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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S. Korea to double fund for restructuring of SMEs
South Korea's financial regulator said Friday it will double the size of funds to restructure struggling small and medium-sized enterprises this year, as part of its drive for "market-oriented" corporate restructuring. The government has launched a 1 trillion-won ($845 million) fund for the restructuring of SMEs, but the Financial Services Commission said it will increase the fund to 2 trillion won this year. The fund will be gradually expanded to 5 trillion won, the FSC said in
July 26, 2019
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Consumer sentiment dips to 8-month low in July
South Korea's consumer sentiment reached the lowest level in eight months in July, central bank data showed Friday, amid growing concerns that Asia's fourth-largest economy could lose more growth momentum amid protracted trade tensions.The composite consumer sentiment index came to 95.9 this month, down 1.6 from a month earlier, according to the data from the Bank of Korea.The reading marks the lowest since November when the index stood at 95.7. A reading below the benchmark 100 means pessimists
July 26, 2019
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Korea to raise tax credit rate for corporate facility investments, R&D
The South Korean government announced Thursday that it plans to raise the tax credit rate for corporate facility investment and research and development in an effort to stimulate the economy by lifting the tax burden on firms. The government’s announcement of its 2019 tax code revision bill, comes amid an escalating trade row between Korea and Japan, after Tokyo placed export restrictions on key materials needed for semiconductors and display screens, as well as a slew of pessimistic econo
July 25, 2019
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Homeplus announces expansion of specialized stores, online biz
South Korea’s discount chain Homeplus on Thursday raised the stakes in the competitive retail market here by announcing its full-fledged expansion of specialized branches and online business.During a press conference on its business strategy held in Seoul, Homeplus CEO Lim Il-soon said that the retail giant will aim to raise its online revenue from around 600 billion won last year to 2.3 trillion won by 2021 through innovation that breaks the boundaries of online and offline shopping.Homep
July 25, 2019
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Korean economy bounces back in Q2, but outlook still murky
The South Korean economy is estimated to have expanded 1.1 percent in the second quarter, a dramatic turnaround from an unexpected contraction the previous quarter, partly afforded by increased government spending that offset a skid in private spending, central bank data showed Thursday.The country's gross domestic product expanded an estimated 1.1 percent from three months earlier in the April-June period, after backtracking 0.4 percent in the previous quarter, according to advance data from th
July 25, 2019
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KFS endeavors to create more urban forests in fight against fine dust
Amid growing concerns about worsening fine dust, the Korea Forest Service is making efforts to provide more green spaces by creating forests in cities as part of measures to tackle the environmental problem. Under plans to reduce fine dust and build green infrastructure for urbanities, set by the KFS last year, the government agency is going to create at least one urban forest in each of the 17 metropolitan cities and provinces across the country starting this year. In addition, the agency is pl
July 24, 2019
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‘Seoul’s office building market boom will peak next year’
After picking up last year amid a slowing economy, Seoul’s office building market is likely to catch its breath in the upcoming months and peak next year as large-sized premium buildings spill into the market for sale and lease, according to commercial real estate company Cushman & Wakefield.“Since 2010, the office building market (in Seoul’s key business districts) has mostly seen supply outrun demand,” Philip Jin, head of research at the Korean office of the US-base
July 24, 2019
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BOK chief hints at additional cut of growth outlook amid Japan factor
Bank of Korea Gov. Lee Ju-yeol said Tuesday that the central bank could consider an additional cut of the country’s growth outlook for this year, should the ongoing trade tensions with neighboring Japan expand.“If (Japan’s export curbs) worsen and such consequences have not sufficiently been reflected in the (recently revised) economic outlook, they will certainly deliver a negative impact on our economy,” Lee said in a briefing session of the parliamentary strategy and f
July 23, 2019
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S. Korea gears up for financial market contingency plan amid Japan factor
In response to the escalating economic conflict between South Korea and Japan, financial authorities here are establishing a contingency plan in case Tokyo expands its trade restrictions to the financial sector, officials said Monday.The preemptive gesture came out of concern about the apparent dependency of local financial companies on Japanese lenders, which have been offering a low interest rate for years. The total amount of Japanese money circulating in Korea’s financial market was es
July 22, 2019
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Korea's exports set to decline for 8th straight month in July
South Korea's exports are likely to extend their slump to an eighth month in July, driven by a decline in outbound shipments of semiconductors and petrochemical goods, data showed on Monday. The country's exports fell 13.6 percent in the first 20 days of July from a year earlier to $28.3 billion, according to the data compiled by the Korea Customs Service. Average daily exports -- which reflect working days -- declined 16.2 percent on-year to $1.71 billion. If the trend continue
July 22, 2019
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Investors pour money into short-term vehicles amid low rates, uncertainty
Investors have increasingly shifted their money to short-term financial instruments, such as money market funds, amid low interest rates and growing economic uncertainties, data showed Sunday. Money market funds are short-term debt securities such as Treasury bills and commercial papers. They are widely considered to be as safe as bank deposits while providing a higher return. The net asset value of MMFs came to 120.18 trillion won ($102 billion) as of Wednesday, breaching the 120 trillion-won t
July 21, 2019
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Q2 economic growth estimated at around 1%
South Korea's quarterly economic growth is estimated at 1 percent for the second quarter of the year, shifting from a contraction of 0.4 percent the previous quarter, financial industry sources said Sunday.The Bank of Korea is set to unveil its estimate for second-quarter growth this week. Earlier, the central bank had predicted that Asia's fourth-largest economy would expand 1.2 percent during the April-June period. But a drawn out trade dispute between the United States and China, combined wit
July 21, 2019
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S. Korea cuts growth outlook to 2.2%, key rate to 1.5% amid uncertainties
The Bank of Korea has slashed its forecast for this year’s economic growth to 2.2 percent, reflecting the negative impact of external uncertainties including Japan’s ongoing export curbs.It also carried out an earlier-than-expected base interest rate cut to 1.5 percent, embracing the monetary easing signals in the United States and other developed economies.“Considering the changes in economic conditions since the last outlook (announcement) in April, we have set the economic g
July 18, 2019
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[News Focus] ‘Sagging economy’ faces 2nd rebound in dollar, oil
SEJONG -- Prices of the US dollar and gasoline directly affect a large proportion of South Korean businesses and households in terms of manufacturing costs and purchasing power.While monetary authorities sometimes have intervened in the foreign exchange market and hamper the cheap dollar in an attempt to promote exports, the greenback’s current strong position versus the Korean won suggests the local economy has been sagging.Simultaneously, a hike in international prices of crude oil, whic
July 18, 2019
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Home transactions down 28% in H1
Home sales in South Korea plunged more than 28 percent in the first half of the year compared to a year earlier, data showed Thursday, amid tightened regulations intended to curb rising housing prices. The number of housing transactions came to 314,108 in the first six months of the year, down 28.2 percent from a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport. The figure is 35.8 percent down on the five-year average of 489,373. In June alone, t
July 18, 2019
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BOK cuts key rate to 1.5% amid uncertainties
South Korea’s central bank on Thursday cut the nation’s policy rate to 1.5 percent, amid mounting external uncertainties, officials have announced.It also decided to sharply slash the country's growth pace this year by 0.3 percentage point to 2.2 percent from 2.5 percent.The Bank of Korea held its rate-setting Monetary Policy Board and decided to cut the base interest rate by 25 basis points to 1.5 percent.The rate cut decision came a step earlier than the US Fed’s largely anti
July 18, 2019
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BOK slashes policy rate to 1.50%
The Bank of Korea slashed its policy rate by a quarter percentage point to 1.50 percent Thursday in a surprise move to help spur growth amid prolonged trade tensions.The rate cut is the first since November when the central bank raised the rate by 25 basis points to 1.75 percent.The unexpected rate cut follows seven consecutive months of decline in the country's exports, which could face further downward momentum in the future due to Japan's export curbs on key materials for the production of se
July 18, 2019
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[Monitor] Koreans make up 24.1% of Japan visitors: data
With boycotts of Japanese products becoming more widespread in South Korea in response to Tokyo’s export restrictions, accompanied by calls to stop visiting the neighboring country in a show of protest, data showed that Koreans were the second-largest group of visitors to Japan, the largest being Chinese travelers.The data from the Japan National Tourism Organization showed that almost 7.54 million Koreans traveled to Japan in 2018, making up 24.1 percent of all visitors to the country. It
July 17, 2019
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S. Korea’s Trade Ministry refutes Japan by revealing catch-all system
The Ministry of Trade, Industry and Energy on Wednesday released details of its “catch-all system” for the country’s trade controls for security, refuting one by one Japan’s claims that South Korea’s system is insufficient.The ministry reiterated that Korea has been controlling exports of both strategic and nonstrategic items under stricter conditions than Japan.Japan has raised as a reason for its export restrictions of key materials for South Korea’s tech fi
July 17, 2019
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[News Focus] Portion of pessimists over economy hits record: poll
SEJONG -- A large proportion of self-employed people have closed their businesses and joined the growing number of jobless people over the past two years. Simultaneously, the state payment of unemployment benefits has climbed to an all-time high.The Moon government started providing some young jobless people with 3 million won ($2,540) for six months per individual, while the number of people who lost jobs has been drastically increasing among those in their early 50s, 40s and late 30s. The
July 17, 2019