Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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Japan’s export curbs to affect imports of carbon fiber, botulinum toxins
With Japanese Prime Minister Shinzo Abe’s Cabinet removing South Korea from its list of trusted export destinations last week, attention has been drawn to what materials will become subject to import restrictions. According to the Korea Strategic Institute, which oversees management of strategic goods for the Korean government, 159 materials were selected as items of concern to be subject to the Japanese restrictions for security reasons. Among those materials that Japan claimed could be
Aug. 6, 2019
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[News Analysis] Markets roiled as US-China spat dwarfs impact of Japan factor
As South Korea’s financial market continued to totter Tuesday after a “Black Monday,” experts observed that the key reason behind the current anxiety is the prolonged US-China trade conflict rather than the escalating feud with Japan.Tense about the US-China situation and its anticipated leverage in the global financial markets, authorities here vowed to take stabilizing steps in case of increased volatility, signaling a possible intervention in the local foreign exchange marke
Aug. 6, 2019
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S. Korea vows unfaltering support for domestic production of key materials
The government on Monday announced a plan to support the domestic production of 100 key manufacturing materials, seeking to boost the competitiveness of the local industries in the wake of Japan’s recent economic retaliation.It also vowed to inject 7.8 trillion won ($6.4 billion) into research and development as part of its mid and long-term road map to reduce the industrial dependence on Japan and create a stable supply chain by 2024. “(The government) will select and invest in 100
Aug. 5, 2019
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Korean won sharply down vs dollar amid increased uncertainty
The South Korean won traded at a three-year low against the US dollar on Monday on concerns that the escalating trade row between the United States and China, and more recently South Korea's own conflict with Japan, could further cast a pall on its economy. The won was changing hands at 1,212.30 to the greenback as of 10:56 a.m., down 14.3 won from the previous session's close, after easily breaching the psychologically significant level of 1,200 won.After opening at 1,203.60, the local currency
Aug. 5, 2019
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S. Korea to set aside W1tr to deal with Japanese trade restrictions next year
South Korea said Sunday that it will set aside more than 1 trillion won ($833 million) in next year's budget to cope with Japan's unilateral economic restrictions.In a senior-level tripartite meeting of the government, the ruling party and the presidential office, officials agreed to do their best to minimize the fallout from Tokyo's decision on Friday to remove South Korea from its list of preferred trading partners."Placing a top priority on strengthening competitiveness of the materials,
Aug. 4, 2019
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S. Korea struggles to attain 2% range GDP growth this year
In light of the trade conflict with Japan and other external risks, concerns are mounting that South Korea’s economic growth this year may fall below 2 percent at worst, lower than the range of 2.2-2.5 percent forecast by the government and the central bank.The state-run think tank Korea Institute for International Economic Policy said in its recent report that Japan’s export restrictions would reduce Korea’s gross domestic product by 0.27-0.44 percentage point. The report
Aug. 4, 2019
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40% of listed firms' share prices hit 52-week low on Japan's export curb
Nearly 40 percent of South Korea's shares listed on the main and secondary markets saw their share prices hit a 52-week low after Japan announced an export curb against Asia's No. 4 economy in July, data showed Sunday.The number of companies whose share prices hit a 52-week low since July until Friday reached 975 from both markets, making up 43.3 percent of the combined listed firms, according to the figure compiled by the bourse operator Korea Exchange (KRX). From the 900 firms listed on the ma
Aug. 4, 2019
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Boycott of Japanese goods to intensify as Tokyo expands export curbs
Calls for a boycott of Japan-made goods in South Korea are expected to come to a boil as Tokyo went ahead with its threat to widen controls over exports of materials by removing Seoul from a list of trusted trade partners despite repeated calls to scrap the move. A boycott of Japanese goods has spread across Korea since Tokyo tightened controls on exports of three high-tech materials to Seoul on July 4, in apparent retaliation against Korean court rulings last year over Japan's wartime forced la
Aug. 2, 2019
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Further rate cut possible if downside risks expand: BOK
South Korea’s central bank said Thursday that it could consider further cuts in its base rate amid growing economic uncertainties, such as the trade tension with Japan.“If the economic conditions worsen, (a rate cut) will of course have to be considered,” Bank of Korea Gov. Lee Ju-yeol told reporters. When asked about the US Federal Reserve’s decision to cut the key interest rate Wednesday, Lee welcomed the much-anticipated move, but also expressed some disappointment.&ld
Aug. 1, 2019
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BOK says may consider further rate cut amid looming uncertainty
South Korea's central bank said Thursday it may consider further slashing its policy rate to help boost economic growth should conditions worsen amid escalating trade tension with Japan.Last month, the Bank of Korea cut the benchmark rate by 25 basis points to 1.50 percent, citing slower-than-anticipated growth."Should external conditions worsen and downside risks expand, (we) may consider taking an additional policy measure," the Bank of Korea said in a report submitted to the parliam
Aug. 1, 2019
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Consumer price growth stays below 1% for 7th month
South Korea's consumer prices rose 0.6 percent in July from a year earlier, staying below the 1 percent threshold for the seventh consecutive month, government data showed Thursday.From a month earlier, the consumer price index fell 0.3 percent, according to the data from Statistics Korea. "Consumer price growth below 1 percent due to temporary factors is not tantamount to deflation," Lee Doo-won, director at the agency's price statistics division, said, citing declines in prices of pe
Aug. 1, 2019
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Exports down for 8th straight month amid trade dispute, chip slump
South Korea's exports decreased 11 percent in July from a year earlier, extending their on-year fall to an eighth consecutive month, amid the drawn-out trade dispute between the United States and China, and a decline in prices of semiconductors, data showed Thursday.Outbound shipments came to $46.14 billion for July, down from the $51.8 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.Imports fell 2.7 percent on-year last month to $43.7
Aug. 1, 2019
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Samsung’s Q2 profit plummets over sluggish chip, smartphone markets
Samsung Electronics on Wednesday announced a 56 percent plunge in operating profit in the second quarter due to the sluggish performance of its two main divisions -- memory chips and smartphones -- amid weakening market conditions. The South Korean tech giant posted consolidated sales of 56.13 trillion won and 6.6 trillion won in operating profit in the April-June period. Its quarterly sales and operating profit decreased 4 percent and 56 percent, respectively, from the same period last year.&nb
July 31, 2019
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Industrial output down 0.7% on-month in June
South Korea's industrial output edged down 0.7 percent in June from a month earlier due to decreased production in the service sector, government data showed Wednesday.The data compiled by Statistics Korea showed the production in the service sector declined 1 percent in June from a month earlier, while the output of semiconductors rose 4.6 percent on-month.From a year earlier, industrial output fell 1.1 percent. Retail sales fell 1.6 percent in June from a month earlier due to decreased sales o
July 31, 2019
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[News Focus] Korea falling behind in GDP, exports
SEJONG -- South Korea is one of the few developing countries whose economy expanded sufficiently over the past decades to compete with advanced nations in Europe.Korea achieved the world’s 10th-largest gross domestic product in 2005. It was 28th in 1980, ranked behind Indonesia (21st), Iran (20th) and Saudi Arabia (14th).As exports in sectors such as semiconductors and automobiles greatly contributed to its GDP, there have been predictions that the nation could consistently become one of t
July 30, 2019
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Samsung C&T retains top spot in builder rankings
Samsung C&T has been named the top builder in South Korea for six straight years in terms of building capacity, government data showed Monday. The construction affiliate of Samsung Group took the top slot among the 61,559 local construction firms evaluated, according to the Ministry of Land, Infrastructure and Transport. Those evaluated account for about 89 percent of 68,781 construction firms here.Samsung C&T’s construction capacity was valued at 17.5 trillion won ($14.7 billion),
July 29, 2019
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Exports down nearly 10% in July: poll
South Korea’s exports have extended their slump for the eighth consecutive month in July, falling nearly 10 percent from a year earlier, a poll showed Monday, due mainly to the prolonged trade row between the United States and China.Outbound shipments are estimated to reach $46.6 billion last month, down from $51.8 posted a year earlier, according to the poll conducted by Yonhap Infomax, a financial information service arm of Yonhap News Agency, on 10 local financial companies. The Korea C
July 29, 2019
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[News Focus] Korea overtakes US in youth unemployment
SEJONG -- South Korea saw its youth unemployment rate reach 10.4 percent in June 2019, up more than 1 percentage point from 9 percent a year earlier.The number of jobless people aged between 15 and 29 increased from 388,000 to 453,000 over the corresponding period, according to Statistics Korea.The youth unemployment rate exceeding 10 percent is arousing social worries, as it was 8.4 percent a decade ago (in June 2009) and 8 percent five years ago (in June 2014).Though the Moon Jae-in administra
July 28, 2019
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S. Korea speeds up efforts to file compliant with WTO on Japan's export curbs
The South Korean government is speeding up preparations to file a complaint with the World Trade Organization as Japan is moving to remove Asia's fourth-largest economy from its "whitelist" of trusted trading partners, sources said Sunday."We plan to file a complaint with the WTO on a date convenient for South Korea," Deputy Trade Minister Kim Seung-ho said last week after returning home from Geneva, where he participated in a WTO meeting to win support from the international
July 28, 2019
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Daily trading volume on main bourse hits lowest in 30 months
The daily average trading volume at South Korea's main bourse reached the lowest level in 30 months in July, data showed Sunday, as investors' sentiment was hurt by the global trade disputes.As of Friday, the daily average trading volume on the main bourse reached 4.3 trillion won ($3.63 billion), which marked the lowest level since 4.1 trillion won posted in January 2017, according to the Korea Exchange.The figure marked a sharp decrease from May last year, when the figure reached a record high
July 28, 2019