Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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S. Korea to focus on digital infrastructure investment, ‘Data Dam’ project: minister
South Korea will focus on investing in digital infrastructure, including its Data Dam project, to combat future risks stemming from the coronavirus pandemic, the nation’s finance minister said Friday. “Due to the novel coronavirus, our economy and society has been seeing an acceleration of digitalization,” Deputy Prime Minister and Finance Minister Hong Nam-ki said, in an opening speech delivered at the Digital Economy Forum hosted by the Ministry of Economy and Finance. &l
Sept. 11, 2020
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Industrial power consumption in July hits 4-year low on virus
South Korea's industrial electricity consumption fell to a four-year low in July amid an economic slump caused by the coronavirus outbreak, data showed Friday. The volume of power consumed by the nation's industrial sector reached 23,468 gigawatt-hours (GWh) in July, down 4.6 percent from a year earlier, according to the data from Korea Electric Power Corp. (KEPCO), South Korea's state-run utility. The figure is the lowest industrial power consumption for July since the 23,238 GWh recorded in
Sept. 11, 2020
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S. Korean government vows quick process for COVID-19 allowance payment
South Korea‘s government vowed Friday to apply a speedy process to the payment of special disaster relief subsidies so that those heavily hit by the COVID-19 fallout may receive the money before the Chuseok holiday at the end of this month. “We shall simplify the qualification examination standards, and hand out the subsidies first, and carry out the (detailed) verification afterwards,” said Kim Yong-beom, first vice minister of finance, in an economic policy meeting at Go
Sept. 11, 2020
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S. Korea's money supply grows at fastest clip in nearly 11 years in July
South Korea's money supply grew at the fastest pace in nearly 11 years in July as household and corporate lending grew amid a long streak of low rates and the new coronavirus outbreak, central bank data showed Friday. The country's M2 stood at 3,092.8 trillion won ($2.6 trillion) as of end-July, up 10.1 percent from a year earlier, according to preliminary data from the Bank of Korea (BOK). It accelerated from a 9.9 percent on-year gain in June and marked the fastest on-year rise since 10.5 p
Sept. 11, 2020
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Daewoo Shipbuilding to foster ship-related digital technology experts
Daewoo Shipbuilding & Marine Engineering Co. said Friday that it will nurture digital technology workforces to improve the management and production procedure of its shipyards. A program to be run by the software education center of Korea Advanced Institute of Science and Technology (KAIST) will train experts of ship-related digital technologies, the shipbuilder said in an emailed statement. This program will help innovate management and improve productivity in the shipbuilding industry
Sept. 11, 2020
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Consumption shows signs of slowing down over virus resurgence: finance ministry
South Korea's consumption has shown signs of slowing down due to a recent resurgence of new coronavirus infections, but the pace of decline in exports eased, the finance ministry said Friday. In a monthly economic report, called the "Green Book," the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the virus resurgence. "South Korea's indicators of domestic consumption took a turn for the worse because of a resurgence of COVID-19
Sept. 11, 2020
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Exports fall 0.2% in first 10 days of September
South Korea's exports fell 0.2 percent on-year in the first 10 days of September amid the economic fallout from the new coronavirus, customs data showed Friday. The nation's outbound shipments stood at $14.9 billion in the Sept. 1-10 period, compared with $15 billion a year ago, according to the data from the Korea Customs Service. The daily average exports during the 10-day period dropped 11.9 percent. The coronavirus pandemic has disrupted trade and halted production around the globe, wi
Sept. 11, 2020
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KDB chief wins 2nd term amid looming collapse of Asiana deal
The state-run Korea Development Bank (KDB) said Thursday its chairman Lee Dong-gull has been named to lead the South Korean policy lender for another three years. Lee's second term, which is set to begin on Friday, comes amid a series of stalled corporate sell-off deals, including how to normalize Asiana Airlines Inc. Major property developer HDC Hyundai Development Co. had sought to acquire the country's second-biggest airline, but the 2.5 trillion-won ($2.1 billion) deal appears likely to c
Sept. 10, 2020
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S. Korea issues $1.45b in forex stabilization fund bonds
The South Korean government’s recent issuance of low-yielding foreign exchange equalization fund bonds indicates the credibility for the fundamentals of Asia’s fourth-largest economy, the country’s top fiscal policymaker said Thursday. “We have been able to reconfirm the overseas investors’ positive assessment of Korea’s economic fundamentals,” the fiscal chief said via Facebook. His remark addressed the government’s earlier announcement that
Sept. 10, 2020
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Doosan Heavy to join hands with KNOC for offshore wind farms
Power plant builder Doosan Heavy Industries & Construction Co. said Thursday it has signed a preliminary deal with the Korea National Oil Corp. (KNOC) to develop a floating offshore wind farm. Under the deal, Doosan Heavy will provide floating wind turbines, while the state-run oil company will work on the overall procedures to build the floating offshore wind farm in the East Sea, the power plant builder said. In July, the government said it plans to start building the floating offshor
Sept. 10, 2020
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4th extra budget aims to help small merchants gripped by virus resurgence
SEJONG -- A fourth supplementary budget worth 7.8 trillion won ($6.6 billion) is mainly aimed at helping small merchants and self-employed people cushion the economic impact of a recent resurgence of the new coronavirus. The additional fiscal boost came less than a month after health authorities tightened social distancing rules to contain a new wave of contagion, amid growing concerns that the nation's economic slump may be deeper than expected. Presiding over an emergency economic council m
Sept. 10, 2020
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Kakao Games makes splash in KOSDAQ debut
Kakao Games, the game developing unit of South Korean mobile giant Kakao, made a strong market debut Thursday, trading at more than double the initial public offering (IPO) price. As of 10:10 a.m., Kakao Games traded at 48,000 won ($40.49), twice the IPO price, and instantly surged by the daily permissible limit of 30 percent to 62,400 won per share. Its market capitalization stood at 4.6 trillion won, the fifth largest on the secondary, tech-laden KOSDAQ market. The game publisher raised s
Sept. 10, 2020
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S. Korea to sell 10-year dollar, 5-year euro bonds
SEJONG -- South Korea plans to sell 10-year dollar and 5-year euro bonds this year as part of its currency stabilization bond scheme, the finance ministry said Wednesday. The value of the bond sale and the yields will be decided later, depending on market situation, the Ministry of Economy and Finance said in a statement. Six financial firms, including BNP Paribas, Citigroup and JP Morgan, will arrange the planned sale of bonds, according to the statement. (Yonhap)
Sept. 9, 2020
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Hancom acquires local firm to tap into drone, aerospace biz
Hancom Group, South Korea's leading office software developer, said Wednesday it has acquired a local firm as part of efforts to tap deeper into the aerospace and drone businesses. Hancom took over InSpace Co., which develops satellite ground station solutions and drone technologies. The group did not reveal the value of the deal. Hancom said it plans to combine its internet of Things (IoT) and autonomous driving solutions with InSpace's drone technology to launch a drone service platform an
Sept. 9, 2020
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Samsung's 5G Verizon deal hailed as example of Korean firms' tech prowess
SEJONG -- South Korea's vice finance minister on Wednesday hailed a multibillion-dollar order won by Samsung Electronics Co. to supply fifth-generation (5G) network equipment to Verizon Communications of the United States. The deal showed how South Korea's industrial sectors navigate through global technology rivalries, Vice Finance Minister Kim Yong-beom said in a meeting with experts, according to the ministry. Companies must step up their investment into new technologies, including next-g
Sept. 9, 2020
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S. Korea loses 274,000 jobs in August
South Korea lost 274,000 jobs last month, continuing the downward trend for a sixth consecutive month -- the longest period since the aftermath of the 2008 global financial crisis -- data showed Wednesday. Hit by coronavirus woes, Asia’s fourth-largest economy’s jobless rate inched up 0.1 percentage point on-year to 3.1 percent in August and the number of unemployed surged to 27.08 million, data compiled by Statistics Korea showed. It is the most protracted downturn in employment
Sept. 9, 2020
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More than 230,000 join online draw of Galaxy Z Fold 2 limited edition sales
More than 230,000 people in South Korea have entered a draw to buy Samsung Electronics Co.'s limited edition of the Galaxy Z Fold 2, company officials said Wednesday, as the South Korean tech giant tries to boost sales of its foldable devices. Those selected from the two-day online draw for a chance to purchase the Galaxy Z Fold 2 Thom Browne Edition will receive the product from Sept. 25. Only 5,000 units of the Galaxy Z Fold 2 Thom Browne Edition will be released globally. Industry insiders
Sept. 9, 2020
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S. Korean bond sales dip 7.2% in Aug.
Bond sales in South Korea dropped more than 7 percent in August from the previous month amid rising interest rates, data showed Wednesday. The value of bonds issued in the country came to 67.7 trillion won ($56.9 billion) last month, down 7.2 percent from a month earlier, according to the data from the Korea Financial Investment Association. Sales of state bonds climbed 6.8 percent, but the issuance of financial and corporate bonds sank 10 percent and 33.9 percent, respectively. The decline
Sept. 9, 2020
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S. Korean stock investors swoop on Tesla in H2
Electric vehicle leader Tesla Motors Inc. has been South Korean investors' most-bought issue among foreign shares since July amid an overseas stock buying craze here, data showed Wednesday. Domestic investors bought a net $1.56 trillion won worth of Tesla shares between July 1 and Tuesday, according to the data from the Korea Securities Depository. Their net buying peaked at $761 million in July before declining to $471 million in August and rising again to $489 million this month. Market w
Sept. 9, 2020
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Doosan Bobcat releases new mowers in N. American market
Construction equipment maker Doosan Bobcat Co. said Wednesday it has launched new mowers in the North American market. Doosan Bobcat aims to increase its sales to 100 billion won ($84 million) this year and double the sales by 2024 in the landscape equipment market in the region, the company said in an emailed statement. Doosan Bobcat bought the zero-turn mower business division from US landscape gear company Schiller Grounds Care last year. The zero-turn mower market in North America is es
Sept. 9, 2020