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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S. Korea to add 1.56 million new jobs in public sector
South Korea’s government aims to create 1.56 million jobs mostly in the public sector, hoping it will eventually trigger the private sector to follow suit and hire more, according to the nation’s fiscal chief Thursday. “The ongoing pandemic has triggered not only immediate job losses but also long-term quantitative and qualitative shocks to the employment market,” Deputy Prime Minister and Finance Minister Hong Nam-ki said in an economic policy headquarters meeting he
May 14, 2020
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OECD convention to end MNCs’ tax evasion to take effect in Sept.
A multilateral convention of the Organization for Economic Cooperation and Development to combat multinational corporations’ tax avoidance strategies, which exploit gaps and mismatches in tax rules, is slated to take effect here in September, Korea’s Finance Ministry said Thursday. The government has recently deposited its instrument of ratification in the OECD, which would allow South Korea to more smoothly deal with the corporations’ base erosion and profit shifting through
May 14, 2020
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Vice finance minister lends support to presidential aide’s call for telemedicine
A top-level official on Thursday expressed support for a plan to nurture the telemedicine industry in response to escalating demand for non-face-to-face health care services amid the COVID-19 pandemic. “The Ministry of Economy and Finance is sticking to the stance that the government needs to review the implementation of telemedicine,” Vice Finance Minister Kim Yong-beom said Thursday. “As the number of related phone calls have neared 170,000 so far, under the temporarily al
May 14, 2020
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Regulator says 16 fintech firms attract over W136b in investment
South Korea's financial regulator said Thursday that 16 fintech firms and startups have attracted a combined 136.4 billion won ($111 million) in investment over the past year as the country is pushing to promote the fintech industry. The investments came a year after South Korea introduced a regulatory sandbox meant to allow fintech firms using new technologies, such as blockchain and big data, to develop new financial services without regulatory hurdles. The move came as South Korea is count
May 14, 2020
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S. Korea aims to create 1.56m jobs in public sector
South Korea aims to create 1.56 million jobs in the public sector, Finance Minister Hong Nam-ki said Thursday, as the nation's economy suffered its sharpest job losses in 21 years over the coronavirus pandemic. Hong said the government will soon draw up plans to mitigate the impact of the coronavirus on the job market. About 1 million jobs in the public sector have not been opened due to social distancing rules, but the government will soon open such jobs by easing some rules, Hong said. T
May 14, 2020
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Jobs disappear at sharpest pace since 1999
Recalling the nightmares of the 1997-98 Asian financial crisis, the number of employed in South Korea last month fell dramatically and at its fastest pace in two decades, data showed Wednesday. The number of employed here stood at 26.6 million in April, shedding 476,000 on-year, data released by Statistics Korea showed. This was shy of the corresponding figure for February 1999, when 658,000 jobs vanished and the nation’s economy was reeling from the financial crisis. The unemployment
May 13, 2020
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Protectionism to put more strain on exports in post-virus era: report
South Korea's exports, which have been hit hard by the new coronavirus that has halted global supply chains, are not likely to rebound immediately in the post-pandemic era, as its key trade partners are raising their guard to protect their own industries, a report showed Wednesday. "Major countries, including the United States, are already intervening deeper into the market, disbursing large sums of subsidies to protect their industries," the Korea International Trade Association (KI
May 13, 2020
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BOK to offer additional W5tr in special loans to coronavirus-hit firms
The Bank of Korea (BOK) on Wednesday said it plans to provide an additional 5 trillion won ($4.08 billion) in special, low-interest loans to local businesses hit by the new coronavirus outbreak. The additional amount will bring to 35 trillion won the amount the central bank will provide to local lenders, which in turn will offer low-interest loans to firms. "The move is expected to help expand the financial access of self-employed businesses and small and medium-sized firms that are faci
May 13, 2020
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S. Korea's drop in jobs sharpest since 1999 amid virus pandemic
SEJONG -- South Korea reported the sharpest drop in its April employment since 1999 as the coronavirus pandemic hammered job markets, data showed Wednesday. The number of employed people in South Korea stood at 26.56 million in April, 476,000 people fewer than a year ago, marking the biggest on-year decline since February 1999. The labor force participation rate, which refers to the percentage of those who are aged 15 or older and remain in the labor force by either being employed or activel
May 13, 2020
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Economic contraction accelerates as COVID-19 battle continues
Despite hopes building on a return to normal life around the world, the speed of economic contraction globally and in South Korea has been accelerating due to the pandemic over decreased spending, investment and production, casting a dark cloud over all-out efforts to contain the damages, figures by think tanks and central bank showed Tuesday. Korea’s economic contraction has been gaining momentum in recent months due to lackluster consumer spending and exports following risks stemming
May 12, 2020
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Finance minister to donate relief handout
SEJONG -- Finance Minister Hong Nam-ki said Tuesday he will donate his coronavirus relief handout, joining other senior officials in donating their handouts to benefit others. South Korea has begin providing relief handouts to every household to ease the economic fallout from the coronavirus pandemic. For a household with four or more people, 1 million won ($815) will be given. In a Facebook posting, Hong said such a donation will become an "asset of hope" as the world is fighting
May 12, 2020
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Oil refiners face dim outlook after record Q1 losses
South Korean oil refiners' earnings are unlikely to bounce back in the second quarter of the year following record losses three months earlier, industry sources said Tuesday. Pounded by the triple whammy of the coronavirus pandemic, tumbling oil prices and sluggish refining margins, industry leader SK Innovation Co. and three other players posted a combined operating loss of 4.38 trillion won ($3.57 billion) in the January-March period. The first-quarter red ink represented their worst quarte
May 12, 2020
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Korea’s outstanding sovereign, state-backed bonds near W1,100tr
The outstanding amount of government and state-backed bonds increased by a combined 78.3 trillion won from the end of last year to a record high of 1,098.4 trillion won ($900 billion), data showed Monday, with the accelerating growth rate spurring concerns. Outstanding sovereign bonds increased by 65.7 trillion won to 753.5 trillion won and special bonds gained 12.6 trillion won to 344.9 trillion won, respectively, from the end of last year to Friday, data from the Korea Financial Investment
May 11, 2020
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Korea’s spending for unemployment allowances approaches W1tr in April
South Korea’s monthly spending for supporting unemployed workers hit another all-time high in April, as the fallout from the novel coronavirus is hampering efforts to remedy the damage done to the job market, data showed Monday. In April, when Korea’s virus spread peaked, the amount of unemployment benefits came to 993.3 billion won ($814.3 million), up 35 percent on-year, according to preliminary data from the Labor Ministry. This extended the record streak for the third consecuti
May 11, 2020
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S. Korea opens financial data exchange
South Korea on Monday opened its first exchange for financial data, the financial regulator said, in a move that could boost the data-driven economy. The exchange will serve as a key platform for buyers and sellers of financial, telecommunication and corporate data. It is meant to facilitate financial big data, according to the Financial Services Commission. "The government will ensure that the financial data exchange will take root as an innovative infrastructure of financial companie
May 11, 2020
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Korean Air to decide on W1tr stock offerings this week: sources
Korean Air Lines Co. will decide this week on whether to sell 1 trillion won ($820 million) worth of stocks as part of self-help measures amid the growing coronavirus impact on the airline sector, industry sources said Monday. Korean Air plans to hold a board meeting Wednesday to determine the exact size and the schedule of the rights issue, an airline official told Yonhap News Agency over the phone. Shareholders of the country's biggest carrier will be given the rights to buy the stocks to
May 11, 2020
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Online applications for virus relief money begin
An online application for the government's emergency coronavirus relief funds to all households began on Monday morning. The Ministry of the Interior and Safety said nine local credit card companies started receiving online applications through their websites or mobile phone applications. The application is available, first, for those who wish to receive the financial aid in the forms of credit or debit card points, which is scheduled to arrive two days after the application. For the first w
May 11, 2020
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S. Korea's May 1-10 exports dip 46.3% as pandemic cripples global demand
South Korea's exports sank 46.3 percent on-year in the first 10 days of May amid the shock from the coronavirus pandemic, customs data showed Monday. The nation's outbound shipments stood at $6.9 billion in the May 1-10 period, compared with $12.5 billion for the same period last year, according to the data from the Korea Customs Service. The daily average exports during the 10-day period slipped 30.2 percent on-year. The data came amid growing concerns that the coronavirus pandemic is denti
May 11, 2020
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Foreigners jack up Korean bond exposure this year
Foreign investors have ramped up their investment in South Korean bonds this year amid the country's relatively favorable economic conditions, data showed Monday. Offshore investors held 140.9 trillion won ($115 billion) worth of listed government and corporate bonds as of end-April, up 17 trillion won from the end of last year, according to the data from the Financial Supervisory Service. It marks the first time that foreigners' holdings of South Korean bonds have surpassed the 140 trillion-
May 11, 2020
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Per capita national debt nears W15m
South Korea’s national debt per capita stood at 14.83 million won ($12,145) as of Saturday, data from the National Assembly showed Sunday, feeding concerns that the growing figure may take a toll on the nation’s economy amid sluggish growth projections. National debt held by Asia’s fourth-largest economy stood at 769.18 trillion won in the same period, according to the data provided in the form of a debt clock on the website of the parliament’s budget office. It has
May 10, 2020