Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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[Today’s K-pop] Stray Kids go gold in US with ‘Maniac’
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Woman dangling from power lines rescued by residents holding blanket
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Banks' lending rates up in May
Lending rates on fresh bank loans rose slightly from a month earlier in May amid a sharp increase in corporate lending, while interest rates paid by banks on fresh deposits fell sharply on increased market liquidity, central bank data showed Tuesday. The average interest rate on new bank loans came to 2.82 percent in the month, up 2 basis points from 2.8 percent in April, according to preliminary data from the Bank of Korea (BOK). The slight increase follows four consecutive months of drop, p
June 30, 2020
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Finance minister urges National Assembly to swiftly approve 3rd extra budget
SEJONG -- Finance Minister Hong Nam-ki n Tuesday called for the National Assembly to swiftly approve a third extra budget to revive the virus-hit economy, saying the budget would benefit more than 6.4 million people if implemented. Hong made the remarks in a parliamentary speech as the National Assembly ended a monthlong standstill and the ruling Democratic Party paved the way for a budget review. Earlier this month, South Korea proposed the extra budget of 35.3 trillion won ($29 billion),
June 30, 2020
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S. Korea, Russia hold 5th round of FTA talks on service, investment
South Korea and Russia started another round of negotiations Tuesday to clinch a free trade agreement (FTA) in the service and investment sectors. During the videoconferences that run through Monday, the two will narrow down differences on details in the two segments, according to the Ministry of Trade, Industry and Energy. Seoul and Moscow first launched their FTA negotiations in June last year to lower barriers for the service and investment segments. South Korea has been making efforts to
June 30, 2020
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S. Korea's industrial output suffers extended slump in May amid virus pandemic
SEJONG -- South Korea's industrial output extended its slump in May as the coronavirus pandemic disrupted supply chains, but retail sales reported a robust gain, data showed Tuesday. The nation's overall industrial production fell 1.2 percent on-month in May, following a 2.8 percent on-month plunge in April, according to data compiled by Statistics Korea. Compared with a year earlier, overall industrial production also plunged 5.6 percent in May. Production in the mining, manufacturing, gas
June 30, 2020
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Changes in economic structures may dent growth in post-virus era: BOK
South Korea is expected to see an accelerated slowdown of its potential economic growth rate, with domestic and global economic structures facing radical transformation in the post-coronavirus era, the central bank said Monday. “Due to COVID-19, Korea’s potential growth rate faces a sharp decline, with changes in economic structures regarding labor, trade and industries coupled with sluggish input of factors linked to labor and capital,” the Bank of Korea said in its latest r
June 29, 2020
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WTO to discuss opening panel over Seoul-Tokyo trade row
SEOUL/GENEVA -- The World Trade Organization (WTO) plans to discuss the establishment of a panel to deal with the year-long trade row between South Korea and Japan, after Seoul reopened the case at the Geneva-based trade body amid a lack of progress in their bilateral talks. The WTO's Dispute Settlement Body (DSB) meeting over the panel establishment is slated for later in the day, according to trade officials here. But the panel is not likely to be opened immediately, as Japan is widely expe
June 29, 2020
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Coronavirus to cause permanent changes in economy, business environment
The new coronavirus pandemic will likely have a lasting effect on various ways of life, such as where and how people shop, possibly leading to permanent changes in the global economy and trade, a central bank report suggested Monday. Some of the changes may be for the better for some countries, but some may be for the worse for others, it insisted. "The COVID-19 pandemic may not stop at causing an economic slump globally but is highly likely to cause changes in the behavior of economic a
June 29, 2020
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Corporate direct financing up 40% in May
South Korean companies' stock and bond sales rose 40.1 percent in May from a month earlier, due mainly to a hike in sales of corporate debt, data showed Monday. Local companies raised a combined 16.07 trillion won ($13.4 billion) by selling stocks and bonds in May, up 4.6 trillion won from April, according to the data from the Financial Supervisory Service (FSS). The hike is mainly attributable to the 39.2 percent on-month increase in debt offerings to 15.89 trillion won, the FSS said. Last
June 29, 2020
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[Contribution] S. Korea can make COVID-19 recovery greener
Countries all over the world have been rolling out large fiscal stimulus packages in response to the COVID-19 economic crisis. Some are using this as an opportunity to promote policies linked to environmentally sustainable growth, and build a greener, cleaner, and more resilient economy. The European Union announced a COVID-19 recovery package that places climate change at the center of what is considered the largest green stimulus program in history. By recently announcing its own recovery pl
June 28, 2020
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Regulator further cuts maximum interest rate on loans by illegal lenders
South Korean financial authorities on Sunday said that illegal money lenders cannot impose annual interest rates of more than 6 percent, in a move to protect consumers in the pandemic-hit economy. The Financial Services Commission (FSC), the country's financial regulator, drafted a new set of regulations that lowers the maximum annual interest rate on loans extended by unregistered lenders to 6 percent from the current 24 percent. The modifications to related laws will be submitted to the Na
June 28, 2020
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S. Korea to implement new global bank capital rules this month
South Korea will begin to implement new global bank capital rules this month, the country's financial regulator said Sunday, a move that could boost capital adequacy ratios of South Korean banks. The banking regulations, known as Basel III, were agreed upon by financial regulators around the world in 2017. The new rules, including revisions to calculation systems for capital requirements and credit risks, were set in the aftermath of the 2008-09 global financial crisis. The Financial Service
June 28, 2020
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Consumer sentiment index rebounds on stimulus measures and rising stock prices: BOK
South Korea’s consumer sentiment rebounded for the second straight month in June, but was still far more pessimistic than the neutral view held at the beginning of the year, data showed Friday. The Composite Consumer Sentiment Index, or CCSI, rose for the second consecutive month to 81.8, up 4.2 points on-month, according to data from the Bank of Korea. This was the highest level since it recorded 96.9 in February. The CCSI is an economic indicator that measures consumers&r
June 26, 2020
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S. Korea's trade terms improve in May on low oil prices
South Korea's trade terms improved in May from a year earlier due to low oil prices, central bank data showed Friday. The country's terms of trade index for products came to 99.82 in May, up 10.1 percent from 90.66 posted in the same month last year, according to preliminary data from the Bank of Korea (BOK). The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of others. The on-year hik
June 26, 2020
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S. Korea approves $75.5m in aid for developing nations
SEJONG -- South Korea's finance ministry said Friday it has approved $75.5 million in health care aid for 13 nations to better combat the coronavirus pandemic. The approval is part of the nation's plans to provide more than $400 million in loans and grants to developing nations this year to help them push for health projects against the novel coronavirus. The 13 nations included Ethiopia and Myanmar, the Ministry of Economy and Finance said in a statement. The fund is expected to help dev
June 26, 2020
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S. Korea’s inflation to remain subdued for 2020, post-coronavirus era: BOK
South Korea’s consumer price inflation is projected to remain at around zero percent for the remainder of the year, the nation’s central bank said Thursday, citing pandemic risks dampening hopes for the initial goal of an annual 2 percent inflation rate. The annual consumer price inflation is expected to fall 0.1 percentage point on-year to 0.3 percent, weighed on by plummeting oil prices and a slowdown of the global economy following the outbreak of COVID-19, the Bank of Korea not
June 25, 2020
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S. Korea to impose tax on all financial investment gains
South Korea will impose a new income tax on all gains made from financial investments, while reducing the securities transaction tax rate, Deputy Prime Minister and Finance Minister Hong Nam-ki said Thursday. The move came in line with the government’s efforts to alleviate the widening socioeconomic gap here and to revitalize the stalled market amid the COVID-19 fallout. “(The government) will establish a new taxation category for financial investment gains, starting 2022,&rdqu
June 25, 2020
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Urban dwellers moving to rural areas down for 2nd year
The number of urban dwellers seeking to resettle in farms or fishing towns has decreased over the past two years, but the new coronavirus pandemic is expected to push the figure back up as more people will search for new job opportunities, data showed Thursday. The number of South Koreans resettling in farms or fishing villages reached 461,879 in 2019, or 329,986 households, according to the data compiled by the agricultural and oceans ministries. It marked a drop from 347,665 and 341,221 hou
June 25, 2020
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S. Korea to expand capital gains tax for more retail investors from 2023
SEJONG -- South Korea said Thursday it plans to revise a law to expand capital gains taxes to all stock investors beginning in 2023, while lowering a stock transaction tax. Under the plan, all investors who hold listed stocks will be subject to a tax rate of 20 percent. If they hold stocks worth more than 300 million won ($250,041), the tax rate will be raised to 25 percent. However, the proposed tax revision allows a retail investor to be exempted from a capital gains tax when profits from
June 25, 2020
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S. Korea to impose new tax on gains from all financial investment from 2022
SEJONG -- South Korea plans to start levying a new tax on consolidated gains from all financial investment in 2022, Finance Minister Hong Nam-ki said Thursday. In addition, the government plans to levy a capital gains tax on stock investment gains surpassing 20 million won ($16,632) beginning in 2023, Hong said. Currently, South Korea levies a capital gains tax on major shareholders who own more than 1 billion won in a single stock. The tax proposal is aimed at "revitalizing financial i
June 25, 2020
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IMF further cuts global economic growth forecast to minus 4.9%
The International Monetary Fund has forecast a contraction of 4.9 percent for the global economy in 2020, citing worse-than-expected economic outputs in the first quarter and a more pessimistic forecast for the second quarter, the Seoul government said Wednesday evening. The figure is down 1.9 percentage point from the earlier estimate in April. In its World Economic Outlook Update, the IMF also expected that the South Korean economy will post a contraction of 2.1 percent this year, do
June 24, 2020