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S. Korea open to summit with Japan 'any time,' Cheong Wa Dae says
2 Russian bombers enter S. Korea's air defense zone
Man accused of faking blindness for 8 yrs
NHRCK, activists call for better treatment of asylum seekers
Recovery of memory chip market likely to be delayed to next year
[Kundhavi Kadiresan] By 2050, what if we can’t see forests or trees?
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Practicing yoga in unexpected places
[David Ignatius] Shanahan’s departure ill-timed
[Editorial] Matter of ethics

Today Economy

Hyundai, Kia top J.D. Power's annual quality survey

South Korean carmakers Hyundai Motor and Kia Motors said Thursday they have garnered the three highest marks in J.D. Power’s annual automotive quality survey. The companies said they expected the achievements to help boost sales in the United States as J.D. Power’s closely followed Initial Quality Study is widely accepted as a barometer of automotive quality. In the 2019 IQS report released Wednesday, Hyundai Motor, its independent brand Genesis and Kia Motors, long regarded as

[News Focus] Korea’s 2019 growth may fall to 10-year low

SEJONG -- Two major economic indices under the Moon Jae-in administration have plumbed to new lows since the nation was hit by the 2008-09 global financial crisis.Those are the growth of gross domestic product in the first quarter and the current account balance in April 2019.South Korea suffered a contraction of 0.4 percent in GDP during the January-March period on a quarter-to-quarter basis.This was the worst quarter-on-quarter GDP performance since the first year of the Lee Myung-bak governme

Today
Economy
S. Korea’s largest bills dominate cash market: BOK

50,000 won bills increase presence in market, both in value and in volume

Jun 20, 2019
Economy
South Korea to map out AI strategy this year, build 2,000 AI-based factories by 2030

Government to inject 8.4 trillion won in non-memory chips, future mobility and bio

Jun 20, 2019
Economy
Fitch cuts growth outlook for S. Korea to 2 percent

Global credit appraiser Fitch Ratings has substantially slashed its growth outlook for South Korea‘s economy this year to 2 percent, citing weaker underlying momentum.The latest forecast, contained in its global economic outlook report posted on its website Monday, represented a sharp downward revision from its previous forecast of 2.5 percent in February. Fitch said the South Korean economy would grow 2.6 percent in both 2020 and 2021.The South Korean economy expanded 2.7 percent in 2018,

Jun 19, 2019
Economy
Average spending by foreign tourists to Korea tumbles in Q1

Average spending by foreign tourists visiting South Korea has decreased to a level last seen 10 years ago, data showed Tuesday.According to the data from the Ministry of Culture, Sports and Tourism and the Korea Tourism Organization, foreign tourists coming to South Korea spent an average of $1,268 per person per trip in the first quarter of this year. The figure is down 12.1 percent from $1,442 a year ago and marks the fourth quarterly decrease in a row.Average spending hovered around $1,

Jun 18, 2019
Economy
Corporate revenue, profit down in Q1 on sluggish exports

South Korean companies suffered a heavy loss in their sales and profits in the first quarter, central bank data showed Tuesday, apparently due to a sharp drop in exports and tepid local consumption.In the first three months of the year, the average sales of local businesses declined 2.4 percent from the same period last year, according to the data from the Bank of Korea. The figure follows a 6 percent on-year growth in their sales during the fourth quarter of last year. The country's exports dip

Jun 18, 2019
Economy
[News Focus] Korea’s household debt-to-income to top 200%

SEJONG -- The record household debt in South Korea is an Achilles’ heel when it comes to economic growth, as the financial liability of citizens is putting a damper on private consumption.Some market analysts say that Korea’s collective household debt is estimated to have topped 2,000 trillion won ($1.68 trillion). They claim the latest figure of about 1,500 trillion won, released by the Bank of Korea, does not include loans extended to the self-employed.In any case, the outstanding

Jun 17, 2019
Economy
Employment of males in 40s hit most by sluggish manufacturing industry

The number of employed men in their 40s shrank at the fastest pace in 27 years last month, attributable to the declining population and lackluster local manufacturing industry, government data showed Sunday.The number of employed males aged between 40 and 49 stood at 3.83 million in May, shedding 115,000 from a year earlier, according to the data by Statistics Korea. Employment of males in their 40s has kept sliding for 53 consecutive months since January 2015, but the latest figure was th

Jun 16, 2019
Economy
Treasury bond yield hits new low, gold price surges amid uncertainties

BOK chief’s hint at monetary easing further dampens bond market

Jun 17, 2019
Economy
Downside risks looming larger: finance minister

South Korea's economy is increasingly facing downside risks amid the trade tussle between the United States and China, the country's chief economic policymaker said Friday, stressing the need to take quick and bold actions to buttress the economy."There are growing calls to take bolder actions as the economy is faced with increased downside risks," Finance Minister Hong Nam-ki said in a meeting with heads of private economic think tanks.Exports have been on a constant decline, and dome

Jun 14, 2019
Economy
Govt. ministries request 6.2 pct budget increase for 2020

South Korea's government ministries and state agencies have requested a 6.2 percent hike in their budgets for next year as they want to spend more on welfare, research and development, and defense, the finance ministry said Friday.Ministries and state agencies have asked the government to set aside a combined 498.7 trillion won ($422 billion) for the budget for next year, up 29.1 trillion won from this year's 469.6 trillion won, according to the Ministry of Economy and Finance.The government req

Jun 14, 2019
Economy
Jobless rate at 4 pct in May, job additions gather pace

South Korea's jobless rate remained flat at 4 percent in May from a year earlier, and job additions again exceeded the 200,000 mark, government data showed Wednesday.The number of employed people reached 27.32 million in May, an increase of 259,000 from the same month in 2018, according to the data compiled by Statistics Korea. The statistics agency said the number of unemployed people stood at 1.145 million in May, the highest level for any May since 2000. The unemployment rate for young adults

Jun 12, 2019
Economy
Exports down 16.6% in first 10 days of June

South Korea's exports sharply fell 16.6 percent in the first 10 days of June mainly due to decreased shipments of semiconductors, one of the country's key items, customs data showed Tuesday.The country's exports stood at $10.3 billion in the June 1-10 period, compared with $12.3 billion in the same period last year, according to the Korea Customs Service. By product, exports of electronic appliances and vessels jumped 68.1 percent and 169.7 percent, respectively. Meanwhile, outbound

Jun 11, 2019
Economy
S. Korea should continue expansionary actions: finance minister, IMF chief

South Korea’s top fiscal policymaker and the chief of the International Monetary Fund have agreed that Asia’s fourth-largest economy needs to continue its current pump-priming policies in order to respond to external risks and to boost growth, the Ministry of Economy and Finance said Monday.The finance minister also pledged his dedicated efforts to effectuate the government’s supplementary budget bill worth 6.7 trillion ($5.7 billion), which has been pending here since late Apr

Jun 11, 2019
Economy

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