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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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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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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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Woman dangling from power lines rescued by residents holding blanket
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Lee Seo-jin, IU named PR ambassadors for NTS
National Tax Service Commissioner Kim Hyun-jun (center) poses with actor Lee Seo-jin (left) and singer-actor IU, who were appointed as PR ambassadors of the tax agency in Seoul on Wednesday. The two actors, known as model taxpayers, received presidential citations in March for dutifully paying taxes. Lee said while accepting NTS’ honorary role that honest tax payment is the least donation he can make for all. By Jie Ye-eun (yeeun@heraldcorp.com)
June 24, 2020
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S. Korea's financial market stable but to face more problems: BOK
South Korea's financial market will continue to be stabilized, but the economic fallout from the new coronavirus pandemic may increasingly become more serious and real down the road, the Bank of Korea (BOK) said Wednesday. "While economic activities will gradually resume from the second half of the year, the financial market will continue to be more stabilized, but there is a possibility that the negative impact from the COVID-19 pandemic on the financial system may come to the surface,&q
June 24, 2020
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Member nations reaffirm signing of RCEP this year
Trade ministers from 15 nations on Tuesday reaffirmed that a mega Asia-Pacific trade pact will be signed later this year, but India again skipped the negotiations, according to Seoul's trade ministry. ASEAN members and their dialogue partners -- South Korea, China, Japan, Australia and New Zealand -- effectively reached an agreement on the Regional Comprehensive Economic Partnership (RCEP) last November, with the goal of signing the pact within this year. However, India did not join last Nov
June 23, 2020
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[News Focus] Tokyo’s bid to replace HK threatens Seoul’s dream of becoming financial hub
Turning Seoul into a new financial hub in Asia has for long been a campaign promise of local politicians cutting across party lines. Seoul Mayor Park Won-soon, who is now in his third term, is no exception. He had even announced plans to replace old apartment buildings with high-rises of up to 50 stories and create more parks and leisure spaces to reinvigorate the city’s financial district Yeouido. But the city’s progress in realizing these yearslong dream is being questioned as
June 23, 2020
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S. Korea vows to toughen sanctions on illegal private lenders
The South Korean government on Tuesday unveiled measures to slap sanctions on illegal private lenders to protect local financial consumers from related fraud. The Financial Services Commission and relevant government agencies announced that they will compose a pangovernmental group to jointly implement countermeasures against illegal private lending here, which normally targets low-income and desperate families, charging high interest rates. The move came as the country’s il
June 23, 2020
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BOK, Kakao Enterprise sign AI technology development deal
South Korea’s central bank said Tuesday that it had signed a memorandum of understanding with Kakao’s artificial intelligence solutions subsidiary and will adopt the technology for its business and policymaking. The partnership -- which came as part of the Bank of Korea’s mid- to long-term development plan, announced to commemorate its 70th anniversary this year -- marks the first time the central bank has cooperated on technology with a private firm. It has also built antic
June 23, 2020
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[News Focus] Jeju Island No. 1 in jobless growth from COVID-19
SEJONG -- South Korea saw the number of recipients of unemployment benefits surge 30.4 percent to 660,464 in only three months in the wake of the novel coronavirus. While the government paid more in benefits to those who lost their jobs in all 17 regions nationwide, data from the Korea Employment Information Service showed disparities among regions. Jeju Province had 8,286 recipients in April, compared with 5,135 in January, when the first coronavirus case was reported in Korea. That is a 61.
June 23, 2020
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Finance ministry again urges National Assembly to swiftly approve 3rd extra budget
SEJONG -- Vice Finance Minister An Il-whan on Tuesday urged the National Assembly to swiftly approve the third extra budget to help revive the virus-hit economy, saying the budget is desperately needed to protect jobs amid the pandemic. Earlier this month, South Korea proposed the extra budget of 35.3 trillion won ($29 billion), the third batch meant to help key industries cushion the economic blow from the coronavirus pandemic and protect jobs. Lawmakers, however, have failed to begin a bu
June 23, 2020
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East Asian nations strengthen emergency liquidity program
SEJONG -- South Korea, China, Japan and 10 Southeast Asian nations strengthened their emergency liquidity program to better cope with possible financial crises, Seoul's finance ministry said Tuesday. The move came after a revised agreement of the regional financial safety net, known as the Chiang Mai Initiative Multilateralization (CMIM), went into effect earlier in the day, the Ministry of Economy and Finance said in a statement. The 13 nations agreed to revise the agreement in May last ye
June 23, 2020
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Financial institutions' social contributions hit record high of over W1tr in 2019
Banks and other financial institutions' social contributions hit a record high in 2019, industry data showed Tuesday. The data released by the Korea Federation of Banks showed 22 financial institutions, including five major retail banks, spent a total of 1.13 trillion won ($935 million) on social contribution activities in 2019. The figure represents a 15 percent hike from 2018 and the highest since 2006, when the Korea Federation of Banks began to collect related data, according to the feder
June 23, 2020
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Govt. to resume sale process of Woori Financial in H2
The South Korean government said Tuesday it will seek to sell its 17.25-percent stake in Woori Financial Holdings Co. in the second half of this year, depending on financial market conditions. Last year, the government set up a blueprint for completing the privatization of Woori Financial by 2022 in a bid to recoup public funds that were used to bail out the financial holding group in the wake of the 1997-98 Asian financial Crisis. The public funds oversight committee, which handles state ass
June 22, 2020
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S. Korea, Singapore begin talks on digital trade deal
South Korea and Singapore on Monday kicked off negotiations toward a digital trade deal, Seoul's trade ministry said. South Korean Trade Minister Yoo Myung-hee and her Singaporean counterpart, Chan Chun Sing, announced the start of negotiations during their videoconference earlier in the day, the ministry said. A digital trade deal includes provisions for non-discriminatory treatment for electronic transactions, easing of barriers on cross-border data flow and consumer protection. If Sout
June 22, 2020
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Illegal meat imports down amid stepped-up screening
South Korea's drug safety agency said Monday that illegal meat imports have fallen off sharply since October last year on the back of stepped-up screening efforts to stem the inflow of African swine fever (ASF). The Ministry of Food and Drug Safety said it has inspected a total of 1,417 offline food import businesses in the country since October 2019 and found no breaches of the law over meat imports. Prior to the inspections, there were a total of 43 violations between August 2018 and Septem
June 22, 2020
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Firms' debt dependency surges in Q1 amid coronavirus-triggered slump
South Korean businesses struggled to stay afloat amid new coronavirus-caused slump in the first quarter, either by borrowing more money or selling their assets to secure much-needed liquidity, a report showed Monday. According to the report from the Korea Economic Research Institute (KERI), the outstanding debt owed by 623 listed firms here came to 386.7 trillion won ($318.6 billion) as of end-March, up 20 trillion won from three months earlier. The report is based on the analysis of financia
June 22, 2020
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Korea's exports dip 7.5% in first 20 days of June
SEJONG -- South Korea's exports fell 7.5 percent on year in the first 20 days of June amid the fallout from the coronavirus pandemic, customs data showed Monday. The nation's outbound shipments stood at $25 billion in the June 1-20 period, according to the data from the Korea Customs Service. The daily average exports during the 20-day period also slipped 16.2 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denting exports by South Korea's economy. The
June 22, 2020
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S. Korea's household debt grew at alarming clip last year: BIS data
South Korea's household debt to the gross domestic product grew at the fastest pace among 43 countries in the world last year, leading the country's overall private-sector debt to also expand at one of the biggest rates, data showed Sunday. The ratio of the country's household debt to GDP reached 95.5 percent in the fourth quarter of 2019, up 1.6 percentage points from 93.9 percent the previous year, according to data provided by the Bank of International Settlements (BIS). Hong Kong had the
June 21, 2020
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S. Korea’s overseas direct investment falls 15% in Q1
South Korea’s overseas direct investment fell 15.3 percent on-year in the first three months of the year, weighed on by the coronavirus pandemic, with investments to China and Hong Kong having fallen the most, data from the Ministry of Economy and Finance showed Friday. Local companies invested a combined $12.6 billion in the cited period, compared with $14.9 billion reported for the same quarter last year. This year’s first quarter also marked the first time the figure turned int
June 19, 2020
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S. Korea sets aside W5tr for subcontractors in key industries
South Korea will provide 5 trillion won ($4.12 billion) to subcontractors in key industrial sectors, in an extended move to shore up the economy amid the fallout of COVID-19, the nation’s top fiscal policymaker said Friday. “Starting July, (the government) will supply operating fund loans to subcontractors in basic industries,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in an economy-related ministerial meeting held at Seoul Government Complex. Responding t
June 19, 2020
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S. Korea's current account surplus with US, China narrows in 2019
South Korea's current account surplus with the United States and China sharply narrowed in 2019 from a year earlier amid a prolonged trade dispute between the world's largest economies that undermined its exports, as well as its current account balance, central bank data showed Friday. South Korea posted a current account surplus of $22.05 billion with the United States in 2019, compared with a $24.67 billion surplus posted in 2018, according to the data from the Bank of Korea (BOK). Its curr
June 19, 2020
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Finance minister renews calls for parliamentary approval of 3rd extra budget
SEJONG -- Finance Minister Hong Nam-ki on Friday renewed calls for the National Assembly to approve the third extra budget to help revive the virus-hit economy, saying the government will spare no efforts to achieve positive growth this year. Earlier this month, South Korea proposed its third extra budget of 35.3 trillion won ($29 billion) meant to help key industries cushion the economic blow from the coronavirus pandemic and protect jobs. "I earnestly ask the National Assembly to appr
June 19, 2020