterm asset allocation plan for the 2025-2029 period, establishing a target return rate of 5.4 percent. In accordance with the committee's decision earlier this month to increase the long-term allocation of investments in high-risk assets to 65 percent, the target asset proport
May 31, 2024
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91,000 homes foreign-owned, mostly by Chinese
The number of homes owned by foreign nationals came to 91,453 in December 2023, with 55 percent of them belonging to Chinese nationals, government data showed Friday. The Ministry of Land, Infrastructure and Transport released a report on foreign-owned real estate assets, which showed that 0.48 percent of all homes in the country are owned by non-South Koreans. The number of foreign-owned homes rose 4.8 percent compared to the previous report released six months ago, with 4,230 additional homes
May 31, 2024
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Finance minister hints at tax incentives for local firms
The South Korean government is ramping up discussions on specific tax incentives aimed at enhancing the market value of local companies, with plans to conduct public hearings over the next two months. "We talked about tax incentives for the Value-up Program on several occasions. But now is the time for us to discuss more specific plans," Finance Minister and Deputy Prime Minister Choi Sang-mok told reporters on Monday. "Throughout June and July, we will host public hearings to del
May 28, 2024
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S. Korean biz leaders meet with UAE president
Leaders of major South Korean conglomerates met with United Arab Emirates President Mohamed bin Zayed Al Nahyan on Tuesday in search of ways to deepen business cooperation in defense and energy areas with the oil-rich Middle East state, on the occasion of the UAE leader’s first state visit to Korea. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun, Hanwha Group Vice Chairman Kim Dong-kwan, HD Hyundai Vice Chairman C
May 28, 2024
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Biz leaders of S. Korea, UAE discuss enhancing bilateral economic, biz partnership
Business leaders of South Korea and the United Arab Emirates on Tuesday discussed ways to enhance economic cooperation and develop business partnerships in new industries, such as clean energy and ICT, a major business lobby here said. The Korea-UAE Business Investment Forum, held in Seoul during the state visit of UAE President Mohamed bin Zayed Al Nahyan, brought together around 200 government officials and business leaders, including South Korean Trade Minister Cheong In-kyo and UAE Minister
May 28, 2024
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S. Korea’s finance chief in talks for China visit
South Korean Finance Minister and Deputy Prime Minister Choi Sang-mok said Monday that he is in talks for bilateral meetings with his Japanese and Chinese counterparts following this week’s trilateral summit of the three countries in Seoul. “Upon the invitation from the Chinese government, we are discussing detailed schedules for a possible visit to China. I expect to discuss diverse issues, including supply chains,” the nation’s top policymaker said at a press conference
May 27, 2024
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S. Korea's exports set to maintain growth in May: trade minister
South Korea is expected to maintain growth in exports for May amid robust performances in chips and automobiles, the trade minister said Monday. The remark came after exports expanded 13.8 percent year-on-year to $56.2 billion in April, the seventh consecutive monthly gain, driven by strong demand for semiconductors and vehicles. "Exports have been expanding across most regions, including the United States, China and the ASEAN bloc," Trade Minister Cheong In-kyo said during a governmen
May 27, 2024
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[Africa Forum] Korea, Africa could be next key players in supply chain: K-SURE chief
The head of Korea Trade Insurance Corporation, the state-run export credit agency, vowed to support Korea and African nations in becoming key pillars of the future supply chain. “Africa is home to essential mineral resources critical to future high-tech industries such as semiconductors and secondary batteries,” Jang Young-jin, chairperson and president of K-SURE in his keynote speech during the Africa Day Business Forum co-hosted by The Korea Herald and the African Group of Ambassad
May 26, 2024
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[Africa Forum] Trade minister calls for elevating economic ties with Africa
The South Korean trade minister stressed the need to diversify economic relations with African nations into high-tech and service sectors by taking the upcoming Korea-Africa Summit as a chance to pave the way for a new era. “Now is the time for Korea to actively engage in trade and investment with Africa,” Trade Minister Cheong In-kyo said Thursday while delivering his celebratory speech at the Africa Day Business Forum co-hosted by The Korea Herald and the African Group of Ambassado
May 26, 2024
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BOK holds rate at 3.5%, ups growth outlook
The Bank of Korea held the base policy rate at 3.5 percent for the 11th consecutive time Thursday, while raising the country’s economic growth estimate from the previous 2.1 percent to 2.5 percent. The central bank’s monetary policy board unanimously agreed to keep the key rate at the current level, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting decision. “With the strengthened upward pressure on the inflation outlook from April, it will
May 23, 2024
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Ex-US Speaker McCarthy meets with S. Korean business leaders
Former US House Speaker Kevin McCarthy met with South Korean business leaders on Thursday to exchange views on economic and trade issues between the two countries months before the upcoming US presidential election, a local business lobby said. McCarthy had a breakfast meeting in Seoul with some 20 Korean businesspeople, including representatives from Hyundai Motor Co., SK Group, LG Group and Hanwha Group, arranged by the Federation of Korean Industries. During the event, the participants discus
May 23, 2024
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[Herald Interview] Korea inspires other donors for development funding: World Bank vice president
Akihiko Nishio, the World Bank’s vice president for development finance, said Korea becoming the host country for the International Development Association's 21st replenishment meeting could uplift the spirit of contribution to the global solidarity fund. The International Development Association, a development finance institution under the multilateral lender World Bank Group, seeks to help the world’s poorest countries improve by providing loans and grants. On Monday, the Wo
May 21, 2024
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Hyundai Motor, Indonesia to bolster ties on EVs, hydrogen
Hyundai Motor Group Executive Chair Chung Euisun met with Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, in Seoul on Monday to discuss ongoing and expanding collaborations in hydrogen energy and electric vehicle production. The meeting also included Kim Il-boom, executive vice president at the Global Policy Office, Hyundai Motor Company CEO Jang Jae-hoon and his foreign affairs advisor Sung Kim, a former US ambassador to South Korea. Hyundai is addressing Indone
May 21, 2024
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Govt. to monitor impact of US tariff hikes on some Chinese imports: finance minister
Finance Minister Choi Sang-mok said Tuesday the government will closely monitor the impact of Washington's recent decision to raise tariffs on some Chinese imports. The remark came as the United States announced last week its plans to raise tariffs on around $18 billion worth of imports from China, focusing on strategic sectors, such as solar cells, semiconductors and electric vehicles. "While South Korea has been posting an export growth for seven consecutive months, the uncertainties
May 21, 2024
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Korea's increasing US investment mutually beneficial: report
South Korea's investment in the US creates a win-win effect for both countries as Korean companies' entry into the US contributes to the growth of Korea's exports while enhancing employment, economic growth and exports to the US, an industry report said Monday. Pouring a growing volume of investments in the US, Korean companies entering the US are found to contribute to the US economy in terms of employment, economic growth and exports, according to the report titled "Korea
May 20, 2024
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[KH Explains] Why Korea's so tough on short selling
Since November, South Korea has intensified its crackdown on illegal short selling by institutional investors, uncovering widespread practices among global banks. In an interim results announcement earlier this month, the Financial Supervisory Service revealed that all nine banks investigated had engaged in illegal short selling totaling approximately 211.12 billion won ($155.8 million) in Korean stocks. With ongoing investigations into the remaining foreign five banks, this figure is expected t
May 19, 2024
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Korea Eximbank extends $120m loan to Cambodia for road development
The state-run Export-Import Bank of Korea said Friday it has signed an agreement to provide a $120 million loan to Cambodia to support the enhancement of the Southeast Asian country's provincial road infrastructure. Korea Eximbank President Yoon Hee-sung and ROS Seilava, secretary of state at Cambodia's Ministry of Economy and Finance, inked the contract at a ceremony held at the South Korean presidential office in Yongsan-gu, on the occasion of a summit between Korean President Yoon S
May 17, 2024
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KITA, FKI chiefs call for mutual benefit from US investment
Heads of Korean business groups raised their voices for Korean companies making vast investments in the US to be treated as they deserve when facing challenges in dealing with trade and supply chain issues involving the US. Starting Monday, Korea International Trade Association Chairman Yoon Jin-sik visited the US for five days along with the Federation of Korean Industries Chairman Ryu Jin to set forth Korean businesses' opinions to ensure that the Korea-US partnership yields outcomes reci
May 16, 2024