Most Popular
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Yoon's approval rating plunges to all-time low
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S. Korea votes in favor of Palestinian bid for UN membership
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
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[From the Scene] Monks, Buddhists hail return of remains of Buddhas
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Medical schools granted enrollment quota flexibility for next year
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Korean art gets spotlight at Venice Biennale 2024
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Police uncover illegal gambling website made by teens, for teens
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Yoon offers first one-on-one meeting with opposition leader next week
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Yoon's approval rating sinks to all-time low following election loss
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NPS set to post record-high returns in 2023
The National Pension Service is expected to have logged over 12 percent in returns in 2023, marking its highest-ever yield. According to news reports Friday, the state pension fund may have registered its highest profit since the National Pension Service Investment Management was founded in 1999. “We cannot confirm the exact figures as a regulatory filing has not been made yet. The exact numbers are to be released in late February,” an official from the NPS said. However, seeing th
Jan. 5, 2024
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S. Korea to go all-out to achieve 2% inflation target in H1
The government will extend intensive policy support to bring inflation down below 3 percent in the first half of 2024 as prices are projected to ease slower than expected, the finance ministry said Friday. "Inflation is expected to moderate gradually to stay around 3 percent in the first half of this year. The government will maintain the intensive price stabilization scheme involving all ministries' concerns to achieve the 2 percent level at an early date," First Vice Finance Min
Jan. 5, 2024
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Breaking down key points of Korea's 2024 economic policy
South Korea has set its economic priorities for the year, aiming to boost domestic consumption by supporting the real estate market and to encourage investment to ensure a steady economic recovery. In its economic policy directions for 2024 announced Thursday, the government expected that Asia’s fourth-largest economy will see slightly improved growth of 2.2 percent this year, compared with 1.4 percent in 2023, buoyed by an export bounce-back as demand for semiconductors rises. It lowe
Jan. 4, 2024
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Shipping firms asked to consider detouring Red Sea
South Korea's industry ministry on Thursday asked shipping firms to consider delivering freights through alternative routes amid lingering tensions in the Red Sea. The remark came after Iran-backed Houthi militants in Yemen have been attacking commercial vessels in one of the world's most important waterways. "Amid the continued geopolitical risks in the Red Sea, we have requested shippers to proactively consider detouring, as the safety of our vessels and export products come as
Jan. 4, 2024
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Total year-end taxes paid by foreign employees reaches record high
The total amount in year-end tax settlements submitted by employees of foreign nationality in South Korea reached a record high of 1.19 trillion won ($910 million) last year, the National Tax Service said Wednesday. All wage-earning workers of foreign nationality here, except for day laborers, are required to file their year-end tax settlements, as are those of Korean nationality. Foreign national taxpayers who submitted year-end tax settlements for income attributable to the year 2022 totaled 5
Jan. 3, 2024
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Korean Air's Incheon-Ishikawa flights delayed after major earthquake hits Japan's western coast
Korean Air Co. said Tuesday its flights connecting Incheon and Japan's western prefecture of Ishikawa have been delayed after a major earthquake struck off Japan's west coast the previous day. According to the company, flight KE775 from Incheon International Airport, west of Seoul, to Komatsu Airport in Ishikawa was delayed by around 2 1/2 hours in the morning following the previous day's 7.6 magnitude quake. The returning KE776 flight was also subsequently delayed by two hours to
Jan. 2, 2024
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S. Korea's exports down 7.4 pct in 2023 amid weak chip demand
South Korea's exports decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties, industry ministry data showed Monday. Outbound shipments stood at US$632.6 billion last year, according to data compiled by the Ministry of Trade, Industry and Energy. Imports decreased 12.1 percent on-year to $642.7 billion in 2023, resulting in a trade deficit of $9.97 billion. The industry ministry attributed the sluggish exports in 2023 to the gl
Jan. 1, 2024
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S. Korea's economy forecast to grow 2% next year
South Korea's economy is forecast to grow an average 2 percent next year, as it is expected to struggle with weak domestic demand in spite of a gradual recovery in exports, according to reports Sunday. The average outlooks by 20 local and international think tanks are largely in line with the 2.1 percent growth forecast recently announced by the Bank of Korea but lower than the government's 2.4 percent projection announced in July. The state-run Korea Development Institute and the Kore
Dec. 31, 2023
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S. Korea set to implement global minimum corporate tax scheme
South Korea is set to implement a minimum 15 percent corporate tax scheme for multinational firms next year, in line with a global deal to reduce tax competition between countries and prevent large multilateral businesses from dodging taxes, according to Seoul's finance ministry Sunday. The planned implementation came as South Korea enacted the new rules through the passage by the National Assembly, which call for the minimum corporate tax rate for multinational corporations with more than
Dec. 31, 2023
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BOK sells net $3.5 billion in market-smoothing operations in Q3
The Bank of Korea said Friday it sold a net $3.5 billion in the third-quarter of this year to help ease the decline of the local currency against the US dollar. The third-quarter dollar selling marks the ninth straight quarter of dollar selling for market-smoothing operations since the third quarter of 2021, according to the central bank. The third-quarter dollar selling marks a fall from the previous quarter's $5.97 billion. (Yonhap)
Dec. 29, 2023
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How much have Korea's food delivery fees risen this year?
The cost of ordering food by delivery in December rose by about 4 percent on-year, higher than the on-year rise in the cost of daily necessities at 3.9 percent, data showed Friday. According to a report released by Statistics Korea, this month’s delivery cost showed a 4.3 percent increase from the figure in November 2022. The figure also marks an increase of 0.4 percent from November this year. The report was based on a monthly survey of eateries across the country from November 2022 thr
Dec. 29, 2023
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Tax revenue falls W49tr through Nov. on weak corporate performance
South Korea's tax revenue fell 49.4 trillion won ($38.41 billion) during the first 11 months of 2023 compared with a year earlier due mainly to weak corporate activities and the prolonged slump in the property market, the finance ministry said Friday. But the shortfall had decreased for the second month in a row thanks to the increase in last month's tax revenue. Tax revenue came to 324.2 trillion won during the January-November period, down 13.45 percent, or 49.4 trillion won, from th
Dec. 29, 2023
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Consumer prices grow 3.6% in 2023 amid high inflationary pressure
South Korea has continued to experience high inflationary pressure this year following the highest price growth in decades the previous year, but inflation in December ticked down for a second consecutive month in signs that price pressure is easing, data showed Friday. Consumer prices, a key gauge of inflation, rose 3.6 percent on-year in 2023, slowing from a 5.1 percent gain in 2022, according to the Statistics Korea. Last year's figure marked the steepest on-year rise since 1998, when co
Dec. 29, 2023
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[Photo News] Last trading day
Hana Bank's dealers monitor stock markets at the bank's headquarters in Seoul on Thursday. The benchmark Korea Composite Stock Price Index closed at 2,655.28, up by 41.78 points, or 1.6 percent, from the previous day. (Yonhap)
Dec. 28, 2023
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Industrial output rebounds in November on rising chip production
South Korea's industrial output inched up in November on a solid increase in the production of the semiconductor sector, data showed Thursday. Industrial production rose 0.5 percent on-month last month after a 1.8 percent decline logged a month earlier, according to the data compiled by Statistics Korea. Compared with a year earlier, industrial output rose 2.5 percent last month. November's increase came as the production of the semiconductor sector advanced 12.8 percent on-month in No
Dec. 28, 2023
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40-something working population hits 20-year low
The number of 40-somethings with employment as surveyed in the month of November dropped to the lowest point since 2003, data showed Tuesday. According to Statistics Korea, 6.25 million people in their 40s in Korea were employed, down 62,000 from the same month last year. The figure has been on a downward trend after peaking at 6.94 million in 2014. The drop in working South Koreans in their 40s is in direct correlation with the decrease in the general population in the age group. South Koreans
Dec. 26, 2023
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External risks, weak domestic demand stand in way of S. Korea's exports-led recovery in 2024
The South Korean economy is expected to be on track for a recovery in 2024 on rising exports, but sluggish growth looms large as higher-for-longer interest rates and sticky inflation could further hamper global growth and domestic demand, experts said Tuesday. South Korea has faced multiple economic challenges in 2023 posed by the global economic downturn caused by aggressive monetary tightening by major economies to curb inflation and geopolitical risks stemming from the Middle East conflict an
Dec. 26, 2023
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Envisioned rules revision to reduce number of capital gains tax payers by 70%
The planned relaxation of rules on the capital gains tax is expected to reduce the number of large stockholders subject to the taxation by 70 percent, data showed Sunday, amid criticism it is a tax cut for the rich amid a fall in state revenue. Last week, the finance ministry announced the decision to raise the capital gains tax threshold for shareholders from 1 billion won ($767,459) to 5 billion won in an effort to minimize year-end market volatility caused by investors' stock selling to
Dec. 24, 2023
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Farewell to credit cards: Cash-only trend surges as young Koreans tackle overspending
Despite digital progress and surging online transactions, a notable consumption trend is emerging among South Koreans in their 20s and 30s, as an increasing number of them are opting to use physical cash over credit card transactions in their daily lives. Referred to as "cash stuffing," the budgeting method involves withdrawing cash from a bank account and segregating it into designated envelopes for different categories, such as groceries, travel, dining out and more. Gaining popula
Dec. 24, 2023
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National Assembly approves historic 15% cut to R&D budget
The South Korean National Assembly concluded a contentious decision to reduce the national research and development budget to 26.5 trillion won ($20.4 billion) on Thursday, a 15 percent reduction from this year and marking the first R&D budget cut in 33 years. The reduction of 4.6 trillion won is a slight adjustment from the government's initial proposal of a 5.2 trillion won cut, a concession in response to significant backlash and criticism from both the scientific and political com
Dec. 22, 2023